Can we have a support thread for people who are massively in debt?

[Nerfmother]

Because you can't talk about it in real life? We owe 44k, reduced from 60k in a year. Not including mortgage.
It's so depressing.
Dh is determined to pay it off and so bankruptcy or plans isn't an option. I do think its doable, just hard hard hard.

Mum2Fergus
it won't be a 'random' check - but if you owe them money they will be regularly updating your file with payments missed, payments made etc
and any new lender will look at that patter
the scoring systems are tres secret but clearing debts is definitely a tick in the box

Another NSD today for us apart front the papers. I'm trying to persuade dh to drop the cable tv so we can clear debt quicker. He is still in the frame of mind of working really hard and not wanting to have no treats at all. So, will think on that.
Am dropping some things, like wine in the fridge all the time and posh crisps.
Might join you in the cupboard stock take fergus!

Interesting re credit checks. I didn't know they did this.

Where is the best and cheapest place to check my credit rating? We have defaulted on all creditors. Any idea when our credit rating will be decent for a new mortgage? Is it 6 years after defaulting or 6 years after paying off the debt?

Been thinking things through all night and think we probably need to try and keep the house if dh finds a job and then downsize ASAP as the house is too expensive and big. However that will all depend on dh finding a job.

here is a very useful link ....
www.moneysavingexpert.com/loans/credit-rating-credit-score

Thanks Talkin I'll have a read through.

I got 30 days free access to my rating by the 3 main credit agencies (assume you are in UK) via Check My File. Just remember to cancel subscription before they take any money...

We have a debt of nearly £3000, I decided to move it to a card which was interest free for 24 months. I had no problem moving the debt but I was absolutely horrified when we were given a credit limit of £11,000. I simply couldn't believe it.When I move to a new card I NEVER use it I pay of as quickly as I can and then cancel it. However I think it is outrageous that these companies are offering money like £11,000 to people who are struggling it must be very tempting to run up even more debt.Good luck to all who are struggling,you will get there

Ferrety, too true. Despite changes, it's still too easy to get credit.

Very true,and sadly scary at the same time...on my CC1 I'm planning to reduce the credit limit every month with goal of it being zero by Dec...

I haven't bothered reducing the limit of £11,000 because I never use new cards, I just use them for my own convenience and when they are paid off I cancel them immediately,I am not a shopping addict so am not tempted also I am older and a bit more grounded(sorry if that sounds pompous) but I can understand some youngsters getting a bit carried away and running up huge debts in a short time

Ah, get you now TiP. Had a look at my rating today...averages 850ish across the 3 agencies,so pretty good. Just the total amount of debt that depresses me but I'll get there...paid the remnants of my current ac to it today £47.17, and £500 DD has been set up to come off monthly too. Will be a stretch but I've got my £500 emergency fund in place to give me some feeling of comfort about putting so much to the repayment

That's grand Ferrety...I'm reducing limit to a.remove temptation and b.I thought having credit available to you impacted your rating and ability to obtain more (not that the latter should be of any concern to me at the minute mind you!!)...

Interesting. I know very little about credit rating and what I should be looking out for. I really want to have a look now but I always use my phone, rarely get on my pc because it's upstairs and at work we can't surf for personal use.

Will dh's debt influence my credit rating also? A lot of our debt is only in his name, although obviously joint debt, just I wasn't working at the time. Only one loan is in joint names I think.

What sort of rating is good and what poor?

Hi Kazza, I think your rating only accounts for you personally though if you are linked with someone ie DH and a joint loan, then you will show as being associated with him. On the one I use it shows my rating on a graph which ranges from poor up to excellent ...

Ok thanks

Hi kazza, no I don't think any debt held by your dh affects you but joint would. My dhs debt has never come up on a credit score for me.
Fergus - brilliant?? I really should do that too

Thanks nerf. I will check my rating this week.

Interesting thread. Just marking my place...

Free book on Amazon today... Frugal Stuff that Works by Elaine Colliar - she's the young lady behind Mortgage Free in Three blogs...

Thanks fergus.
Managed to spend nothing over the weekend although dh spent twenty quid in supermarket and I did again today - serves me right for trying to cut costs on Fridays weekly shop.

Really looking forward to payday so I can pay stuff off!

NSD here too though more by default,bed bound with a sickness bug

Just about to transfer salary to various envelopes, and hope for a frugal month!

Not getting paid for a week and have drama fees to pay, really really want hime to give up (he does two) but we are in transition from one to the other and due to his personality it would be too harsh to just stop this one.

I'm finding this thread very inspiring. I have about £15k on credit cards and a loan and am treading water - they aren't getting worse but they certainly aren't getting better. It's such a slow, slow process making any headway. I find it very demoralising. You all sound so positive though - maybe it will be infectious!

Let's hope so pixie! My best move was putting everything at minimum by direct debit and then chucking as much as possible at the smallest one.