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Original poster

So much debt...please help

10 replies

cpjoli · 22/02/2019 10:00

It's got to a point where I'm drowning in debt. My husband has no idea and paid off one lot 3 years ago but it's ramped up again.
I'm at breaking point with it now. What do I do?

OP posts:
HilaryBriss · 22/02/2019 10:59

Tell our husband for starters.

What kind of debt is is, credit cards? Do you know what you have spent the money on, was it frittered on luxuries or have you spent it on day to day living? How much are we talking?

HilaryBriss · 22/02/2019 10:59

your husband, not our!!

ASauvignonADay · 22/02/2019 11:06

Could you be the wife of the man who has posted in AIBU?! Some good advice on that thread, worth a look

Daffodil2018 · 22/02/2019 11:08

Check out the Debt Free Wannabe forum on the money saving expert website. They will talk you through exactly what to do, starting with a statement of affairs where you can work out your exact financial position.

TheInvestigator · 22/02/2019 11:12

Well obviously paying it off doesn’t help because you just do it again.

What’s the money going on? Is it basic living costs and you’re in charge of the budget and there just isn’t enough money to live on?

Or are you just spending it in junk and clothes and stuff?

You need to figure out where the money goes, and then you need to stop it but if you can’t, then you hand over all control to your husband - all bank cars, everything. Then you live off an allowance each month for your own things and once your allowance is gone you get no more.

And you need to enter into a debt plan.

flirtygirl · 22/02/2019 12:22

You need to take your head out of your arse. May be harsh but you were back to 0 4 years ago and you have ran up debt again. Pay back the highest first and do not pay only the minimum. Loads of info on here and on money saving expert.

The fact that it was paid off and you did it again means that you didn't really want to change. Are you ready to change Now? If not then any advice you receive is worth nothing.

Sell all the items you can to pay some off and don't put any more on the cards. Find a second job if necessary and no treats, every penny must go to the debt.

KanielOutis · 22/02/2019 12:29

What are you spending money on? If you are just over spending it takes a huge change of attitude and lifestyle to live within your means.

icannotremember · 22/02/2019 12:31
  1. Make sure you know exactly how much you owe, to who, what the interest rates and repayment terms are.
  2. Be honest with your husband. This affects you both. You cannot hide it from him.
  3. Draw up a budget. Prioritise essential costs (rent/ mortgage, council tax, utilities, food, essential transport, unsecured debts).
  4. If your budget leave you enough to clear your debts, do it. If you have credit cards, cut them up.
  5. Normally I would not like the idea of this, but if you lack self control and your husband is willing and sensible, hand over financial access and control to him.
  6. Speak to experts.
ivykaty44 · 22/02/2019 15:23

Who do you owe money to and how did this rack up a second time?

TalkinPeece · 22/02/2019 16:05

Hi there,
First things first, you need to come clean about the debt.

Then you need to hand control of your finances to your husband
AND get a mark put on your credit file so you cannot borrow any more

THen you need to work out exactly what the spending has been on and why

and get the card debt onto standing order so that it pays itself off

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