Maternity & Credit Card Debt :(

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Maternity & Credit Card Debt :(

Postby sarahloub84 » Fri May 21, 2010 1:15 pm

Hi All,

I have just found out that I am expecting :) but the financial worries have already set in! What is worrying me the most is my credit card debt. I have three seperate cards (one credit, two store) and the debt totals about £3k. I know that it's not a lot in comparison to some and it's more than manageable whilst I am in work, but with the pittance you get from SMP I am really worried! I'll need to find about £200 a month! Does anyone have any advice with regards to possibly lowering payments etc?

Any advice will be greatly appreciated!!

Thanks

Sarah :)
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Re: Maternity & Credit Card Debt :(

Postby Bel Bel » Fri May 21, 2010 2:41 pm

You could get a loan over a longer period so you have smaller monthly payments
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Re: Maternity & Credit Card Debt :(

Postby sarahloub84 » Fri May 21, 2010 3:19 pm

Hi Bel Bel,

For reasons far to complicated and long winded to explain I am unable to get a loan :(
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Re: Maternity & Credit Card Debt :(

Postby Skarlet » Sun May 23, 2010 9:27 pm

Hi Sarahloub,

There are a couple of options, but I think the best one would be to go see the citizens advice bureau. They can give you financial advice, and also help you get a lower payment reschedule for your cards, and freeze the interest. Not sure what would be applicable as I don't know all your circumstances but they would be the best people to speak to.
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Re: Maternity & Credit Card Debt :(

Postby ILoveChristmas » Tue May 25, 2010 4:04 pm

Hi there,

I know you say you're unable to apply for a loan, but is there a family member who could apply for a loan in their name?

Remember a bank loan will give you a significantly more favourable rate than a short term loan or other such finance agreements.

For a little ball park comparison a £4000 loan I have costs me £148/month over 4 years, so you may be able to raise £3000 for a montly cost of approximately £100, depending on the financial circumstances of the person applying and the current rate of course.

Also with a bank loan the early repayment penalty is often quite low, so when you go back to work you could increase your monthly payments back to £200 if you could and shift the debt even quicker.
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Re: Maternity & Credit Card Debt :(

Postby Bel Bel » Tue May 25, 2010 4:10 pm

Whilst I understand your point unless your certain the family member really wouldn't mind and it can't affect their future chances of getting a loan or mortgage I would be careful with this
If you can't afford to pay for whatever reason the family member will have to leaving resentment and upset
It's easy to say yes I promise to always pay you etc but it's worse when you can't pay a fmaily member than it is a loan company
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Re: Maternity & Credit Card Debt :(

Postby ILoveChristmas » Tue May 25, 2010 4:16 pm

Absolutely agreed, I should have limited my suggestion to a parent or at the very least someone who understands and accepts your financial situation and that ultimately it's their debt, not yours if you follow my suggestion.

You would also need to be absolutely certain that your income, from wherever, would be sufficient after all living expenses to cover that repayment.

I'm talking myself out of my own suggestion here so tread carefully, but if all parties involved understand and accept the situation then it is probably a desirable solution in comparison to some others.
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Re: Maternity & Credit Card Debt :(

Postby sarahloub84 » Wed May 26, 2010 3:36 pm

Hi,

I think that might be my best chance tbh. I don't think my parents would be in the position to do that but I may be able to get a loan from my Nan (trusty old nan eh?). There's also my partners family too. I've still got a while to think about this, so I think my best bet at the moment is to try and work out what the income and expenditure is going to be in this period and see what we have left. I'm sure that a replayment of £100 p/m will be more than manageable between my partner and myself.

Thanks for your suggestions. Can't believe I'm stressing over this already haha!

Sarah x
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Re: Maternity & Credit Card Debt :(

Postby ILoveChristmas » Wed May 26, 2010 3:40 pm

Hi Sarah,

Better to stress about it now than to have it lie on the back burner and then hit you hard when you suddenly have all these other outgoings as a reality.

Good idea about talking to nan, or your partner's family. Hopefully they'll see that you're actually being sensible and proactive about the situation.
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