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  • FIRST POST
    • Seashellbeach
    • By Seashellbeach 5th Jul 17, 8:25 PM
    • 5Posts
    • 0Thanks
    Seashellbeach
    Help and advice with big debt
    • #1
    • 5th Jul 17, 8:25 PM
    Help and advice with big debt 5th Jul 17 at 8:25 PM
    Hi all,

    Thank you in advance for reading my post.

    I am struggling with debt which came about due to me being a carer and using my savings and credit cards to pay rent etc while not working after my dad passed away (I care for my youngest son who is in his 30s).My dad used to help me out now and then. After my dad died, I was too scared to sign on for any benefits as I was scared to lose my house (rented accommodation).

    My circumstances are that I'm now back in work, and my son is in supported accommodation so things are easier in that respect although I'm still caring. I work full time and usually 6 days a week to earn enough to live on and pay this horrendous debts. However, I'm 57 years old and tired of working pretty much every day, I just need some help. I don't know what to do, if only I could pay a bit less each month. I live on my own.

    Here are my SOA financial details; I hope someone can give me some advice.

    ________________________________________
    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details[/b]
    Monthly income after tax................ 1250
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1250

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 625
    Management charge (leasehold property).. 0
    Council tax............................. 79
    Electricity............................. 15
    Gas..................................... 15
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 19
    Mobile phone............................ 23.6
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 15
    Groceries etc. ......................... 100
    Clothing................................ 10
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 26.1
    Buildings insurance..................... 0
    Contents insurance...................... 5
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 5
    Entertainment........................... 10
    Holiday................................. 0
    Emergency fund.......................... 10
    Total monthly expenses.................. 1030.07

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................10669.5...346.1.... .0
    Virgin credit card.............5036.41...105.8.....0
    Capital one card...............1238.87...45.67.....0
    Overdraft......................2800......0........ .0
Page 1
    • Silver Queen
    • By Silver Queen 5th Jul 17, 8:31 PM
    • 142 Posts
    • 715 Thanks
    Silver Queen
    • #2
    • 5th Jul 17, 8:31 PM
    • #2
    • 5th Jul 17, 8:31 PM
    This already looks like an incredibly tight budget to me. Can you up your income? Would you be eligible for any benefits now, especially as a carer?
    Debt Totals 01/07/17:
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents / Currently £12,500 £2,000 Overdraft Now £1,000
    • Seashellbeach
    • By Seashellbeach 5th Jul 17, 8:41 PM
    • 5 Posts
    • 0 Thanks
    Seashellbeach
    • #3
    • 5th Jul 17, 8:41 PM
    • #3
    • 5th Jul 17, 8:41 PM
    I'm not eligible for any benefits as I work full time. I do get some extra money for the extra work I do each week (I work for the NHS and do Bank work every weekend). However it's still not enough to do anything other than pay my credit card bills each month. I literally have no money for doing anything other than paying bills.

    I'm so ashamed of myself for having got into this state at my age. I feel very stupid.
    • zippygeorgeandben
    • By zippygeorgeandben 5th Jul 17, 9:05 PM
    • 665 Posts
    • 772 Thanks
    zippygeorgeandben
    • #4
    • 5th Jul 17, 9:05 PM
    • #4
    • 5th Jul 17, 9:05 PM
    Don't feel stupid - all debt is fixable, there are plenty of options out there. I think you need to look at some way of increasing your income. Could you rent somewhere cheaper? Not sure where you live or how big your accomodation is?
    End Sep 2016 End August 2017
    £8236.57 £4876.49
    (Tesco 4.8%) £222.61pcm
    £6185.75 £851.34 (Zopa 4.0%) £48.99pcm

    £5344.50
    £2890.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1333.35 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £11499.70 Original DFD May 2019.
    • Seashellbeach
    • By Seashellbeach 5th Jul 17, 9:30 PM
    • 5 Posts
    • 0 Thanks
    Seashellbeach
    • #5
    • 5th Jul 17, 9:30 PM
    • #5
    • 5th Jul 17, 9:30 PM
    Hi. Maybe in a 1 bedroom flat. When I'm 60 in 3 years I could try for social housing which would be about £200 cheaper a month. I'm not sure how else to increase my inclmings as I already work 6 days a week most weeks. I could try and get something else for the 7th day but am not allowed to in the NHS (my current job) as I'd be working too much under the European WTE.

    I honestly can't see any way out. It's a nightmare.
    • sourcrates
    • By sourcrates 5th Jul 17, 10:59 PM
    • 11,968 Posts
    • 11,451 Thanks
    sourcrates
    • #6
    • 5th Jul 17, 10:59 PM
    • #6
    • 5th Jul 17, 10:59 PM
    If you adjust that budget a bit more, whittle your monthly remaining cash down to less than £50, you may be able to get a debt relief order.

    Your budget is very tight and can easily be adjusted.

    Google "debt relief order" see if you may qualify!!

    In fact here's the link to stepchange:

    https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx?WT.srch=1&WT.mc_id=288026& WT.seg_1=dro&gclid=CJTzjYaS89QCFRWeGwodpDoM4w
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • tlc678910
    • By tlc678910 7th Jul 17, 8:52 AM
    • 470 Posts
    • 858 Thanks
    tlc678910
    • #7
    • 7th Jul 17, 8:52 AM
    • #7
    • 7th Jul 17, 8:52 AM
    Hi OP,
    You need a sustainable solution (e.g. the debt relief order suggested by sourcrates) and working seven days is not sustainable in the long term. If you work for the NHS I'm sure your job is busy and stressful and if you burn out, make yourself ill and are unable to work the situation will be more difficult.
    Tlc
    • fatbelly
    • By fatbelly 7th Jul 17, 9:23 AM
    • 11,234 Posts
    • 8,400 Thanks
    fatbelly
    • #8
    • 7th Jul 17, 9:23 AM
    • #8
    • 7th Jul 17, 9:23 AM
    TBH it looks more like a debt management plan than a DRO, though £200 per month on nearly £20k is a bit long.

    Really the OP needs either more, or less, surplus income!
    • pmlindyloo
    • By pmlindyloo 7th Jul 17, 11:29 AM
    • 10,658 Posts
    • 12,547 Thanks
    pmlindyloo
    • #9
    • 7th Jul 17, 11:29 AM
    • #9
    • 7th Jul 17, 11:29 AM
    Have you room for a lodger?

    Upping your income this way and maybe a Debt management plan could be the answer.
    • Seashellbeach
    • By Seashellbeach 7th Jul 17, 7:25 PM
    • 5 Posts
    • 0 Thanks
    Seashellbeach
    Hi. I live in a 1 bedroom flat so have no room for a lodger
    • Seashellbeach
    • By Seashellbeach 7th Jul 17, 7:25 PM
    • 5 Posts
    • 0 Thanks
    Seashellbeach
    Thank you
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