20 years old 2 children and struggling with debt..Help!!

belfastgirl23

Are you sure you're getting all the financial help you're entitled to? You should check this website, it only takes a minute to fill in the forms and it will let you know if there are any more benefits you can claim

www.entitledto.com

MrsTinks

tixy is right... order of priorities are:
Food
Rent
Utilities
Secured Debts
Unsecured Debts
In THAT order

If you can't make all the payments on the unsecured debts then you need to look at things like DMPs and other such solutions - it could be that getting a second job is the way forward but we need to work out where the money was spent in the first instance to make sure the root of the problem is addressed as well as putting a solution in place

Marthasdad

Hi Charlotte,

Try not to worry - most of us have been there and a lot of us still are - you've made the first important step by coming on here and looking for some help.

I absolutely agree with what Tixy said - get the priorities right and feed and cloth your children before paying any unsecured debts.

If you're not confident about posting your income and expenditure, then call the Consumer Credit Counselling Service (CCCS) on 0800 138 1111 and they will take you through it - I only did this for the first time last week when, like you, my credit commitments started to get in the way of being able to provide for my family and let me tell you, I felt SOOOOO much better afterwards.

They will help you as well with how to approach your creditors and get things manageable.

Finally, keep coming on here for support - it always stuns me how people are prepared to help so much.

I promise you, things will start to look better soon, you just need some help to get back in control - good luck!

charlottechurch

here is mine and my partners SOA .

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1129
Benefits................................ 444.37
Other income............................ 0
Total monthly income.................... 1573.37

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 22
Mobile phone............................ 40
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 31.5
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 170
Road tax................................ 18.3
Car Insurance........................... 50
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1553.3

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
barclays.......................6902.44...288.......16.9
barclays.......................3216.44...112.......24.9
barclays.......................3043.72...90........24.9
additions......................155.58....0.........0
littlewoods....................633.04....0.........0
littlewoods....................472.83....0.........0
barclaycard....................800.......0.........0
greenwoods.....................260.......32........0
greenwoods.....................410.......48........0
british gas....................1150......50........0
british gas....................270.......0.........0
barclaycard....................460.......15........27.9
Total unsecured debts..........17774.05..635.......-

Monthly Budget Summary

Total monthly income.................... 1,573.37
Expenses (including HP & secured debts). 1,553.3
Available for debt repayments........... 20.07
Monthly UNsecured debt repayments....... 635
Amount short for making debt repayments. -614.93

Personal Balance Sheet Summary

Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,774.05
Net Assets.............................. -17,774.05

jenjade

Well done on posting you SOA i am sure loads of wise people will be a long to help you soon. take care

moneymakestheworldgoround

Hi

There are a few things you could tweak - water rates, haircuts etc.. but the deficit you have each month needs something else other than cutbacks.

I think you either need to increase your income - Avon,Arise,Bodyshop at home, evening work, weekends, twilight shifts, adult line operator when kids in bed,Kleeneze etc...

Or enter DMP and reduce your debt payments. You cant afford to make those payments on that income.

Just my opinion. I am sure others will have a different take on things.

WASHER

charlottechurch wrote: »

here is mine and my partners SOA .

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1129
Benefits................................ 444.37
Other income............................ 0
Total monthly income.................... 1573.37

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45 - This is too high, are you metered?
Telephone (land line)................... 22
Mobile phone............................ 40 - Get rid of today, you cannot afford this.
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 31.5 - This is also very high
Groceries etc. ......................... 350 - too much, I appreciate you have probably children in nappies but even so, this is too much, i will post a link after to the old style board for tips on saving money on groceries
Clothing................................ 50 - too much
Petrol/diesel........................... 170
Road tax................................ 18.3
Car Insurance........................... 50
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30 - what is this for?
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1553.3

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
barclays.......................6902.44...288.......16.9
barclays.......................3216.44...112.......24.9
barclays.......................3043.72...90........24.9
additions......................155.58....0.........0
littlewoods....................633.04....0.........0
littlewoods....................472.83....0.........0
barclaycard....................800.......0.........0
greenwoods.....................260.......32........0
greenwoods.....................410.......48........0
british gas....................1150......50........0
british gas....................270.......0.........0
barclaycard....................460.......15........27.9
Total unsecured debts..........17774.05..635.......-

Monthly Budget Summary

Total monthly income.................... 1,573.37
Expenses (including HP & secured debts). 1,553.3
Available for debt repayments........... 20.07
Monthly UNsecured debt repayments....... 635
Amount short for making debt repayments. -614.93

Personal Balance Sheet Summary

Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,774.05
Net Assets.............................. -17,774.05

Welcome to the Debt free board, I have had a look at your SOA, and Im going to be honest with you, its not good, even with cutbacks you cannot afford the repayment to your debtors. I suggest first thing in the morning you phone a debt charity for immediate help, try CCCS or national debt line, please do phone first thing, things will get worse if you don't, interest will keep mounting up, I promise you the debt charity will help you, they may suggest bankruptcy or a DMP, don't be frighten by either of these, come back after you have phone and let us know.

But first, stop worrying, go to bed, you have two little ones to get up for in the morning, you cannot do anything tonight.

Take Care.

WASHER