I know I'm in trouble - what to do?

debtsrus

Hi, I'm really in the soft! I'm 67 years old, I've never been able to cope with my state pension so I've been trying to create a job for myself by buying courses on the internet in the hope that I would learn new skills that I could turn into an income. I've been funding these courses with my credit cards and borrowing from Peter to pay the interest to Paul. Although my endeavours are showing promise I'm maxed out on my CCs and I've reached the end of my tether.

I'm not in default on any payment as yet. But I will not be able to meet my out goings next month

I'm worried sick about the consequences; and I more worried about the effects on my daughter who is at uni.

Any constructive suggestions would be gratefully received

Thanks

debtsrus

dancingfairy

It might be worth having a chat with one of the free helplines - National Debtline or CCCS (CCCS also have a website) or maybe visit you local CAB - just be wary of any companies that promise to wipe all your debts or great governement loopholes etc etc - there are lots of SALES companies around whose job is to sell these debt solutions so make sure you go to one of the free ones I've mentioned.
I'm not sure why it would impact on your daughter at uni - does she contribute to your household bills? do you pay her tuition fees or anything? has she guaranteed any of you debts? It really does depend on what sort of problem you are worrying about with regards to her.
df

dancingfairy

Have you got a local credit union near you? they may be able to give you a loan at a much lower rate of interest that you may be paying now - but without more details it's hard to say and credit unions vary on their requirements of who they can lend to.
df

incesticde

debtsrus wrote: »

Hi, I'm really in the soft! I'm 67 years old, I've never been able to cope with my state pension so I've been trying to create a job for myself by buying courses on the internet in the hope that I would learn new skills that I could turn into an income. I've been funding these courses with my credit cards and borrowing from Peter to pay the interest to Paul. Although my endeavours are showing promise I'm maxed out on my CCs and I've reached the end of my tether.

I'm not in default on any payment as yet. But I will not be able to meet my out goings next month

I'm worried sick about the consequences; and I more worried about the effects on my daughter who is at uni.

Any constructive suggestions would be gratefully received

Thanks

debtsrus

Firstly, take a deep breath and have a read through the first timers guide here http://forums.moneysavingexpert.com/showthread.html?t=107280

You will need to do a SOA (statement of affairs) via the link provided there. It will take an hour or so, this will then help the experts on here to help you.

Things are never as bleak as they first look, good luck!

GeorgeUK

Is there a chance of getting a job or even part-time job either in the field you are studying or something else to make up the shortfall?

I would suggest posting up a statement of affairs, but it doesn't sound like you have much money to play with. It still might help though.
http://www.makesenseofcards.com/soacalc.html

Are you paying alot of interest on the cards you have?

Nargleblast

Hello and welcome to the asylum! If you look at the top of the list of threads, you will find a "sticky" called "Help for first time posters and SOA calculator." If you fill in the SOA (statement of affairs) with details of your current income, outgoings and creditors, then post it on here, you will get some advice and suggestions on how to cut costs and increase income, and maybe on which debts to tackle first. It will look horrendous when you see it down in black and white, but there have probably been far worse SOAs posted on here, so it won't shock anyone! Then you will be on your way to sorting the situation out before it gets worse.

dancingfairy

I think homebase and Asda have older workers. I'm sure there are other companies as well - I guess it depends on what you want to do really - shop work is not for everyone but might help bring in a bit of money for a bit.
What about the local college - do they do free/cheap courses for pensioners in the field(s) you are interested in?
df

Ames

What courses are you studying? As you're on benefits you should be getting them for free. Have you made sure you're getting everything you're entitled to? I don't know much about pensions, but there's a minimum guarantee which tops your pension up with pension credits.

seven-day-weekend

Are you claiming all the Benefits you are entitled to? See a Benefits advisor at the CAB and/or put your details into https://www.entitledto.co.uk

debtsrus

Thanks everyone for your lightning and constructive comments. I'm currently going through the options. I will really need to talk to someone about this so my first port of call is a Debt councillor. I'll go with the ones listed on Martin's site. I have completed a SAO, I would post it here but the forum system wont allow me to post because I'm a new user.

Thanks for your comments

Debtsrus

GeorgeUK

To post it on the board, format for MSE and copy from the window and paste into your next post. No links required.

I agree that talking to CCCS or Payplan would be a good idea.