Some advice please...

lauren123

Hi.

Ive got myself into a sticky situation and looking for some advice of how to sort myself out. I'll try make it short Basically due to being a new mum this is my weekly income...£74 work, £20 child benefit and £88 tax credits. Please bear in mind every week the £88 goes on rent so I dont see a penny! Before I had my daughter I was young and stupid and took out 3 credit cards, a loan and 3 catalogues!! :mad::mad::mad: Which Im now paying minimum payments each month. This is everything I owe....

overdraft-£1373
pc world- £300
studio- £466.44
littlewood- £364.00
next- £94.75
capital 1- £87.08
barclays card- £397.46
argos card- £600

I had been sailing along okay, Ive stopped spending and was only buying the cheapest of things that wee NEED! Only today I checked my bank and Im £80 over my overdraft..the bank has taken charges from me! :mad: When I went into the branch the man in there said if I write a letter Ive got a good chance of getting the money back, so have written the letter, its ready to post.
But this evening Nationwide rang and have demanded £1373 overdraft back, or pay monthly. Tried to ring them back but they shut at 5pm :mad: Now Im in a complete panic about everything as Im not sure what to do, and how all of this works. My parents have offered to help out but have told them NO as they have helped me out far to many times and its time I sorted this myself.
Sorry for the long post and please dont judge, any help or info would be great. :beer: Lauren x

jenny_13

Are you enitled to housing benefit? If your not sure ring your local council. Also could you get any maintence from your childs father?

If you post a SOA it will also help people give you ideas.

lauren123

We are not entitled to housing benefit as my partner works full time. Only he has a lot of debt too. Have tried to do a SOA but because we split our rent, gas/electric etc its difficult to do one. Unless Im not doing it correct?

Mimi_Arc_en_ciel

If you live together then your finances are a "joint" household income so fill it is as both paying - not just one hth x

lauren123

Ok thanks, will give it a go, may take a while!

niccatw

Hi Lauren

I completely understand why you've said no to your parent's help. However, if they are in a position to help, it might be wise to seriously think about a long term loan from them. It would save you a lot of money in interest and take the pressure off a little. And it would be with a view to paying them back once you're situation improves, so it's not that you're not sorting it out yourself; your just using the resources available to you.

Like I say, I completely understand if you disagee. My friend offered to loan me £1000 for council tax arrears. I refused point blank. Repeatedly. But when I popped over for a cuppa one night, he handed me an envelope and said I needed to pay the arrears and he could wait for the money. He knows me well enough not to let me argue! But I made him write it down and sign it, though he didn't want to. It's probably the debt that worries me most but every time I metion it, he just laughs it off and says only to worry if I see him eating cardboard! I hope I can repay him tenfold when the time comes

lauren123

It is very tempting to borrow from them, they have said they can pay any small payments off for me like the Next and Capital 1 card. Which would be great. I feel as if I keep taking from them (my dad paid my £1000 overdraft off for me last year, but I ran it up again) He says I dont need to pay him back. Also Borrowed £500 from nan to pay rent last year, again said was a gift. I dont want them to think Im taking advantage anymore, I need to sort my own problems and try and get ourselves sorted, for our little girls sake if not anything else. Thanks for your ideas. x

kingfisherblue

Why are you only getting £74 a week from work? I thought SMP was £123 a week - unless the OP is part time?

lauren123

My daughter is 10months, my SMP has finished and Im only working part time.

lauren123

have just realised that on friday my tax credits will go into my account and im guessing as im over my overdraft now...they will automatically take the money? Thats my rent money and am bug*ered if that goes. Ideas please???

savingmummy

Sorry your struggling right now!
Store cards are the killer especially Argos - hope you have stopped using them now.

If your tax credits go in it will pay the overdraft
You need to ensure each month the rent and council tax is paid as a MUST these are priority! If your parents have offered to help you need help right now with your rent - only option unless you have somethings to sell or savings.
You and your OH need to sit down and do the SOA http://www.makesenseofcards.com/soacalc.html ALL income needs to be included along with ALL outgoings.
Any outgoings you don`t need have to stop for now, you may have to cut back on some if needs be.