New to this, don't know where to turn

NickyNic

Hi there, this is the first time I've posted on this forum

I just don't know where to turn, we are in financial meltdown at the moment, and I'm terrified that we're going to lose everything we've worked for.

A bit of background, I used to work full time, but due to severe crohns disease and arthritis I can't work at the moment, and have been unemployed for a year. I am also a full time mum to my 2 year old son. I recieve Incapacity and DLA at the middle care rate. My husband has a very good well paying card, but we are very much in debt £50,000+ plus our moortgage, and we just can't meet the payments every month since i lost my job. We are only just managing to meet the minimum bills every month with help from my parents, but this is only a temporary solution as they are not well off, and I am not going to put them into debt at their age, its just not fair

Our cards are all maxed out now, and we have 2 loans running. I just don't know where to turn, or what to do first, i've cut everything out of our spending that i can

Thanks for reading

savingwannabe

Hello someone clever will be along in a minute. There are lots of nice people on here that can help you.

The first thing people usually do is complete a Statement of Affairs. It is when you post your monthly spending, including debts and all income. That will give the clever one's something to work with. Could you have a go at filling one in. It takes a bit of time but i promise it will be worth it.

https://forums.moneysavingexpert.com/discussion/107280

I am a newbod so i dont know much. But it will get better. Good luck in taking the first step and posting. lots of nice people are here.

Saving wannabe

NickyNic

Thank you Saving Wannabe, I'm going to have to sit down at the weekend when i have someone to babysit my son and do this. Although i'm terrified to be honest, i just feel sick every time i think about money

pure_dead_dopey

Nickynic, savingwannabe is right, if you can complete your SOA, sometimes its not nearly as bad as you think. Personally I cut £300 from my grocery budget and no one at home even noticed!!!! So it can be done. Have a go and post up here and the advice will come rolling in. Good luck

PDDx

gonzo127

right well done on owning up it does take a hell of a lot of guts to do so

anyways as has been pointed out a SOA is the best place to start, yes it might be scarey and shocking, but it really is worth doing, and do not worry about posting up here no one will judge you we have all been/are in simular situations.

the SOA (statement of affairs) is here http://www.makesenseofcards.com/soacalc.html

just remember there is always an answer and there are plenty of people on here who have been through every option there is and will support and advise you every step of the way.

as well as posting up on here you can also seek help with one of the free debt charities https://forums.moneysavingexpert.com/discussion/2077631 is where you will find all the contact details

anyways just want to reiterate well done on taking your first steps towards debt freedom

pixiechick_2

NickyNic wrote: »

Although i'm terrified to be honest, i just feel sick every time i think about money

I know just how you feel (((hugs))) but getting everything down on paper, shocking though it may be, is big weight off your shoulders.

If you read through some of the threads on here you can see how some people start off in total despair but start feeling so much better once they know what they are facing. Posting on the forums is also a massive help. Have a look at mouseann's thread "frightened about my future" (it's very long now), and you'll see what I mean. Pop along for a chat - we're a somewhat weird and whacky bunch but very friendly. xxx

NickyNic

Thank you guys I'm going to do as much of my SOA as i can tonight, it feels better even just talking about it!

Pixiechick, 'weird and whacky' I'll fit right in then lol