What should I do next?

justruth

Monthly Weekly
Income
ctc £129.00
cb £37.62 £7.52
Maintainance £211.00 £42.20
From partner £110.00 This is what you actually recieve
Make up book £50.00 £10.00 Anyway to increase this?
Total Income £298.72

Expenses
Rent £60.00 Are you entitled to any help with these?
council tax £21.50
TV License £2.65
electric £7.50 You can get this down, turn everything off at the plug etc
gas £7.50 Try and get this down
water £5.00 What are you doing, drinking the stuff?!? Lol
mobiles £40.00 £10.00 This is way too much try and halve it
landline £5.00 Can you get a landline internet package cheaper?
internet £4.00
food shopping £120.00 You can get this down, OS Board time
baby items £20.00 You could always buy reusable nappies.
Total Expenses £263.15

Debt
IF, £15000, 6% £292.00 £73.00
Cahoot, £8000 £170.00 £42.50 What's the APR?
Mint, £11000, 9.8% £206.00 £51.50
Total Debt £34000 £668.00 £167.00

Total out each week £430.15

Short each week £131.43

Is there some more to go on here as you said your total debt was £55k, but I only added up £34k? Also your SOA doesn't make any allowence for Big one offs like christmas and birthdays.

As for Mint wanting £2000 from you next month, we all know that you can't manage that!

By my calculations, you have roughly £35.57 a week to service debt with. You could write to each of them with your SOA, offering £5 a week and asking them to hold the interest while you get back on your feet a bit. Explain that the alternative is bankruptcy, you will probably find that they would sooner you repay £5 a week than get nothing. Meanwhile throw the remaining £20 a week at the Mint card.

Also ebay away everything you can spare to make a start with this.

If you get stuck with what to write feel free to PM me and I will do my very best for you.

Murtle

If you have been paying bank charges you may be able to start look at reclaiming them. THere is a site that will give you all the advise - can anyone remember it's name please

FrugalJo

Sarah
I second lisa_75 comments have a look at the Money Saving Old Style Board it's a really friendly place and you'll get loads of ideas.
Jo

justruth

Yeah the charges site is https://www.consumeractiongroup.co.uk Just in addition to my earlier statement, it would take nearly 19 years to pay these debts that way, and I don't see anyone going for that long term, so try and find a way to improve the amount that you can throw at debt.

sarah_skint

I Have Both A Loan And A Credit Card With Mint Card Is 11,000 And Loan Is 10,000. Although I Haven't Put That Although That Is What I Borrowed The Interest Adds On A Few Grand. Would Bankruptcy Be A Better Option? I'm Not Sure, I Thought 40 A Month For 2 Mobiles Was Pretty Good Lol! Because I Get Loads Of Free Minutes I Don't Use My House Phone That Much. We Aren't Entitled To Help With Housing Or Council Tax We Had Our Letter Through Last Week. I Have Only Just Started To Come To Trouble With These Debts And So I Haven't Had Any Bank Charges As Yet. As For Reusable Nappies, I Had Tried Them Along With A Friend Of Mine And They Lasted Less Than A Week - No Patience With All That Lol!
I Save My Points On My Advantage Card All Year And Do A Lot Of My Christmas Shopping When The 3 For 2 Is On. I Currently Have 30 Pounds On My Card. Thanks All For The Help/advice So Far!
Sarah

p00pieb0tt0m

Can anybody tell me and Sarah skint if she should have been loaned this money as her guaranteed income is child benefit and tax credits only.

Would this imply that the banks had a part in Sarah situation and should be held responsible?

sarah_skint

When I Applied For The First Loan I Asked My Mother For Help As She Runs Her Own Pub, She Said Yes Just Say You Work Here, Of Course With The Problems I Was In Consolidating And Gambling It Away I Applied For Another And Another Giving The Same Information. I Fell Out With My Mother After Applying For The First One. Not Once Did Any Company Check Though That I Was Working, If They Had She Definatley Would Have Said No And The Loan Would Have Been Refused. I Am Not Trying To Pass The Buck, I Had A Problem Which Is Very Much Under Control But I Did Lie And I Have Been Honest With Everyone I Have Spoken To About My Debt Problems - Feel Free To Ask Away!!!!

justruth

bankruptcy is definately worth considering. Good plan with the boots points!

It could still be worthwhile asking the companies to accept token payments in the short term, while you get back on your feet. If they say no, you go bankrupt, as this was always on the cards you don't actually lose anything by trying.

You have a huge amount of support on here no matter what happens next.

justruth

I still make your debt £44k, not £55k, are there any more?