help? slowly sinking!!!!

sawdoctor11

hi,firstly thank you for the time to read about my problem. my wife is registered disabled,so i have been the main breadwinner in the family.we have one child.money has always been tight and the debts have slowly risen,to such an extent that it stood at £26,000 at the start of the year, this was entirely credit card and overdrafts.my wife found a part time job helping special needs children,the money really came in handy. she has now been made redundant due to cutbacks,because she worked for 6 months we now have had all our working tax credits stopped.we just simply cannot meet the minium payments on the credit cards,and the overdrafts are growing.spoke to bank about overdrafts,politely told us look into an iva? dont know what way to turn?
any ideas would be greatly received.

MrsTinks

Start with posting a full SOA so we can see what's what without that it's all guesses on our part

sawdoctor11

hi thank you for your response.i am a novice at all this.could you let me know exactly what is required to be posted for an soa?
sorry to sound so amateurish.

Hannah_10

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

Click the link above, it explains everything and has a link to a fool proof easy peasy SOA calculator too, with all the instructions.

slummymummyof3

Can you not phone the tax credits and ask to be reassessed by explaining your situation?

podperson

Ring the tax credits helpline and explain to them that you have had a big change in circumstances and ask for them to reassess what you're entitled to. I had to do this last year due to a big drop in income and they recalculated it for me and put up the payments. As mentioned above also post an soa and people can advise on anywhere you might be able to cut back or save money on. Good luck with x