Help, too much debt, not enough money coming in

domkat4

Hi this is my first post and I am so nervous about owning up to how much i have, I was made redundant whilst on maternity leave and took out loans/credit cards in order to be able to stay off with my child (some debts are from before this time). I am still not working but my Hubby (who doesnt know bout all my debts) manages to give me £200, my mum gives £240 and I get child credit of £108 a month. I am looking for evening or weekend work as we cannot afford nursery. My debts are as follows:

Tesco Loan - £14000
Sainsbury Loan - £4600
Mint Credit Card - £3000
Sky Card - £3000
Catalogue - £700

I feel so stupid and are so scared, i always make sure any money i get pays for my childs nappy/food, then concentrate on debts. I also keep getting £30 charge every time my bank goes over overdraft, which is very regular, and i feel so low and petrified as to what to do. Any help would be very,very much appreciated. Thanku so much

lil_me

I know it seems scary but the fact your OH doesn't know about the debts seems to be praying on your mind a lot, would it be better to get it off your chest and ask for his help ?

Dolly_Smith

I'm not sure they can make you redundant whilst on maternity leave - have you checked this out?

SunderlandBlackCat

domkat4 wrote:

I also keep getting £30 charge every time my bank goes over overdraft, which is very regular

Banks are not allowed to make punitive charges for not staying within your limits (even though it probably says they can on the contract).

You can try phoning them & asking for your charges back for up to 6 years ago. Some give the money back straight away but many won't. If they won't do it informally there are example letters you can send them on the consumer action group website to make them pay up.

gibboking

i think dolly is right about being made redundant whilst on maternity leave, you should check this out.
If you feel you cant talk to your oh about this then contact a debt helpline.
My debts are being dealt with by Consumer credit counseling service, i think there are links on this site. They deal with all of your creditors on your behalf and work out what you can realistically afford to pay back after paying all essential bills etc. They are really friendly and helpful and i felt like a huge weight had been lifted, even if you decide not to go ahead with any of their plans the will give you advice etc.
good luck

HairyHandofDartmoor

Can't you tell your oh about your debts? It's a big burden to carry on your own. Other people on here have been worried about their oh's reaction to their debts but have felt great relief once they spilt the beans.

To make the sort of changes in your lifestyle you need to make to get out of debt, would be a lot easier as a team effort.

halloweenqueen_2

Do you qualify for tax credits at all? they don't council child benefit and it may be worth seeing if you can. There is a link somehwere on one of the threads.
What about a life of balance card? if it less interest than you are paying now it may help you pay things back quciker?
How much are the loan repayments and what do you have left each month to pay back the mint and sky cards and catalogue? I think if you haven't already you should chuck the catalogues out, you will be paying through the nose for stuff you could buy cheaper elsewhere. maybe write to them and explain your situation and arrnage a payment plan with them?
Sortout what bank charges you can claim back if you get charged £30 a month thats nearly £400 a year, over half your catalogue debt.
Check the legal side of being made redundant while on maternity leave.
If you have books you don't need or want put them on amazon, ebay stuff, just make sure you allow enough for any postage. Its amazing that a few pounds a week will soon add up and help pay your debts.
Have you had a look at the old style board for cutting back on food bills?
Have you joined pigsback, for a few minutes a day you can earn piggy points and use them for vouchers, me and mr hq both have an account and we've had £50 of vouchers, if you got the boots ones you could get the nappies there and use the boots points card as well. It doesn't take too long to get a voucher and you don't need to spend anything either!
Would it be worth having a word with the bank and explain the situation to them? Go for getting your bank charges back anyway!
I think you will have to see this as a long term debt and try to keep any interest payments down. How long are the loans for?
Hope evrything goes well and good luck!