Just found out my debts

Shonar0612

Hi everyone

Have just signed up to credit expert to find out what debts I have after running away from them for 6 months. They aren't too excessive but still alot. I have roughly just over £2000. Best part of that to TSB. I now don't work and have 1 yr old twins. My partners wages pay the bills with nothing left over. We live on £80 a week and just get by. The interest is building the debts up so so high! I cant see a way out at the moment I cant imagine budgeting anymore than we already are. Does anyone have any advice?

Thanks

Tixy

Hi shonar

Firstly have you checked you are getting all the benefits you can (as a family)?

Have you moved your bank account so you are not now using TSB?

Are you currently paying anything towards any of your debts? Are your debts all just in your name? none joint with partner?

If you cannot afford anything towards your debts then usually the best solution is to pay each creditor a £1 token payment. This shows you are willing but unable to pay more and is the best way to try to prevent them taking further action against you.

Have you and partner been through all the finances and bills to see if there are any you can reduce (eg checking if you are with cheapest suppliers/providers etc)?

How soon do you hope/expect to be able to return to work?

Shonar0612

As far I am aware I claim everything I can. I have now opened an account with RBS as TSB were taking all my benefits to pay to the credit card. I am not currently paying anything to my debts my last payment was 4 months ago but I cant afford to part with the money. All the debts are in my name. My partners are just his name and a couple his ex partner. I don't think I will be back in work for another 2 yrs. I can't afford to work and pay childcare and have no family who can baby sit. I cant commit to a weekend job as my partner works on call every second weekend. Is there anything I can do to get any of the company's to freeze interest so I can atleast try and pay something back?

Tixy

If you write to them and offer £1 token payments and explain your circumstances (that you are unemployed) they are quite likely to agree to freeze interest & charges (although its never guaranteed that anyone will). If you don't contact then at all then its likely they will continue to add on costs - will fetch you a template letter that might help ......

Edit
http://forums.moneysavingexpert.com/showpost.php?p=21654579&postcount=49
or http://forums.moneysavingexpert.com/showpost.php?p=21937969&postcount=51
might need to edit but hopefully will give you an idea for a starting template.

Shonar0612

Oh thanks, I really appreciate that. I will give it a go and see what they say.

Thanks :-)