New here, hoping someone can help me sort my money out once and for all

sobluex_2

Hi,
I have around £6-7000 worth of debt. My mum tells me to just go bankrupt, pay the £450 fee and be done with it. Is this the easiest option?
I feel like whatever I do, debtwise, at the moment, is completely wrong
I just want it all to go away
The debts have amounted over the last 10yrs since I left home
I set up repayments with one company and suddenly 2 or 3 more come out of the woodwork
I just feel like crying, I'm at the point where I dont even bother to open post, just bin it straightaway
I dont understand how I'm not clearing it. I have an income of £1200pcm and outgoings of around £600pcm so I should have £600 or there abouts spare a mth but I'm still scraping through???
I'm a single mum, 4 kids, on income support
There is one debt that is seriously frightening me now, marstons debt collectors have added a total of £400 to a £700 debt. The 1st I heard of them was when 2 bailiffs + a community police officer knocked on my door. I arranged to pay £50 a mth to them, paid the first £50 and was then told daily interest was being added to the debt and that only about £12.40 from the £50 was actually going on clearing the original debt!
It will take me YEARS AND YEARS to clear just this one debt???
Payments go out on the 14th of every month via direct debit but they constantly call and send letters saying if I dont pay such and such by so and so date then bailiffs will arrive with a removal van to take my stuff, if I dont open the door they will charge me £250 for the 1st hour then £150 for each part hour thereafter?
I dont have any valuables? I dont drive, dont own my house, I dont even have a tv as they took my poxy 15" away last time
I just feel buried with it all now
Can anyone talk me through bankruptcy??
Look, now im babbling and probably making no sense, I feel like I cant breathe anymore and am constantly locking doors and keeping windows shut as have been told they can enter house by peaceful entry? ie through a window or unlocked door? I'm sorry, but if I can home to a big burly bailiff in my house I'm likely to take a hammer to the back of their head, simply because I would assume it was a bluddy burgler?!?!
Oh god, please can someone help me with this?

Horace

Unfortunately I know nothing about bankruptcy so can't advise. What will help the folks here is if you post your Statement of Affairs so that they can pick over it and suggest ways of cutting back etc to help you pay your debts quicker. https://www.makesenseofcards.com/soacalc.html (remove the links at the bottom because you will be unable to post it otherwise).

KellsBells

Oh god, that's so terrible to read

Have you been to the citizens advice bureau yet? If not, phone them first thing in the morning. Make an appointment and get there asap.

Secondly, stop throwing away the mail. You need to keep it so that you have contact numbers, account numbers and a better idea of the exact balances.

You need to write us a list of all income, all expenditure and then all debts that need paying (with balances, interest rates). It's gonna take hours, but once you've got it all together, you'll feel so much more positive and able to cope. Don't be embarrassed, we're all in the same boat here.

Finally, while ANY debt is too much debt, £7k is an amount that you can realistically pay off, it's just working out what to pay to whom. My experience with Marstons echos yours, they are not pleasant people.

Time to get cracking with the number crunching.xx

cydney65

Sobluex make a cuppa and have a sit down hun. The lovely people on here who know all about this will be along soon. Take a look at the statement of affairs Horace has given you a link to. It seems really scary I know, but it will help others to help you if you get what I mean.

Have a (((hug))) and stay online and the more knowledgeable ones will come along x

Decluttering

Didn't want to read and run, my experience with debt is very very little but I do believe that it won't feel as overwhelming if you take the time to work out exactly what you have to pay. If you leave your imagination to do the figures, you'll probably find they're given more meaning and more power than they really hold. That's all I can offer, except for a virtual hug. You're in the right place, the Debt Free Wannabe board is crammed full with supportive, friendly and helpful people x

snookey

Hi you can do this . Lots of people on this board can help you. Do your soa and its a start to sorting out your finances. Ill find some organisations that may help you and post them.

snookey

Right here is the first. They helped my mum when she needed it and were really nice;
The St Vincent de Paul Society
5th Floor
291-299 Borough High Street
London SE1 1JG
Tel: 0207 407 4644
Fax: 0207 407 4634
Email:


Have a look at their website.


Also try thease;
Have a look at this(FWA) Grants Service
The Family Welfare Association can help anyone living in the UK who is in need of financial assistance at a time of crisis in their lives. They will help with clothing (particularly children’s), fuel bills and household needs such as beds, cookers, washing machines, etc. They cannot help with rent arrears, council tax, fines, funeral expenses, private school fees or repayment of social fund loans or expenses already covered by statutory funds. Applications must be made by a professional person such as a Social Worker, Health Visitor or by a Voluntary Agency such as a local CAB. Average payments are £100 - £200. FWA also runs an Educational Grants Advisory Service (EGAS); students encountering difficulties during their course can make applications. Applications must be supported by a reference from a course tutor. The student is provided with as much information as possible on other appropriate sources of finance before being referred to the Grants Service for consideration. Address: 501-505 Kingsland Road, London, E8 4AU. Student Advice Line: 020 7241 7459. Website: www.family-action.org.uk/ Opening hours: Tuesday, Wednesday, Thursday 2p.m. to 4p.m.


Family Service Units (FSU)
The FSU works with families in need in the inner cities of England and Scotland. If an FSU Social Worker feels that a family that is using the service is considered in need of a capital grant (up to £300) they apply to FSU head office on the family’s behalf. To find out if there is a FSU in your area call 0207 402 5175.

Here is a great organisation for single parents that offer help and advice;
Gingerbread
255 Kentish Town Road
London NW5 2LX Contact Gingerbread via email
General telephone: +44 (0) 20 7428 5400


Single Parent Helpline: 0808 802 0925 (Monday to Friday 10am-4pm, apart from Wednesday 10am-1pm and 5pm-8pm) free from landlines and the following mobile networks - 3, T-Mobile, Vodafone, O2, Orange, Virgin.