I have 30k of debt and am desperate

less_debt_in_2007

Happy new year everyone.
I am so riddled with debt that sometimes I feel like ending it all. I am a regular on MSE but have created this new ID becasue I am too shamed to identify myself.
I am a single mother with two children and to be honest if it wasn't for them I feel like I have nothimg worth living for.
I have ammassed around 30k in credit cards and loans. Pease don' judge I am not reckless nor have I lived like a queen to amass such a hefty load in fact I was more or less debt free until I decided to come off benefits and go to university.
Any other single mothers who have done it will know you get very little aid from the Government when I did so in 2000 I have since heard student with children get tax credits etc.
I had a tiny studant loan to live on and additonal biils such as rent and council tax that were previsouly paid for.
I have such bad credit now that no one will touch me with a barge pole which is a double-edge sword as I can't take advanatge of 0% credit card deals.
To make matters worse I am a casualty of the tax-credit fiasco and I have to pay back 5K.

I go to charity shops to by my clothes and I take advantage of vouchers and coupons for my supermarket shopping but it is not enough.
I rarely go out, and I feel awful because I can rarely afford to treat my kids(they are so understanding when I say I have no money)
I just don't know what to do, can anyone advise me?
Thank you so much

Willsnarf1983

hi there

Please do a SOA as per southernscouser and people on here will be able to give you advice on where you could cut down

remember its only money and not the end of the world




Will

Sugarhunny1

I dont know much about money but i'm sure someone will be along shortly with some words of wisdom! Try and stay positive! As will says 'its only money and not the end of the world'

Sending big hugs your way!

Dumyat

please dont dispair. at the end of the day it is only money and everything can be sorted one way or another.
put it all down..can be scary but the unknown is more scary. there will be lots here who will be able to make suggestions to help.

hypno06

Put up your SOA. We won't judge, just try to help.

First of all put the kettle on, make a cuppa and take a deep breath. YOU CAN GET THROUGH THIS.

mrcow

less_debt_in_2007 wrote:

am a regular on MSE but have created this new ID becasue I am too shamed to identify myself.

There is nothing to be ashamed about when facing your problems.

Your opening post is very worrying as the debt seems to be causing other problems. I agree that a SOA would be very helpful. It will help to sort which are priority debts and which are not so.

Take care.

less_debt_in_2007

Thanks I feel so much better geting this off my chest.

This is my SOA (what does that stand for?)

Wages £1414 (minus £30 student loan repayments)
Tax credits £47 a week (188 a month but will decrease in April)
Child Benefit £117
CSA payment 321

Outgoings - here goes

Rent £440 (seven weeks in arrears)
Council Tax £77
Gas £65 (paying off arrears)
Electricity £45
Landline phone £28
Union fees £12
Travel card £122
Water (have not been billed during the whole 3 years I have been living in my new home)
Catalogues (Choice & Littlewoods) £50 - balance £560
Car insurance £21
Petrol £30
Car Tax £10
TV licence £10
Egg c/c £55 - balance £2,740 16.9% apr
Egg Money £90 - balance £4,380 21.9% apr they hiked it from 14.9 last Autumn
M & S Card £120 - balance £3,970 16.9% apr
Mint card £30 - balance £180
Egg Loan 1 £61 - balance £1607 7.6% apr
Egg Loan 2 £140 - balance £3010 7.6% apr
DFS £50 - balance £329
AOL £16
o2 £40
Sky TV £15
Hsa payment £18
Food bills £70 approx per week.
Others £50

I think that's all - I darent add it up

I forgot I live off my £1,500 overdraft.

HokeyCokey_3

I was just having a look. Have you got the APR's for your loans etc?

Also the amounts left to repay ...?

How far do you have to travel? (Travel Card)

mrcow

Hi again,

I'm assuming that the debts listed are all minimum payments where the credit cards etc are concerned?

According to my calcs (and taking the tax credit income out of the equation altogether) you still have £200 left over.

If you take say £120 or this as an overpayment towards your debts, why not try the snowball calculator (you are going to need to find out the outstanding balances and APRs of the debts) as an excercise to see where you are starting from in terms of getting rid?

Dumyat

phones sounds expensive, can you get a better deal maybe with internet included. get rid of mobile?
impressed if you are able to feed your family on £70!

worried that you are behind on your rent. keeping a roof over your head must be a priority.

less_debt_in_2007

The payments are all minimum, I defintley don't have money left over. I must have missed soemthing out. Gonna go back to the drawing board.