new to this, but in huge debt

skintstudent2006

Just come across this site tonight. Why didn't I find it earlier???

Well I'm a poor student, single mum, worked out I'm in about £10,000 debt, mostly from catalogues and credit cards,
God that's scary saying it,
Haven't got a clue where to start sorting it out.
To be honest I don't even know what to write just now, this is all a frightening thing for me at the moment. Debt was fine, (well as fine as it can be) was managing to pay it, but then realised I'd been getting to much bursary (about double what I should have been getting) and so now I'm on the basic bursary, (which is fair enough), but now can't pay debts and haven't a clue what to do. It's HELL. :eek:
I've heard about bankruptcy-but will they take my stuff-eg pc and tv?
I can probably afford about £50 a month-

Any ideas anyone.

sorry, hope you don't mind me bursting onto the site like this, just don't know what else to do.

moozie_2

Hello there and welcome!

You have come to the right place for support and advice Have a look at this post http://forums.moneysavingexpert.com/showthread.html?t=107280 and then post your statement of affairs. Info and advice will flood in after that

Just hang in there. Bankruptcy is not the only solution and certainly not the best one. Postt he SOA and will take it from there!

Good luck!

seven-day-weekend

Hi,SkintStudent!

You've come to the right place for help.

I don't know too much about these things, but I do know the experts on the board here like you to post a SOA (Statement of Affairs) showing your incomings, outgoings and debt. There is an example on how to do it in the post from Southern Scouser at the top of the page.

Welcome and congratulations on taking the first step!

Oompa_Loompa_2

Ok, first thing you should do is calm down! What a horrible thing to find out that you'd been getting more than you should have been. Annoying that it was someone else's mistake too! (I've had a similar experience) I'm quite new to this site too, but it definitely does help! You should look into possibly transferring your existing debts to credit cards with a lower interest rate if you can - look at the credit card link on the left of this page. I know £10, 000 is a lot - but remember there will be people in more debt than that. Try to cut down on everyday spending - there are tips on here for cutting down your electricity bills (Chat Forums - Old Style Moneysaving) and another thing you should definitely do is join Pigsback.com! You can earn piggypoints from this and then get shopping vouchers which should help you. There is a thread for the Pigsback site under "Freebies - no spend required". All the answers to quizzes etc. and ways to earn extra points are posted on there every day. It won't seem like much to you now, but these points really can add up! You won't get rid of your debt overnight, it will take time. But if you chip away at it - you WILL get there eventually.

skintstudent2006

Thank you,
I sort of feel a bit better form just having written it down. And I do realise that there will be a lot of people that are far worse off than me.
I will do that with my statement of affairs, and join the Pigsback thing as well as a few other things I've read about just now, but I think I'd better get off to bed, got children to get up with for school, think I'm probably going to sleep a little easier tonight.

thanks again

sophiesmum_2

Hi skintstudent
Hope you do sleep better tonight. Once you work out your soa you will get lots of help and support from the folks on the board.
If all else fails there is always cccs or payplan to try and sort out your debts,these are free and charities to help people in debt. But i am sure once you do your soa we will be able to help you free up some more money to help pay your debts.
Also check out that you are getting all the benefits you are entitled to with children especially. there is a site I think it is called "entitledto" where you can enter your details and check what you should be getting.
Stop worrying, it is only money at the end of the day, and you are not the only person to have debts.There is always a solution, even though it may take a little time and effort.
Take care
sophiesmum

taxi73

Hi there and welcome...I agree with all the other posters...so when you're ready do your SOA and we'll take it from there...don't worry you're in the right place

scaredy_cat_2

hi - however awful it makes you feel just thinking about the debt - you have come to the right place - i am newish too and lots of support and advice - so keep posting