I will be debt free in 2027!!!!

palomapicasso

I am a 40 something single mother with a child under 5. I was made redundant when my child was 10 weeks old. I had until then never been unemployed. I got a small amount of redundancy (May 2008) which I used to pay my mortgage as had to wait 39 weeks before mortgage help with dss. I get income support, child tax credit and child benefit. I am left with a total of £46 each month to live off after I have paid my £200 mortgage, since government decreased the amount of interest they would pay towards any mortgage, I have service charges, heating, gas, and my debt management plan which I have never faulted on. I have to eat at my parents house every day otherwise I would not eat. My parents are elderly and do not keep well although they will not claim anything. My dad is a very proud man..... My question is to the forum.....I have been trying to sell my flat so I can clear my debts and move on with my life....I feel that I am constantly down, I suffer from fibromyalgia, pains everywhere but no reason why... my doctor says I have anxiety issues . who wouldn't? If I didn't own my flat I would get my rent paid for me, although this is not what I want I feel that it is so hard to get motivated to do anything. I have been attending college for the past 2 years as I am trying to better myself.. I could go back this year but think what is the point...I'm getting nowhere with my debts.....just very very sad lady......

Hovel_lady

Firstly big ((hugs)) to you.
I am so sorry life is so hard for you at the moment.
Have you spoken to any of the free debt advice charities to see if there is a different way of managing your debt?
Will selling your flat pay everything off so you have a fresh debt free start?
If you post a SoA (statement of affairs) on here we might be able to help further. There's a link at the top of the page for this.
What are you studying? Do you want to carry on with it? I can imagine how hard it must to to go to college as well. Do seriously think whether or not to go. Or could you take a year out to deal with other issues?
Sorry for all the questions.
xx

Firewalker

Oh dear, Palomapicasso, I am so sorry to read your story. It seems to me that in your situation selling the apartment is an option. If I were you I'll continue with my education and aim to get a good job. This may also be a way to ease the pressure on your parents a bit.

FIrewalker

palomapicasso

Thanks Firewalker, I know that selling the flat is a priority, I've had a sign up for 3 monthsbut there are other flats in the same block with FOR SALE signs from Estate Agents that have been up for over 1 year now, so it's not so easy.

Firewalker

Is there anyway you could get to work several hours per week while you little one is at school? Also if you post a SOA we may be able to find some gains but I somehow doubt it. The other possibility is to go on the Old Style board and check out all the tricks to survive on a small budget.

FW

palomapicasso

Hi Firewalker. I would love to work a few hours everyday but all office jobs are looking for full time staff and I just could not do that. I hate not working but feel I am in a catch 22 with my position. My plan was to sell my flat, move in with my parents and start my own mobile business (I've been studying hairdressing/ holistic therapies) and work around about the hours my child is in nursery. I drive my fathers car as he never uses it. I just feel a complete loser to be in the position I am in at my age. I also feel that if I sell my flat the way things are will I ever be in a position to get a new mortgage? Oh if only I hadn't been so stupid with money but I can't keep beating myself up over this as it's my mess and I need to deal with it. I know people say don't think of the past but it's so hard. I used to feel sorry for people who were single mothers but never in my wildest dreams did I really know how hard it was until I ended up there.

Little_Miss_Uni-Debt

Hi Paloma,

Sorry to hear that you're having such a tough time. Putting your flat up for sale is hard but it's a solution to ease the pain in the the longer term and maybe you'll get more help that way.

Shorter term, I wonder if there is anything we can all do to help? As Firewalker has said why not post your incomings/outgoings here, you can use the template from http://www.makesenseofcards.com/soacalc.html and then paste it up here.

Maybe we can look at what type debts you have and suggest some small changes that may help free up extra £'s in your budget each month. There are many people who have been in similar situations so there maybe some useful advice!

Keep us updated, we're here to help!

palomapicasso

Hovel Lady thank you for your reply.
I've been studying hairdressing and holistic therapies. My job prior to redundancy was an Office Manager so I had a very good salary and had a company car. I have not felt confident since I lost my job and get panicky quite a lot too. I worked for 25 years in an office environment. I have had my flat up for sale but so have 3 others in the same block and 2 have been on the market for over 1 year now. My parents are fantastic with me and I know I am very fortunate. I would like to know if I would be able to rent my flat or if that is not allowed by the dss. Would they see this as a second income? Do you know? It's my child I feel for at the moment because I get mad at myself for abusing money all of my life and now I have a child I have no money to buy him things or take him places. I do have a pension plan but have not put anything into it since my redundancy. I want to finish college (3yrs) but some days I don't even want to get up, although I do, I've got to push myself as it's not just about me anymore. I go through my budget on a weekly basis. I think I'm looking for a miracle. I couldn't possibly change any of my budget as it is down to the absolute bare minimum. Thank you once again Hovel Lady.

palomapicasso

Little Miss Uni-Debt,
Thanks, I forgot to mention that when I started my DMP I owed £37,950.67 and I am now down to £27,853.99. I just feel as though due to the small amount that I am now paying towards this DMP due to the changes in the mortgage interest that DSS help with I feel that to look to 2027 is daunting. Thanks again.

Little_Miss_Uni-Debt

Hey Paloma,

2027 is the starting point though, that's the absolute longest it will take! Anything else you do to clear debt, like selling the flat, maybe down the road you'll find a few hours work that fits your situation, that will all knock years and £'s off.

You've already done £10,000 which is amazing!!! :O How long have you been on the DMP for so far?

I can see that you are extremely careful with your budget. Are your remaining debts spread across many creditors or large amounts with a few? I'm just wondering if there are charges you could look at reclaiming or mis-sold PPI. Any way to reduce the final amount payable. It all helps!

nannyboo1

palomapicasso wrote: »

It's my child I feel for at the moment because I get mad at myself for abusing money all of my life and now I have a child I have no money to buy him things or take him places. .

I can't imagine how you are feeling and can offer no words of wisdom on that but please remember that it doesn't matter about material things now (he is far too young to understand anyway) he would much prefer time spent with you on a trip to the park completely free as much as any new toy you could buy him - hope that makes sense. you will sort your money matters out first and then you will be in a position when he is older to do other things