Help - I'm a mess :(

flis21

Hey,

I really have come to the end of the line here and I need to sort this out and get help. Quick overview, I'm a single Mum to 2 boys, both under 5. I work part time as a childminder, but I don't have much work at the moment, my wages after expenses are £170 a month. I get housing benefit (which doesn't cover all my rent tho), council tax benefit, tax credits and child benefit. My problems are mainly to do with old debts, which are catching up with me. I've calculated this evening that I have nearly £30,000 worth of debt. They are all coming at me for payments now and I'm trying to make them, but I've got to the point where I have no money. One of my friends paid for some food for me last week and this week I had £40 left to spend on a credit card, so I've used that for this weeks food shop. I can't carry on like this. I'm even leaving my youngest in his nappies for longer, so I don't have to buy so many. I feel so low and horrible.

I spoke to one debt company today, they wanted me to pay £35 a month, I said I could only afford £25, they then went thru my budget with me, and not allowing amounts for my kids clothes and shoes i was in a £50 defecit, and they still accepted to take the £25! I've started trying to sell things from round the house to make some money, but not being very successful so far.

I've looked at CCCS, but there is some error and I went thru their debt solution thing, but it won't let me get the solution! I looked at the national debtline one but that can't help me online as I'm self-employed, so I suppose I have to wait till tomorrow to phone someone, but I'm so stressed by it all I know I won't sleep again tonight. I'm being treated for depression and anxiety, which I know is partly caused by my money problems.

I don't know what answers I'm hoping to get here, just need to get it off my chest to someone. Don't really know where to turn. I will try and phone one of the debt places tomorrow.

Praying I can get this sorted,
Flis

dark^knight

Hi,

Welcome to the board. Sorry to hear about your troubles.

There are many nice people on here who will help you.

You need to post a SOA (statement of affairs) so people can see your situation.

Good luck.

flis21

Thanks Dark Knight,

How do I do an SOA? Would prob be easier for me, I'm working everything out on bits of paper all over the place!!

dark^knight

You will find it here:
http://www.makesenseofcards.com/soacalc.html

Complete it and then copy and paste it on here.

flis21

Ok, here goes, have done the SOA. I am not paying a lot of my debts, which is why I've only put amounts in for the ones I'm paying at mo.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 0
Benefits................................ 1490
Other income............................ 150
Total monthly income.................... 1810
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 55
Oil..................................... 0
Water rates............................. 41.6
Telephone (land line)................... 22.5
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 25.5
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.43
Life assurance ......................... 0
Other insurance......................... 21
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 20
Cigarettes.............................. 84
Total monthly expenses.................. 1746.15

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Amex CC........................5098.21...0.........0
Capital one CC.................1441.1....0.........0
Egg CC.........................3021.47...60........0
Studio Catalogue...............1264......60........0
Vanquis CC.....................500.......30........0
Nationwide Overdraft...........2180.03...25........0
Morgan Stanley CC..............2558......0.........0
IF CC..........................1813.58...0.........0
HSBC CC........................1589.5....0.........0
HSBC Overdraft.................1810.11...0.........0
Egg Loan.......................7861.58...0.........0
Total unsecured debts..........29137.58..175.......-

Monthly Budget Summary
Total monthly income.................... 1,810
Expenses (including HP & secured debts). 1,746.15
Available for debt repayments........... 63.85
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -111.15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,137.58
Net Assets.............................. -29,137.58
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

dark^knight

flis21 wrote: »

Ok, here goes, have done the SOA. I am not paying a lot of my debts, which is why I've only put amounts in for the ones I'm paying at mo.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 0
Benefits................................ 1490
Other income............................ 150
Total monthly income.................... 1810
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 55
Oil..................................... 0
Water rates............................. 41.6
Telephone (land line)................... 22.5
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 25.5 You can't afford this.
Internet Services....................... 25
Groceries etc. ......................... 300 Could you cut down on these? There is loads of info on this website on cutting your grocery expenses.
Clothing................................ 50 - Could you cut this down? Charity shops etc.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.43
Life assurance ......................... 0
Other insurance......................... 21
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50 You can't afford this.
Holiday................................. 20 You can't afford this.
Emergency fund.......................... 20 Not sure about - I would class your current situation as an emergency.
Cigarettes.............................. 84 Have you ever tried giving up? Now may be the time to quit.
Total monthly expenses.................. 1746.15

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Amex CC........................5098.21...0.........0
Capital one CC.................1441.1....0.........0
Egg CC.........................3021.47...60........0
Studio Catalogue...............1264......60........0
Vanquis CC.....................500.......30........0
Nationwide Overdraft...........2180.03...25........0
Morgan Stanley CC..............2558......0.........0
IF CC..........................1813.58...0.........0
HSBC CC........................1589.5....0.........0
HSBC Overdraft.................1810.11...0.........0
Egg Loan.......................7861.58...0.........0
Total unsecured debts..........29137.58..175.......-

Monthly Budget Summary
Total monthly income.................... 1,810
Expenses (including HP & secured debts). 1,746.15
Available for debt repayments........... 63.85
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -111.15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,137.58
Net Assets.............................. -29,137.58
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I have added comments above.

McKneff

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 0
Benefits................................ 1490
Other income............................ 150
Total monthly income.................... 1810
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40 Are you on the best tariff
Gas..................................... 55 Same here
Oil..................................... 0
Water rates............................. 41.6 You will probably find a meter a lot cheaper if you are allowed.
Telephone (land line)................... 22.5
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 25.5
Internet Services....................... 25
Groceries etc. ......................... 300 For 1 adult and 2 kids, you could easily shave this to £200
Clothing................................ 50 Do you really spend this much each monht, stop for now unless its
Petrol/diesel........................... 0 absolutley necessary
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.43
Life assurance ......................... 0
Other insurance......................... 21
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50 Cut it down.
Holiday................................. 20
Emergency fund.......................... 20
Cigarettes.............................. 84 If you must, get used to rollies, It'll go down to £20 at the most.
Total monthly expenses.................. 1746.15

Just a few notes. hOpe it helps

flis21

I'm in contract with Sky, I think it's till Sept. I don't buy clothes for myself, only for my boys who seem to grow so bloody quickly!! Also included shoes in this as they seem to need new pairs about every 2 months as their feet grow just as quickly! TBH £50 is probably a conservative estimate, but luckily my Mum does help with buying them clothes.

Will def look at cutting down the groceries, My main food shop bills are about £50 a week, but I always seem to do a couple of top up shops which bumps it up.

Our holiday for this year is almost paid for only £47.50 left to pay and won't need much spending money as we've got half board (we're only going to Butlins and I've split it with my ex as we're going together, so it's only cost me £147.50). I know it is a luxury that I really shouldn't do. Perhaps we should cut it out next year.

Entertainment I put in is mostly the kids activities, doubt I spend more than £5 a month entertaining myself!! I will look at cutting down some of their bits and doing cheaper days out.

I have tried giving up (in fact tried again, and failed last week). I just feel so stressed at the mo that it's hard to cut out something that helps with my stress!! Have spoken to my dr about it as well and she's said that until my depression is more stable it's prob not a priority to quit. Am sure she will tell me when it is a priority!! I could try and cut down a bit tho to save some money at least.

Thanks for taking time to give me your advice. Altho it is a v depressing picture, seeing it like this at least I know what I'm dealing with. I'm sure shaving a few bits here and there off my budget will help with being able to afford things, I really need to sort the debts out to get myself back on track.

flis21

McNeff thanks for your comments.

I have just swapped my electric and gas to a different tarrif, they said my bills should go down by £10 a month. I'm also trying to contact BT to get my broadband downgraded, which is currently on the unlimited and it was only on that for my ex, I don't really download stuff, so that should save me another £12 a month.

Will def work on the groceries, will try to cut out the quick little shops that I end up doing.

As I said in reply to dark knight the clothes is really for my children. They are growing too quick and their shoes need replacing about every 8 weeks! I don't really buy myself clothes (got some from my Mum for Christmas instead!).

I will try and cut the entertainment down, I am so bad at spoiling the kids with days out and things. We will try and find cheaper things to do.

I smoke menthols, can you get menthol rollies? If so I will give it a try!

glasgowsaver2011

With no surplus income you will take years to pay the cards off

What would happen if you went bankrupt

glasgowsaver2011

flis21 wrote: »

McNeff thanks for your comments.

I have just swapped my electric and gas to a different tarrif, they said my bills should go down by £10 a month. I'm also trying to contact BT to get my broadband downgraded, which is currently on the unlimited and it was only on that for my ex, I don't really download stuff, so that should save me another £12 a month.

Will def work on the groceries, will try to cut out the quick little shops that I end up doing.

As I said in reply to dark knight the clothes is really for my children. They are growing too quick and their shoes need replacing about every 8 weeks! I don't really buy myself clothes (got some from my Mum for Christmas instead!).

I will try and cut the entertainment down, I am so bad at spoiling the kids with days out and things. We will try and find cheaper things to do.

I smoke menthols, can you get menthol rollies? If so I will give it a try!

I have never smoked so have no idea how hard it is to give it up, but you are smoking 1000 a year worth of cigs.

:eek: