desperate for help

mariabyrne

Hi all. I am new here, here is my situation. I am a single mum,I earn 700 a month,plus 700 tax credits. I owe 6000 on a car loan,4 years to go, 150 a month.Also 5000 Barclaycard(100 a month),3500 Halifax Card(60 a month), 1500 Santander card(60 a month), 2000 Argos card(70 a month), 500 in moneyshop cheques(keep extending, as I never have enough money to pay everyday bills and food for my two kids,I don't eat much,don't drink or smoke), 250 payday loan(to pay a plumber bill),250 catalogue(Christmas and a family wedding)....and an oil bill of 350 waiting to be paid.I have a small car to get me to work and back, I have been extreeeeemely stupid a few years ago,spending everyday stuff on credit cards.Now I am paying the price. I can just about afford minimum payment on these cards, I tried a credit union loan to help me reduce the balances, but even they refused.Please don't shout abuse at me, I did all this behind my husband's back, hence now single.I was desperate, but even more so now.I don't use my cards anymore,ever,but I want to be debtfree so bad.

camuk81

Maria,

Can you got through and pop the info into

http://www.makesenseofcards.com/soacalc.html

This helps with editing and we can also look at what need to happen first to move forward

mariabyrne

I tried posting the link but it wouldn't let me. Sorry

mariabyrne

Here are my basics though:1500 coming in, salary and taxcredits.
150 loan repayment,350 credit and store cards(minimum payment), 65 electric,40 water,25 carinsurance,40 mobiles(me and kids),40 tv license and satellite,20 house insurance,100 council tax,35 phone and broadband,120 petrol, 400 food,no clothes, no holidays,no eating out,no treats,80 heating oil,20 car maintenance and mot,I think I listed all there is...

wannabee_in_credit

When you cut and paste it you need to delete the bit at the bottom with the website address on it.
Then you'll get some lovely advice.

mariabyrne

I have satellite tv as there is no reception for freeview where I live.And mobiles...my kids are teenagers, I can't really not let them have a mobile phone.Everything else is necessary expenses I think.I just don't know where to cut down.I buy the cheapest food possible,I cook meals from scratch,My only treat every now and then is a 2.99 bottle of wine from Aldi.....

camuk81

Posted on behalf

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.................... 1

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 0
Benefits................................ 700
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0 paid by other party
Secured/HP loan repayments.............. 0
Rent.................................... 1
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 65
Gas..................................... 0
Oil..................................... 80
Water rates............................. 40
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 120 living in rural Wales 50 mile commute
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 921


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay........................5000......100.......0
Halifax........................3500......60........0
Santander......................60........0.........0
Oil bill.......................350.......0.........0
Catalogue......................250.......0.........0
Payday loans...................250.......0.........0
Moneyshop......................500.......0.........0 3 more payments of £100 then paid off
Argos..........................2000......70........0
Total unsecured debts..........11910.....230.......-


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 921
Available for debt repayments........... 479
Monthly UNsecured debt repayments....... 230
Amount left after debt repayments....... 249

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,910
Net Assets.............................. -5,910

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

neverbefore2011

You have been meeting all your payments so far, right? No missed payments, late payments etc etc?

If that is right, you are to be congratulated

But the time may have arrived where you have to consider that the reality is that you simply cannot afford to live a decent life whilst continuing to service your debts

For totally different reasons to yours, I recently found myself in the same situation, so I contacted my credit card company (I have only one debt) before I defaulted, and was pleasantly surprised by their (almost) helpful response

Do yourself a detailed breakdown of income and expenditure, and give your creditors a call - no need to grovel, no need to apologise, you'll be speaking to a call centre person whose job is simply to tick boxes, so just tell it like it is

But it would also probably be useful to call a couple of the Debt Advice charities first, if only to get a bit of practice in spelling things out to a total stranger

I wish you well

camuk81

Right now we have that lets get started. Ok where do you live any how do you pay your rent we need to factor this in. You say you don't buy clothes but kids grow and they need uniforms so where is this coming from.

Your petrol seems very high where are all these trips coming from.

is there no contribution from the other parent? And are you getting everything you are entitled to.

Let me know if you want me update any of this for you. I also need the APr and the monthly payments for the oil and money shop payments

theoretica

If you take a look in on the Old Style board of these forums you will get a lot of suggestions for really cheap meals. Even with hungry teenagers. It will probably involve changing your diets and cooking from scratch (which is work - the teenagers can help) but you can probably halve your grocery bill and still eat healthily.

theoretica

Just to confirm - your council tax does include the single person's discount? I assume the kids are still at school so not included in that tax.