Oh god really struggling

Imgonnagetouttadebt

I've tried everything possible to get rid of my debt its just not shifting. I am a single parent with a toddler.
My credit rating it to pot atm so I am unable to do a 0% balance transfer.
The interest rates are the problem
I have about 3000 :eek: worth of debt over 2 credit cards and 2 storecards
I only get about 700.00 a month altogether not much really
CC 1 23% minimum payment 80.00
CC2 6% minimum payment 30.00
SC 1 500 minimum payment 50.00
SC2 700 24.99% minimum payment 45.00
After all the other bills are accounted for I am only left with 175 for eveything Food,Travel, Clothing,Birthdays,Xmas,Holiday,Savings,Entertainment,Days out so it is hard to try and overpay more than the minimum payments. Expenses always seem to crop up so I am determined to build an emergency fund I don't have one atm. I need around 1000.
What can I possibly do.
I am finally admitting I need help this is the first step in the right direction :T

Glitzer

The first thing anyone on here will tell you to do is put together a Statement of Affairs (or SOA). People more experienced than myself (I still haven't done mine but am getting there slowly) will be able to advise you where you might be able to cut back, of expenses you haven't accounted for etc.

sourcrates

Imgonnagetouttadebt wrote: »

What can I possibly do.
I am finally admitting I need help this is the first step in the right direction :T

Hi,

Stop paying them, that's what you should do.

These accounts are clearly unaffordable at the moment, you should not be paying unsecured debt over your essential living costs.

I would contact Stepchange, who are a free debt charity, and go over your options with them :

http://www.stepchange.org

This is the best course of action for you right now.

Bobarella

Really hope you can get a handle on it soon. Can you earn more some how?

asparagus1968

Hi and Welcome,


I would advise as above- Statement of Affairs, and contact a debt charity.
In the meantime-?up your income, get selling stuff,check your benefit entitlement, check your child maintenance payments are correct (or contact CMA if currently not receiving money from childs parent)
good luck:)

Dobbibill

Welcome to the forum,

As suggested by others post a SOA, this will help for you to have tailored suggestions and help you see where savings can possibly be made, if anywhere.

I wish you all the best

Imgonnagetouttadebt

Well at the moment I have
Prepayment 100-120 depending on how cold it is
Water and Ct 42.00
CC 1 80
CC2 35
SC1 50
SC 2 45
Broadband telephone 19
mobile 35
Family between 30-60
Food 120-150
And with whats left over it goes onto everything else Clothing Entertainment Savings Travel School obviously its not a lot left over.
I have been on the phone today and managaed to lower one bill by 20.00 so happy with that and I plan on changing to monthly for gas and electric.

tallyhoh

No rent or anything? It would probably be best to fill the SOA in from the link, less likely to miss any oddments

Imgonnagetouttadebt

I'm ashamed to admit but i am on benefits at the moments hopefully I will be able to get a job in the new year.

sourcrates

Imgonnagetouttadebt wrote: »

I'm ashamed to admit but i am on benefits at the moments hopefully I will be able to get a job in the new year.

Should be paying each one £1 per month then if your not working.

You need to prioritise your available income to your benefit, not your creditors.
You should write to each one, telling them you are currently unemployed, and that you will, from now on, pay them £1 a month until further notice.

Also say you will update them in six months time.

I can almost guarantee this is the advice you would recieve from any of the debt charities.

You should be paying no more than £4 a month to your creditors, thereby freeing up £200 for your essentials, it's common sense really.

Imgonnagetouttadebt

What would happen if I did than in terms of blacklisting and credit rating its just that I need an okayish score so that I will be able to be put on monthy gas and electric and prepayment is a rip off and I want a fixed rate.