£23000 debt were to start?

visualkitty

Hello to everyone I am new here and never expected to be in this situation.
I am almost 30 with 3 children and another due in July.
I have calculated my debt and they currently stand at just under £23K
These include (estimate to nearest £)
Littlewoods 3349
Avantcredit 5200
118 4200
Sunny 700
Barclay cc 6500
Hsbc cc 465
Capital one cc 225
Marbles cc 1362
Barclay finance (sofa 0% interest) 712
I currently have 1053 coming in from my wages (this will lower once I start maternity)
192.40 4 weekly cb and 114 CTC a week (to drop once April comes in)
I really want to clear the full debt as I took it out I should pay it back but I've currently been lending to even feed my children (please don't judge)
I would love for advice of the best way to clear this debt. I have been in talks with a few companies regarding IVA and DMP but I don't think Barclay will accept after what I've read on IVA 's or cancel interest on DMPs both of which wouldn't help my situation.
Luckily my partner pays the rent and council tax which helps but he's left with nothing after paying bills.
Sorry for the long rant am trying not to stress with been pregnant and suffering a full-term stillbirth in previous pregnancy.
Thank you in advance Rebecca

foolofbeans

try completing a Staement of Affairs (SOA) on stoozing.com and post it on here so people can help you budget more carefully and advise what options you have.

visualkitty

I pay all the bills which I've got written down here these are monthly

TV 12
Gas 70
Electric 75
Water 42
Food 400 (includes school meals and food for work)
Kc phone/broadband 50 (stuck in a 12m contract and 4 months in)
EE 38(9 months left from 24)
Car insurance 75 (this went up when I changed jobs due to expire June)
Road tax 15
Fuel 50
Children's school activities 20
Children's hair 15 for all 3 on special
Clothes 50 (this is emergency school or growth as all my children are under 7)

Think that's it

visualkitty

We don't go out or drink in house currently using the 400 food plus extra left to pay debts which I can't carry on lending due the fact it's every month with no sign of getting better

Bobarella

Visualkitty I'm sorry not to have some advice for you but I just wanted to wish you well. It must be awful having that much stress at this time.

Kitten868

Please contact step change. Payday loans are a very hard cycle to get out of. Don't worry about someone not freezing interest, they certainly aren't right now. You have nothing to lose in doing a dmp or whatever they recommend. It's tailor made advice based on your situation. From the moment you make the phone call you will be making steps to being free of all of this. It is such hard work being a young mum. Stepchange will ensure you have enough to feed your kids before debt repayments xx

AnotherJoe

Sounds like you should go bankrupt to me.
Would clear everything and stop you taking out more loans and getting back into the same mess which wasn't a five minute job to get into this must have been building for years.

Mimi_Arc_en_ciel

visualkitty wrote: »

Hello to everyone I am new here and never expected to be in this situation.
I am almost 30 with 3 children and another due in July.
I have calculated my debt and they currently stand at just under £23K
These include (estimate to nearest £)
Littlewoods 3349
Avantcredit 5200
118 4200
Sunny 700
Barclay cc 6500
Hsbc cc 465
Capital one cc 225
Marbles cc 1362
Barclay finance (sofa 0% interest) 712
I currently have 1053 coming in from my wages (this will lower once I start maternity)
192.40 4 weekly cb and 114 CTC a week (to drop once April comes in)
I really want to clear the full debt as I took it out I should pay it back but I've currently been lending to even feed my children (please don't judge)
I would love for advice of the best way to clear this debt. I have been in talks with a few companies regarding IVA and DMP but I don't think Barclay will accept after what I've read on IVA 's or cancel interest on DMPs both of which wouldn't help my situation.
Luckily my partner pays the rent and council tax which helps but he's left with nothing after paying bills.
Sorry for the long rant am trying not to stress with been pregnant and suffering a full-term stillbirth in previous pregnancy.
Thank you in advance Rebecca

visualkitty wrote: »

I pay all the bills which I've got written down here these are monthly

TV 12
Gas 70
Electric 75
Water 42
Food 400 (includes school meals and food for work)
Kc phone/broadband 50 (stuck in a 12m contract and 4 months in)
EE 38(9 months left from 24)
Car insurance 75 (this went up when I changed jobs due to expire June)
Road tax 15
Fuel 50
Children's school activities 20
Children's hair 15 for all 3 on special
Clothes 50 (this is emergency school or growth as all my children are under 7)

Think that's it

You need to fill in a full SOA with interest rates etc.


Get all the paperwork together, sit and go through everything.


SOA link is here: http://www.stoozing.com/calculator/soa.php


BUT - on the figures you gave. - Gas and Electricity can be cut (unless you are in arrears) look on the MSE energy club: http://www.moneysavingexpert.com/cheapenergyclub


Shopping can be cut if you make some slight changes (Down grade in brand, change supermarket, meal plan, bulk buy, batch cook) Loon on the "old style board" on MSE. http://forums.moneysavingexpert.com/forumdisplay.php?f=33


Phone/broadband - See if you can stay with same company due to contract but downgrade the plan (If you don't use all broadband limits) - Explain your situation


School clothes aren't £50 a month. That's £600 a year and they are only in school 38 weeks. Shop around. Morrisons do school polo shirts 3 for £5 - Even look in charity shops. Shoes - ok, I'm a sucker for clarks, but have you tried a outlet store for example? Do you use Quidco?

sourcrates

visualkitty wrote: »

Hello to everyone I am new here and never expected to be in this situation.
I am almost 30 with 3 children and another due in July.
I have calculated my debt and they currently stand at just under £23K
These include (estimate to nearest £)
Littlewoods 3349
Avantcredit 5200
118 4200
Sunny 700
Barclay cc 6500
Hsbc cc 465
Capital one cc 225
Marbles cc 1362
Barclay finance (sofa 0% interest) 712
I currently have 1053 coming in from my wages (this will lower once I start maternity)
192.40 4 weekly cb and 114 CTC a week (to drop once April comes in)
I really want to clear the full debt as I took it out I should pay it back but I've currently been lending to even feed my children (please don't judge)
I would love for advice of the best way to clear this debt. I have been in talks with a few companies regarding IVA and DMP but I don't think Barclay will accept after what I've read on IVA 's or cancel interest on DMPs both of which wouldn't help my situation.
Luckily my partner pays the rent and council tax which helps but he's left with nothing after paying bills.
Sorry for the long rant am trying not to stress with been pregnant and suffering a full-term stillbirth in previous pregnancy.
Thank you in advance Rebecca

Hi Rebecca,


Is there any way you can get the debts down to less than 20k ?
are all the debts listed in your name or joint names ?

If you could do that you may qualify for a DRO (debt relief order).
Its a type of insolvency where you make no payments on your debts for 12 months, then after that time, all your debts are written off, and you are debt free.

There are criteria you have to meet, total debt must be 20k or less, you must not be a homeowner, have a car valued at more than 1k, and have less than £50 a month left when all other essential bills have been paid.

natlie

Hi

I have been in a very similar situation to you, resolved by selling my house and moving into rented accommodation which has worked out for the best fortunately.

I would advise you cut down food shopping I know this is hard, do you qualify for free school meals - have you checked? I use Approved Foods a lot of their food is in date, some is past Best Before but still safe to eat - we have been living off it for 5 years and its definitely safe, we bulk buy meat from Muscle Food who do fab deals and buy fruit and veg in Aldi/Lidl. I only get toiletries and Make up for xmas otherwise its value stuff.

Its a terribly stressful situation to be in and I empathize completely I wish I could offer you more advice

Nat

visualkitty

Thank you for replies the food shop includes nappies baby wipes babyfood which I can't cut down we've just stopped buying baby milk. Clothes also include 2 children needing bigger regular it stated emergency clothes which I usually buy second hand except school as they require their uniform at 9.50 for one jumper alone. I already buy all smart price minus the things we know we hate and go without when we don't have it x