Single mum on last £30 HELP PLEASE!!

dizzyb_2

Hi all, i am desperate for help and don't know where else to turn. I am a single mum on benefits and have got myself in a real mess with my finances and I have been lying awake all night, please advise me on what to do next.

I have a graduate account with HSBC and my overdraft limit is £1500. However, it is now up to £1800 and they won't let me take any more money out and say i am due £100 "arrangement fee" and £20.83 interest to be charged on 18th October. I have no way of paying this!!! I have just had my £59 income support paid in today (which i suppose will disapear to the charges) and then yesterday i transfered £100 paypal (from selling on ebay), which i suppose i will also lose once it comes through. Sky are refunding me £16 in the next 14 days for one months Sky rental, because i have had to cancel it before i even got it installed. I just don't know what to do. I was working up until my son went on his summer holidays and then i just couldn't afford the child care or find suitable cover for the periods i was working. I had to go on benefits to keep a roof over our heads. Child maintainence payments were non existant for a few years and i have struggled and used my overdraft without thinking. It is all my fault, i know, but i really need help getting out of this awful situation. A friend has lent me £30 to feed my son this week and that is literally all i have left. PLEASE HELP ME.

Thank you

mumoftwins

Oh dizzyb, I totally understand whats happening to you as I am in a similar situation myself.

Have you tried speaking to the bank to see if they can help in any way?

There will no doubt be someone come on here soon who will be able to give you better advice - good luck and take care :A

ceridwen

Your first point of contact is to go over to the MoneySaving Old Style forum on this website. Start by reading the "stickies" at the top of the list.

There is all sorts of info on this forum on eating INCREDIBLY cheaply. So that will be the food aspect dealt with.

Karmacat

Hello dizzyb

Sorry to hear things have got to such a state.

About the £30 - you have to make it stretch as far as possible, so definitely go to old style - its about buying cheap, basic foods that are nutritionally viable that your son will eat.

I don't know much about this level of finance, to be honest, I'm really sorry - but I know some of the things that the experts on here say. What about starting up one of the "basic bank accounts" - they don't allow an overdraft, but they will stop what money you have being swallowed up by the debt, while you work out what to do.

What about an emergency loan from Social Services, does that still happen? Is there any temporary work you can do to bring in a bit of money? Is there anything else you can cancel? Well done for cancelling Sky, by the way - when your finances get to an emergency level, you have to just shut down everything and start again. Talk to the debt counselling agencies, the **free** ones, not the ones you see advertised on the tv, who are out to make a profit, as private companies - there are links to the free ones at the top of the DFW board, I think.

A little bit longer term, could you put a budget up on this thread? Show the details - if you look at the very top thread on this board, it'll show you a link to how to write what we call a SOA, a Statement of Affairs - do it in as detailed a way as possible, that'll help people help you, say things specific to you.

Hopefully someone with more knowledge will be along soon, by the time you're back online (the little green lights tell us when someone is online, and since its now 0740, I'm guessing you're getting your son ready for school....).

Stay calm, it can all be sorted, one way or the other. Good for you for posting, keep on doing that.

hypno06

Excellent advice already, so I'll just say that I agree with what has been said above!

Good luck - you have taken the first step to getting sorted, and although it seems like a nightmare, it will very quickly improve.

Squirrel29

Hi, not sure where you live and the set up there but could you visit CAB? Our local CAB provide food vouchers to people in crisis like yourself, we have a Community Larder and the voucher will provide £15 of food for each person. Other than that, could you get a crisis loan or grant from DSS?

Snaggles

You've already had pretty much all the advice I would have given, but I just wanted to say welcome, and we will help you through this as much as possible. Do you have any family that could help out short term?

I would definitely get a basic bank account sorted asap, to have your benefits paid into - that way it wont be all swallowed up by your overdraft, and once it's all sorted, you could speak to HSBC to try and make some arrangement for paying it back (or if they're unhelpful, try either the Citizens Advice Bureau, the CCCS or Payplan).

tigtag02

:wave: another big fat welcome from me ~ you have found the right place ~ yes, your in debt but that doesnt mean *life over*

I only have one thing to add (being that this place is so cool you have loads of fab resposes already) and that is I'm sure that the bank can not use your benefits to pay off your overdraft ~ I'll go find the link now but its in the benefit section ~ watch this space.................

tigtag02

I'm back ~ bl00dy manager was stood behind me :eek: :eek: why I care I dont know, I'm leaving tomorrow :rotfl: :rotfl:

Anyhoo, take a look at this thread, its along 'un but it tells you how they cant take your benefit and what to *quote* AT them

LINKY

:grouphug:
tigatg

redpoison

awe sweetheart .... just wanted to say welcome.. and you will find so much help on these boards..

my advice to you would be to go see the bank manager and ell him how much you are struggling and maybe they can help you.... if it comes to it can you open another bank account and get your benifits paid into that?

big hugs..

dizzyb_2

i have just realised that i have another basic current ac with hsbc with about 60p in it. If i re-direct my benefits into this account, is it protected? i mean... can they take money from this account to repay monies owed for other account? or is it safer to open a bank account with a different bank all together?

Thanks (argh!! late for school now!!!)