Single mum on a mission

nowsthetime

I ended my relationship with my daughter’s dad earlier this year.

I don’t know what it was but since then something clicked on me with regards to my finances. We’d always spilt our bills. He paid rent £750. I paid bills and childcare, which amounted to roughly the same. I have several HIGH interest credit cards in my name, he didn’t really know how many. We had separate bank accounts.

I’ve always had a careless attitude to money. Easy come, easy go. Since having my first job at 16 I’ve tended to live beyond my means. Getting credit, not paying it back, defaulted more times that I care to remember. I’m not proud and I’ve certainly paid the price, so to speak. I’m now 36.

I have one CCJ, annoyingly it was only for about £500. Paid off and marked satisfied on my credit file. It will be removed in July 2020.

I was also overpaid Housing Benefit 2014-2016 to the tune of £2600. I don’t know how this occurred as I sent all necessary paperwork to them when asked. (My daughter’s Dad and I had spilt between those years, before we tried to give it another go). I was trying to pay it back £50 a month. I couldn’t always manage it, so to avoid another CCJ, the council issue and AOE (Attachment of Earnings) order and take £150 from my wage each month. This ends in July 2019.

I also was overpaid Tax Credits to the tune of £734. They were also sent all requested paperwork, and asked for it frequently, so I am not sure what happened there either. I am paying this back £33 a month ends February 2019.

And then there are the credit cards.

Aqua - £1798.41
Barclaycard - £1038.29
Capital One - £880.65
Capital One - £119.87
Marbles - £1385.93
Tesco - £742.44
Very - £550
Total credit card and shopping account
£6515.59.

It’s a lot. I really don’t want to go down the stepchange route as it will have another 6 year negative impact on my credit file and I really want to avoid it when my current CCJ removal is in sight.

I am also due some car compensation with the next 8 weeks. Approximately £1,700. £1k of this will got straight to Aqua as the current instrest rate on this about 51%.

I’m currently snowballing, attacking Aqua first to the tune of £170 a month and paying minimum on all others. I’ve recently switched energy supplier and will not be renewing/upgrading my mobile phone contract in January and will be getting a SIM only one.

So I’m a nutshell that’s me. It’s hard though. I don’t have a spare penny and am conscious of every pound I spend. Things will gradually get easier, but each day is difficult.

nowsthetime

I guess I am posting in case anyone has any advice or pearls of wisdom for me. Being in debt can be very isolating and lonely. I’m feeling positive but some days can be hard.

pidge04

Good luck - wishing you well with this. Just a thought ... have you looked around at home to see whether you have anything you could sell to try and raise the £119 to pay off one of the Capital One credit cards? Might give you a boost to have one less minimum payment to find?

pidge04

You are right. It can be very isolating and lonely. There is a lot of kind support to be found here.

DCFC79

Other than the advice you have been given I cant think of anything else to add.
Coild you do any babysitting, no idea how much you could charge but over time it woild add up and you could pay the £119 cap one card.

beanielou

Happy new diary
Could you not pay the whole £1700 to Aqua & be done with it?
The interest is dire.
Also if you could find some things to sell to help along with one of the smaller cards that would be just great
You can do it!

nowsthetime

Thanks Pidge - nothing major to sell really. Daughter has some clothes she’s grown out of. Should really see what I can find though and pop on eBay. I agree paying that £199 would give me a much needed boost. I nipped into the city centre on my lunch break the other day and I was so overwhelmed by all the new clothes in the shops. It made me realised how long it’s been since I bought myself a new item of clothing. It was a strange feeling but I felt really disconnected. Just seeing people spending money and I couldn’t spend £1! It’s my own fault though, I take full ownership of my situation.

beanielou

Also if you could post an income & expenditure we can see if we can help

nowsthetime

Thanks DC - I could check out babysitting. I’d be happy to do some extra work. My daughter’s dad had her Tuesday and Wednesday night’s I wouldn’t mind working then. I’m not sure what jobs I could get just those nights. I currently work full time Monday - Fri.

The interest is dire Beanielou, it wasn’t that high when I took out the credit card, but it’s slowly crept up. I was thinking that but then thought maybe I should keep some back for Christmas and just getting ‘straight’. I am tempted to just clear the beast though. Out of them all that one haunts me the most!

nowsthetime

Beanielou. I have all my incomings and outgoings on a spreadsheet. I will copy it over tomorrow as I would really appreciate some thoughts. I’ve been through it with a fine tooth comb and I’m just about breaking even each month.

beanielou

I would clear the card.
Cut down on Christmas as much as you can.
I have & have to say that it is so liberating :j