Pay off my overdraft

YorkshireBoy

livinka wrote: »

Are you joking? Suggesting to a single mother who works full-time and pays childcare during the day, to also do bar work in the evening, or taxi driving? Even if she had any energy left to do that, she'd still need to pay childcare and wouldn't see her kids much.

The kid spends half the week with his dad, so no childcare costs for those 3-4 days as she isn't seeing him anyway. Indeed, mother may even save on said childcare costs for some/all of those days.

So what you're suggesting (despite already being informed that she's in debt to the tune of knocking on for £4K, can't cut back anymore on spending, can't afford to make any meaningful impact on the debt, and that the worry is making her ill) is she sits back on those 3-4 evenings, puts her feet up, and rests?...really?

xylophone

You mention in another post that you shop for food every day.

Have you looked very carefully at where you could make savings in this area of your budget?

If you do have a couple of spare evenings during the week, is there any extra work you could get?

Niknac

Thanks for all the responses, my current job is high pressured and very demanding and when I don't have the little one I am usually catching up on work, chores etc. I am willing to put in some extra hrs to earn more money as I know it is must to help me get out of this situation but also agree that I need to think about my health as currently suffering with anxiety and horrendous tension headaches.
Something I could do at home to earn extra money would be the best option for me, any small amount would help and I know I can definitely cut back on my food shopping. I have also packed in the cigs( I know filthy habit) and on day 15- Saving £150.70 so far so I am trying really hard to make cut backs.
Any suggestions for work from home would be appreciated and I will do the SOA as soon as I can.
Thanks again

EssexHebridean

!!! wrote: »

But if that's what it takes...

If the childcare costs more than the income though that's back to square one. Solutions do need to be practical for the individual in question, and sometimes a "one size fits all" approach isn't appropriate.

Verityspinelli

I have been where you are now Nicnac and understand how you may feel. There is nothing worse then handing all your hard earned cash over to a debt you owe each month and then having to start the same cycle over and over again, month after month with no end in sight,
if you are determined you will get yourself out of this mess but it’s going to take, hard work determination and motivation and if you ignore what you know needs to be done and continue to keep doing the same thing then nothing will change and your predicament will only get worse.
Lindens suggested trying for a Money transfer card and that advice is spot on. Virgin money do a good 2% fee one at the moment and if you can get that, even though you will still owe the same amount of money + a small fee, psychologically it will feel more manageable, especially if you are in control of it rather then the overdraft sucking all your money up and spitting you out extra fees for good measure.
With a money transfer card you will have longer to pay without being left with nothing to show for your earnings. Do not forget though if you do manage to move your money
1. Cancel your overdraft.
2. Budget your spending
3. Remember kids don’t need stuff, they need food, warmth and love.
4. Pay off those debts.
5. Don’t use ANYMORE credit.
I wish you all the best in your journey forward. Remember anything is possible, we just have to want it enough.

CapricornLass

Well done on giving up the fags, Nicnac - not easy! And you will notice the health benefits too, in a couple of weeks time.


I'm not sure whether working extra hours in the evening is going to be good for you in view of already having a high pressure job - I'm sure you don't want any more. I was in one too, so I know how it feels. I'm wondering if hints and tips make things easier as a working mum would help? (As opposed to just moneysaving?)

EssexHebridean

Verityspinelli wrote: »

I have been where you are now Nicnac and understand how you may feel. There is nothing worse then handing all your hard earned cash over to a debt you owe each month and then having to start the same cycle over and over again, month after month with no end in sight,
if you are determined you will get yourself out of this mess but it’s going to take, hard work determination and motivation and if you ignore what you know needs to be done and continue to keep doing the same thing then nothing will change and your predicament will only get worse.
Lindens suggested trying for a Money transfer card and that advice is spot on. Virgin money do a good 2% fee one at the moment and if you can get that, even though you will still owe the same amount of money + a small fee, psychologically it will feel more manageable, especially if you are in control of it rather then the overdraft sucking all your money up and spitting you out extra fees for good measure.
With a money transfer card you will have longer to pay without being left with nothing to show for your earnings. Do not forget though if you do manage to move your money
1. Cancel your overdraft.
2. Budget your spending
3. Remember kids don’t need stuff, they need food, warmth and love.
4. Pay off those debts.
5. Don’t use ANYMORE credit.
I wish you all the best in your journey forward. Remember anything is possible, we just have to want it enough.

The bit I have highlighted in red is the ultimate priority over all the other stuff here - without a budget, it is impossible to see where things have gone wrong, OR to fix the problems. The budget needs to happen before the money gets shifted about.

John_G_Jones

livinka wrote: »

Are you joking? Suggesting to a single mother who works full-time and pays childcare during the day, to also do bar work in the evening, or taxi driving? Even if she had any energy left to do that, she'd still need to pay childcare and wouldn't see her kids much.

No, I wasn’t joking, it was a serious suggestion of something that she could do on the nights where she doesn’t have custody.
Why has a sensible suggestion got you so riled?

John_G_Jones

livinka wrote: »

@all those men who suggested bar work / taxi driving / hard job in the evening: have you ever tried working full time and being a single parent - even if the other parent has the kids some days? Most evenings when not already doing household chores or looking after your child, that's exactly what you need, to put your feet up, because you're too tired for anything else.
.

To answer your question, no, my wife and I waited until we were financially secure and had been through enough together to know that we were together for life before we decided to have children. It comes with downsides but means that we will never, ever have to make hard choices about food, heating or debts.

I know you’ll sneer at this, but that was our choice.

On the point above, I think that we have different world views. I’d do whatever it took to honour a debt and be in the Black, so don’t assume that the OP’s query comes with an asterisk and “as long as I don’t have to give up a nice sit down in front of the television” written at the bottom.

What is your suggestion for her then? How will you suggest she gets out of debt if the other suggestions are so poor?

lindens

Consider selling on ebay. You can buy things at car boot sales for 50p or £1 and sell them on ebay at a profit, if you buy the right things. Stick to something you know and enjoy maybe womens and childrens clothes or toys? Set yourself a goal-maybe spend £5 in a charity shop and buy 5 branded items and see how much they sell for. buy your packaging from Poundland.
Other options are online surveys - there is a thread on the board somewhere about this.