Drowning in huge monthly payments advise please

bunnymtg

Hello there

I am hoping for some sound advice and no bashing pretty please.

My 4 year old daughter and I left my abusive husband last year. I had relatively high debt at the time because of financial abuse too. My daughter was poorly and to get the treatment she needed we had to go privately. He wouldn't pay this, so I had to. Lots of things like this.

I didn't have a pot to p*ss in savings wise but I knew I needed to flee. I put EVERYTHING on credit card. Second hand car, rental deposit, furniture. Nothing lavish. Just things we needed.
Now it is crippling me as 2 of the cards are not 0%.


Amex: £238 pm (£5724 balance)
Barclaycard: £171 pm (£7584 balance)
MBNA: £103 pm (£4,000 balance)
Omni finance: £26pm (£507 balance)
Tesco card: £60 pm (£6,013 balance)
Virgin card: £34.52 (£3,486 balance)

So this racks up my debt to around £27,000.

With my rent and bills, my outgoings are £1725.

Incoming monthly is:
Universal credit: £1000
Child benefit: £82
Part time work : £520
Child maintenance :£460

Total of £2,062

Leaving me with a disposable of £337. However, this disposable has to include fuel, shopping, toiletries etc. I am constantly in my overdraft.

I would like to add the following: I do not try and live a lifestyle I cannot afford (we live day to day!) I do not go out. I look after my daughter, work, sleep, eat repeat.

I am coming to the end of my divorce and in 8 weeks I am able to apply for my decree absolute. I will be getting a settlement which means I can clear my debt completely but I wont be seeing that till around September time at the earliest due to court back logs.
So I need something instant that can alleviate the pressure.

I cannot sleep at night and I am so stressed wondering if we will keep a roof over our heads!!

I would also like to add that I have recently moved (nearer to my daughters chosen school) and my electoral details have still not updated on CRA so I cannot find a loan solution or balance transfer option (thats even if I can get anything due to amount of debt).

I have never missed a payment once, I have no arrears, defaults or CCJs but I just cannot see how much longer I can keep this up.

I have just had a bill from SSE which I am querying from my last house (final bill) of £500 for just electric!!!!!!!!!!!!!!!!!!!!

I ideally need a solution that wont effect my credit file/score as I really want to buy a property next year with my divorce settlement and when I go back to work full time after September.

I know my situation is not as bad as some because I know it will be paid off by the end of the year but living day to day is making me so ill with stress.

Any advice great fully received.

BM xx

Pip_Boy_111

Hi didn't want to read and run.

First things first. Well done! You've broken free from an abusive relationship and taken the first step to a better life for you and your daughter :T

Second. Can you out together a SOA? This will put everything in detail and the good people on here will comb through it to find savings to be made and offer advice.

It's easy to say but please don't get yourself down and worried to the point of making yourself ill. in my short time on here, I've seen that most situations have a solution and the people here are very knowledgeable and helpful.

You have light at the end of the tunnel, focus on that and get an SOA filled out and posted to see what can be done in the meantime, till all that is sorted.

Rooting for you, and wishing you and your daughter all the happiness you deserve.

bunnymtg

Pip_Boy_111 wrote: »

Hi didn't want to read and run.

First things first. Well done! You've broken free from an abusive relationship and taken the first step to a better life for you and your daughter :T

Second. Can you out together a SOA? This will put everything in detail and the good people on here will comb through it to find savings to be made and offer advice.

It's easy to say but please don't get yourself down and worried to the point of making yourself ill. in my short time on here, I've seen that most situations have a solution and the people here are very knowledgeable and helpful.

You have light at the end of the tunnel, focus on that and get an SOA filled out and posted to see what can be done in the meantime, till all that is sorted.

Rooting for you, and wishing you and your daughter all the happiness you deserve.

Thank you Pip Boy, really helpful lovely post.

I will get the SOA sorted ASAP!

-taff

bunnymtg wrote: »

I would also like to add that I have recently moved (nearer to my daughters chosen school) and my electoral details have still not updated on CRA so I cannot find a loan solution or balance transfer option (thats even if I can get anything due to amount of debt)

I ideally need a solution that wont effect my credit file/score as I really want to buy a property next year with my divorce settlement and when I go back to work full time after September.

From your postI don't think there is a solution that won't affect your credit file. You could try going to see your bank to explain your circumstances and see if they would help.
Otherwise, it's tighten your belt some more and post your SOA for scrutiny.

Are you claiming all benefits you can including reduced council tax etc?

Humdinger1

Bunny

Please don't leave the forum. You're quite right to come and get advice here and most people will be full of admiration for you. Ignore angry people. Pip is right, put up an SOA and you'll get lots of relevant suggestions from the many kind people on the board. Take care Humdinger

NeverendingDMP

Id say stay on the forum get a list of your debts and how long the 0% is left on for abd whst the apr is. Do a soa and we will offer assistance on how you can make it to september when hopefully you may be in a position to repay some.
Then if it looks really tight post a diary and we will keep your morale up over the next few months as best we can x

Pip_Boy_111

Ok, well I posted a response to the post regarding tax payers paying for your situation, but it seems to have been deleted :huh:

Anyway, the jist of it was, ignore the comments surrounding benefits and tax payers, blah blah.
You're here asking for help with debt that was built up in awful circumstances, and help we shall.
Get the SOA posted when you can and try not to worry in the meantime. We're (mostly) friendly here

sourcrates

Ladies and gents,

Please keep your posts helpful and non judgemental, if you would all be so kind, anything abusive will just be deleted anyway, so if you cant post anything helpful, dont post at all.........


Thank you,

Suseka97

Aside from putting up your SOA and the advice you may get in terms of ways to tighten your belt, have you considered contacting any of your creditors to explain your financial situation and see if they will accept lower monthly payments, or offer any sort of repayment break?

I imagine you have some sort of paperwork that shows you'll be getting a divorce settlement in September, so could prove to them that you'll be in a position to clear your debts shortly.

Just a thought.

Shashy

andydownes123 wrote: »

What is it with people and resorting to personal insults on this forum. Can't you contribute to the discussion without pointing and sputtering insults. I'll give you the weekend to remove that post otherwise I'll have it reported.

There's a certain irony in your tantrum.

Potbellypig

OP - If you can clear all your debts in September, there's nothing to worry about really. If you can't get any 0% deals then just spend what you pay on the credit cards for the time being. Of course you'll pay interest, but you don't really have too many options. Contacting and asking for payment breaks as someone else suggested could be a good move though.

You'll be debt free in 4 months. Just ride it out until then and start your spending diary now.