Stressed, depressed, but going to try our best!

Fritterbug

Hi everyone!

I've spent a few weeks reading through the forum and you've all really encouraged me to take back control of my finances! My situation is that I live in a rented property with OH and 2yo Son. We're in around £8k of debt (Made up of numerous catalogues, credit cards, and recently not keeping up with bills properly). We were just about managing to muddle through until around 3 Months ago when OHs mental health took a severe turn. His depression went from manageable to debilitating, he began having panic attacks and became anxious and overwhelmed by the slightest bit of pressure. He feels incredibly guilty about going on sick leave, but I feel that forcing himself to keep on working in a job he hates would do more harm than good in his current situation.

I had been planning to start a college course in January, but am now looking for a job instead. That leaves us with Universal credit and £95 a week SSP :eek: We've contacted Stepchange and are waiting to start a plan with them, but struggling on such a reduced income so could do with all the money saving tips and tricks we can get! I would really love to be out of debt by some point next year, so hopefully writing it down here will keep me accountable for every last penny. And if anyone would like to join me and offer any support or words of wisdom that would be lovely, thank you

Fritterbug

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1254
Other income............................ 0
Total monthly income.................... 1254

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 417
Management charge (leasehold property).. 0
Council tax............................. 150 (Includes arrears)
Electricity............................. 28
Gas..................................... 28
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 25 (tied in)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 40 (Tied in)
Groceries etc. ......................... 260 (Could probably come down a lot once we have an oven, struggling a bit atm though)
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40 (This is to get DS to nursery twice a week)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 (Probably much less than this, as we only buy for DS. Although we buy his clothes out of this too)
Haircuts................................ 5
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 52 (Can't cancel for 8 Months. Gets a lot of use though, our only entertainment besides Netflix and softplay)
Total monthly expenses.................. 1175


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Lowell.........................1250......0.........0
Aqua...........................600.......0.........0
Overdraft......................1500......0.........0
Shop Direct....................2500......0.........0
Arrears .......................1500......0.........0
Payday loan....................700.......0.........0
Total unsecured debts..........8050......0.........-


Monthly Budget Summary
Total monthly income.................... 1,254
Expenses (including HP & secured debts). 1,175
Available for debt repayments........... 79
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 79

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,050
Net Assets.............................. -8,050


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doingitanyway

Sorry to hear you are struggling. Well done for addressing the issue and being ready to tackle your debts. Good luck.