Debt

Loz39

I have been a lucker for a while no place to turn and no one to talk to so here’s my story.

i have always worked part time as a single parent and fulltime carer to parents. Parents have passed and finally got a job that’s more hours and better pay it’s weekly pay though and find it hard to pay monthly bills on weekly wages …  just can’t seem to clear my feet.  I have been in persistent debt for a while roughly £10,000 and would love to try and get myself out of it. 

The last few months my tax credits payment has gone down £150 a month due to overpayment so money is tight. I can’t get a loan or a balance transfer as I’m using to much credit. 

I finally have my head in the game and ready to give it my best shot. 

Sorry to rant on 😞 

MatyMoo

Welcome 😃

have you done eating a statement of affairs to show where your money goes? Thee amazing people on here can usually help you to eek out every penny 😉 Even paying £1 above minimum payments starts to add up and make a difference 😀

Loz39

No , never thought to do anything like that ….. that seems scary but suppose it would identify where I’m going wrong 

MatyMoo

There is always thee possibility that you just don’t have enough money, but there is only one way to find out 😉

https://www.lemonfool.co.uk/financecalculators/soa.php - if you fill this out you can format for MSE and paste here 😃

Loz39

Very true , will look at everything over next few days and fill out the form and see

thanks 

Robin9

In addition - keep a record of everything you buy with cash/contactless - that cup of coffee, bus ticket, that snack.

WinterWarrior

Weekly pay will be incredibly difficult to get on top of. You will need to work out the weekly amount you need to save for each monthly direct debit and then save that like in a pot system. It will be hard to get in front at first, but once you do it should transform your finances. An soa is a great idea as the MSE hive mind may spot things you could get cheaper. Are you claiming everything you can? This is the most difficult step, but it will definitely get better 🌟