My first ever SOA - never had the courage to post it before.

Gandalf644

OP, well done for posting your SOA and details.

Although I cannot help much compared to more expereinced members, I see that you said you bank with Lloyds and would like to stay with them.

However, your SOA shows that Lloyds Credit Card is one of your creditors.

I know you want to pay things off, but if things do get rocky, it really would be worth having your banking with a bank totally unconnected to any of your debts.

Open a new current account (even a basic current account will do). Do not use the switching service though, as any direct debits to debts you don't want to pay may get switched across. Even if you don't use it yet, it is ready sholud the need arise.

Then if it does get rocky with the Lloyds credit card, you have this new account as a fallback bank account ready to use.

Also you can stash away any small savings you can make in this current account (or hopefully an attached deposit account) well away from your creditors.

noitsnotme

Groceries etc. ......................... 480 (120 a week)

If it’s £120 a week then it’s more like an average of £520 a month.

52 x £120 = £6240 divided by 12 = £520

GeekieGirlie

https://forums.moneysavingexpert.com/discussion/comment/81865084#Comment_81865084

thank you I will dig into the UC and see what they say.

With the water meter I can’t see it to read it, it’s in the public path somewhere away from the street.

GeekieGirlie

https://forums.moneysavingexpert.com/discussion/comment/81865132#Comment_81865132

thank you yes when I started not paying debts I opened an account. So I have one ready should I need it.

Grumpelstiltskin

I wonder if you would be better off paying the water rates instead of being on a meter?

elsien

Unlikely to be that option. If it’s a new build it’s in there anyway, and otherwise if the householder has chosen to have a meter, they only have 12 months to change back again if they want to.

ManyWays

If your chiild with the disability has a medical condition that means they have an increased need for water, and they also get UC, then you may qualify for Water Sure, that will reduce your water bills.

GeekieGirlie

https://forums.moneysavingexpert.com/discussion/comment/81865330#Comment_81865330

Thank you, yes we do use more due the condition. I will get her to look into this with UC.

Smudgeismydog

Well done for posting, you can do this.

My son is on a degree apprenticeship, and like yours, his salary isn’t great, however, he does also have a second Saturday job. When he started the apprenticeship, I sat him down and went through all the household bills, showing him the cost of everything. He requested to join the workplace pension (not automatically enrolled as too young), pays into a LISA and contributes to the household budget.

My daughter is in her first year at Uni, and works 2 jobs locally in the holidays, so she can cover her food, travel, clothes, social life etc

They both picked up their mobile phone bill when they turned 18, and they bought second hand phones outright from savings. My partner and I stopped things like Netflix, Spotify, Amazon Prime etc as we realised we weren’t really using them, and told the kids if they wanted them, then they could pay for it themselves, (funnily enough they don’t seem to mind the Spotify adverts now 🤣).

Maybe we’ve taken a ‘tough love’ approach, but they are both careful with their money, and now equate the cost of things they want e.g Harry Styles tickets 🙄, with how long it would take to earn the money. They have both also commented on how clueless some of their friends seem with finances, e.g. no idea about household bills, and still expecting parents to fund their social lives.

They are adults, and I do believe in educating them to take responsibility and contribute.

enthusiasticsaver

As others have said you have no spare money to repay debt so it makes no sense to borrow from family as you will just be digging yourself into a bigger hole. The internet/tv/phones is the obvious first place to start with cutting back and asking realistic amounts from your adult children. Speaking to them about money and showing them your budget is a good place to start to help them not fall into the same trap with credit cards/loans etc. There is only one winner and that is the banks who charge you interest.

Even the child on the apprenticeship will get a small wage so maybe work out a percentage for board. Letting them live for free while you continue to get further into debt does not help any of you.