Help with Debt, head stuck in the sand

Kimlouise22

HI all,

I have had issues with money for as long as i can remember and i need to sort it before it ruins my life

I have multiple different debts with different people and have been on and off paying small token amounts but with job losses etc this has been on and off

i also have an issue with keeping track of it all, ideally i would like to have them all come out on the same day and have some sort of trackers but im not sure what to use

my husband currently earns around 1900 a month and we receive around 2400 in universal credit and child benefit, i am starting uni on the 14th september,

i just dont know where to start

ManyWays

Consolidating is a usually a very expensive way to try to get to everything coming out on the same day. A much better approach is to get a new bank account that is only used to pay these debts, so you can move one payment over once a month then they are paid by DD automatically so you don't have to do anything.

BUT how much do the minimum payments add up to? On a student grant and UC, paying anything much may be tough.

How many children do you have and how old?

Are you renting? Private or social?

RAS

You'll need to do a proper Statement of Affairs.

But if you are starting university in September it might be better to make decisions once you know how the student finance, husband's income and UC combine. Student finance doesn't cover the full cost of university so family finances are going to be very tight.

Do you have any joint accounts with your husband?

Kimlouise22

https://forums.moneysavingexpert.com/discussion/comment/82061239#Comment_82061239

Thank you for your reply, we currently owe £14893 over 15 creditors with minimum payments being £269 and no interest being added on.

I have 6 children, 2 at Uni and 4 living at home aged 17,15,11 and 10

We rent privatley

Kimlouise22

https://forums.moneysavingexpert.com/discussion/comment/82061275#Comment_82061275

Once student finance kicks in

i will be getting £5181 ever 3 months from SFE, hubby earns £1852 after tax and universal credit will be £1417 monthly as well as £349 month child benefit

we dont have any joint accounts, but do have a couple of joint debts

RAS

How much are the joint debts?

They will come after hubbie if you stop paying.

You've got an expensive family, purely on the basis of size and age of children. Are the eldest living at home, or contributing in holidays if they live away in term time?

ManyWays

No interest? Because they are all cards at 0% or because they are all defaulted?

RAS

You've mentioned being paid every three months?

If you are being paid four times a year, does this course include practice hours? If so, how many do you have to complete over the duration?

Have you confirmed how many each year have to be completed in practice environments, and how many weeks you will be on full-time placement as well as the geographic area?

Some professions it's mainly day-time others operate to shift patterns. Getting there for an 8am start or home from a midnight shift end can be challenging.

Kimlouise22

https://forums.moneysavingexpert.com/discussion/comment/82061631#Comment_82061631

Just one, an old car finance £6773

https://forums.moneysavingexpert.com/discussion/comment/82061720#Comment_82061720

defaulted

Kimlouise22

sorry i misquoted, sfe is paid 3 times, every 4 months

ManyWays

If all your debts are defaulted, then you have a very easy way to make all the payments on a single day: talk to StepChange about a Debt Management Plan. There you make one payment to Stepchange a month and they divide it between your creditors.

As they have all defaulted, this will not make your credit record any worse.

See

Debt Management Plans. Get A Fee-Free DMP From StepChange

Explain your current situation and about going to uni in the Autumn.

It is possible that a Debt Relief Order may be better for you, but StepChange will suggest if that may be possible.