Newbie needing help!

MrsB68

Hi, I am a newbie on here and first off would like to say hello to everyone, and say that this is a great site!

I need some advice if I may please

I am off sick at the moment from my full time job and my wages have now gone on to half pay. Because of this I am struggling to pay my bills. I dont have enough money to last me until next pay day, which is the 28th January. I have have an OD which has probably £50.00 remaining until I go over that. I have Direct Debits and Standing Orders which consist of Utility bills/loans/paying an agreed minimum payment to Credit Cards etc.

I kind of know what comes first as a priority which is my utility bills. But what do I do with the other bills. Am I best in ringing my Bank to cancel them and then writing to the Provider to say I am struggling and ask if I can reduce my amount. However, I am wondering whether some will reduce it since I am paying the minimum amount agreed.

Can anyone help me out here please? My dear son is 11 yrs old on Wednesday and I dont even have enough money to buy him a present! I need to act quickly.

Many thanks in advance.

Candy0107

Hi,

Welcome to the site. The best thing to do, is to write up as SOA, showing incomings, outgoings, and APR's on credit cards.

Keeping_Positive

If the DD's are going to take you over the limit and incur charges then cancel. Definitely do a SOA which will help focus on what goes where.

For a budget make sure the important bills get paid and divy up any excess to the uniportant ones such as credit cards and loans. Even if this results in just £1 each! Youll get clearer advise form others soon Im sure but they really like to see the SOR.

With regards to your son if hes 11 then gently explain Jan is a tough month and ask if he wants something extra special in a few months (so you can save). Tesco vouchers are good to use for cheap/free days out if you collect those? This is a tough one but hopefully he will understand and will he have other stuff from family?

I think we met on another thread an I said there you have found a good site that will help.

MrsB68

Thanks for the advice both. I have just got all my paperwork spread out and going to attempt to tackle it now. I will get back with my info shortly.

hardtime

Do you have any insurance on your credit cards to cover sickness?

Are you able to increase your tax credits whilst on half pay? (Remember to change it back when you go back to work.) Are you able to claim income support/housing benefit/council tax benefit whilst off work?

Do you have any idea as to how long you might be off for? Try ringing the CCCS for some friendly and free debt advice.

debrag

post your incomings & outgoing each month. We may be able to help you cut down somewhere.

Also give Payplan or CCCS a ring they can set up a DMP for you.

MrsB68

debrag wrote: »

post out incomings & outgoing each month. We may be able to help you cut down somewhere.

Also give Payplan or CCCS a ring they can set up a DMP for you.

Thanks - sorry I am new here so not sure what a DMP is?

debrag

debt management plan. They will work out what you can afford to pay your creditors each month and help to freeze your interests.

MrsB68

I went to the CAB some years ago - but to be honest they werent much support. I am not blowing my own trumpet but because I was the best dress person sitting in the waiting room (bussiness work suit on because I went straight from work) they thought I was capable of sorting everything out myself.

I am a little reluctant to contact them again - however, I have just found Payplan... thankyou and have emailed them.

lunar

Hi piggybank, I just wanted to pop in and say hello. You will get loads of help and advice when you post you SOA. This site has helped me so much. well done for having your LBM, keep on posting and you will stay motivated to sort out your finances.

MrsB68

Ok here goes. This is the third time I have wrote this thread - lost the first somehow, and the second clicked on the button and time out came up and lost it all.

Right, please dont judge me on my spending habits. It has taken a lot of courage for me to do this, as I am ashamed and realise how foolish I have been with my money. No one other than you 100`s of folk know about my debt - I am too ashamed to tell anyone and have been like this for about 5 years now.


I have tried to think of every single item. My circumstances will be changing shortly, however. I have split with my partner whom myself and my son share a private rented house with . He pays the rent and council tax at present, but once I move I shall have to pay this out. I have my name down the the Housing Association at the moment (something I have never had to do before) - I am not sure at this stage how much rent they charge. I am a single parent and I do not get any maintenance off my ex husband and I have been dealing witht the CSA for 5 years and have got nothing. Perhaps I will be entitled to some benefits once I move??

I am at present off work with stress and slight depression (although I wont admit to it) and I am now on half pay. I aim to be back at work within 2 weeks from now. But I am struggling to meet my bills now, and I know that February and March will also suffer because of the bills still to pay and catching up.

You will also see that my son and I have a hobby. Please, please, dont tell me to give them up. Its the only thing that keeps me going - its my stress relief - I have a very stressful job too and I had this to help me chill out. As for my son, well he doesnt get pocket money, he doesnt see his father (fathers decision) and this one thing keeps him happy.

Here is my SOA

MONTHLY INCOME
Wages £1232.33
Child Benefit 72.40
TOTAL £1304.73


MONTHLY OUTGOINGS
Utility Bills
Gas/Electric 85.00
Water 31.53
Home Insurance 12.98


CAR
Petrol 130.00
Tax 10.00
Car Insurance 27.41
Repairs 10.00

Other Outgoings
Food Shopping 100.00
Prescriptions 20.00
Clothing 18.00
Sons Riding Lessons 48.00
My Horse 120.00 (over estimated)
Dining/The odd school meal 20.00
Xmas Presents/Food 40.00
Birthdays 10.00
Bank Charges 5.60
BT line 10.99
Orange Broadband 19.99

Loans and Credit Cards
Loan 1. Owe approx 3500.00 69.18
Loan 2. " " 8880.00 180.72
Loan 3. " " 1200.00 54.23
CCard 1. " " 698.00 25.00 (Through Collections Agency)
CCard 2. " " 1500.00 30.00 (" " " "
CCard 3. " " 3000.00 120.00
OD 720.00

TOTAL OF OUTGOINGS £1199.03

MONEY LEFT EACH MONTH £105.70

TOTAL OF DEBTS £19498.00

Sorry but I do not know at this stage what the APR is on my debt. The loans have about another 3 years each to go. The big one however, is a flexi loan which you can keep dipping into.