DFW doesnt quite know where to start!

Allsetuk

Hello everyone , feeling overwhelmed at the moment and a bit worried about things but i know this is the right place to start. It all just seems a bit overwhelming at the moment.Currently my situation is this.
I am a single parent, with a disabled child and I am studying for MA at university. Dont let the word student fool you I am not out and about drinking my life away. Quite the opposite.

I am really starting to struggle to afford anything and Im not sure where to start to organise my debts, Ive been with my bank for over 10 years and recently approached them to take out a graduate loan to consolidate and lower my Apr after having a financial review with an inhouse advisor. He said my rates were really high on a couple of old personal loans and this would be the best thing to do to organise my affairs. i have no family to help and I only got DLA when my son was diagnosed , I cant claim carers allowance as I am a student. I feel like im reaching the point where paying all my bills and debts is leaving me nothing for food and to look after my son, this is incredibly hard as his disability means he wreaks havoc when not kept busy all the time. Ive run up debts trying to keep him occupied and keeping afloat and cant do it anymore.

I recieve DLA for my son, and Other benefits. Heres a list of my month bills

Outgoings
My Rent £700
Water Rates £44
Elec £17
Gas £20
Petrol and Car Parking at University £300
Car Insurance £21
Car Breakdown £8
LOANS ( car and personal) £173
Virgin media £35 Internet, tv and phone locked into a 12 month contract
Orange Mobile £35 contract finishes in August 3rd
tv Licence 11.25
Car tax £16.66
ChildCare £400

Debts
Barclaycard student £350
Capital One £425
Lloyds Tsb £2500
Argos £1000
Overdraught £2000

Income
Housing Benefit £525
DLA 332
Child Tax Credit £339
Income £260
Student Travel Payment £166

LilacPixie

I personally think that taking out a new loan to clear an old one is rarly the best option.

can you list your debts, the APR's and the amount of payments left to make. also the graduate loan rate amount and term.

AT the top of the page there is a sticky that will take you through how to complete a full SOA so go do that them post it all here and there will be lots of unbias help for you.

Just in case you cant find it here it is. SOA Calc

clearmydebts

Hi and welcome,

Not too great at sorting out debts myself (as you will see by my signature below). However, just wanted to say Hi. Someone else will be along soon and will give you some good advice.

I tried a consolidation loan a few times and went from a debt of £7,000 to £20,000, plus credit cards so it defo didn't work for me.

Allsetuk

thanks for answering wow its nice not to feel alone .. ok ill try post what you need

Allsetuk

[EMAIL="webmaster@moneysavingexpert.com"][/EMAIL]Apr on all cards is 19.9%
Barclaycard Student Visa £340 limit £ 327 spent
Lloyds Credit Card Mastercard £2500 Limit £ 2500 spent.
Capital One 29.9% APR 500 Limit 425 Spent
Overdraught in use of £2000 now one year into its Graduate status so being charged interest of £ 10 a month
Argos Card £1000 27.9% APR

Loan one £799 left to pay LLoyds Buy now pay later
Loan two £1566 left to pay Personal Loan
im not sure of the Apr but think its around 14%

Also owe 17000 Student loan but havent started paying back yet

dancingfairy

Are there any grants you can get from the uni? hardship fund? student with child fund?

Don't worry too much about the student loan - that's the least of your problems - the interest rate will be very low and you only pay it back when you start earning I believe.

What are the payments you are making towards the debts at the moment? sorry I couldn't see that.

Normally consolidating is not a good thing, but you seem to have a good grip on things and obviously have no scope to earn extra while studying. You should be able to get quite a good deal on the interest rate as well for the graduate loan. What will they be prepared to loan you? what apr? and what will the payments be?

Allsetuk

sorry i didnt post that properly, the financial man at the lloyds suggested the graduate loan as he said my other rates were all very high and not really as good as graduate loan. but when he went to try get it for me, they refused leaving me with very little in the way of options..up to this point i have always made my repayments and now im struggling to do so