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  • FIRST POST
    • bunnymtg
    • By bunnymtg 2nd May 19, 10:18 AM
    • 53Posts
    • 25Thanks
    bunnymtg
    Drowning in huge monthly payments advise please
    • #1
    • 2nd May 19, 10:18 AM
    Drowning in huge monthly payments advise please 2nd May 19 at 10:18 AM
    Hello there

    I am hoping for some sound advice and no bashing pretty please.

    My 4 year old daughter and I left my abusive husband last year. I had relatively high debt at the time because of financial abuse too. My daughter was poorly and to get the treatment she needed we had to go privately. He wouldn't pay this, so I had to. Lots of things like this.

    I didn't have a pot to p*ss in savings wise but I knew I needed to flee. I put EVERYTHING on credit card. Second hand car, rental deposit, furniture. Nothing lavish. Just things we needed.
    Now it is crippling me as 2 of the cards are not 0%.


    Amex: 238 pm (5724 balance)
    Barclaycard: 171 pm (7584 balance)
    MBNA: 103 pm (4,000 balance)
    Omni finance: 26pm (507 balance)
    Tesco card: 60 pm (6,013 balance)
    Virgin card: 34.52 (3,486 balance)

    So this racks up my debt to around 27,000.

    With my rent and bills, my outgoings are 1725.

    Incoming monthly is:
    Universal credit: 1000
    Child benefit: 82
    Part time work : 520
    Child maintenance :460

    Total of 2,062

    Leaving me with a disposable of 337. However, this disposable has to include fuel, shopping, toiletries etc. I am constantly in my overdraft.

    I would like to add the following: I do not try and live a lifestyle I cannot afford (we live day to day!) I do not go out. I look after my daughter, work, sleep, eat repeat.

    I am coming to the end of my divorce and in 8 weeks I am able to apply for my decree absolute. I will be getting a settlement which means I can clear my debt completely but I wont be seeing that till around September time at the earliest due to court back logs.
    So I need something instant that can alleviate the pressure.

    I cannot sleep at night and I am so stressed wondering if we will keep a roof over our heads!!

    I would also like to add that I have recently moved (nearer to my daughters chosen school) and my electoral details have still not updated on CRA so I cannot find a loan solution or balance transfer option (thats even if I can get anything due to amount of debt).

    I have never missed a payment once, I have no arrears, defaults or CCJs but I just cannot see how much longer I can keep this up.

    I have just had a bill from SSE which I am querying from my last house (final bill) of 500 for just electric!!!!!!!!!!!!!!!!!!!!

    I ideally need a solution that wont effect my credit file/score as I really want to buy a property next year with my divorce settlement and when I go back to work full time after September.

    I know my situation is not as bad as some because I know it will be paid off by the end of the year but living day to day is making me so ill with stress.

    Any advice great fully received.

    BM xx
Page 3
    • enthusiasticsaver
    • By enthusiasticsaver 17th May 19, 7:53 AM
    • 9,223 Posts
    • 21,454 Thanks
    enthusiasticsaver
    I understand your desire to buy another property so presumably needing another mortgage but you have a high rent so I assume properties are expensive in your area. Are you sure this will be feasible even with your settlement? I would also say your current partner does not sound supportive so maybe not rushing into any new joint arrangements would be sensible. Do you live together?

    I would concentrate on living within budget and ask your creditors to wait until September and just pay nominals. Rushing into another heavy financial commitment before you have sorted this out would be very unwise.
    Last edited by enthusiasticsaver; 17-05-2019 at 7:57 AM.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Valetudo
    • By Valetudo 30th May 19, 10:34 AM
    • 6 Posts
    • 9 Thanks
    Valetudo
    If he gets a kick out of you finding it difficult to cope then everyone here will have to make sure you cope.

    Which of the credit cards have interest on them and at what rate? You need to keep paying the minimums on the 0%s or they'll flip back to interest being payable.

    Have you taken a look at Jack Monroe's budget recipes. She used to feed herself and her son on just 10 a week. Even if you can follow a few of those recipes a week you could eat well and spend much less.

    Frankly the satisfaction of you and your daughter moving on without him getting to be smug is the good thing you can look forward to.

    Don't cry, because you are half way to success. It's still poop now, but it was twice as poop before and you are half way to good.

    Don't look at the numbers and think they are high. You can't do anything right now to bring them down dramatically. You just have to balance every single thing that you can. Is there a shop like lidl on a route you already take in the car (to save fuel). Cut out most meat, cut out more expensive cheeses, use mozzarella balls. Eat cheaper fruits and veg. Loads you can do to take control back over what money there is at the moment.

    You one million per cent can do this. You are clearly a bright woman. Just keep plodding on.

    You'll get satisfaction from him knowing one day how great you both are without him.

    • zippygeorgeandben
    • By zippygeorgeandben 5th Jun 19, 7:16 PM
    • 1,018 Posts
    • 1,411 Thanks
    zippygeorgeandben
    Not heard from the OP in a while, I hope all is ok!
    Savings as of September 2019

    Savings account 1 - 8616.05
    Savings account 2 - 3000.00
    Current account - 1263.29
    Total - 12879.34
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