Debt help
9 answers /
Last post: 16/06/2023 at 8:52 am
have been a lucker for a while no place to turn and no one to talk to so here’s my story.
i have always worked part time as a single parent and fulltime carer to parents. Parents have passed and finally got a job that’s more hours and better pay it’s weekly pay though and find it hard to pay monthly bills on weekly wages … just can’t seem to clear my feet. I have been in persistent debt for a while roughly £10,000 and would love to try and get myself out of it.
The last few months my tax credits payment has gone down £150 a month due to overpayment so money is tight. I can’t get a loan or a balance transfer as I’m using to much credit.
I finally have my head in the game and ready to give it my best shot.
Sorry to rant on 😞
would prefer to try and fix my self rather than ask for help.
Hi
Have you considered an IVA? I have lots of debt, had a diagnosis making working impossible. I have no way to clear it so I'm looking at this as a possible solution. It will mess your credit rating up for 6 years so careful consideration is needed. But might be helpful to you.
I would advise calling up Stepchange or someone similar. Make sure it is one of the charity ones and not a debt management company that charges.
Are two that are free
i know you dont want to ask for help but honestly stepchange were a godsend to me and a few others i know please give them ago even if its to find out how you can just dig yourself out
I shall echo everyone else here and highly recommend stepchange. They have been brilliant and you cannot fault their customer service. Everyone I’ve spoken to has been kind and understanding.
I currently have about £2,500 of debt and am working, raising a little one and juggling bills each month. Sometimes it makes you feel as though you can’t have a life because you are consumed mentally by financial issues.
As a handy tip (and I realise how petty it may sound) try and sell bits and bobs you don’t need. Even if it’s a few bits on Vinted or perhaps even a car boot sale. I realise that May sound like such a small and insignificant method but you’d be surprised! It all adds up and helps!
also places like Facebook marketplace etc. ‘One man’s trash is another man’s treasure’ as they say!
sending you love and best wishes! You are not alone.
Hello Laura
I am a single mum and a full time carer to my daughter. I’m in same situation. I occurred my debts through my marriage, I’m with a debt charity but I don’t want to go bankrupt I’m still hoping I can make more repayments
I think there are some companies helping with it also ask council for help or landlord they can help you full the form asking to reduce dept they helped me . Tell them you are in financial difficulty and these debts affect your mental health. Go gp ask for letter confirming. Worth trying. I been in very similar situation . Hold on stay strong.
Ive been on an IVA through a company called hannover for the last 5 years, had roughly the same amount of debt to start with. You pay for 5 years what they deem you can afford using your income and outgoings.
i finally finish it this september and anything not paid will be written off! Its felt long but well worth it. Its a bit stressful to start having to fill in all the forms, phone calls with them etc gathering all your debtors info but once its completed its easy ive paid £100 a month for the last 5 years, they do annual reviews by checking your bank accounts but they are pretty straight forward.
They deal with all your creditors so you dont have to, it was a god send for me as when i had my daughter i ended up having to do it alone and thats how i got in a bit of a financial mess! Theres always a way out you just have to take the leap and ask for help.
you cant take credit out whilst on the IVA but thats the best part as when its finished i have zero debt i cant wait :) then 12months after completion its wiped from your credit report and you can start to rebuild your credit.
hope this explanation helps, I've never had an issue with hannover myself so i would recommend them :) good luck
Hi Laura
My name's Seb, and I'm one of the debt advisors here at StepChange. It sounds like you've been through quite a lot recently. I'm sorry to hear about you losing your parents, especially after being their fulltime carer. It definitely sounds like we can help you with your situation though. Lots of clients struggle with budgeting to begin with, especially when they are paid weekly and the bills come in monthly. As the UK's largest debt charity, we've been around over 30 years, so we are well used to helping clients with this.
You mentioned having persistent debt of around £10,000. We will help you to put together a realistic budget, help you prioritise your outgoings, and advise you on dealing with the debt. We'll let you know which options are available to you, for example repaying some or all of the debt at a comfortably affordable rate, or having the debt written off if it's unaffordable for you.
It must be challenging to have seen your tax credits going down due to an overpayment, but it's probably a good thing that you aren't borrowing any more right now. We can help you with this. Our service is completely free and confidential. Please call us on 0800 138 1111 between 8am and 8pm Monday to Friday, or between 9am and 2pm on Saturdays. Alternatively you could visit www.stepchange.org.
Best wishes - Seb at StepChange
