Cancelled Debt Management Plan! stuck!!

(5 Posts)
Glitterball86 Tue 17-Nov-15 07:56:22

Stepchange have cancelled my DMP as I currently have more going out then coming in (am on Maternity Leave and only recieving SMP plus get a small amount of Housing Benefit, WTC,CTC and CB) and I am really struggling! Am currently looking to voluntarily terminate my car on HP agreement to free up some more funds but, aside from this, I am stuck in a big deep hole and see no way of getting out! sStepchange suggested I start a TPP and pay all my creditors £1 each (totalling about £30 a month) however I'm not even in a position to do this at the moment! So by getting rid of car, this will save me approximately £250 a month (fuel, insurance and HP pAyments) but looking at what possible other options could be? If I go bankrupt or any other avenue I will lose my job so feel like I am stuck in a rut!! I'm a single parent also and don't get any help with maintenance and can't afford the £70 to go through Child Support Agency (or whatever their new name is now) to get the £14 a week I would be entitled to! If I was to go back to work full time now I would be unable to keep renting my house and pay for childcare as nursery would equate to £200+ a week! Any tips? I'm really sad

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Glitterball86 Tue 17-Nov-15 07:56:36

Thanks for reading and sorry for rambling also!!!

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SimLondon Wed 18-Nov-15 22:17:54

Glitterball that sounds pretty tough, can i suggest that you post this on moneysavingexpert or motley fool as you will get lots of replies on those boards.

RabbitSaysWoof Thu 19-Nov-15 07:32:51

I think it's a no brainer to rid of the car tbh. It won't always be like this, and it doesn't mean you can't have a car as a single parent it's just not viable as one on mat leave while you are still purchasing the thing. If you are returning to work in the future I don't know if you are aware but the tax credits will cover 70% of your child care costs.

Glitterball86 Thu 19-Nov-15 09:17:15

Thanks, will post on MSE have signed voluntary termination agreement and posted it off so will just wait to here now smile

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