Bankruptcy

[Teaandbiscuitsdaily]

Hi all,
I am 23, with a 2year old daughter. I have accumulated a bad amount of debt. Majority since I got my rented home which I had to furnish, decorate and carpet. I also suffer with depression. I support my child by myself as a single mother. To make myself feel better I spend money I don't have.

I currently have around £21,000 worth of debt over car finance, loans, credit card and catalogues.

I can only work 24 hours due to childcare and have done since my lo was 8months old. I have been signed of on the sick de to my mental health issues. Please let me assure with my Lo is not affected by my depression. I feel a strong desire to protect her and when she's not with me I worry constantly and do everything to ensure she is happy.

I have come to the realisation that I cannot afford my debt repayments especially as I am recovering ssp. I am also considering leaving my job for a short period, I am a Carer and on my 'mind fog' days I feel I am not giving residents the best quality of care.

Before Xmas I got a credit card and spent £500 and also around £400 on Argos card initially feeling I could carry on my job.

Do you think I'd be subjected to a bankruptcy restrictions order due to this?

Thanks

How much do you earn per annum? Can you not make arrangements to pay it off slowly?

You need to stop the unnecessary spending and pay back the debt. Until you address the route of your spending this won’t change.

Look on the moneysavingexpert website. Lots of advice on there.

I earn around £771pm wages
£125 housing benefit
£111per week tax credits
£20.70pw chil benefit.

I hate that I've got myself in this situation but I've finally excepted it and now wants to break free if the stress

Go over to Money Saving Expert.
There's great advice from people who have been in your situation, and worse.
Browse all of the sections especially Debt Free Wannabe and Bankruptcy and living with it.
These people are non judgemental and very helpful.
Good luck.

Contact citizens advice who will be able to help sort out you money problems with out bankruptcy. This should be the last straw as it will affect you forever.

Learn how to budget properly and stop spending unless it's for bills and food. Cook from scratch and meal plan.