Please look at my budget

[Savingsspree]

I'm a single mother with two young children. I work full time and earn around 35k I'm a joint tenant with my ex partner and we own the home outright.
Due to DV I am no longer communicative with expartner.
Recently, I found out that WTC had been overpaying and they have removed all support. My monthly income is 2k. After bills, I'm struggling to keep my head above water.
If I sell, I'd need his consent and probably need to get a mortgage. I have bad credit
My biggest outgoings are childcare totalling around 800pcm
my car 300 pm
Gas and elec 120
Petrol 100
Car iinsurance45
Gymnastics for the kids 60
Tv license 14
Rd tax 20
Car insurance 44
Broadband 50
Phone 20
Water 40
cCouncil ttax
250
2 credit cards 500pcm

Thre credit cards have a total of 7k debt

I'm all over the place. I'm a mess and yet in a much better position than most.gt

If you approach eg Stepchange, they'll want to know what your disposable income as this, together with your personal circumstances, will determine how you deal with your debts.

You may be able to get a 0% deal to cover some of that debt. Try to negotiate lower payments with your creditors - even if it's only temporary to help you get back into control. You may be able to get a debt management plan (make sure it's free). Or you could consider a consolidation loan (bearing in mind this is another loan).

Consider selling your assets such as your house. Your car sounds expensive and on HP you'll probably be paying a lot of interest.

Ditch the gymnastics and anything else that it not essential.

Mortgage rates tend to be lower than credit rates though.

If mortgage rates are lower and OP can reduce her out goings for now - in a few years the children will no longer need childcare and that money can be paid into the mortgage.

A £10,000 mortgage on a property isn’t going to break the bank and will give OP some breathing space.

You initially missed out the lodger adding to your income. I cannot fathom why you are allowing your ex to get away with paying no CM, it is a basic entitlement for your children.

She will pay a loan arrangement fee of likely at least £1k

10 pound saving on a phone is not going to make a critical difference for you right now.

Do not sell your house.

Do get a small mortgage. Calculate how much you need to pay off the debt on the cards, and the car. Double and triple check for fees, hidden fees, etc. Borrow enough to get a decent car, fully paid.
The interest that you are paying now on the 7,000 cc debt and the cost of the car will more than cover mortgage fees.
It will be a lot less expensive in the long run, and give you time to work out future child care, tax benefits etc.
Don’t panic. Put your teacher hat on and figure out the conundrum.

You have a good financial asset - make it work for you.

Good luck op.

@Savingsspree

I'm a single mother with two young children. I work full time and earn around 35k I'm a joint tenant with my ex partner and we own the home outright. Due to DV I am no longer communicative with expartner. Recently, I found out that WTC had been overpaying and they have removed all support. My monthly income is 2k. After bills, I'm struggling to keep my head above water. If I sell, I'd need his consent and probably need to get a mortgage. I have bad credit My biggest outgoings are childcare totalling around 800pcm my car 300 pm Gas and elec 120 Petrol 100 Car iinsurance45 Gymnastics for the kids 60 Tv license 14 Rd tax 20 Car insurance 44 Broadband 50 Phone 20 Water 40 cCouncil ttax 250 2 credit cards 500pcm

Thre credit cards have a total of 7k debt

I'm all over the place. I'm a mess and yet in a much better position than most.gt

How are you doing Saving? Did you figure soe stuff out?

50 is a lot for broadband and 300 is a lot for a car.

Try and get those cheaper for starters.

I wouldn't get a mortgage - it looks likely there will be 3x interest hikes in the next 6 months by the BoE, I doubt thrill be the only rate rises

your second biggest outgoing is a car, which can't be changed now but is an incredible drain on the finances.

the lodger is paying £450 a month which will cover the cost of the car and means you can at least stop getting further into debt

Id suggest step change and also citizen advice to pursue the overpayment, how long is the ovp going to take to pay off and how can you ask for the ovp to be reduced in instalments?

@Savingsspree

I'm a single mother with two young children. I work full time and earn around 35k I'm a joint tenant with my ex partner and we own the home outright. Due to DV I am no longer communicative with expartner. Recently, I found out that WTC had been overpaying and they have removed all support. My monthly income is 2k. After bills, I'm struggling to keep my head above water. If I sell, I'd need his consent and probably need to get a mortgage. I have bad credit My biggest outgoings are childcare totalling around 800pcm my car 300 pm Gas and elec 120 Petrol 100 Car iinsurance45 Gymnastics for the kids 60 Tv license 14 Rd tax 20 Car insurance 44 Broadband 50 Phone 20 Water 40 cCouncil ttax 250 2 credit cards 500pcm

Thre credit cards have a total of 7k debt

I'm all over the place. I'm a mess and yet in a much better position than most.gt

Your Car insurance seems high, £560 a year is expensive unless you have an accident filled history. TV in a supplementary post you mention Virgin Media, get rid of it. Car.

I've taken on a lodger. 450 pcm Council tax went up as I lost the discount. I'm not seeing the gains though.
What do you mean you are not seeing any gains? You should be up, barring a small increase in CT and bills.

How much are you spending on food? Can you cut down/out on alcohol? Do you smoke?

I work full time and earn around 35k
In that basis you should be taking home closer to £2,280 pm (less anypension contributions). With your lodger on top that should mean close to £2,750?

It might be worth heading over to the Money Saving Expert forum and doing a Statement of Affairs on the Debt Free Wanabee board.

I'd get rid of your car. I bought an 09 Peugeot 207 diesel - for £1400 as a 2nd car less than 2 years ago - it does 60 mpg on long runs and 43-45mpg overall on a tank - you'd pay for that outright in 5 months.

My phone contract with iD is £6pcm - broadband £50 seems more than you need - I pay ~£42 for Zen Internet and it's fast fibre to the cabinet perfectly fast enough for everything 40Mbps download speeds.

All of the outgoings not including credit card come to 1863, so that leaves you with £137 a month. You have put car insurance twice, you also need to create a budget for food/groceries. You also need to account for birthdays/Christmas etc as that will throw you further into debt if it isn't within your budget now. I imagine you are throwing a lot of money at your credit car when you get paid, then re-use the cards throughout the month. Call your credit card companies and see if you can agree on a re-payment plan. I would look into seeing if you can get assistance with your childcare. how long until your children will be in reception/school? as that will free you up £800 a month when that happens and you can then pay more off your credit cards. Maybe join some money saving pages on fb for inspiration and support from people who are in the same position or have been, and can point you in the best directions.