In a bit of bother..

calleyw · 1 March 2006 at 3:01AM

Increasing your income is top of your list at the moment.

You don't state what you do for a job. But if you are not already working shifts could you not get a second job such as stacking shelves in a supermarket or working in a pub/club etc.

Means you would get out and meet people but you would being paid to be there rather then spending money.

Consolidation loans are not a good idea as has already been mentioned. Unless you can get your spending under control then you are going to be worse trouble in a few years time. But trying to borrow your way out is not the answer.

It seems most of this debt is linked to cars. You are 18 and already had two cars. My last car I had for nearly 9 years and in the end it failed the MOT back last March. And it was a manky G reg Ibiza. Did not worry me what it looked like. It has 4 wheels, a steering wheel and a gear box and got me from A to B.

I think you really need to sit back and see where you want to be in a few yeas time. As Roswell says in 12 months the over spend will 2K plus any interest.

Not even going to mentioned the laptop.

£500-£600 for spending money on holiday. I wish I could afford to spend that on a holiday. let alone spending money.

I don't want to sound mean but being blunt you don't really seem to have had your lightbulb moment. It is rather like you are playing at wanting to get out of debt. Make the right sounds but not really want to do anything about it let alone make any changes.

I mean most people would love to be in the position that you are by having to pay no board or lodgings.

One more thing best to keep a spending diary for a month or two to see where all your money is going.

As they say Youth is wasted on the young.

All the best what ever you choose to do.

Yours

Calley

roswell · 1 March 2006 at 4:49AM

Sad thing with cars is there always worth more to the current owner than the value the next owner is willing to pay, Any car you buy will depreciat and will be worth less from the moment you own it.

The only way to make money (in a way) from a car is to drive it till it will cost more to repair than its worth. Value = £500 needs new engine and gearbox .. time to get rid.

Just a thought for you buy a new car today for 20000 tomorrow morning it will be worth 16500 if your lucky ..... and thats just the tax you have lost on it, if you want an investment buy a very cheap house and watch the value go up not down.

As cally says as long as it does the job at task thats all that is important if you want rid of the debt you will work your way out of it if you just want to consolidate and do the same again expect to go bankrupt at some point.

Sofa_Sogood · 1 March 2006 at 5:42AM

MartinGT wrote:

hi all this is my first post, i am 18 and need some help really. i want to be totally out of debt as soon as possible and really wanted to know if anyone has any tips on how to do so

Oh, also did i mention i am going away on holiday in june for 2 weeks and need around 500-600 spending, and 150 to pay the holiday still...help!!!!!!!!!!

The good news is you've found this site, and at such a young age. The real moneysavers/oldstylers will help there

The bad news is (from me at least), why do you need up to £600 spending money for a holiday?

At 18?

I'm not that old that I can't remember what a good holiday is, but £600? Where's it to again?

sjw7_2 · 1 March 2006 at 7:06AM

You havent mentioned your job much. I am assuming that it isnt full time because if so you are getting paid well below the minimum wage. Your wage is something i would try to address straight away. If you are in a position to take a second job for a while then i would seriously consider it. That way you may be able to get the holiday but more importantly you could get your income high enough to cover your current costs.

There is light at the end of the tunnel though. Your biggest outgoing which is to Tesco only has another four payment to be made. Once this has finished you will be in better shape.

Try to resist the temptation of a consolidation loan. Using debt to get out of debt rarely works and is playing into the hands of the loan companies. The same goes for the extra overdraft you mentioned.

Good luck I hope it all works out for you.

Ivrytwr3 · 1 March 2006 at 7:21AM

You're 18, you have a job and very minimal debts. You drive a nice car and don't pay board or lodgings, you know what is going in and coming out. Not a bad position to be in at all.

I would forget all what these old duffers have said ie "I don't care what it looks like as long as it gets me from a to b" Only a parent could say that!! You know the value of a good looking car.

Your holiday, sounds like a trip of a lifetime needing all that spending money; go for it, you'll only regret not doing it later in life.

Start bumming off your parents, get another loan, best bet though is to get another job (ie supermarket, bar work) and the only thing i see you doing wrong is you need to get out more and socialise.

Your wage is going to increase significatly in time, so stop worrying about a measley couple of grand (you're gonna rack up a hell of a lot more than that in debts in time to come)

Don't go crazy, but enjoy being young!!!

mountainofdebt · 1 March 2006 at 8:53AM

Ivrytwr3 wrote:

You're 18, you have a job and very minimal debts. You drive a nice car and don't pay board or lodgings, you know what is going in and coming out. Not a bad position to be in at all.

I would forget all what these old duffers have said ie "I don't care what it looks like as long as it gets me from a to b" Only a parent could say that!! You know the value of a good looking car.

Your holiday, sounds like a trip of a lifetime needing all that spending money; go for it, you'll only regret not doing it later in life.

Start bumming off your parents, get another loan, best bet though is to get another job (ie supermarket, bar work) and the only thing i see you doing wrong is you need to get out more and socialise.

Your wage is going to increase significatly in time, so stop worrying about a measley couple of grand (you're gonna rack up a hell of a lot more than that in debts in time to come)

Don't go crazy, but enjoy being young!!!

You're taking the @$&! right???

skintchick · 1 March 2006 at 10:27AM

mountainofdebt wrote:

You're taking the @$&! right???

I hope so! :eek:

OP - you definitely haven;t had your lightbulb moment yet. You cannot afford this holiday, or your car.

You have to get your spending down to UNDER what you earn or you will be in deep !!!!!! in only a short space of time.

Get it sorted now while it is manageable!

Read other posts - do you want to end up 19k in debt like Ms_London? Or do you want to learn from her and people like her and get it under control now??
We'd love to help you - but you have to help yourself too.

Dora_the_Explorer_5 · 1 March 2006 at 12:17PM

I'm guessing that your parents aren't aware of your situation. If you don't do something sensible about your debts they will be as soon as people start ringing you at all hours of the day and night and calling on you about your non-payments, and this is going to happen because you haven't got enough money to service the debts.
You don't have any money to pay for a holiday - that means you can't have a holiday. If you've put down a deposit, cancel the booking. The cancellation fee will be a lot less than the holiday.
Wake up - your life is heading in the wrong direction.
People on this site will offer suggestions, guidance and advice to help you if you post a FULL AND COMPLETE statment of affairs - that means you post every single thing you have to spend money on each month, down to the last newspaper.

wotnoshoeseh · 1 March 2006 at 1:50PM

Good luck with your efforts. I think you need to take into context some of the points that people have already raised however.
If you are keen to reverse this trend you need to take a long hard critical look at where you are and where you want to be. This is not as easy as it sounds and requires some tough judgements to be made if you are indeed as focussed on getting rid of your debts.
Your overspend needs to be reined in and reined in quickly.

Good luck anyway.
wotnoshoeseh.

MartinGT · 1 March 2006 at 2:46PM

so many replies..thank you

Roswell
My current debt is 1068.06 (4 x 267.02 payments left)
1620 (15 x 108 payments left)
680 (interest free untill Sept 1) must pay lump sum
151 holiday to pay
= 3419.08

My mothly out goings are as above (ex laptop) plus
110 car insurance
120 possibly cut down?
=Monthly out goings 605.02
I spend no more than 10 a week on going out at the moment, these are covered by my tips at work. If i get no tips i do not go out

I earn 135 p/w. But this can be 150 if i work one extra short shift which i will be doing from next monday. So 600 a month i bring in.

Calleyw
as a job, i have 2.
One on monday & friday 7 am to 6pm, and thursday 7 am to 1pm.
My other is on a thursday and sunday 5pm to 930/10pm.

Another job is a possiblilty, or a slight payrise. I only get 30 for the long days

. and 4.85p/h at the evening work which is fine.

Yes, my car is the main reason of my debt, but to be honest its not really an option to sell it. I brought it for 2000, the book value for a private sale is 2700. so i got a bargain, but with the modifications i have done to the car, its worth its value + more to another inthusiast, not the general car buyer.

the holiday is 2 weeks, and it is self cartering, so 500 would be about right, its a group of us going away and i have paid the actual holiday deposit of 125, and 151 is left to pay. But cancelling the holiday is not an options, as there is 11 of us, and we just split the cost of the apartment, so all the others couldnt go or they pay my extra bit between them?

Day to day i do not really spend anything, i live off my tips at the moment, as i appreciate i am in debt. if i do not have any tips, then i do not go out. its just the monthly outgoings i struggle to cover.

Roswell
I understand about consolidation, and really this isnt an option. as i do not want to be paying the holiday i had this year, in 2 years time. this is something i hate the idea of. The tescos loan was over 1 year thats why at 267.02 p/m its high. I would love to find the money to invest in a house but what bank would touch me with a barge pole for that sort of money?!
As it happens the bank manager where i bank, knows me well due to the fact i have a lot of payments going in and out at my age!

Sofasogood
I found this site, as i was trying to find ways people got out of debt, such as there experiences and the best way to do so. As above the holiday is self catering, 450 500 would be borderline as it is 2 weeks. Its to the algarve and is a bit of a lads holiday and has been booked for quite some time now.

SJW7
As abve the hours i work.
i already work nearly 40 hours a week but another job such as bar work is the best option i think. as i need to be bringing in extra i understand. i am willing to do what it takes its just finding a job..
I think after the tescos loan has gone, i should be in an ok position, as my incomings will be greater than those outgoing.

IVRYTWR3
lol. I understand what you are saying but...

as i have said and like you say, selling my car is not really an option i would take, as once these payments go, the car will be all mine and paid for. i just need advice on handling the payments at the moment and if there is a better way to manage them, such as ...consolidation, overdraft, loan to pay off anither etc etc

Mountain of debt
I dont think he is!!!

Skint chic
the car i see as a sort of 'investment' as when i come to sell it, i will make my money back im sure if not more. the modifications can be removed and slod seperate if i wanted to.

Dora the explorer
parents are not really aware no. my mum knows of my big loan. my dad dosnt know at all.
The trouble with the holiday is as its a group, we split the cost, and if i didnt go, the others would have to pay more. so this is unreal and i would end up paying my share whatever.

See above for my monthly outgoings..thanks

Wotnoshoeseh
with the overspend, a new job is on the cards i think or a pay rise at my day job? i get 30 a day and 4.85 a hour at night.

thanks for all your replies i couldnt believe it! if you fancy repliying to any of the above i really appreciate it.martin

In a bit of bother..

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