£30k debt and I’m just at a loss now

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Stu401
Stu401 Posts: 1 Newbie
in Debt-free wannabe
Hey Guys... One for you to think about and offer me advice

I am currently in my early 20s and in so much debt, you all are a comfort to realise I am not the only one!

So, I owe money out my ears - £700 Sky, £2500 Barclaycard, £12k HP on a car, £9k HSBC Loan, £300 OD with HSBC, £300 OD with NatWest, £500 Water, £511 Gas and Electric, £400 Wonga, £600 Old gas and electric, £2k Everyday Loans, i currently have an attachment of earnings on my Council Tax with my last payment being on the 25th, £1300 with Amigo Loans.

I am currently look at one route and the unfortunate one of Bankruptcy... I can’t lose my car but I’m going too, I can’t mess up my guarantor loan as it will cause so many issues.

Any options guys? Just some advice would be nice... I need to chill and I just can’t with the amount of letters coming to me all the time.

Thanks in advance guys!

Comments

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    Post an soa as a first step. http://www.stoozing.com/calculator/soa.php

    Have you spoken to stepchange for advice? A DMP may be a better option rather than bankruptcy. How much is your car worth as you won't be allowed to keep an expensive one if you go bankrupt.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Fill in an soa, you will get advice.

    Can you do any extra hours at work ?
  • fred990
    fred990 Posts: 379 Forumite
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    Top tip. Stop spending.......just saying.
    Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.
    Would be interesting to hear if anyone has direct experience?

    Why? So you can argue with them?
  • Karonher
    Karonher Posts: 916 Forumite
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    Can you arrange to give up the car - I don't know what the consequences of that would be.
    Aiming to make £7,500 online in 2022
  • chevalier
    chevalier Posts: 7,937 Forumite
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    i agree fill in the SOA and then format it for MSE and you will get good advice
    http://www.stoozing.com/calculator/soa.php

    can you hand back the car and get a not so expensive car
    chev
    I want a job that is less than an hour driving away from my house! Are you listening universe?
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi Stu and welcome to the forum.


    The suggestion above to complete a SOA is a really good idea. It allows us to see what your income and outgoings are, and how much is available for your debts. It also helps determine whether bankruptcy is something you need to consider.


    If you do apply for bankruptcy it's very likely your HP car will have to be handed back. You'll also find your guarantor can be pursued for the loan as you will no longer be allowed to pay it. Other options could avoid that happening, but it may take you a long time to be debt free. If you can post your SOA back on here you'll get lots more useful advice.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • MEM62
    MEM62 Posts: 4,752 Forumite
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    Stick up an SOA and you will receive valuable advice from some very knowledgeable people.

    Remember, if you enter into a DMP or bankruptcy, you cannot treat Amigo as a preferred creditor and it is therefore likely that your guarantor will have to face the inevitable consequences.
  • kindofagilr
    kindofagilr Posts: 6,825 Forumite
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    fred990 wrote: »
    Top tip. Stop spending.......just saying.

    Not helpful
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

     My Debt Free Diary (Link)
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