In a bit of bother..

MartinGT · 1 March 2006 at 12:20AM

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

i have listed my out goings here
I have outgoings of
£267.02 Tesco loan last payment june 28
£110.00 PM Car insurance pay on 28 of months
£109 Egg loan start on march 14 for 15 months

£60 a month i save to pay off laptop (1 year free credit) starting end of march
i also have outgoings of around £120 to £150 a month on petrol

i earn 135 a week but can be 150!! it may be possible to get another overdraft etc

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!!!!!!!!!!

roswell · 1 March 2006 at 12:35AM

First problem is your not earning enough second problem is your fuel bill ever thought of a diesel ??

your over spending £156 a month for a start.

£267.02 Tesco loan last payment june 28
£110.00 PM Car insurance pay on 28 of months
£109 Egg loan start on march 14 for 15 months

£60 a month i save to pay off laptop (1 year free credit) starting end of march
£150 Petrol
£696.02 Total out goings

£540.00 Income

-£156.02 Overspened

roswell · 1 March 2006 at 12:38AM

Suggestions, sell the laptop and sell the car, You must have a very nice car for £1320 a year insurance.

Can i ask what the loans were for ? I assume consolidation or to buy car ?

Can you find a better paid job closer to home?

roswell · 1 March 2006 at 12:40AM

Oh and bad news is you cant afford the holiday as it is just with outgoings as they are at the moment you will have another 2K of debt by this time next year.

K9cuddles · 1 March 2006 at 12:45AM

roswell wrote:

Suggestions, sell the laptop and sell the car, You must have a very nice car for £1320 a year insurance.

Imagine that because of he's age!! But I agree with all the points you have raised! Was the loan to buy the car??

MartinGT · 1 March 2006 at 12:46AM

The trouble is, the car is the reason i got into debt in the first place, the egg loan is to pay this off, so i dont want to sell it. It cost me 3500, 2000 of which i have paid outright. I could try to cut my fuel down to 120 a month, which means i will be over 96.02 a month. Would anyone recommend consolidating etc...thanks

K9cuddles · 1 March 2006 at 12:50AM

Do you not pay rent, food etc?? what about enterainment etc??? Do you travel because of work??

MSE'er tend to frown on consonlidation loans as you'll carry your spending pattern as normal and be back to square one!!!

MartinGT · 1 March 2006 at 12:54AM

roswell wrote:

Suggestions, sell the laptop and sell the car, You must have a very nice car for £1320 a year insurance.

Can i ask what the loans were for ? I assume consolidation or to buy car ?

Can you find a better paid job closer to home?

I cant really do without the laptop to be honest, as i use it to make an extra bit of cash such as on ebay now and then. Well, my car is nice, but as i am only 18 the insurance will be high anyway. This is by far the cheapest quote i had, the highest was 4500!

Sure, the loans.
Tesco's was consolidation of 3000, i got into debt with my first car, which i made a loss on of nearly 1000 in a year 17 - 18 years old, due to the milage i added and the value going down. ( i borrowed the money off the parents) My first years car insurance was nearly 750 for the inital deposit and first 2 months payment!, and 250 for other debts. The other 1000 i saved and put towards my new car. along with another 1000 i had saved, and below..

The new egg loan of 1500 was also towards the car.

Of finding a job, i have been to an interview today for another job, i did get offered it but again the pay is only slightly more, for so much more work.
thanks..

MartinGT · 1 March 2006 at 12:55AM

roswell wrote:

Oh and bad news is you cant afford the holiday as it is just with outgoings as they are at the moment you will have another 2K of debt by this time next year.

I know the holiday is going to be difficult.
2k why do you say this? Thanks

MartinGT · 1 March 2006 at 1:00AM

S_a_r_a wrote:

Do you not pay rent, food etc?? what about enterainment etc??? Do you travel because of work??

MSE'er tend to frown on consonlidation loans as you'll carry your spending pattern as normal and be back to square one!!!

I do not pay rent as i do work around the house instead. I pay for everything i want myself my parents do not pay which is how i want it to be, i never ask them for money. Entertainment, i dont really go out a lot at the moment as i cannot afford to, i get around £10 a weeks in tips from my job which somehow i live on..

roswell · 1 March 2006 at 1:25AM

The 2K is your current amount of over spend * 12 months.

What is your current outstanding total of debt ??

In a bit of bother..

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