Help Advice and Support needed

dr_debt

Hi all

at the time where I have just finished my postgrad degree and got my first full time post student job (plus a second job) I am in a worse financial position ever and am in such a state that i can't eat or sleep. I have surived while studying on irregular income from 6 different employers and now see that I over relied way too much on credit while burying my head about it. I am now £21,000 in debt on 4 credit cards a loan and an overdraft and I just can't manage anymore.

On two, A&L and Virgin, they upped my APR from 0% to 29.9% three months ago and brought the payment date forward a week to immediately before not after payday (didnt miss a payment but their system takes two days to clear so were late) I have £9,000 on those cards and nowhere to move it to. They won't budge on that interest rate Payments are £250 on these cards combined which doesn't even cover the interest.

My SOA Virgin&A&L £8895, Egg £2,400, Co-op £500, Loan £7700, Overdraft £3000.

What a horrendous mess. I am already up to my overdraft limit as my debt repayments are well over £600 this month and it's only 1st July. I contacted CCCS today and they were great but now I have come home to a worse problem...

To make matters worse, as a full time student I was exempt from council tax but I have just found out TODAY that I was for the past 15 months classed as part time so owe 15 months council tax.... I have no idea what to do about this...

I am single which means I am managing (or not, clearly!) all this on my own and just absolutely despairing. I feel so isolated, please, if anyone has any advice or help or ANYTHING for me, I would be so, so grateful....just feel so lost and overwhelmed...

Honeybee_2

Get a cuppa, take some deep breaths and wait for the experts.

A problem shared is a problem halved, you'll get lots of help here so it'll all be in miniscule portions before you know it! Don't feel isolated, most of us here have been at the point you're at now and everyone is here to help.

rubydoiwannabee

Hi, welcome to the boards. It is really quiet on here tonight, so please don't be put off by not getting lots of replies.

Everyone on here is really helpful.

Have CCCS suggested a solution for you? A DMP maybe?

There will be a way to keep living and start seeing your debts reduce, so please try not to feel so despondent. My OH and I are in debt and only in the last month or so have we had a LBM and realised we have to change. I feel much more positive and I am sure you will too.

By replying I have bumped you back on the thread, so others may respond as well.

x

msmicawber

Hi Dr Debt, Please don't despair - I rent a house and care for myself and two large children on what you earn, and slowly cleared debts while earning less, so I'm sure that you can get rid of your debt. Debt is terribly isolating and you've done the right thing in posting here - there's lots of help and support to be had. A good first step is to post your Statement of Affairs - all your income and expenditure; you should also post the interest rates and minimum payments for your various debts. Once they are listed, people on here can advise on how best to go forward. It may be advisable to contact CCCS or one of the other free debt agencies, but post your SOA first and it'll be clearer. Try not to despair, as most of us have been where you are at some stage, know what it feels like, but can give you advice on how to resolve it. It's not hopeless.

Honeybee_2

Follow the link on this thread Dr Debt: http://forums.moneysavingexpert.com/showthread.html?t=107280

It'll show you how to do a full statement of affairs so you can see where savings can be made.

dr_debt

Thanks so much for the encouraging words- I have actually filled up...!!! They suggested a DMP and I am definitely going to go with that. I have just spent years studying and thinking that 'when I finish my PhD I will be able to pay all this off and now that I have finished I realise that actually, I can't...

I am going to try to get to bed and sleep now (have to leave house at 515 to commute to work and only just home from second job when I posted) and havent been sleeping at all well but will post my SOA first thing in the morning. Again a big THANK YOU! Already feeling less isolated...

msmicawber

Hi again - things will start to feel better once you start dealing with the debts, and you'll find that you can sleep better again. You'll need to do an SOA for CCCS, so if you want to post it here too, we can have a look and point out any savings and advice to ensure you're making the most of your income. There used to be a sticky at the top of the board written by southernscouser (whose ability to turn any thread into smut is only exceeded by his ability to shift debt...), but I'm sorry I can't find it. However, one of the other long-time MSE posters posted a link to this calculator that you may find useful: http://www.makesenseofcards.com/soacalc.html Best of luck.