Any help or advice?

KatieShopstoomuch

I'm such an idiot i've got a bit of debt, then i got a bit more and knowing that i'm already struggling i found myself looking for another loan to get a car - but i didn't i stopped looking and started thinking of ways to pay my debt off. I have a loan with provident urgh! Capital one card, additions & now as i'm back to work i have to start paying of social fund loans so i owe approx £2550 compared to some others debts i know that isn't alot but on my measly income it's wild! I was looking about to try and get a loan because i thought if i got £5000 then i could pay my debt and get a 2nd hand car. As instead of paying something this week then something at the end of the month then something next week etc i'd rather pay a large amount each month, just one payment a month but i'm not sure there is anywhere i could apply to?

It just feels like i'll never get them paid off and the worst thing is this time last year i had them all paid inc provident then i went and got more again why do i do that?! I'm just annoyed with myself and wondering is it best to try for a loan to pay it all with a bit on top or forget it and just try to get it all paid? I know it's stupid wanting a car but i only passed 2 months ago i'm scared i'll forget how to drive or something lol I just want these paid quicker and to not go near them again i think i'm addicted to credit

NickWarren_2

Hi just a word of advice consolidation isnt a great idea to be honest. Also if you are struggling with your payments would you be able to afford to run a car, fuel, tax, repairs, insurance etc. Why not post up an SOA (statement of affairs) and let people see if there are any other ways that you could save money

**Amy**

Hi Katie

Welcome to MSE and Debt Free Wannabe.

Please please please do not take out another loan for consolidation and a car. Getting more credit when you are already struggling is not a good idea.

Your best bet is to post an SOA (statement of affairs) using the link below. It is a good way for you and us to see your income and all of your outgoings per month. Lots of people can offer advice on areas you may be able to cut down etc.

http://www.makesenseofcards.com/soacalc.html

Once you have done this it will be easier for people to help you.

Regarding forgetting to learn to drive - you wont, i promise! I passed last October. I had a car for 3 months, had to get rid of it as it was an expense i couldnt afford, and 8 months on I still remember how to drive. Wait until you have your debts down.

Re: getting more credit. I used to do this too. But i have realised that I cant keep doing it. You need to be strict on yourself and not get more loans or credit cards.

xx

CCCS_Sarah

Hi Katie,

Congratulations on passing your test!:T :T

I understand that you really want a new car, but try and take a step back, and look at the situation. You owe money to high interest lenders that you are already struggling to pay. If you were to take out further credit, you would pay more interest overall getting you deeper into debt.

Is there anyway you could look at increasing your income to pay off your debts ASAP, and then put some money aside and save for the car.

Although your car seems important at the don’t forget you would also have all the running costs i.e. servicing, mot, fuel insurance tax etc

Sarah

KatieShopstoomuch

Ok i did do that, Hope this is correct way of showing it?

I do work but it's commision based and i only ever make around £50 a week if i'm lucky although i am looking for a new job with set hours and set pay so hopefully i will get something soon!

KatieShopstoomuch

Statement of Affairs and Personal Balance SheetMonthly Income DetailsMonthly income after tax................ 480Partners monthly income after tax....... 0Benefits................................ 68Other income............................ 0Total monthly income.................... 548Monthly Expense DetailsMortgage................................ 0Secured loan repayments................. 0Rent.................................... 100Management charge (leasehold property).. 0Council tax............................. 9.79Electricity............................. 20Gas..................................... 15Oil..................................... 0Water rates............................. 0Telephone (land line)................... 15Mobile phone............................ 10TV Licence.............................. 0Satellite/Cable TV...................... 0Internet Services....................... 0Groceries etc. ......................... 110Clothing................................ 20Petrol/diesel........................... 0Road tax................................ 0Car Insurance........................... 0Car maintenance (including MOT)......... 0Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 0Medical (prescriptions, dentist etc).... 10Pet insurance/vet bills................. 0Buildings insurance..................... 0Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 10Haircuts................................ 0Entertainment........................... 0Holiday................................. 0Emergency fund.......................... 0Sky tv.................................. 20Total monthly expenses.................. 339.79AssetsCash.................................... 0House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 0Other assets............................ 0Total Assets............................ 0No Secured DebtUnsecured DebtsDescription....................Debt......Monthly...APRprovident......................845.......100.......37.2greenwood......................295.......40........35.2capital one card...............250.......40........27Social fund....................1000......40........0Total unsecured debts..........2390......220.......- Monthly Budget SummaryTotal monthly income.................... 548Expenses (including secured debts)....... 339.79Available for debt repayments........... 208.21Monthly UNsecured debt repayments....... 220Surplus(deficit if negative)............ -11.79Personal Balance Sheet SummaryTotal assets (things you own)........... 0Total Secured debt...................... -0Total Unsecured debt.................... -2,390Net Assets.............................. -2,390Created using the SOA calculator at https://www.makesenseofcards.com. Reproduced on Moneysavingexpert with permission.======== Enter any other useful information below ========e.g. the number of adults & children in the household, the numberof cars included in the SOA or anything else that may be useful.

KatieShopstoomuch

Opps maybe it hasn't turned out how it's supposed to i just copied and pasted