The username says it all

what_an_idiot_2

Hi,

Everyone, first of all i would like to thanks you for reading this post.

Little about me, im 20 and i am now starting to see the problems that i caused myself from been at uni, I went through a gambling stage and im gladto say thanks to my family i am over this.

but ........... down to my gambling, i now ow a bit of money, i have 2 student overdrafts, no for £500 (0%) and one for £900 (0%) and a credit card at £1050, im currently paying my £500 one off at £50 a month and £50 off my credit card, the £900 is my regular account where my wage goes in.

I hve left uni and started a full time job, and have a regular income, I have my own car which i ow finance on. After regular payments have gone out, im lucky to have £150 left at the end of the month, (live at home with parents no food bills etc etc)

I have been told i dont have a very good credit score, because of my age and the amount of money i ow, in 2 yrs of having credit i think i may have missed around 5 payments,

am i doing the right thing ?? or should i try for a consolidation loan? i have search this forum and found useful info, but just dont know where to start

Horace

Welcome

Do not go for a consolidation loan - you will be paying it off for ever:eek: Post your SOA and we can see what's coming in, what's going out and see if we can advise you further (the good folks on here are good at that).

https://www.makesenseofcards.com/soacalc.html (there is a button to configure it to MSE)

Rabbit-in-headlights

Hello, and welcome! I'm not an expert, am sure one will be along soon... it's a little quiet here tonight so if you don't have any replies keep checking tomorrow...it is worth posting a statement of affairs (SOA) so we can see if there is any room for you to save money.

It will be difficult to offer advice on a consolidation loan without knowing more details of your finances, however he general rule is to avoid taking out a consolidation loan if possible, as you will end up paying a lot more in the long term. Given that your student loans are at 0% interest, I doubt you will get a better interest rate!

But like I say, I am not an expert, so hang on and someone will come along and help more!!:o

Jacks_xxx

:wave: Honey don't try for a consolidation loan - unless you want these debts and bad credit to still be hanging around your neck when you're 30!

You'll probably want to rent somewhere one day , or get a mortgage - and you want this stuff lo-o-o-ong gone by then.

Can you give us the full run down on everything you owe inc interest rates , plus how much money you've got going out and coming in every month then we'll know better how to advise you.

Love Jacks xxx

Bargainfinder_3

Hiya, well done on turning your life around; if you post your soa; then are determined to pay off your debt, you will pay it off in 'no time' and will be able to start again on the right foot. All the best xx

Walshyboy84

I'm glad you got out of the gambling situation before it became a horrendous problem.

I saw people who would put £50/60 in a fruit machine when working at the student union so I've seen the effects first hand.

You're very young in the grand scheme of things! It's normal to have a crap credit score at this age, however, keep on paying off the debt and you're going to find yourself in a much better position in as little as a year in terms of credit rating.

I worked for one of those consolidation loan companies (For 6 weeks after uni to earn money, I didn't sell any of the loans!) and can tell you that under no circumstances should you do that. In ten months, you'll have one overdraft gone and a good proportion of your credit card gone. this means that slowly, your money will increase.

The fact you're staying at home is bonus.

If the money is still an issue (£150 to last a month can be quite easy to live by and socialise by with a little foreplanning) then maybe you might need to start looking at better paid jobs or more responsibilities in your current one to get those payrises.

Good