please i need help with my situation

lauriethom

Hiya I’m 25 years old and really need some help and advice with my finances. I live at home with my parents. I drive but thankfully the car was brought for me when I passed my test. I currently work part time and have done for the past couple of years. Last week I was offered a full time position in a job I’ve done before and loved. However I am really worried about my money/ debt situation. Here is a short version of my situation.
I started full time work when I was 16. I was a Modern Apprentice I was earning less that £300 a month. I coped quite well considering. I guess I had to because I wasn’t old enough for credit cards/loans.
By the time I was 18 I had got both my NVQ’s 2+3 in travel and I was on a full time wage.
I was surrounded by friends who had catalogues and credit cards and before long I was running up huge debts and not having enough money to clear them.
I would try really hard with my re-payments, I’d even consolidated all my debts into 1 loan. This was ok for a while but then when I became short of cash I’d apply to up my limits etc. Basically nothing was getting paid off and my debts were spiralling out of control.
A couple of years ago I was very depressed and had big personal problems. I couldn’t concentrate in my job and I made the decision to quit .
I wasn’t really in the right frame of mind to be making big decisions and I do regret quitting like that.
I found myself unemployed and owing in the region of 10k.
I made an appointment at the CAB and they were very helpful going through all my finances, they wrote off to my lenders and since then I have been paying back a few pounds each month.
Obviously I haven’t got myself into any more debt since but I still feel sick to the stomach about the amount I owe. I feel ashamed of myself.
I keep getting phone calls asking me to up my monthly payments which I haven’t been able to do…
However now I’ve been offered a full time job I’m worrying even more about how I’m going to cope financially.
The pay is awful its like that when you work in travel I expect it. At the end of the day its my career and I chose to do my qualifications.
I’ve worked out I should take home roughly £800 a month.
This is what I will be paying out before even thinking about paying my debts;-
£200- house keeping to my parents
£150- petrol
£50- car insurance
£50- phone bills
£50- car parking…

---

This adds up to about £500... Now when I was in full time work before I used to pay around £250 a month off my debts… Now I know I cant live on £50 quid a month.
I know I got myself into this situation but I feel like im stuck again I don’t know what to do.
I would really appreciate and help or advice.
I read up a bit on bankruptcy a while ago but chickened out , it all scares me.
I don’t want my parents to know the situation im in im too ashamed of my self.
They’re so happy I got this new job, I am too until I really think about it!

LilMissEmmylou

im no expert but a LOT of that money is going on your car. When you say you work in travel do you mean an airport or something similar? Would it be possible to start getting the train or bus to work? or even car share?

Also £50 a month on a phone bill is a heck of a lot, can you reduce this? change the contract or go PAYG

£200 seems more than fair for housekeeping, does this cover food etc too? If so then of course you can live on £50 a month as that would just be spending money. If not then as much as I hate to say it but you would be better off working in a shop or something near by where you do not need to use your car as much. You would have about the same take home pay, but less outgoings.

*edit* just wanted to make clear when i say you would be better off working in a shop, i do not mean don't take the job you have, just a statement

mariagti

Hi lauriethom

Try putting your debts and bills into the SOA so we can see your outgoings clearer.

I would deffo take on the new job as £800 is better than nothing. When you say £50 phone bills is that for one mobile phone on contract? There are plently of great deals out there to be had on mobiles, im sure we can get that bill lower.

£50 on car parking!! Is this for work? Is there nowhere near by where you could park for free and then walk the rest of the way? When i go into town i park just out of town and walk about 5 mins.

£50 car insurance- have you compared on confused.com for cheaper quotes?

When you say you cant live on £50 month, was does your spare money go on?

Are you members of any cashback site or survey sites?
mariagti x