19 year old in debt

abby1234519

No as I explained I live with my boyfriend...he owns this house and has done for a while, I've lived here for 11 months. I pay half of the things like building insurance and contents internet..however with regards to the car, I only contribute to petrol because sometimes I need him to drive me to my parents or whatever important thing. I don't drive I bike everywhere, so I help pay for car tax because I am 60 miles from my parents and its about £30 in petrol, I go up maybe once every 1 or 2 months. If that makes sense. My contract has another 6 months left, I don't think I can downgrade as I didn't buy it directly from Orange, it was through a third party. As I explained I don't "rent" I pay rent to the owner of the house.

I have been realistic about budgeting I think, I only have my hair cut once every 2+ months, I don't go out often because I think I'd rather stay in at home and watch one of Graemes many dvds than waste money partying. Thats not to say I don't go out, for instance we go to the squinting cat (pub) with friends for a dinner, because its buy one get one free..So I spend less than a tenner on food and a drink or two.

I don't have a good credit rating, moved a couple of times, I am on the electoral roll but I think the fact that I have a few credit things out there damages it. Its at the most 2 out of 5 stars.

abby1234519

Also with regards to aprs
Littlewoods is apr free, welcome finance well I just worked out the total amount it would equal by multiplying my payments by the term but its probably around 60%, it was for a 2k loan
with 1monthloan and quickquid, its like 1355%

Honeybee_2

With your mobile phone, it could be possible to drop it onto the lowest tarrif and pay it off as a pro forma which will then leave you able to cancel the contract.

There are some great PaYG deals now, I top up £15 per month on O2 and get 400 texts, 150 off peak minutes per month, a 'treat' every 3 months which is something like 20 anytime minutes, then 10% of any top ups back - so this month I only top up a minimal amount. Worth doing, much cheaper than contract.

abby1234519

Honeybee wrote: »

With your mobile phone, it could be possible to drop it onto the lowest tarrif and pay it off as a pro forma which will then leave you able to cancel the contract.

There are some great PaYG deals now, I top up £15 per month on O2 and get 400 texts, 150 off peak minutes per month, a 'treat' every 3 months which is something like 20 anytime minutes, then 10% of any top ups back - so this month I only top up a minimal amount. Worth doing, much cheaper than contract.

Well I know that Orange do the best plan review. But I bought through a third party

I am on contract because at the time I was spending around £30 on my phone As I texted a lot. However since then I have moved to opposite ends of the country and so don't have as many friends! And its definitley not worth it at the moment, I maybe use less than 300 texts and I do call my parents my dad etc but I doubt I use more than 300 minutes. Having said that I do tend to call mobiles rather than landlines so am not sure whether its worth calling from my landline (Sky) or using my mobile for that

Ames

What car is it? My parents live about 60 miles away and it only costs me about £15 for the round trip.

Flipc

Hi,

Well done for facing up to your debt, I hope you are feeling a little less stressed about it all now. I hope you don't think it's cheeky of me to post on your thread but I am currently making a documentary for BBC 1xtra about young people and how we deal with money and Over spending. I would love to chat to you about facing up to your money issues. This programme is looking to give advice and to help young listeners not make the same mistakees and is no way judgemental. It can also all be kept completly anonymous if you want.

If you would be prepared to have a chat with me please call me on 02074531610 and I will call you straight back or drop me an email at [EMAIL="flip.cardigan@unique.com"]flip.cardigan@unique.com[/EMAIL]

Many thanks for your time.

Best of luck with it all

Flip

abby1234519

Ames wrote: »

What car is it? My parents live about 60 miles away and it only costs me about £15 for the round trip.

Its a micra, its not bad with petrol but from Harrogate to Kendal is a fair jaunt. Especially as its not a standard main road its a winding b**tard of a road. Also once we get there we have plenty of driving around with my little siblings

Staciep88

Heya,

Im 19 and also in debt! PM me if you wanna chat!

One thing I noticed you could cut down on would be your food bill - if you pop over to the moneysaving old style board there are loadsa tips on eating cheaply.

Stacie xx

ps; im just about to post my SOA as im in deep ..... !

abby1234519

To be honest I think £100 is good for a food bill considering the fact that I also have a dog to feed!
Works out around £3 a day for food and that includes the occasional meal out, maybe once a month or less.And I can cut down on bills, I will be looking at that shortly, but it’s the dealing with the debt part…to start with that’s scaring me

lxpeanut

abby1234519 wrote: »

but it’s the dealing with the debt part…to start with that’s scaring me

It is scary starting to deal with them but at the moment you are in quite a good position and you will get lots of advice and support on here.

Description....................Debt......Monthly.. .APR
Capital One....................548.......56........39.7 I'm assuming this is a card. Make the minimum repayments on this for now then once your loan shark loans and additons debt have gone put any extra money here.
Little Woods...................623.13....185.......0 If this is a card that figure seems high for a minimum repayment. As its 0% APR this should be your last priority concentrate on the debts with high APR's first. You need to just pay the minimum on this for a while and put the money towards your 1monthloan and quickquid. Also if your not at your credit limit pay additoins and capital one off with this card and get rid of the 39.7% APR's.
Welcome Finance................2993.32...136.......0 Not much you can do with this just keep making the payments and when the other debts have gone try to get the money together to make extra payments on it.
Overdraft......................500.......0........ .0 Are you still using this account? If you are consider getting a basic bank account with no overdraft facility use that as you main account and treat this like the other debts.
QuickQuid......................312.5.....312.5.... .0 and
1monthloan.....................205.......205...... .0 Much as I hate saying to just move debt around you need to get rid of these as soon as possible. If you can use your littlewoods card or borrow money from a relative to pay these loans off then do it. If not then this is where any extra money you can get needs to be spent.
Additions......................55.92.....15....... .39.7 once you have paid off the two loanshark loans this is the next one you need to start paying as you should be able to clear it quickly.

So basically pay enough on all the debts to avoid incuring charges i.e minimum payments on your cards and make sure you don't go into an unauthorised overdraft. Pay the quickquid and 1month loan loans as soon as possible. Then move on to paying the two debts with 39.7% APR's. Only once these are clear can you pay more than minimum on your overdraft and littlewoods card. Then lastly make extra payments on your loan.