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Please can someone give me some advice!
HeyYerarred
Posts: 3 Newbie
Hi All!
Might as well start from the beginging with this so you know where I stand!
Im 20, and still living at home with my folks...and in a little bit of debt, well ALOT!
I've very stupidly got a car on finanace, dont get me wrong, I love the car....but its costing me alot each month. £210 for the finanace payments and £190 on insurance! Its only a 1.3 Turbo Diesel!!...im 21 in a few days so I gueses I could find cheap insurance then..I hope! I've tried to hand the car back, but I cant! I dont have car finanace, i have a personal loan on the veichle! Since when can you walk into a car dealership and get a loan?
Thats and a few things on finance have now left me in a mess! I cant afford to have fun or do anything with my mates and I simply never have any cash! Im in and over my overdraft in the bank and owe about £300 on a credit card! In total, at a rough gueses Id say im in £11'000 debt, and its really starting to depress me badly.
Can anyone give me some advice on how i can get all this in say one monthly payment, or anything really so i can enjoy my life whilst im still young!
Any advice and help is much appreciated!
Might as well start from the beginging with this so you know where I stand!
Im 20, and still living at home with my folks...and in a little bit of debt, well ALOT!
I've very stupidly got a car on finanace, dont get me wrong, I love the car....but its costing me alot each month. £210 for the finanace payments and £190 on insurance! Its only a 1.3 Turbo Diesel!!...im 21 in a few days so I gueses I could find cheap insurance then..I hope! I've tried to hand the car back, but I cant! I dont have car finanace, i have a personal loan on the veichle! Since when can you walk into a car dealership and get a loan?
Thats and a few things on finance have now left me in a mess! I cant afford to have fun or do anything with my mates and I simply never have any cash! Im in and over my overdraft in the bank and owe about £300 on a credit card! In total, at a rough gueses Id say im in £11'000 debt, and its really starting to depress me badly.
Can anyone give me some advice on how i can get all this in say one monthly payment, or anything really so i can enjoy my life whilst im still young!
Any advice and help is much appreciated!
0
Comments
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Someone more help than me will be along soon.
But if you`ve read anything on here, you know they are going to want an SOA, so please work it out & post it.
The one thing I have learnt here is that there is VERY RARELY nothing to be done to help the stuation.
Take heart, the board will help!Living debt free, since Sept 08 & Dec 10 :wall:
"After a time, you may find that`having` is not so pleasing a thing after all as `wanting`. It is not logical, but often true." MR SPOCK
"Failure is always an option" Adam Savage0 -
sorry, whats a SOA?0
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Do you work?0
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an SOA is a statement of affairs where you can put all your income and outgoings and people will help you to identify where you can save. I think there is one on this board somewhere (maybe put into search).
good luck0 -
Do your folks know about your debt? Maybe they can support you (note, I do not mean lending you money/paying off your debts; more practical and emotional support).
Statement of Affairs - see the sticky on debtfree wannabe or someone will post a link shortly:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0 -
A link to the SOA calc
http://www.makesenseofcards.com/soacalc.html
It helps the clever bods to see where you can make savingsPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Right here is the link to the SOA www.makesenseofcards.com fill it in and post up again and we'll see if we can help you cut back somewhere.
Re the car loan, well yes in your naivety and youth you have failed to realise that car dealers will give you loans as well as HP, and you obviously didn't check what the insurance would be before you bought the car, take this s a lesson for the future to check things carefully before impulse buying, sorry if I sound like your mother! but you are now obviously paying the price for rushing into things
How long do you have left on the loan? is the £11k of debt all on the car?, please post up an SOA now and we'll see how we can helpAug GC £63.23/£200, Total Savings £00 -
Living debt free, since Sept 08 & Dec 10 :wall:
"After a time, you may find that`having` is not so pleasing a thing after all as `wanting`. It is not logical, but often true." MR SPOCK
"Failure is always an option" Adam Savage0 -
What is the interest rate on your car loan? What is the car's current value and would selling the car pay off most of the loan? If you did this, you could buy a cheaper car (say for a grand), insure it third party only and save yourself a lot of money. If you got a loan through a car dealership I expect the interest will be steep. Once you have sold the car you may be able to get a more competitive bank loan to pay off the remainder of the more expensive car loan, if you see what I mean.
Depending on your income, I would suggest that having an expensive, turbocharged car that costs you over 2 grand a year to insure may be unsustainable, and it may be best to cut your losses now and get shut.
When I was 20 I had a Renault 5 that cost me £500 :-)My Debt Free Diary I owe:
July 16 £19700 Nov 16 £18002
Aug 16 £19519 Dec 16 £17708
Sep 16 £18780 Jan 17 £17082
Oct 16 £178730 -
sorry people...went to watch top gear!
Ill fill one of them SOA in tomorrow, tiered now so if i fill it in it will most likely be wrong!
I do work yes, I work as a Reporting Analyst...im on just over £15k per year.
The car in question is a Fiat Grande Punto, 1.3 turbo diesel with a whopping 33k miles on a 06 plate! Currently worth £6k-ish!
Yeah, im in £11k debt, £9k of it is what is left owing on the car, ive got 3 years, 9 months left on it!..5 year agreement. I dont know why I did it, im a complete fool! The APR, havnt a clue to be honest. No suprise here, i didnt check that when getting the car!...The documents are at work, so Ill post the loan details along with my SOA tomorrow.
As for my folks, bless them they do help me out. But only when I need it for a good reason, like fuel etc...not beer money.
Looks like Im gonna get some good help here, really appreciate it!0
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