please help

young-un_2

im 24 years old single and want some advise with my debts if anyone is in the know?
i owe 23k on credit cards and a loan and my outgoings are always more than what i earn , even with doing 50 hours overtime a month. my loans and card payments are £550 a month and after a bad car crash a few months ago im in deeper as i have only just started a new job and dont get sick pay, im struggling to pay the £550 on top of my rent etc, i have sought advice but everywhere tells me that if i reduce my payments it will take me 10 years to pay it all off !

i would be very greatful if anyone has any advice ! thanks

GettingThere_2

Hi young-un

You're in the right place on this website - there are loads of great people on here who have been in the same position and will be able to offer help. 14 months ago I was having sleepless nights due to my outgoings vastly outweighing my income, but thanks to this site and facing up to the problem, I've entered 2006 with the tables turned! Things DO start to look up.

If you post your main outgoings and monthly income, others may be able to make some suggestions on how you can make things easier. Go for it - it may help more than you think!

All the very best.

southernscouser

High young-un and welcome to MSE. :hello:

First things first, have a look at this thread and come back here with all the required information.

Only then will we be able to do our stuff.

Also what is your credit rating like? Have you missed many/any payments? Any defaults or CCJ's? The last time you applied for credit were you accepted?

I know there is a load of information to gather but the more accurate you are the better we can help you.

Good luck

SS

young-un_2

monthly net pay £1100

rent £350
council tax £61
food £120
car insurance £55
petrol £180
phone £30
gas / electric £50

debt payments

morganstanley mastercard £2790 @ 12.9 % min £54
barclaycard visa £1900 @ 3.9 % min £39
natwest visa £2100 @ 14.9 % min £55

natwest personal loan monthly payments £313 @ 80 months remaining

i dont really want an IVA or anything like that, i have enquired to natwest about cancelling the insurance policy that goes with my load reducing that to around £250 a month

my credit rating is good im paying everything on time but using credit cards for things like petrol and shopping so i CAN pay the monthly payments

any more help would be greatly received !

thanks

fuzzgun19

Do you live on your own? If you do then you can claim single persons council tax discount, which is about 25% off. (contact your council for a form)

brummiebabe

Hi young-un!

Your petrol bill looks high - we pay just over that for running 2 cars! Is there anyway of cutting that down?

If your credit is good, have you looked at trying to do a balance transfer to a 0% card?

young-un_2

im paying single persons council tax
the cards above WERE 0% ones looking into transfering them again

homersimpson_3

your food bill of £130 per month if for a single person seems way over the top- what are you spending it on? why can't you get rid of the car? if phone is mobile why can't you get rid of this, why not change to payg? what about other expenses - insurance, tv licence etc

skintchick

yes, food is too high - I spend £60 a month for me and a cat so you can cut that down.

You haven't allowed anything for 'cash' either - newspapers, drinks out etc.

Your biggest problem is the amount you have to pay out on the loan each month - is there any way you can change that? Perhaps by putting some of it on a 0% card or something?

Can you get a second job at weekends/in evenings?

You could cut the phone down too.
Your car insurance is REALLY high! Do you NEED not just want a car? Could you get rid of it and use public transport/walk?

Can you get a lodger? I suspect you can't but worth looking into.