Help needed!!!

Sugar_Coated_Owl

Okay, so I finally found the courage to find out exactly how much debt I’m in. I went through all of my statements that I have and this is what I have found:

HSBC Managed Loan-£10,000.00
Miss Selfridge store card (GE Capital Bank Limited) C/O Eversheds-£278.86
Choice C/O gcc Debt Recovery Limited-£175.97
Open University Student Budget Account C/O Fennemores-£642.05
Kays C/O gcc Debt Recovery Limited-£287.61
HFC Bank (retail account w/Curry‘s)-£794.38
Carphone Warehouse C/O Fredrickson International Limited-£157.59
Beneficial Finance Personal Loan-£1,621.20
Capital One (MasterCard) C/O Debitas Legal Services-£432.78
Vodafone C/O Wescot-£200.00
Capital One-£753.81

Total debt=£15,344.25

Firstly, I thought of getting a consolidation loan for all of my debts. This was declined by a few loan companies. So this idea was soon dismissed.

I briefly thought about going bankrupt.

I then heard about debt management plans and this is the route that I have taken. The company also mentioned that it could possibly lead to an IVA. I pay £200.00 a month to the debt management company.

I need some advice. Have I taken the best option in joining an debt management plan or would you advise me to pursue another path?

I hope someone can give me some advice. I fell like I’m drowning in debt.

Oh and I’m 21 years old.

*Ellie*

**purpleprincess**

What's your statement of affairs?

mountainofdebt

The general concenus seems to be that if the debt management company charges you for administrating the IVA/DMP then don't touch them with a barge pole.

Initially contacting CCCS/Payplan would seem the best plan for you - they're a charity so whilst there might be a delay in getting some advice from them, they will serve you better in the long run.

Don't get a consolidation loan, even if you can get one.....it will give you a false sense of wealth and you'll end up in bigger trouble.

Can you post details of all your income/outgoings so we can advise you better?

crawley_girl

Hi Ellie

Well done for being brave enough to post all outstanding debts. I have very little knowledge about debt management plans but am sure someone will be along soon to offer help and advice.

:heartpuls CG :heartpuls

Sugar_Coated_Owl

My wages each month after tax-£875.00

Rent to parents-£250.00
Travel-£60.00
Food-£100.00
T.V rental-£35.99
Contact lenses-£22.00 by direct debit (includes free contact lenses check and discount on glasses.
Prescriptions-£13.00 (looked at pre-payment options but it doesn’t benefit me).
Toiletries-£20.00
Clothes-Not budgeted
Pension-£17.50
Mobile phone-PAYG-£20.00

Total=£538.49

Remaining=£336.51

*Ellie*

roswell

Just an idea but any chance of not paying rent for some time ? also do you really need to rent a TV when a new portable costs £70 that would be 2 months rental ??

With out paying rent you could clear the following in 2 months .
Choice C/O gcc Debt Recovery Limited-£175.97
Carphone Warehouse C/O Fredrickson International Limited-£157.59
Vodafone C/O Wescot-£200.00

roswell

whats usage do you use on your pay -go mobile ? have you considered a pay-go 02 online

Top up a tenner and chooose 300 free texts / 100 free off peak mins, or change it to the MORE pack for £15 a mointh you get 300 free texts 150 free off peak mins and 10% back every 3 months, once you have had the sim 6 months you can choose treats of X amount free texts or 10% off calls

**purpleprincess**

Do your parents know you're in debt? True about the telly, could even get it cheaper than £70!

**purpleprincess**

A genie sim card I think they're called, can get them pretty cheaply and then start saving from them. I'm 21 too!

moxie_2

You could ring the TV rental people and ask how much it would cost to buy the TV you have, they normally offer you quite a good price, especially if you've had it for a while.

roswell

yeah genie was the old name there normaly in the free sims offers in the freebies boards iv had about 15 out of the free offers over the years