***new+scared But Need Help***

CLAPTON

What I was asking is how much are your debt repayments ....you have said you pay the minuimum....yes but how much is that.

briona

webbo1981 wrote:

thanks for taking your time out for such a long reply.

I have a couple of colleges and a uni near me so il check them out for the haircut with students.

Funny you should mention car as I have got to pay for mot,tax and insurance this month!

As for the rest well I will certainly follow your plan as to paying the debts and not taking the managed loan! I have started to put things on ebay and sell stuff and shall try and use some of my income to get the hsbc overdraft to a £1000 limit to stop the silly amounts of charges!

After this I will then focus on the credit cards etc as you state!

What I dont understand is why I have been rejected. I have only ever had two loans and the 3 credit cards above and the store card in my 24 years young age! If I keep the payments up and maybe re apply in a month or too I would maybe get another credit card etc?

Also yes the £240 is for the loan.....0% deal?

Cheers for tip on freeview box etc

Regards

Hi Webbo

You've taken the first step by recognising the problem! I think that if you draw up a plan, you'll be able to focus better on what you need to be paying when, and once you start clearing debts and getting rid of cards etc, you'll soon see the debt go down. 9K is not that much in the big scheme of things and you could clear that quite quickly with determination. Once you've got your HSBC overdraft back inside its limit, you might want to look at some of the threads on this board regarding claiming back bank charges.

RE. being rejected, at this point, look at it as a GOOD thing. By rejecting you, they have prevented you from obtaining more credit and possibly getting into further debt! As you become a more advanced money saver, through the process of paying off debts, you'll build yourself a good credit history, be better at managing money and eventually be eligible for all the best deals on the market!

Good luck

Briona

webbo1981

CLAPTON wrote:

What I was asking is how much are your debt repayments ....you have said you pay the minuimum....yes but how much is that.

well roughly and as an example this month

virgin £37.90 (think is 5% of balance)
Royal Bank of Scotland £8.00
Clydesdale store card £19.71
Northern Rock Loan £240 each month
Egg £17.49

lynzpower

HI there webbo!

Welcome!

As I found when I posted for the first time a few weeks ago, some of the suggestions that are made her I found a bit *extreme*! for example cancelling stuff.

However, at the end of the day it all makes a massive difference. As you said these debts are fairly big, but another loan just will not help, at least not at the moment. You need to think about WHY you have spent on some things and why you continue to spend on things that are not *neccesary*

Eg Ive cancelled my Lovefilm subscription of 15 per month, and taken on a free trial for a month with Blockbuster. However, once these are done, Im gonna get my partner to register in his name and get them all over again! Saving somewhere in the region of £120 a year so far.

You are probably not getting approved for new debt, as you are over you overdraft limit, and any new lender will think " eh up, someones not managing thier money" and wont bother to lend to you. A consolidation loan is not the answer, it really isnt.

Incidentally, the internet is one of our few enjoyments and entertainments, and we are always using it and we've got 1meg with no download limit from tescos 17.99pm UNless you are running a business with lots of traffic you dont need 10meg. Seriously.

good luck

CLAPTON

your income is 1034
your expenses (including 240 for your loan repayment) are 571

leaving £ 463 for credit cards and overdraft repayments
credit cards repayment are 84 approx

so you have approx 280 per month to reduce your debts

Clearly this is nonsense

You have a reasonable income for someone living at home
your monthly spend is clearly not correct....if it where WHY ARE YOU IN DEBT
you should be comfortably off.
Forget about more credit card you need to understand where your money is going

Redo you SoA by going back over the last year and try to estimate EVERYTHING you have spent so you know where you are spending the money. until you do that you will not be able to manage your money...

briona

CLAPTON wrote:

your income is 1034
your expenses (including 240 for your loan repayment) are 571

leaving £ 463 for credit cards and overdraft repayments
credit cards repayment are 84 approx

so you have approx 280 per month to reduce your debts

Clearly this is nonsense

You have a reasonable income for someone living at home
your monthly spend is clearly not correct....if it where WHY ARE YOU IN DEBT
you should be comfortably off.
Forget about more credit card you need to understand where your money is going

Redo you SoA by going back over the last year and try to estimate EVERYTHING you have spent so you know where you are spending the money. until you do that you will not be able to manage your money...

Clapton, do you HAVE to be so rude? I noticed complaints about you from somebody else on another thread. Your posts have an aggressive tone to them and really there isn't any need for that. If you don't want to help, then don't respond. If you do, then please do it in a polite manner.

I can see your point in some of the posts re. missing information, but there's no need to ask for it in the manner you do. In this last post, I am sure you'll have offended many of the money saving community as lots of people "should" be comfortably off but are not, due to spending habits etc.

My advice to you: if you can't say anything nice, then don't say anything at all!

Briona

loubie_lou

You are right in a matter of respect CLAPTON but posting back like you were his teacher IMO will only scare people from posting on this site.

Star1979

Hi,

First well done for posting. It is hard to work out a real SOA so maybe spend a month writing down every time you take money out and everything you spend money on and then you will know if you can cut down on eating out, food shopping, drinks, magazines etc.

We have a package with Telewest that covers our phone line rental (although we pay for calls mostly with OneTel), broadband and digital TV for £36 a month. Maybe this sort of deal is something to look into to help you cut costs.

Concentrate on getting your overdraft back into the agreed limit and making sure that all payments are made on time and then after this you may be able to look into getting cards to transfer balances to as your credit rating may be viewed in a better light. If you do transfer balances cancel the empty card immediately. I have got myself into all sorts of trouble before with clearing balances only to start spending again. I thought I had had my lightbulb moment about 2 years ago - turns out I actually only had it last month!

Good luck!

webbo1981

thanks for all your replies guys (excluding Clapton!!!)

please keep them coming.....

just to add do any of you think its worth while writing off to the 3 major finance companies to request my credit report(s)?

Regards

loubie_lou

I think it is then you can gauge on overall picture of your credit worthyness.

Even tho I don't think it will be very good with you that far over your OD limit!