Please Help me Smile Again !!!!!

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I am 21, income 940 (after Tax, NI & Pension) per month.

I have got the following Debt's:

Lloyds TSB Loan: £3,700.00
Lloyds TSB Overdraft: £1,000.00
Lloyds TSB Credit Card: £1,833.00
Ocean Credit Card: £1,870.00

Total Debt: £8,403.00

I have missed out re-payments from last year, to be honest i haven't been able to repay any of it since March 2005. I know i have done an awful mistake and i feel like i am lost and got no hope to find a way out!I am stressed and I need help!!

Please suggest me what i could do to get out of my Debt's? Can i still go with any Debt Consolidation Scheme even though i have missed several re-payments? Or anyone knows any loan company’s who will lend me £8500.00 to repay my existing debts ( bare in mind my credit ratings is really really bad)

Thanks everyone ...........

lou_lou_skinty_poos

go to payplan or cccs there free and really helpful they'll sort you out with a repayment plan fear not ave got nearly triple ure debt and earn the same if i can sort out mine you can do it too :T

lynzpower

Welcome!

Hang fire! Dont get a consolidation loan even if a bank will give you one- we are none to keen on them round here!

If you could post a Statement of Accounts, thats everything -all your income, everyone of your outgoings, rent food, bills any other payments like optical or car or whatever, and watch us go! we can find really good ways of saving you money to put towards your debts, believe me Ive done it a consolidation loan is not the answer. It just creates more debt and really is not a good idea!!

Welcome, you are in the best place for help!

Broken_hearted

Smiling is easy just push the corners of your mouth up.

Seriously though facing the problem is good. DONT take out another loan it DOESNT work. Talk to the people you owe money to, ask if they can stop interest and/or reduce payments.

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I have tried talking to the bank , but they want me to repay £260 p/m which is really not possible for me at the moment....

My monthly outgoings:

Rent : £350.00
Car Insurence: £105 ( 1st yr of my driving- TESCO)
Broadband,Landline(Tiscali) : £27.00
Sky: £34.00
Council Tax: £95
Food: £90
Petrol For Car: £45
Online Course:£110 (ICS)

Total: £856.00

Thanks to all of you who have replied to my post, really appreciated your reply's. Hope at last i will find the light once again! Cheers!

rchddap1

Firstly ditch Sky....its a luxury and the money saved can go towards sorting your debts
Secondly work on your food budget. It is possible to make savings here if you do it right. Check out the Old Style board for more advice and suggestions. On £100 a month I can feed 2 adults, so I'm sure you can save a bit here too.

And dont forget to contact the organisations already mentioned.

Edit: Is the car really needed? If you can get around the car issue then you will have another pile of cash to throw at those debts.

louise30_2

Do you live alone? You can get a reduction on your council tax if you do - I was paying £90 until I realised - now it's £70.
Also how long have you been with Sky? Is it a must for you? My BF had sky and he cancelled it and a month later they phoned him up and offered him it for half price

lynzpower

AHve you shopped around to ensure youve got the cheapest car insurance? that seems a lot. altohugh i dnt drive, just from the figures other people post on here

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I live with my Wife. She hasn't got a job at the moment. Obvisouly she knows about my debt! I can ditch sky, and car is not a luxury thing for me it's essential with my job and etc.
I have actually shoped around for the car insurence, TESCO seemed like the cheapest one i could get because i have just passed driving.

Thank you for your suggestions, i will follow of it and make a new start of my life ! Thank you !

Charlie2301

Hello and Welcome!
Definately give CCCS a go, they are really helpful and will put your mind at rest!
Good luck x

MrsTinks

Chin up - it's not the end of the world
Firstly get rid of the things you can spare - like sky
If your wife isn't working then is there a reason? If not then let us know if you guys want some advice on how to help her find a job If she's not workign due to health then there might be benefits you could be getting but aren't
Car insurance in your first year is a bummer... but you're paying over £1200 a year? Dare I ask what car it is you're driving? Is this a place you can save by getting something with a smaller engine? (cheaper on fuel and insurance).

I know people here say don't get a consolidation loan... they are right. However for me it worked because when I moved everything I could suddenly see what was happening and I haven't been tempted to put anything on my cards or overdraft. BUT it takes a LOT of determination and you HAVE to cut the cards up and lower your overdraft limit and STICK with it It's all about willpower!
And it's not worth getting a consolidation loan unless you get it for less %apr than you are currently paying...