debt disaster

Tixy

Could you look at getting a second job? maybe some part time evening work, perhaps waitressing or bar work. It might not be fun but it would help until you get a significant payrise at work.

jax3003

its not brand new its 2006 and i thank you for the help and advice harsh and all as it may be but i realise if this is not sorted now my future wil just snowball with more and more debt. i will write a letter today and try and negotiate a plan for paying my od back. the packed lunch i have already started and as soon as my wage increase i will be paying board. i do not take my parents for granted.

i have tried to find another part time job but with workin monday to sat til after 6 it has proven difficult. the search continues tho.

Tixy

How many hours do you work currently Jax?

If you only take home £650 it almost sounds as if thats less than minimum wage? unless you are working less than 30hours per week?

jax3003

i work 40hours a week but my employer has paid for my 3year course so they dont pay me min wage.

slig

jax3003 wrote: »

i work 40hours a week but my employer has paid for my 3year course so they dont pay me min wage.

Is that legal? What industry do you work in?

jax3003

well after tax i get 650 a month so for my age that isnt min wage. i work in optics. the course is really expensive though and they pay all the fees.

slig

Ahh, the minimum wage is calculated before tax, so perhaps it just about works out if you are working more than your contracted hours but not getting paid overtime.

DD2_2

Why not the list the car on ebay at a price that will cover the outstanding finance on it. If it sells then at least that's one debt cleared. If it doesn't then you'll only have lost the ebay listing fee (dunno what this is for a car).

Do you have any other items that you can sell on ebay to try and raise the capital to pay off your overdraft?

How about getting a second job, working in a pub a couple of evenings per week or a job working Saturdays. Is there any chance of getting extra hours with your current employer (if you don't ask, you don't get).

Can you make cutbacks on your current outgoings to release more funds to pay back your debts?

Have you been in touch with the bank you have your overdraft with to tell them that you'll struggle to pay it back all in one go? When I had my student overdraft they offered to turn it into a loan so that I could spread the repayments over a few month (not ideal but it does provide breathing space, just make sure that you dont run up another overdraft!!)

jax3003

im not too sure how it works to be honest and i never questioned my wage because of the course! just wana get my debt cleared asap ive been putin it off 4 so long being foolish thinking that if i didnt realistically acknowledge it that maybe it would sumhow disappear. how wrong i was.

Tixy

Well £650 after tax works out as about a salary of £8500, which on 40hours per week would mean you are only earning £4.08 per hour compared to minimum wage of £5.73.

If you used to go to college/course during work hours then they wouldn't need to pay you for those hours but now if you are working full time 40hours per week I believe its illegal not to pay you national minimum wage.

(Unless your payslip shows your salary as higher than the salary above and then they are deducting any money for you to repay your college costs or to pay uniform or similar).

Are others on the same salary as you? If you don't know your gross hourly rate (before deductions) and can't work it out from your payslip then I would ask whoever is in charge of wages how your pay is calculated (payroll clerk or human resources perhaps).

If you could get it upped to 40hours at minimum wage of £5.73 you should take home about £845 per month.