What should i do!?

ineedaholiday

Hello there!

Ive been visiting these forums for a while getting advice but i think its time to face up to my problems right now!

I am going to be moving in with my boyfriend soon and need to have paid off alot of my debts before then - he doesnt know i have debts cause im ashamed! All of the debts are from when i was young and irrisponsible!

Here are my incomings and outgoings and debts -

Income
£720 per month.

Outgoings
£5000 loan paying £100 pm off 3 years left.
Petrol £40 per month.
Car Insurance £40 per month.

Debts - All gone to collection agencies..

Capital One £800
Hsbc credit card £1200
Halifax account £90
Halifax Credit card £1800

I know when i look at these it doesnt sound much but the letters im getting are really bothering me.

I used to get paid monthly but then changed to weekly to see if it was any easier but now im not so sure!

The rest of the money does go on eating out and buying clothes but untill now ive been ignoring these letters but now i cant.

I want to move in with my boyfriend but he does not know about the debts and i want to keep it that way. Obviously i will have to pay rent, council tax and food then which im sure will take up most of my money.

I suppose what i want to know is..

Can i move in with my boyfriend and pay my debts off or shall i put it off for a bit longer to stay with my parents rent free to pay more of the debts?

Shall i contact CCCS ? Or try to sort the companies and debts out myself :eek: scary thought! I kinda feel like ive given in if i contact cccs though, what do you think?

Is it easier paying off debts and managing money getting paid monthly or weekly?

Any help would be apreciated.

Thankyou in advance ..

lynzpower

hi hun

Do a full SOA as per Southern Scousers "first time posters" sticky.

Well done for posting x

kar

My advice would be to stay with mum and dad for a few more months and pay off some of your debts. Stop going out so much you are in the perfect position to make an impact on your debts now and will seriously struggle otherwise.

when you get your own place you will have utility bills, c/tax, rent, food bills to pay that will make paying this off even harder.

You need to tell your b/f about it though cos he will need to understand why you can't get a place yet.

PS when we started to rent our current place they performed a credit check on both of us before we moved in. It is unlikely you would 'pass' any check so your b/f will need to know about it.

Molanole

I think you might need to be honest with your boyfriend unfortunately. Scary I know but it can be done.

My biggest piece of advice for anyone considering the whole moving in together thing is please please please please please have a full, frank and open conversation about how the finances will work, how much you will each be responsible for contributing, and how things like paying for the food shopping is going to work. Money will, unfortunately, be a fairly big thing that you both need to agree on together. I wish I had known what I know now when I moved in with the boyf. It would have saved so many arguments.

Well done for posting though. Lynz is right, if you post a full SOA, some of the real experts will be along to help you out with suggestions in no time.

Well done x

mattp_3

Hi,

Try not to let things get to you, you are able to get control of these debts.

It is certainly worth holding out a little longer before taking on your own living costs, as there are many hidden expenses.

Check https://www.petrolprices.com before you fill your car to get the cheapest price in your area.

Use https://www.insuresupermarket.com or https://www.confused.com to ensure your insurance is as cheap as possible (next time it is due) and give Payplan https://www.payplan.com or CCCS https://www.cccs.com a call even if you only run through an income and expenditure with them, they will not try to pressurise you into an arrangement if you can afford to meet the repayments to your creditors?

But the most important thing ...... the clothing and socialising needs to be reduced to an absolute minimum! You could set yourself a target of 2 months, where you keep £150 per month to spend on yourself, then pay your loan £100, Capital One £100, HSBC £100, Halifax £90 (clearing that debt) and Halifax Creidt Card £100, plus your car costs at £80(remember to keep a small amount of money to one side in the future for repairs, MOT and tax etc)

But that comes to £720 - if you can do that for two months, telling your boyfriend you just need a little time to get your finances in order, then you should be able to afford to move out (albeit on a very tight budget) and offer your three remaining cars £50pm each (they should accept that sort of amount) - then you are left with £400 to pay your rent, bills and food?


If you could keep that up, your cards would be cleared within 18 months, then just let the loan run its course.......

Sorry for the long post (kinda got on a roll!!)

Hope its helpful?? Good Luck
Matt

Annie_Fanny

ineedaholiday - I think you need to have a severe reality check. I know this will sound harsh but it is not meant in any way personally - is just designed to help you wake up and smell the coffee!

You are £8890 in debt.

If you move into a rental property you will need to pay the rent in advance and also hand over a bond. Where will you get this money from - credit cards? And before you move anywhere you need to learn how to budget. Have a look at this link...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582, I would also advise you to take a look at Martin Lewis' book 'The Money Diet'. It is best to learn financial control now rather than later. Don't forget to loan it from the library or ask someone to buy it for you for your birthday!

You are definately best to stay put at your parents and I would aim to stay put until you have paid off the outstanding amount of £3890 (which is owed to Capital One etc) and also until you have some savings behind you for moving into a flat. So this may take some time.

You are paid £720 a month. What is this for? Full time hours? Could you get a part time job as well?

Also have you had a penalty fees from the banks? If so you may be able to claim them back.

Good luck! Am wishing you success!

Annie

Donedoingdebt

Annie_Fanny wrote:

ineedaholiday - I think you need to have a severe reality check. I know this will sound harsh but it is not meant in any way personally - is just designed to help you wake up and smell the coffee!

You are £8890 in debt.

If you move into a rental property you will need to pay the rent in advance and also hand over a bond. Where will you get this money from - credit cards? And before you move anywhere you need to learn how to budget. Have a look at this link...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582, I would also advise you to take a look at Martin Lewis' book 'The Money Diet'. It is best to learn financial control now rather than later. Don't forget to loan it from the library or ask someone to buy it for you for your birthday!

You are definately best to stay put at your parents and I would aim to stay put until you have paid off the outstanding amount of £3890 (which is owed to Capital One etc) and also until you have some savings behind you for moving into a flat. So this may take some time.

You are paid £720 a month. What is this for? Full time hours? Could you get a part time job as well?

Also have you had a penalty fees from the banks? If so you may be able to claim them back.

Good luck! Am wishing you success!

Annie

Agree with all this, but you should tell your bf cos if this is to be a serious & lasting relationship you are putting incredible pressure on yourself & the relationship & if he's "the one" he will want to help & support you.

ineedaholiday

Thankyou so much for the advice.

I cannot get another job, i am working full time and am physically too tired to work any more after that.

I have applied for a job which is more money interview is next week, fingers crossed x

I have decided to stay at my parents for a while longer, i will stay being payed weekly. I dont think i will tell my boyfriend yet, i will just tell him i need to sort out a few finances first. He allready has a place so it will literally be me moving into his.

I do agree, i have lived to much of the good life and it needs to stop to a certain extent! I think ive just had my "lightbulb moment" lol.

I dont think i will call CCCS yet, i will call up the credit agencies *gulp* and try to arrange yet another repayment plan, i hope they accept it. £100 a week on them for now, leaving me with £70 a week for other bits.

Thanks again, im gonna go call them now. Only think is i dont have any money to give them right now so will wait till Friday when i get paid.

Thanx.

lynzpower

Sounds like a fantastic plan! The more you cutr back now, the quicker a better life will be sooner rather than later!

Also, do look at selling anything you might have, car boot sales, ebay, loot etc, that you wont need. Ive made 300 quid since coming on here through doing just that ( made 3.50 this morning for a pair of shoes for example ) Every little helps x

All the best of luck
Lynz
x

**purpleprincess**

Good luck hun! Keep posting, lots of support for you here xx

Old_iron_balls

defo stay at home for now until your straight IMO
imagine if you did move in with your BF and a few months later he finds out about your debt. how do you think he would react

id seriously consider telling him.
it will be a weight off your shoulders and he may even be able to help you.
a bit of moral support goes a long way

oh, and good luck