Need help to clear debt befoe uni starts in sept

CLAPTON

basically your housing costs are far too high for your income (mortgage+council tax+water)= £838 and thats before elect/gas.

if your brother doesnot move in you should consider a lodger....have many rooms does the house have?

lightatendoftunnel?

Hi i know what you mean about uni, I have been in similar circumstances a couple of years ago. I cant give you much advice but i will say this i wouldnt swap about on credit cards, i did this and i have now ended up in massive amounts of debts. I was fine at first then kept swapping each time owing few pound more till it got totally out of control. Good luck and you seem to be making a good start.

greendale9061

Hi,

I have a New 2 bed Semi. My brother told me over the weekend Yes, but he can't afford to give me more than £300 \month, but its better than nothing. Ive told him that Also don't know how I managed it but I persuaded my boss to give a pay rise of an extra £20.00 a week (gross), but im taking on an extra job.

I feel this week being ths start of a money more happy months to come. Today Egg asked me if I would like a loan, as Im a good customer @ 7.9% so pay off all my c cards. It works out to be £40 less a month. Just need to wait if I can get it. Will be making the dreaded phone call to uni later. I think im gonna so a few short courses in the same area over the next year, so i'll be slightly ahead of the others if I start next Sept.

Will keep you all posted on my progress. I feel like my feet aren't on the ground

lynzpower

Hi there greendale

I dont want to be overly negative here, but I urge you to use martins budget planner at the top of the page. there are LOADS of things youve left off your SOA, including petrol & other motoring costs, presents, prescriptions, books and other uni incidentals ( some of mine wer 40 quid a throw, how will you pay for them?) along with lots of other bits & bats like home maintainence and so forth.

Im very worried you will end up in an even worse position when you come out of uni, will your figures stack up? Does it mean that your course will run for 6 years instead of 3?

Lynz
x

8pnoodles

I also think your mortgage is scarily high. It's a ridiculous and unmanageable % of your income. Even paying £428 (after your brother pays £300) is an awful lot. How are you going to be able to keep hold of the house when you're at uni? Sorry, not having a go, just interested.

I earn £1071 take home and I pay £258 in rent and our bills are split between three (a shared house). I'm 30 and had to move into a shared house after splitting up with my ex husband as I couldn't afford the rent on our flat. It was not fun believe me, but it's given me enough disposable income that during the months I try really hard I can chuck £500 towards my debts.

I owe £6200 currently, so I'm in a similar situation to you financially.

greendale9061

Hi,

Well some good news I got my egg loan on Friday so my credit cards/ overdraft will be all payed off by the end of today and I will have about £200 spare. So I've opened a ISA so I can make a bit of instrest on it over the year. Ive also spoke to my mum and im gonna move out of my house and move back home. Im gonna do some ringing around tonight to see how much I can rent my 2 bed semi out for. Hopefully it will cover my mortgage and a bit extra aswell.

The good thing about living back home is that I don't have to worry bout loads of bills and red letters. The downfall is its gonna be hard not having my own space and watching what i wanna watch on TV. Im gonna also get contant reminder of 'tidy ur room' and ' bring that cup down'

My mum has said I only have to give her £500/ month rent inc food, So with the £500 I have left I need to may £153 Egg loan, £147 Car loan, £7.50 life insuance. So thats 500-307.50=192.50 to spent every month.

Well at least I can try to put £10-20 a week away for savings. I should be fresh to start uni Next sept, as all my worries are under control I hope. Just need to write a letter to MBNA, Natwest and HSBC to cancel all my cards. Im gonna keep my egg one, as it offers 0% every anniversary for the next 2 years. Its good to have in an emergency.

I have put a load of my crap in ebay and have manged to get so far 46.92. The good thing is that i forgot that my exs stuff for his car was in the garage, so just put them all on ebay. so if anyone needs any Golf Alloys, Golf Stealth Shelf, 6x9 speakers, Punto backbox and some amps look an ebay my usre name is GREENDALE9061. Hopefully I get a over £300 for the lot. This will be going in my ISA. When I get a lump sum of £1000 im gonna pay off my car loan.


I will keep you all updated on my progress. Many Thanks :-)