Need Major Debt Advice!

EagleHawk_2

Hi everyone,
I'm new to the forums! I need some advice. I'm heavily in debt.

I have an overdraft which is maxxed out to -£1250
and a credit card which is maxxed out to £-500

My parents are helping by giving me £30 a week. Although it's no way near enough to pay off my debt! What should I do? Today I went over the credit limit on my credit card. I thought that they declined the transaction if you reached your limit. Obviously I was wrong, so now I'm going to be charged. And I also have a phone bill which is by direct debit which is coming out of my current account which I don't have enough to pay for.

Any ideas of what I can do?

Many thanks,
EagleHawk

Oldernotwiser

Do you have a job?

The_One_Who

If you don't have a job, try to get one.

You'll need to go see your university's financial services and see if they can give you access to the hardship fund, but you'll need to be prepared to provide them with at least the last three month's bank statements.

Might also be an idea to post your SOA on the debt-free board, since it's obvious you need to do some budgeting and some cutting down on expenditure.

[Deleted User]

Can you end your phone contract, or reduce the tarrif, switch to pay as you go?
What is the £30 for, just to pay off debt, or does something else need to come out of that?
As stated above you should do a Statement of Affairs, showing all your income and outgoings.
I suggest you cut up your credit card so that you can't use it again.
As a student I presume you have an interest free overdraft, and that you are within your agreed credit limit.
Given that you are over your agreed credit limit on the CC, this is what you need to tackle first until it is at or below the agreed limit. It will also, unlike your overdraft be charging you interest on what you owe. So you should then try and reduce this as best you can before thinking about your interest free overdraft - unless of course you go over the limit.

Do you have a job? Apply for everthing and anything that is nearby, bring your CV around to all the local shops, supermarkets, employment agencies, bars, cafe's and restraunts. Register with as many temping agencies as are near by. And check out the students union.

Do you have things that you no longer need and can sell? E-bay, Amazon, Gumtree, Facebook, local boards at Uni?

What year are you in? Can you tutor in your subject(s) either at Uni or GCSE, or A-level?

Lokolo

http://www.makesenseofcards.com/soacalc.html

Do a statement of affairs here.

£30 a week is enough for food + little extra (aim for £20-£25).

You should have a student loan?

gorgeouslatinrose

Have you tried looking at your daily outgoings and cutting down on these? Apart from that, change phone to PAYG or 30 day contract, maybe sell some things on ebay, and definatly look at getting a job.