I'm only 18 and have over 11K debt, Help! Plz :(

DarkConvict

I don't argue there is temptation to get credit when it so readily available.

Im 22, brought up with "can't afford it, don't buy it", and am a university student. When I reached 18, i was given a 0% student overdraft £2000+, apply for a current account get a free credit card at the same time, with £1500 credit) increased to just under £3000 with me even asking only a couple of months later. Mobile phone contracts offered in the post, i get a loan offer every couple of months.

I however paid the bills on time, used the 0% overdraft only because it was free (kept the cash in savings to pay it off), made use of ISA allowances, paid all cards in full every month. I counted up the savings vs. expected outgoing often, so I knew what I was doing, such as moving money in/out of saving accounts as needed. But i have made mistakes along the way, luckily enough to keep me out of making big financial ones.

But what we need to concentrate on is G8EKS current issues, DMP would like be the best way forward as it currently stands, would strongly advise getting CCCS to manage the DMP. http://www.cccs.co.uk/ 0800 138 1111 8am-8pm

G8EKS

MrsTine wrote: »

£20-£30 per month for going out? That's £80-£120 per month - so that's where your "spare" money is going... not counting any choccies bars, the odd sarnie, any magazines, haircuts, other odds and sods...

If you're not well enough to work you're not well enough to go out at the weekend partying. You can't have your cake and eat it...

If you're genuinely too ill to work then that's very unfortunate, but you in that case cannot expect to be spending that amount each month on partying and socialising - especially not when you have debts from irresponcible spending to the level that you do.

You can look at either a DMP (debt management plan) or you could look at going bankrupt - personally I think you should take the harder way out and pay back the money - it may sound harsh but you have been given a chance to learn an extreemly important lesson NOW... not 10 - 20 years down the line when your house is at risk and you have a partner and kids who might potentially become homeless as a result - small mercies...

I totally understand what you are saying. I have to realise the situation I'm in i know.

I don't go partying at weekends but i do socialize yes but nothing special. I've only started getting out and about reccently. It's a good thing for me.

Thanks.

dancingfairy

O.K the OP hasn't made the wisest of financial decisions but they're here now and better like someone said than 10-20 years down the line. And lets be honest - who here hasn't had a problem with debts and spending?
Perhaps a job would help - permitted work type thing? even if it was just for a couple of hours a week it would help a little towards the debt and no doubt have other advantages - ie meeting people, routine, etc, etc.
Also perhaps you could consider selling things to help pay off the debts - it'll all help.
To start with you might think it will take forever to pay off your debts - but as things change - you'll get better at saving money on things and things might improve health wise for you? you should be able to cut down the length of time it will take you to pay off the debts.
You say you can't work but even doing internet surveys/daily clicks will earn you some vouchers for presents etc.
df

G8EKS

dancingfairy wrote: »

O.K the OP hasn't made the wisest of financial decisions but they're here now and better like someone said than 10-20 years down the line. And lets be honest - who here hasn't had a problem with debts and spending?
Perhaps a job would help - permitted work type thing? even if it was just for a couple of hours a week it would help a little towards the debt and no doubt have other advantages - ie meeting people, routine, etc, etc.
Also perhaps you could consider selling things to help pay off the debts - it'll all help.
To start with you might think it will take forever to pay off your debts - but as things change - you'll get better at saving money on things and things might improve health wise for you? you should be able to cut down the length of time it will take you to pay off the debts.
You say you can't work but even doing internet surveys/daily clicks will earn you some vouchers for presents etc.
df

Hi. Well there is something i could do. I have had an appointment arranged for me to have a back to work meeting. It would be hard but once it gets kicked started it would be a good thing. This would mean i could keep some benifets while working cetrain hours so earning more money and getting out there and getting experiance and like you say "Meeting new people". I don't want to be on benifets for ever and i really fancy working in construction or something hands on. Its diffucult but wele see how the meeting goes. It's not for 2weeks yet.

Thanks, Fraser.

dancingfairy

I think the first bit is the hardest - getting started. Also some companies are better than others at handling disabilities - whether it is a physical or mental disability. Hopefully you will find a good employer but if the first place doesn't work out keep trying.
df

G8EKS

dancingfairy wrote: »

I think the first bit is the hardest - getting started. Also some companies are better than others at handling disabilities - whether it is a physical or mental disability. Hopefully you will find a good employer but if the first place doesn't work out keep trying.
df

Thanks. It's the job centre so I'm assuming the best place to start. They can put you through courses and stuff for construction so yeh i will wait and see what happens.

More income = less debt = happier me.

jinky67

G8EKS wrote: »

The car is used for my mum i am the nominated driver. She can't be in the car all the time they understand this. Hospital appointments, shopping etc.. I could even use the car for work if i was working too. I just pay the car so she doesn't loose her money.

I know lots of people on the scheme with no problems. Even people who keep the car miles from the person the car belongs to.

Thanks, Fraser.

Unless I am very much mistaken ( anyone can feel free to correct me) I was under the impression that the car should ONLY be used when the disabled person is in it. Just because other people do it does not make it right.

You also say you pay for the car so she doesnt lose her money for the house, but technically that is fraud!

G8EKS

jinky67 wrote: »

Unless I am very much mistaken ( anyone can feel free to correct me) I was under the impression that the car should ONLY be used when the disabled person is in it. Just because other people do it does not make it right.

You also say you pay for the car so she doesnt lose her money for the house, but technically that is fraud!

Well you are mistaken. The car can be used under certain circumstances while not having the registered car owner in it. I don't do it because others do, i was just saying.

It's not fraud that i give my mum money to help her out now is it?

*Edited - spelling mistake.

baza52

G8EKS wrote: »

Well you are mistaken. The car can be used under certain circumstances while not having the registered car owner in it. I don't do it because others do, i was just saying.

It's not fraud that i give my mum money to help her out now is it?

*Edited - spelling mistake.

Isnt it?

Are you sure?

MrsTinks

G8EKS wrote: »

Well you are mistaken. The car can be used under certain circumstances while not having the registered car owner in it. I don't do it because others do, i was just saying.

It's not fraud that i give my mum money to help her out now is it?

*Edited - spelling mistake.

No but you can't say that YOU are paying for the car - because you're not. You are paying her £200 per month and SHE chooses how that gets spent - in her case on the car maybe. Which means when you do your statement of affairs you need to make that clear. If you go into a DMP or bankruptcy then paying for your mums car will NOT go down well with your creditors and rightly so. It's not your debt and you are neglecting your debts in order to service hers. So whatever you pay your mum you need to make sure she is declaring properly - if she doesn't then one day the benefit offices WILL catch up with her and they'll not only want their money back there is the chance of fraud charges.

Your socialising - it may be "nothing special" but right now I'm sorry you CAN NOT afford it! Tough cookies.

You can socialise for free or very little money - either get friends over to see you at home or visit them at home - if you split the cost of a DVD rental it's nowhere near £20-£30 per weekend.