Help Needed for newbie!!

lukebr0wn89

Hi,

I am currently a student working part time in IKEA to make ends meet. I'm working over 32 hours a week on top of full time study so earning more than a regular part timer. The problem is i have recently (3-4 months ago) got over a gambling problem that i had for around 2 years which has left me with the following debt.

£1100 Student O/D - RBS
£1500 Student O/D - Co-op
£400 - Debt Collection companies
£2000 - Payday Loan Companies

I have defaulted around 3 times on a credit card which is now paid in full.
My problem is that basically i have around £100 per month spare which isn't really enough to pay amounts that please the companies.

I have been offered debt management but the problem is i haven't told my fiance about my financial situation as i don't want to worry her. She has a good job but i wouldn't want to borrow anything from her.

What i ideally want is a £5000 loan to consolidate it all and make it one monthly payment which i could afford if given over a long term. The plan would be to take a loan long term and then pay in a lump sum after i graduate in a years time and get a job.

Unfortunately as you can imagine from what i have already said my credit rating is pretty shot. The only people offering me loans are yes loans, who are rip-off merchants and simply brokers.

If anyone could suggest and companies which accept bad credit and actually offer personal loans - not brokers.

Thanks

50quidonRED

i dont think another loan is an option, nobody will lend you money.

And if you did get the loan you only have 100 spare cash on a 5k loan hows that going to pay for it?

50quidonRED

oh yes and i had the same gambling problem, best thing i ever did was tell my partner.

Tixy

Hi luke

Do you have any joint financial products with your partner? if you have then your bad credit file/defaults etc will be affecting her ability to get new credit products, therefore you should really tell her before she is declined for something.

A loan seems a bad idea and its highly unlikely anyone would lend to you. And even if you could find one it would cost more than £100 per month. Much better to stop getting new credit and start tackling the situation you are in.

Who has offered you debt management? You really need to be seeking advice from one of the debt charities - https://forums.moneysavingexpert.com/discussion/2077631

Plus you need to go through all your outgoings and see how much you can reduce them so you can pay more than that £100 towards your debtors. Eg, reduce your mobile tariff, check all your insurances, utilities etc are with the cheapest suppliers etc etc.
It might help if you complete a statement of affairs and post it on the debt free wannabe board http://www.makesenseofcards.com/soacalc.html

I would tell your partner. You shouldn't be spending anything on luxuries/entertaiment etc whilst you have expensive debts like payday loans so she will soon realise there is a problem and its best to hear it from you first.