I'm in debt trouble

mcgregor84

Hi guys - new to posting but read alot on these forums and its really helped reading through some of the other threads and knowing there are other people out there with similar issues. Its taken me a while to realise I have a problem and that I need to deal with it.

On the surface it may not look like alot of debt but I am struggling to find a way of clearing it and I have let it get to the stage where my credit rating must be awful.

My total debt:

£1600 RBS bank overdraft (maxed out)
£600 Barclaycard Credit Card (maxed out)
£500 Capital One Credit Card (maxed out)
£300 Pay Day Loan
£500 Bank of Mum

My 2 credit cards are maxed out and I make minimum payments on these by DD each month. I don't know the APR but both are student cards (although I'm no longer a student)

My £300 Pay Day Loan gets paid each month but then I have to take another one out every month. This has been going on for about 4 months

I work fulltime and get around £900 a month after tax. Once this gets paid into my RBS account, once I pay off the Pay day Loan, rent, bills, food etc I find its gone.

The thing is I know I spend my money on stupid stuff each month as well. I withdraw £10 here and there and then because its in my wallet I just spend it. My partner who I live with doesn't know and I know I need to tell her now could be the end of us.

My credit rating must be horrendous now as I got rejected for a payday loan yesterday due to my credit rating. House bills and rent and payday loans are ALWAYS paid on time. The only late payments may have been on credit cards a few months ago. However I went through the stage of applying for quite a few credit cards and was even getting knocked back for the bad credit rating ones.

The overdraft and credit cards have been maxed out for about 2-3 years now. Its terrible and only now I have realised my problem. I just don't know where to start. I have done bank and PPI claims already

dark^knight

Hi McGregor,

Welcome to the forum.

Please post your SOA (statement of affairs) and I am sure people will help you to work through this.

You can complete your SOA at the link below ad then post on here:
http://www.makesenseofcards.com/soacalc.html

Good luck!

beckiem

have you had a look to see if consumer credit counselling services can help you? they can reduce what your paying but it will obviously take you longer to pay of, the're a god send to me!

closed

If mum/partner has the money ask one of them to pay off the payday loan, and never go there again, however desperate.