Feel Useless...

dilemma10

Hi everybody, I have looked at other people's situations and I know I am by no means too bad off, but for my own expectations, I feel silly.

Basically, I went to a top uni and worked hard for three years and received no help (which is fair enough), but I was also on the wrong student loan for this. My parents did not earn loads but I was still on the minimum loan so had to work 2/3 jobs all of the time to stay in uni. This always set me off and I ended up with a £2000 Lloyds Student O/Draft and a Halifax Current Account overdraft of £500.

I graduated last summer and got a job after 6 weeks of trying but it was a 40 mile commute away. I went to live with parents and spent in the region of £250 a month commuting in the car. At the time, my Dad also convinced me to buy a new car on finance because of the danger of driving in my clapped out banger on the motorway. The petrol crippled me as I was also travelling to see a long distance boyfriend at weekends which totalled £200 a month sometimes.

As well as all this, I was paying out board and basically never ever got to save money. But now I feel so embarrassed because I have landed a job down South and the set up costs have been a £1000 each, I have to wait 5 weeks to get paid and only got paid a measly sum for leaving my last job. So as a result, my boyfriend has had to pay £1300 deposit instead of £1000, so I owe him money. All of my direct debits have bounced and my work expenses don't come back very quickly.

So even though I've worked for almost a year now, I've settled no student debt and unfortunately, it's gotten WORSE. I am now defaulting on my Halifax account because of their overdraft charges of £5 a day when you're over the limit...so this is now in the region of £800 (I daren't check what it is, I'm scared). I owe out £97 to Tesco for car insurance and I have an Orange phone contract which I am permanently owing out on. My credit rating must be awful.

I can get no help from anybody. My boyfriend is already annoyed that he has had to pay more of a deposit. The council tax is owed soon, so are the bills, I have £60 left...for 2 weeks to live off without wondering about Halifax and what they're doing because of my debt...

Even worse, my b/friend is financially savvy, has amassed quite a bit of savings, wants to live in a really nice house and get a mortgage but we can't even get a joint bank account easily because of my debts! Am I a failure...can I change my ways? Is it bad that at 21 I haven't got a penny to my name????

Argh!

rainbowfairydust

why do you have to pay a grand for set up costs?What is the job?

dilemma10

No but I mean I have had to move in to a flat in London which was a £2000 deposit, rent due again on 21st June before I am even paid...etc.

rainbowfairydust

a 2 grand deposit? can you not look for something cheaper? I have just re-read your post. Do you mean its cost you a grand each for your flat? :eek::eek:
Will your employer not give you advance if you explain you are a little short on money?

dilemma10

we have already paid all of the fees for the flat so it is too late now and originally we signed up to it because it said £1035 deposit...half way through the checks etc it turned out that the deposit was £1035 but that there is also a 6 weeks rent payment in advance!!!!! which has crippled me..I could afford the £500 but not the £1000!

so that's all paid for...it's just that the rent is due again in 2 weeks, so is council tax, bills and I have £60 and I am scared to ask my b/f because he always moans at me...(even though his life has been much easier in terms of being able to save)...

rainbowfairydust

anyway you need to do a statement of affairs so you can sort out who you owe money too & maybe cut down on some of your outgoings. Does your boyfriend know you are in financial trouble?

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

Can your parents help you out in the interim?Can you sell anything on ebay?
ETA - sorry didn't put the right link in?

AlwaysWorking

I honestly think you are being awfully hard on yourself! You only graduated a year ago, give yourself time to pay off your debts, don't expect miracles over night. Look on the bright side - at 21 you have realised you made financial mistakes in the past and want to be debt free...hun it takes some of us a long time to get to the stage you are already at!! Could you get a part time job to increase your income and start paying off some of your debt?

dilemma10

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1482
Partners monthly income after tax....... 1511
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2993
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 162
Rent.................................... 730
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 40
Gas..................................... 20
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 0
Mobile phone............................ 32
TV Licence.............................. 11.2
Satellite/Cable TV...................... 0
Internet Services....................... 26.99
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 96
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1487.19

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 1000
Total Assets............................ 11000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 10000....(162)......11.2
Total secured & HP debts...... 10000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Student Overdr..........2000......0.........0
Halifax........................800.......0.........0
Total unsecured debts..........2800......0.........-

Monthly Budget Summary
Total monthly income.................... 2,993
Expenses (including HP & secured debts). 1,487.19
Available for debt repayments........... 1,505.81
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,505.81
Personal Balance Sheet Summary
Total assets (things you own)........... 11,000
Total HP & Secured debt................. -10,000
Total Unsecured debt.................... -2,800
Net Assets.............................. -1,800

rainbowfairydust

would you consider selling your car for a cheaper model? what is the Hire Purchase?

dilemma10

yes it is a HP (never again I tell you!) I am at odds as to what to do with it... I paid £1000 cash on the deposit, it was the scrappage scheme so I got £2000 off it anyway...and I've had it over half a year so already paid off £1296 so that's almost £3000 I've paid on the car...I can't sell it because it's HP?
It's a Toyota IQ2 concept car 2009 plate and it's still worth about £10k - to be honest, I don't know whether it's worth selling as I researched and it's the closest you'll get to a blue chip investment for a car because it's concept...so I'm thinking it might be best to keep the car and sell at the end of another 2 yrs payments and put towards clearing student debt or flat deposit or something????
argh..It's £162 a month and I never ever miss the payments on it, take the HP quite seriously for that.

rainbowfairydust

I would call orange and halifax. explain your circumstances to them & propose a monthly plan to pay them back whats outstanding?
Is halifax the bank your wages would be paid into? Can you open a basic bank account ( i have a natwest step account) which has DD/SO facility etc but i have no overdraft with them.

That way your wage won't get eaten up by the overdraft when you get paid.