To parents -Would you want to know?

DVardysShadow

SO by how much did you reduce the debt over the last 12 months? And how much of that was not by selling stuff off? If you have made a significant dent in it, then you must ahve an idea of your debt free date.

I would suggest you do the Statement of Affairs http://www.makesenseofcards.co.uk/soacalc.html and post the results to see what can be done regardless of whetheryou go to your parents for help.

MyLastFiver

Tell your parents if you like, but I would think carefully about asking them for financial help. Debt between an individual and a company is very businesslike and impersonal; by transferring that debt to your parents you are making it personal. If you were going to pay your parents back with interest, you may as well pay your original creditor back with interest.

If you are on a decent wage with average living costs then repaying £6k of debt should not be making you miserable. Congratulations on your year of austerity, but perhaps now you have paid a lot of your debt down, you can afford to go a little easier on yourself.

Ames

Please don't pin all your hopes on them helping you out. I asked my dad for help, he had the money but said no. I was gutted at the time, but looking back it was for the best.

barbiedoll

If your mum is worried about you and thinks that you are depressed, you should definitely confide in her, at least she will know what's wrong. Don't worry about being compared to your sister, who knows what her life is really like; for all you know, she may well be up to her eyes in debt too

I do agree with the other posters, relying on your parents to bail you out can be fraught with problems. It may encourage you to increase your debt, it can give you a false sense of security. Also, if they need their money back quickly, for whatever reason, how will you get it to them? As someone said earlier, if you can afford to pay them back with interest, you can afford to pay your creditors. Post your SOA and let everyone here have a look, there may be ways round this that enable you to have a bit of a life whilst getting debt free. Well done for getting this far, you've obviously worked hard to get here, :T I'm sure we can get you through this.

Youdontseeme

Thank you for all the replies I do see both sides of the coin so I kind of agree with everybody! Will try and answer all the questions.

My credit rating is shot so consolidation isn't an option.

I live alone but in London so everything is £££££

I have repaid what I have with sheer will and determination, I basically stopped living, took on the odd 2nd job but time wise with my full-time job this didn't work out too well, ebayed a LOT! and just cut wherever I could.

The reason I got into debt in the first place was because I lived the "London life" realised I didn't really like it that much, then shopped to cheer myself up. I know now I want to move but cant while I have these debts as any job closer to home would mean a huge cut in my wages.

Its not so much asking them for the money although this would help, its just telling them about it as at the moment I am sure my mother thinks I'm on drugs or something as I am always so skint and miserable.

If I don't get help from them my debt free date will be July 2014
If I do it will be November 2012 that means I don't have to stay here as long which I think is my main gripe.

I have no friends here as I the ones I made when I first moved here weren't good enough to stay around when I couldn't afford to do all the fun stuff. I go to work and come home work - home.

I know I was stupid to get into debt but I think now I know why I got there it wont happen again.

I would rather pay the interest to my parents than the credit card companies especially A&L which is just plain silly and they wont reduce it.

Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1712.86
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1712.86

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 3.33
Telephone (land line)................... 40 includes broadband and tv
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 98
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.33 pre pay for my crazy pills every three months
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21.36
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1142.14


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
A&L CC.........................1752.92...135.......34.9
Egg CC.........................3317.64...110.......17.9
Egg Loan.......................1493.85...150.......7.66
Total unsecured debts..........6564.41...395.......-


Monthly Budget Summary
Total monthly income.................... 1,712.86
Expenses (including HP & secured debts). 1,142.14
Available for debt repayments........... 570.72
Monthly UNsecured debt repayments....... 395
Amount left after debt repayments....... 175.72

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,564.41
Net Assets.............................. -6,564.41


Anything left over at the end of the month gets thrown at my A&L debt.

MyLastFiver

Youdontseeme wrote: »

Thank you for all the replies I do see both sides of the coin so I kind of agree with everybody! Will try and answer all the questions.

My credit rating is shot so consolidation isn't an option.

I live alone but in London so everything is £££££

I have repaid what I have with sheer will and determination, I basically stopped living, took on the odd 2nd job but time wise with my full-time job this didn't work out too well, ebayed a LOT! and just cut wherever I could.

The reason I got into debt in the first place was because I lived the "London life" realised I didn't really like it that much, then shopped to cheer myself up. I know now I want to move but cant while I have these debts as any job closer to home would mean a huge cut in my wages.

Its not so much asking them for the money although this would help, its just telling them about it as at the moment I am sure my mother thinks I'm on drugs or something as I am always so skint and miserable.

If I don't get help from them my debt free date will be July 2014
If I do it will be November 2012 that means I don't have to stay here as long which I think is my main gripe.

I have no friends here as I the ones I made when I first moved here weren't good enough to stay around when I couldn't afford to do all the fun stuff. I go to work and come home work - home.

I know I was stupid to get into debt but I think now I know why I got there it wont happen again.

I would rather pay the interest to my parents than the credit card companies especially A&L which is just plain silly and they wont reduce it.

Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1712.86
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1712.86

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 3.33
Telephone (land line)................... 40 includes broadband and tv
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 98
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.33 pre pay for my crazy pills every three months
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21.36
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1142.14


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
A&L CC.........................1752.92...135.......34.9
Egg CC.........................3317.64...110.......17.9
Egg Loan.......................1493.85...150.......7.66
Total unsecured debts..........6564.41...395.......-


Monthly Budget Summary
Total monthly income.................... 1,712.86
Expenses (including HP & secured debts). 1,142.14
Available for debt repayments........... 570.72
Monthly UNsecured debt repayments....... 395
Amount left after debt repayments....... 175.72

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,564.41
Net Assets.............................. -6,564.41


Anything left over at the end of the month gets thrown at my A&L debt.

Hmmm I can see now why the debt is hurting and why you'd want to ask your parents. It's the interest on the A&L debt that is killing you. As far as I can see it you have 3 options:

1. Carry on as you are
2. Ask your parents for a loan and get the debts paid quicker
3. Do a sensible budget which allows you to have a life, write to your creditors and tell them you can't afford the min repayments, and go onto a DMP. This may make A&L stop interest (but may not!)

Given your circumstances, if it were me I would ask your parents.

DVardysShadow

Hmm. Looks like you struggle for a bit less than a year and then it works out for you. With the surplus you have, you are doing the right thing putting it to the A&L card. At a guess you can be rid of that card in 6 to 9 months, which leaves you 300 spare each month. The egg loan goes in a year from now, leaving you 450 spare. This will see the egg cc gone in another year, even if you ease up on yourself by taking pocket money of £150.

Youdontseeme

Hi

The amount I pay to A&L isn't the minimum but the most I could afford to pay for certain each month the min is around £40ish quid which would take forever to pay off!

DVardysShadow

MyLastFiver wrote: »

Hmmm I can see now why the debt is hurting and why you'd want to ask your parents. It's the interest on the A&L debt that is killing you. As far as I can see it you have 3 options:

1. Carry on as you are
2. Ask your parents for a loan and get the debts paid quicker
3. Do a sensible budget which allows you to have a life, write to your creditors and tell them you can't afford the min repayments, and go onto a DMP. This may make A&L stop interest (but may not!)

Given your circumstances, if it were me I would ask your parents.

It all gets easier after a year. Even if only minimums are paid, the egg loan disappears. Personally, I think that this can be managed without a DMP. A DMP will trash your credit rating - and in this case, I think it is poor advice.

Raggs_2

Snowballing with the spare as suggested should mean your debt free in about 13 months with current figures (and throwing the spare at the highest interest). If you can cut 50 out of your groceries (not too ridiculous) you bring that to 12 months.

If you feel upto telling your parents, maybe you can ask them to loan you the cash, and repay them interest free, saving you about 500 overall.