To parents -Would you want to know?

Buffythedebtslayer

700 pounds is good for rent in London, if you don't want to live in a horrible flea pit,

If you have Egg and do everything on line could you lower your loan repayments? and then put the extra on the A and L card? When I wanted to pay more Egg gave me (online) the lowest payement they would accept up to the hightest payment. Try that.

And you know what generally speaking this place gets better the more you use it, join Daily Chat or read the diaries on the other board. They are the best tonic when feeling skint and crap.
Keep Posting
xxxx

moneypenny2k

I agree the rent is about right for London, I rent a studio out at 675. Yes you could probably shave a few quid here and there but at the end of the day you've done incredibly well so far. Give yourself credit for what you've done.

I too hate sharing, but a friend of mine is in dire need, can't afford to rent as he is living on a small pension and can't get benefits. I thought I'd go mad with him cluttering up my flat but to be honest it's been good fun. Nice to have somebody there to talk to and I can shut the bedroom door when I don't want to talk. Might be worth trying a house share with people you know and like.

Don't be too proud, as Oscar Wilde (I believe) said, No man is an island. Your mum is probably pulling her hair out. Plan it carefully and you could both be a lot happier by the end of the conversation.

Let me know how you get on.

Fang_3

If you're planning to leave London anyway, why not move into a house share? You could get a nice one for about £500 a month including all bills which would save you more money and enable you to pay off your debts quicker. I'd also consider throwing a chunk of your overdraft at the A&L card to bring it down further, and paying only the minimum on the other cards.

pineapple123

Cant offer much advice except I agree with others, you should tell your parents, even if you dont want to be given financial support they could help you find a practical solution or emotionally support you.
You have done well in facing this problem and working towards being debt free.

katsu

Youdontseeme wrote: »

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 - consider the impact of just 12 months in a shared house - cheaper rent, shared bills, all ways of accelerating your freedom and way home.
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 check offers and ways of reducing this. Do you really need TV or can you just get a freeview box?
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 go on the oldstyle board and look to reduce this. Even if you saved £20pcm (old stylers could save you nearly half of this) that would be £240 more cleared off your debts in a year. Set a target like £20 less and then try to cut further in a few more months rather than swinging between £50 and £150 pcm.
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 Do you really have the level of stuff to require this - if you don't have a fancy TV etc look at people like co-op and the student insurers like Endsleigh. Use comparison sites at renewal time then really play with the cover options of providers. Things like do you really have the stuff that needs super accidental damage cover?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 do surveys for vouchers so you can give some pressies to your family.
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.

Good luck with this. I've put in some suggestions. I appreciate you are finding it tough but if you can hang on in there and do a bit more trimming you can slay the debt.

You have no money for entertainment - try voluntary work - there are the equivalent of outdoor gyms that clear weeds etc - http://www2.btcv.org.uk/display/btcv_london (exercise is a modd lifter so may help you feel better) or you could do first aid volunteering with Red Cross or St John Ambulance which would get you into sporting events, all manner of things, and provide you with a social network of new friends. Or you could do a stint in a charity shop or look at social care volunteering... I'm sure you can find something for you

Good luck

stephy110288

Hiya,
My parents found out about my debt on thurs night. it was horrific for me because of my parents mainly, and because they feel i have been lying to them for years. but i came straight on here and posted a thread it might help you to read some replied because they were really supportive to me and to be honest with my parents its like ive rode the !!!!!! storm out and now things are on the up. i can bet it would be the same with yours as well.
anyways my thread is called worst night of my life (sorry for that!) and i would say just have a scan through and there are lots of parents on there. i would say to you what people have said to me, tell them how well you have done to reduce it to what you have, and that you're dealing with it not just burying your head in the sand x

Youdontseeme

Well I chickened out of telling them

I did, however, get a bit off my chest about how I really wanted to go home and that as I do have "some" debt I would need to get that sorted first.

Mum did offer to help but had earlier announced that she has decided to retire, they have both worked bloody hard so I don't want to see them go without the slightest thing because of me, so I declined.

So its head down and time to crack on with it.

Thank you all for your support, kind words and advice.

I will need help, so I will be back!

YDSM

Marisco

As a mum of a son about your age, my advice is tell her!!!! If I was worried about my son and he said it was because of debt, my reaction would be - is that all!!! I'd have been imagining all sorts:eek: You have done very well so far, and I'm sure if your mum knows you want to move nearer, she'll offer to help - I know I would;) But please tell her, there is nothing worse than an over active imagination!!

Everhopeful09

Hi,

Not a parent but I am 30 with about 6/7k of debt. I told my mum just over a year ago, I was dreading telling her but in the end I had to as couldn't go on the way I was. Best thing I did as the support was amazing, was stressful at first as she went through all my paperwork with me but it heled to have someone to talk to about it. She said I should of told her sooner. They may be disappointed at first, but at the end of the day their family and will love you.

They weren't able to bail me out, I wouldn't of wanted them too! But my mum did take a loan in her name to accumalate the debts and I'm paying her back monthly.

I appreciate your situation is a little different, but you have done so well so far. An earlier poster mentioned about volunterring for something free to keep you occupied and gain a social life. I help run a local brownie, takes up a an evening and v.occasional weekend but I really enjoy it and is free! Plus gained extra friends.

Good luck with your journey to being debt free! x

beanielou

Why dont you pop onto the 100 day challange to help you clear the A & L debt?
Wishing you lots of success