Young and Stupid. In desperate need of help!

DannyDC

Hi, I'm Danny. I'm 19 and moved to York to further my career in engineering, but since I'm an apprentice I aren't on a great wage and had some hiccups at the start that have turned really nasty for me.

I get about £720 four-weekly with my next pay being on the 28th september. Here is an estimate of my expenses:
£330/pm rent (bills included)
£30/pm mobile contract
£120/pm petrol
£60/pm food
£75/pm car insurance
This leaves me with about £100/pm

Here are my debt issues:
£500 to Wonga due 28th September
£200 to QuickQuid due 28th September
£330 rent which was meant to be paid at the start of this month
£160 to Vodafone which was meant to be paid start of this month
approx. £450 overdrawn to Lloyds TSB on a £350 overdraft
£160 on Burton Store Card, 29.9% APR as of the end of next month
And I will owe another £330 at the start of next month

I haven't been eating because I can't afford it and I can't sleep from worrying, it is really starting to affect my work and I am losing weight.

Please give me some advice!
Thanks, Danny.

james32_uk

I would focus on the essentials, your back rent and food. Assuming that your car is needed for work I guess means that insurance and petrol are essentials too. Can you look at car sharing to save some of the petrol costs?

You cannot afford to service your debts to Wonga, QuickQuid, Vodafone or Lloyds so I suggest that you stop paying these organisations immediately and get some advice on how to handle your debt from someone like CCCS or the Citizens Advice Bureau. You may want to set up a bank account elsewhere for your pay to go into or Lloyds may well steal it to service their own debt before you have a chance to use it.

NorthernLas

Danny - I agree you need to concentrate on essentials, so rent is a much higher priority than the payday loans (then insurance to keep your car legal and food). The main idea is to increase your income and reduce your outgoings. BUT the first thing is to stop the Payday loan companies taking money from your account.

1. You need to open a basic bank account so that your wages are safe. A basic account has a bank card and standing order / direct debit facilities, but no overdraft or cheque book. [Co-op cashminder is often recommended and you can open one over the phone] http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf. Once the account is set up tell your wage department.
2. Cancel any direct debits on your current account.
3. You need to report your debit card as STOLEN (do not say lost) to stop the loan companies getting their cash.
4. In order to get your money ask the bank what you can do without a card (transfer electronically or take ID to the bank).
5. Speak to your landlord and arrange to pay this months rent. Arrange to pay some of the arrears (£30?)
6. Then work out a budget and write to the rest of your creditors with payment offers.
7. Urgently look for a second job in the evening or weekend

Nero51

Most definitely make sure you have a roof over your head and food on the table, I've been in your position with regards to payday loans, so I know how you feel. The best thing you can do is either contact the companies you owe money to or get someone to do it for you, for example the Citizen Advice Bureau. Don't be worried about speaking to them, always remember they will of seen much worse cases than yours

Hax

As said above, the most essential payments are for your rent, council tax (although you state bills are included) and then your transport for getting to and from work.

I know it's hard to ask, but are any of your family in a position to help you out? I'm sure they wouldn't want to see you struggling and your health suffering the way it is.

Failing that, I'd recommend talking to the CCCS.

Are you able to reduce any of your expenditures? For example, a contract mobile phone is a luxury - are you still stuck within the contract period? Is work close enough for you to consider cycling? A car is yet another luxury item - and an expensive one at that!

Good luck!

bluebag

Hi
Can't really offer anything that hasn't already been mentioned but didn't want to read and run.
Keep your chin up and don't let this get you down, I've been in a much worse position in the past and trust me there will be a solution.

Try and take care of yourself, it's hard to think straight and sort this out if you aren't sleeping and eating. Keep posting on here for all the support you want.

Don't sweat it, you'll get there!
bb

boneheadgogo

Agree with all said above but to add to that I'd advise maybe looking at some sort of extra income.

Take on a second job at nights or weekends in a supermarket/bar even just for a couple months so that you can get wonga and quick quid paid off as these have a high interest rates.

Maybe look at selling some things on ebay old games, books, clothes, dvds or anything bigger you may have it all adds up.

tealady

Hi
Good on you for getting an an apprenticeship.
If you have a look on the Old Style boards there will be loads of cheap meal ideas as well.
Have a look round shops, there may be twilight hours or weekend working available.
I know it can be a bummer when you are working when your mates are spending but until you get rid of the expensive debts then thats what you may need to do.
Good luck

Hannah_10

Taking a job in a bar or restraunt also often means free meals.

Nargleblast

Hello Danny and welcome! Don't stress too much, you can sort this, it will just take time and work on your part, but people on here will be glad to support you and advise you where needed.

At the top of the threads list is a Sticky for First time users/SOA calculator....click on this and post your financial stuff on a Statement of Affairs - it will put it in a more user friendly format, and also highlight which debts are best to tackle first. Post it on here and we can help further. As others have said -basic bank account with a bank you have no loans/cards with is an essential. Also prioritising debts - roof over your head, heating, lighting, water, food. Everything else can go whistle, you will pay them off as and when you can, but do the SOA first and we can help further.

Nargleblast

Incidentally, young and stupid are not an exclusive partnership. Some of us on here have been old and stupid, some just plain unlucky, there are stories out there that would amaze you. At least you have had your light bulb moment early.