Young and Stupid. In desperate need of help!

Nargleblast

Bumping this thread to see if anyone else can help.

DannyDC

Thanks for all the help people!
I got in touch with CCCS and talked online (because my mobile has been blocked now), they didn't seem to helpful but they are sending me a pack and I'm sure that will have better info.
I'm going to open up a new bank account today after work to put my wages into so all my money doesn't disappear straight away!
I have been offered a part time handyman job, which is cash in hand so I'm hoping this will cover my food and petrol with abit to put away.
I am also going to set up a direct debit for the minimum payment to Burtons because it is only £10 and will keep the interest on at least that one under control (ish)

Just got a couple more questions:
I'm getting calls all the time off dodgy loan companies, is there anyway I can stop this?
What action will the payday companies take when I don't pay on time?
Will vodafone take any further action after they have blocked my mobile?
(Everyone will probably say this is stupid but I don't think it is a bad idea) Is it worth getting a loan for £1500 paying back about £100/pm so then I can use it to pay most of my debt off and I will be paying back an ammount I can manage monthly?

Thanks again for all the support, it really has made me more aware and more in control of my situation!
Danny

Moglet

Please think very carefully about taking a loan to consolidate. It can work if you've addressed the overspending that caused the debt in the first place but in most cases it just leads to more debt.

If you can manage your day to day living expenses, your expected and unexpected costs and the loan repayment without using any form of additional credit then it can work. However, you say you have about £100 a month left after paying your bills and this would be swallowed up by a £100pm loan payment. How do you then afford to buy clothes, go out, MOT/tax/service the car not to mention tyres and anything going wrong.

You need to be budgeting for all these things on a monthly basis.

Goood luck.

DannyDC

Thanks for the advice Moglet!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 750
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 330
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 75
Car maintenance (including MOT)......... 10
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........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 695

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Wonga..........................500.......0.........2689
QuickQuid......................200.......0.........2278
PayDay Express.................450.......0.........1737
Burtons........................0.........10........29.5
Vodafone.......................160.......0.........0
Lloyds TSB.....................530.......0.........281
Total unsecured debts..........1840......10........-

Monthly Budget Summary
Total monthly income.................... 750
Expenses (including HP & secured debts). 695
Available for debt repayments........... 55
Monthly UNsecured debt repayments....... 10
Amount left after debt repayments....... 45
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,840
Net Assets.............................. -1,340

Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

I printed off a recommened SOA, I missed out a couple at the start. My Lloyds account is now £530 overdrawn since it is going up £80/pm I missed out a payday loan with PayDay Express of £450, which I am meant to pay back on the 29th. and on the SOA it does not include the £330 rent that is overdue.

Danny

HappyMJ

Well you simply don't have enough to pay the debts. Priority number 1 is to get the rent paid this month without taking another payday loan so do that and don't even bother with any of the debts until your income increases. If you ever need to give a creditor an SOA to prove that you can't pay anything you are allowed to put down £195 a month down for groceries but nothing for Entertainment but you can also put down £5 for Haircuts. You need to make it look like you have no excess.

I know it doesn't get the debts paid off but you need more income to be able to pay them.

Is it possible to find a room to rent much closer to your place of employment and then sell the car? It's costing you £215 per month to get to/from work. A bus ticket is much cheaper. The room is costing you £330 per month. That could be lowered a little by moving to a cheaper place. I'm going by the LHA median rate of a room inclusive of bills in York being £297 per month. Not a huge difference. Or if the car is sold it may have be increased as rooms may be more expensive nearer to where you work.

It's not a good start being on apprentice wages and being in debt you'll never get this paid off. Are any of your family/friends able to loan you £2,000 to get these people off your back and hopefully keep your credit record clean. You'll still owe £2,000 so it won't solve that it just reduces the burden of trying to keep in contact with several creditors at once.

dancingfairy

Hi - congratulations on the apprenticeship -it's soooo hard to find any type of employment right now.
Are you eligible for any type of benefits? I'm not sure if you'd qualify for housing/council tax benefit or maybe Income support?
Good Luck
df

FatVonD

Getting a job in a bar or club on Friday and Saturday nights (don't be tempted to do weekdays as you'll start being late for work!) will help pay off your debts, get you fed on the nights you work and you'll be getting paid to be in the same place other people are paying to socialise.

I did this for many years in my 20s, my 'proper job' paid all the bills and my weekend work (which was paid in cash on a weekly basis) was my 'pocket money'.

Good luck!

HappyMJ

dancingfairy wrote: »

Hi - congratulations on the apprenticeship -it's soooo hard to find any type of employment right now.
Are you eligible for any type of benefits? I'm not sure if you'd qualify for housing/council tax benefit or maybe Income support?
Good Luck
df

OP's age too young and income too high. Laughable really but that's what it is. On 100% benefits OP would get £297 HB/ NO CTB as it's inclusive with rent and only £51.85 per week JSA (£225 per month). That's what the government says that somone of 19 years needs to live off in York as he earns so much more then the taper rate of 65% on the income over the £225 per month means that his HB would be reduced by £341 which means there are no benefits as the LHA rate is £297.

petepetepete

Hey Danny,

When I was about your age I got a job at a pub near where I lived. When you're trying to save money, it can get you down if you're never socializing - working at a pub three nights a week could net you an extra 250 quid a month, some free beers, and a chance to meet some new people - give it some thought!

-P

DannyDC

Thanks again for all the support! My pay went in yesterday... I managed to get £330 of it to give my landlord and then the rest just disappeared leaving me with 0p for this month. I am still trying to arrange arrears for next months rent, and my car insurance is due for renewal next week! Never mind petrol and food. Now im stuck...