A bit of a dilemma

Apples2

Ask your parents if they will help you.

If they will, forsake the rent to your parents and get shot of that payday loan company (and NEVER go back to any of them).

Do all the washing up/housework/washing/ironing..... earn your keep as opposed to paying for your keep for a Month. I'm sure they will have a laugh at your attempts at ironing to lighten the mood but your predicament is serious, lay it out for them to see.

bouncydog1

You are in the best financial position you are ever likely to be in at the moment, because you still live at home with your parents. You need to grow up I'm afraid and start being responsible as at the moment you are blowing all of your spare cash and more. Why are you paying for your girlfriend's mobile - doesn't she have a job? If not she can't afford a mobile. Catalogues have horrendous interest rates - you need to get on top of all this by careful budgeting (see advice for links above) otherwise you are already on the slippery slope. What would happen if for some reason you had to move out - how on earth could you afford to live when you are not financially aware. It's great that you realise something has to be done, but getting another loan gets you further into debt.

We can't always have what we want when we want - sometimes you just have to accept that. Just think how good you will feel when you get on top of the debt and have money in the bank rather than overdraft.

ciscokid

Take a loan of 20k, buy my 15k of debt...profit out of it and reap the rewards your amazing credit rating will give you when that loan is clear.

eg. you could get a 20k loan from tesco at 8.4% APR for £406.42 a month. I can pay the £400, you can pay the £6.42, you get to write off your 5k debt for £385.20 spread over 5 years. Wouldn't that be nice?

Peelerfart

ciscokid wrote: »

Take a loan of 20k, buy my 15k of debt...profit out of it and reap the rewards your amazing credit rating will give you when that loan is clear.

eg. you could get a 20k loan from tesco at 8.4% APR for £406.42 a month. I can pay the £400, you can pay the £6.42, you get to write off your 5k debt for £385.20 spread over 5 years. Wouldn't that be nice?

Well done cisco you have owned the loans board today - now come on ,bedtime school tomorrow !

Hax

ciscokid wrote: »

Take a loan of 20k, buy my 15k of debt...profit out of it and reap the rewards your amazing credit rating will give you when that loan is clear.

eg. you could get a 20k loan from tesco at 8.4% APR for £406.42 a month. I can pay the £400, you can pay the £6.42, you get to write off your 5k debt for £385.20 spread over 5 years. Wouldn't that be nice?

Yeah - and dthen you'd go right back to racking up your debts again and then not be able to pay Mr. P Nut. Next thing we know, you're then blaming Mr P Nut for your new debts as if he hadn't bought your old ones then you wouldn't have been able to run up your new ones...

Anyway - back on topic: Mr P Nut - you have had some sound advice on here. Talk to your parents and ask them if they can cut you some slack for a month or two. I'm sure they wouldn't want you to be struggling as you are at the moment and would rather see you financially stable.

Looking at the figures you quote and excluding the £600 you owe your parents and the £600 overdraft you are eating into each month, your other outgoings total £785/month. You say that your wages are £1100/month. That should leave approximately £315/month in your pocket. Where does that go? Does some go on paying your parents back?

If so, ask if you can have a break from just that payment for a month or two. You can then pay off your £150 payday loan and still have £165 in your pocket - which you could put towards paying off another debt- some more of your catalogue maybe? The second month, you would have £315 in your pocket. How much is left on your catalogue?

Have a look for the snowball calculator - it's basically paying as much as possible off your highest interest loans and just the bare minimum on the others. That way, you reduce the highest interest bearing amounts quicker, meaning that you save money in the long run.

Well done for acknowledging that you have a problem and for taking the first steps to dealing with it. Good luck!

ciscokid

Hax wrote: »

Yeah - and dthen you'd go right back to racking up your debts again and then not be able to pay Mr. P Nut. Next thing we know, you're then blaming Mr P Nut for your new debts as if he hadn't bought your old ones then you wouldn't have been able to run up your new ones...

Pop over to the other thread, read how my SOA would look if I only to take care of a £400 a month payment, realise the disposable income would be so much that I could never need to borrow any money again, and you'd realise that this would be a free meal for this chap to be debt free and in good credit for the rest of his days for £6 a month. Of course its a bit of a joke (in that I know no one in their right mind would ever take that risk) but it is also a genuine serious offer to anyone...

Apples2

Ciscokid, stop whining on this thread, stick to your own.

Nobody on Gods Green Earth would be daft enough to lend you a brass farthing.

We've all been very tolerant of you so far, but start begging for money on other peoples posts and the tide will turn.

ciscokid

Wasn't begging anyone for money, was offering to pay off a £5000 loan for him.

wotsthat

Wasn't begging anyone for money, was offering to pay off a £5000 loan for him

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Thought you were walking to the bank.

Peelerfart

wotsthat wrote: »

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Thought you were walking to the bank.

10 miles wasn't it in minus temperatures ? Good job he isn't in financial difficulties then.

Stick to your own thread cisco