Help!!! Help!!! Help

cwignall

ok at age 21, im young and stupid when it comes to money (student life maybe?)

but im really in the proverbial! heres my current debt:

Overdraft HSBC - Limit £250 - Balance £500
Overdraft TSB - Limit £1000 - Balance £1050 - legal action proceeding
Virgin Credit Card - Limit £400 - Balance £500
Rent - £750 in arrears! (sorted by dec)
Phone Bill (land line) - £120 well over due - cut off 2 months ago
Mobile Bill - £300 - due but not over due
Loan from my mum - £100 per month (£500 behind!) - need to get some cash in there quick!

so as we can see im stuffed! - to add insult to injury the overdraft and credit card were once paid off after getting myself in to a similar situation - rather than paying it off and closing it - i thought "woo more cash" - now that im more sensible than that - im trying to clear up my mess! these balances are mainly a build up of interest and charges. ive not been spending at all on them for ages! and ive got my mum involved. i was happy making my £100 pounds a month for her but then everything else has just swamped me! and shes will struggle if i dont get somat sorted soon!

its making me depressed and as a result the bills have been getting ignored!

so heres what i have inplace:

Rent: £300 in nov/dec - that is cleared but will leave me nothing to pay the rest.

Come January i will be getting AT LEAST £950 a month after tax:

Compulsary outgoings: £600
including rent, food and travel!

leaving £350 to clear my debts! i have written to HSBC to arange to discuss this. i have already had an aragment with TSB which was broken due to a dispute! and as such legal action has commenced (i think)

i need help as to how to sort it out. ironically enough im a mortgage advisor for a debt management company but i feel a bit wierd talking to my boss about it!

ive look at bad credit loans but the best i can find is like 40% apr!

1: Any advice on how to go about sorting my situation?
2: Any advice on unsecured loans with bad credit history?
3: HELP!

Thanks for reading - thanks in advance!

Biddyrolo

Hi, well done for posting and welcome to MSE, if you can give even more details then the experts will be able to give you suggestions as to where you can cut back etc. I think there's a sticky about SOA's somewhere.

cwignall

hi - thanks for the welcome

what more info should i put down?

and what are SOAs?

Smashing

Posting an SOA (statement of affairs).

climbgirl

First of all, you need to stop using your mobile phone! £300 is a ridiculous mobile bill! Cut it right out and either go to the cheapest possible plan or switch to PAYG if you can.

£350 a month in january should be plenty to spread among your debts to clear them. Your post is a bit confusing as to the situation now though. Do you have no money coming in until then? How are you paying rent etc? Is the landlord happy with the arrears repayment situation?

Annie_Fanny

OK we have established your debts but do you have anymore, student loans, storecards etc etc?

Debt:

Overdraft HSBC - Limit £250 - Balance £500 - APR?
Overdraft TSB - Limit £1000 - Balance £1050 - APR?
Virgin Credit Card - Limit £400 - Balance £500 - APR?
Rent - £750 in arrears! (sorted by dec - HOW?)
Phone Bill (land line) - £120
Mobile Bill - £300
Mum - £500

As a priority you need to get your rent arrears sorted and get those debts which are beyond authorised limits within them!

Basically you need to get some additional money coming in:
Have you got anything you can sell?
You work at the moment - can you get an additional job or do extra hours? A weekend job?

Can you post a list of incomings over a monthly period? It's called a Statement of Affairs (SOA). It helps us get an overview on your overall situation.

Look at this thread for posting an SOA:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Answer the questions above and then we will go from there...

Hugs

Annie

cwignall

hi all

my income is purely that

£950 a month from my wage outgoings £600 - it really is that clear cut

baisically i am clearing my rent at 300 each month in nov and dec. so thats prety much my "spare" money gone! that is the arangement between the landlord and myself.

but come jan, thats when i have th 350 spare cos my rent will be upto date

i have no idea about my APRs -

i have no other debts apart from the ones listed

im looking at a saturday job but i will be pushed cos i start about 9/10 am and finish at 8 on some days!

lynzpower

phone round and find out what the APRs are, or have a look on the statements/ websites

Annie_Fanny

cwignall wrote:

hi all

my income is purely that

£950 a month from my wage outgoings £600 - it really is that clear cut

baisically i am clearing my rent at 300 each month in nov and dec. so thats prety much my "spare" money gone! that is the arangement between the landlord and myself.

but come jan, thats when i have th 350 spare cos my rent will be upto date

i have no idea about my APRs -

i have no other debts apart from the ones listed

Have you had a link that I posted? You need to do a full breakdown of where your money is going.

As asked above - have you got anything to sell and can you get another job?

pudding06

cwignall - you need to post the items separately

ie rent
gas
electriticty
food
phone etc.

and what you owe and the apr's

thats the only way anyone can really help you.

and you'll feel better and more in control when you go through the process.

well done for coming on here - it really is the best move you'll ever make.

pudds

Annie_Fanny

cwignall wrote:

im looking at a saturday job but i will be pushed cos i start about 9/10 am and finish at 8 on some days!

Do you understand the concept though that you need to get some additional money coming in? I was working 7 days a week at one point and it certainly helped kick the debt into touch. I will be working 7 days a week again from next week. I know it is not everyones cup of tea but I am the type of person that would rather do something about it - even if it is quite drastic - then let it linger on.