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im 18 with an unhandleable debt :(

hi, im new to this forum. i was hoping i can get guidance and support for my problems ive been having for like 7 month now!

im a student who is going university this academic year, i have a part time job (only on saturdays) getting £200+ a month for that and £30 a week from EMA (Education Mantaince Allowance).

ive got a contract of £35 a month and also £48 a month to FLM LOANS which i had to take out (ill explain) and also around £30 towards my overdraft (including fees and also a payment plan to pay of my overdraft which is not really working for me), £25 to both my credit cards (minimum payment) and the rest of my money usually goes to travel,food etc.

my overdraft limit is £490 but im overdrawn to £530. iv already opened a payment plan with my bank (LLOYDS TSB) but im having so much difficulties paying it off. i only have one bank account and all my money goes on my current account which has the overdraft.

reason im struggling at this age is because my father is ill and cannot work and had to sell his buisness 2 years ago. i have siblings but they are married off and i live with my parents and one of my brother. i usually give money to my parents to help them out.

i have two credit cards which i had to take out as an emergency. i have a capital one classic and vanquise both maxed out adding to £450 all together.

the reason i took out a FLM loan of £750 is to pay of my credit cards plus expensis towards the house. i got so much stress in my head i do not know what to do.

i had to take out small payday loans which i regret to the max as one is due on 15th feb and im worried were am i going to get the money from.

i need advice on how to sort my financial crises. i want to clear my debit slowly but i do not get payed enough and cannot even do overtime due to college (5 days a week) i do not really have anything valuble to sell either. i know my debt is not really large as it seems but for me its huge also with my overdrawn charges building up and i cannot do nothing about it.

please guide me!
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Comments

  • First of all, well done for realising you need help.
    I can't help but feeling you have a lot on your shoulders, at so young an age. I think your parents need to see what they can do to sort themselves out - you are now in a position where you physically cannot help them any more - you need to look after number 1. They will have options to get themselves sorted and you must too.
    Is your contract of 35 a month for a phone or to loans company?
    :rotfl:
  • my £35 a month is my tmobile contract. my parents mean the world to me really. i have freinds and alot of relatives but i cannot ask them for help with money and stuff like that, it just dont feel right. i understand that i need to sort my self out which is why i need advice...

    i only own £45p/m to FLM loans and thats it. also this month my account is going to be overdrawn again due to payment plan with txtloan to pay £80 per month, this is my last month with them.

    thank you for replying
  • How long have you got left on your mobile contract? You need to tell them you want to drop a tariff - you can't afford what you are paying. If you have already done minimum term, go Pay as you Go. What kind of phone have you got? You can see what it is worth - it it's worth more than 30, you could buy a phone for 10 and profit there - worth it.
    My parents mean everything to me - but do your parents know what a mess your money is in? If they did I don't think they would want you to help them.
    :rotfl:
  • RAS
    RAS Posts: 35,815 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi

    it would help us if you could complete a proper SOA, please. Link to follow.

    Your parents will be receiving benefits to pay for your home, utilties and food. These may not be huge but they should be sufficient. It is not appropriate for you to be getting into thousands of pounds of debt to help out. On the other hand if you are spending on nights out and stuff.... But it does not sound like that.

    You might want to discuss the household finances with your parents; if so www.turn2us.org.uk is a good place to refer them to.

    You may also want to talk to your welfare officer at college. Some have hardship funds that they can use to help out.
    If you've have not made a mistake, you've made nothing
  • my parents dont really know whats going on, i dont want them to worry about me as they got enough on there plates. i got a blackberry 9700 white and my minimum is £35 includin BBM services which is vital for the phone.
  • RAS
    RAS Posts: 35,815 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi

    Here is the link to the SOA http://www.makesenseofcards.com/soacalc.html

    You need to format it for MSE and then delete the link to MSE from the end; as a newbie, you cannot post up links.
    If you've have not made a mistake, you've made nothing
  • You presumably have internet at home? You could get 144.00 for your phone - buy a cheapo one for 10... in the meantime you can reduce your tariff I am sure - just talk to your phone company. This is a luxury you can do without
    :rotfl:
  • in fact 146 with fonebank! Go through quidco and get another 3 pounds
    :rotfl:
  • RAS
    RAS Posts: 35,815 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Also learn about cashback, clicks, and various other schemes to make small amounts of money

    Cash back for clicks here https://forums.moneysavingexpert.com/discussion/2132075
    If you've have not made a mistake, you've made nothing
  • I have kids your age and, believe me, I'd want them to confide in me in such circumstances ..... speak to your Mum or Dad (preferably both!) or another friendly relative. That is, honestly, what they're there for. You can work things out together and, who knows, as you do, they may discover financial support/benefits that they didn't think they were eligible for - or didn't know about. Agree with a previous post, talk to your college welfare/support section. It'll be in confidence and they should have links with, eg, Citizens Advice who can help you reduce and manage the debts.

    Time to share - and drastically cut back on spending. Good for you, though, posting here. It's an excellent first step.
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