Struggling - in need of advice!

shell88

Hi all,

I've got myself into a never ending cycle of debt and can't see my way out at all. It would be very helpful if anyone could point me in the right direction.

Basically, it all started about 6 years ago, when I got my first credit card with every intention of paying it off in full each month. At first I did do this,but then quite quickly used all of my £500 credit limit. I then went to University and found that the maintenance loan given to me was not enough to pay for my rent each term - so I first opened 2 student accounts - 1 to pay the initial deposit for my accommodation and one to live of through the year. Needless to say this was not enough and after graduating 2 years later in 2010 I now have 4 credit cards with total credit of £1600 (all used to their limits).

I have recently moved down to London from my parents house in Manchester to a job that pays a low salary for the industry but I took it as it is a great step on my career ladder. I opened a graduate account from Santander and used the overdraft to pay for the deposit on my flat in London.

Paying monthly repayments on my credit cards and overdraft limits and my rent means I have very little to live of in the month (around £50).

About 3 months ago now I took out a payday loan from a company of £500 as I couldn't afford to pay my rent after I was made to pay at least £400 of my graduate overdraft back. The next month as the payday loan was repaid, it left me with even less money and so I took out another payday loan. And so the cycle continues...

I am now without my rent for this month, and the thought of borrowing again is distressing but I cannot see an end to this.

I am hopefully due a tax rebate of around £500 (for only working part of a tax year) but I have no idea when this will come and how to apply for it.

If anyone has any suggestions of how to get out of this mess, I would be most grateful. I realise the error of my ways now, borrowing credit to pay back credit is ridiculous. Moving back to Manchester may be an option but the jobs for this career are here in London.

Sorry its so long

Thanks

psychopathbabble

I can't offer any advice but hope someone can offer something helpful to you soon. Not helpful but the payday loans seem the most urgent to sort out as these are hideously expensive. Can you get a part-time bar job to help your finances? Get a cheaper room?

It might be worth you posting a Statement of Affairs which can be found here... http://www.makesenseofcards.com/soacalc.html

Fill it out carefully and you might be able to make some savings after looking at it.