I need some sort of plan

will369

Hi guys

good news

my mum has paid it all off!!

total debt came to around £2200

She has also leant me £800

so a total od £3000


I am paying her back £100 a month.

Hopefully soon I will pay her back more

: )

WASHER

How old are you?

Your wages per hour seem far far too low and do not need the min wage for someone over 21.

will369

I am currently on £4.95 per hour, and am 20 years old

backinbusiness

I thought you sounded young.

You don't have a lot of debt compared to some on this board.

If you can get a real grip on this now - you could have a nice debt free life - but you need to take it seriously.

Best of luck OP

BiB

WASHER

The good news is when you are 21 you will be entitled to £5.93 per hour. When is your birthday?

will369

March, but soon I might be getting promoted to 'Crew Trainer' (I work at Mcdonlad's) and that means I will be on £6.15 ph

WASHER

Excellent.

A word of advice, when you get your pay increase, increase payments to your mum in order to repay the loan. She will be far more willing to lend you money in the future (when you move home etc) if you repay quickly and on time each month.

Pollycat

Hi Will
glad to hear your Mum came to the rescue - don't let her down!

Just a reminder below of what I wrote a while ago about dealing with your debts on an on-going basis.

Enjoy your holiday.

Pollycat wrote: »

When you come back from your holiday, you really need to get a grip on your finances.

You appear to have a reasonable surplus (over £250 per month) - where does it all go?



If you don't have this surplus cash, you need to keep a spending diary and write down EVERY penny that you spend that isn't in your SOA i.e:

• rent
• food (up to £20 per month - which sounds very little to me)
• gym
• haircut
• going out
• Capital 1 credit card direct debit
• phone

Do you buy coffees, magazines, cans of pop, McDonalds/KFC, CDs/DVDs, clothes etc?
What about bus/train fares? How do you get to work?

All of these are spends and need to be in your SOA.

Then, when you know how much is REALLY left at the end of the month, you can start to tackle your other debts:

• Halifax credit card
• Old gym membership
• car insurance

Can you see how a simple mistake with your bank account (giving the wrong account) has cost you lots of money in bank charges and that's before the debt collector adds on his fees. It will be much more that the £500 you owed initially.

If you are not careful, the same will happen to the amount you owe to the gym.
And the Halifax credit card.
Just because you've thrown the card away doesn't mean you don't have to pay.
When you get back from your holiday, set up a DD for this.

Do you understand that if you just pay the minimum amount off credit cards it will take you years and years to pay it off?
Start paying more than the minimum as soon as you can.

If you get a bad credit history, it will follow you around for years.

Short term loans are NOT the answer.