I'm18 and Racked up 10k of debt soon to be 17k

thepenguinsareyellow_2

Long story short, I have 6.5k with barcleycard in my mum's name, 2k with creation finance (from currys) and a few credit cards. I was meeting all the minimum payments (the wrong thing to do but i was being stretched) and now my hours have been cut at work, tried to find and full time job and failing miserably.

Outgoings are currently £142 Barcelycard. £48.71 creation £35 phone contract £30 other small debts.
My wage has been cut to £120.81 per month. AGHHHHHH

My mum is stretched by what she has to pay out already by being a single mum working part time so she cant help me, i'd LOVE to pay it all off but I just cant pay the minimum payments, getting myself and my mum in the !!!!, i feel trapped and the fact I want to go to uni is just adding to the debts thats where the other 7ish thousand has come from.

I'd LOVE LOVE LOVE it if someone could help me, im up for anything.

jojitsui

I am sure you will get loads of people offering some really good advice very soon- To be honest I am not very knowledable but I would try and contact CAB or a advice centre that can give you free debt advice. If this fails I would contact the companys directly and explain the situation.
Good luck my lovely. You have seen you ahve a problem, which trust me is half the battle.
Take care

thepenguinsareyellow_2

Thanks What's CAB tho?

Hope you get where you wants to be!

jojitsui

Citizens Advice Bureaux
They offer free advice on all sorts
http://www.citizensadvice.org.uk/index/getadvice.htm
Good luck and thanks. I'm sure we will both be fine

WASHER

What is your job? Your salary is very very low.

The barclaycard is in your Mum's name and therefore she is deemed responsible for that debt, this is your priority, otherwise you will affect your Mothers chance of gaining credit at a reasonable rate, rather than using vanquis etc.

I suggest your Mother phones Barclaycard and comes to an agreement with them to lower the minimum payments and maybe freeze interest.

elaine12022

are you getting any other income? what other outgoings do you have?

has your wage been cut but doing the same hours,on the same contract? are you entitled to any benefits?

MichaelCR

thepenguinsareyellow wrote: »

Long story short, I have 6.5k with barcleycard in my mum's name, 2k with creation finance (from currys) and a few credit cards. I was meeting all the minimum payments (the wrong thing to do but i was being stretched) and now my hours have been cut at work, tried to find and full time job and failing miserably.

Outgoings are currently £142 Barcelycard. £48.71 creation £35 phone contract £30 other small debts.
My wage has been cut to £120.81 per month. AGHHHHHH

My mum is stretched by what she has to pay out already by being a single mum working part time so she cant help me, i'd LOVE to pay it all off but I just cant pay the minimum payments, getting myself and my mum in the !!!!, i feel trapped and the fact I want to go to uni is just adding to the debts thats where the other 7ish thousand has come from.

I'd LOVE LOVE LOVE it if someone could help me, im up for anything.

If you work under 16 hours a week, you might be entitled to income support via Jobseekers allowance (I think).

£120 isn't a good wage, The average person on JSA Alone gets around £210 a month from just signing on twice a month.

Contact all the lenders you owe money to, Work out what you can afford to pay them a month for now, And work out how much you need for living expenses, Set up a token payment with the lenders each month (That you can afford), Remember even paying a lender £1 a month for now is much better then the lender selling the debt to a DCA for pennies to the pound, they will much rather see you back on track and able to pay them off, Then to default you. You have to make the calls, And explain your situation, Don't berry your heard in the sand, It'll only get worse.

Contact CAB As advised above, Get a meeting arranged and talk to a councilor who will help you, They will go through your finances and really give you good solid advice an support.

Best of luck !

shortchanged_2

OP, are you sure you don't mean £120.81 earnings per week???

fozmcfc

Do you have nothing you can sell from the £10k that you have spent?

Do you really think that it is wise to then take on another £7k in debt, because you want to go to uni?

fatbelly

If your income is £30 per week, and you work less than 16 hours per week, then you need to apply for Jobseekers Allowance immediately. This will top up your income to £53.45 per week.

However, if you're earning £120 per week....you're not going to get any help.

thepenguinsareyellow_2

I have an interview on Wednesday for Job seekers allowence, I do mean per month. I work at a supermarket. It was just a part time job while I was at college, I was contracted to 10 hours per week on a flexi contract, so it could go up to 37. They cut me to 4 hours per week. I'm scared that because i get the odd saturday shift here and there, as this month my wage was just under £200 they'll say no to me having job seekers, however since December I havent worked anywhere near the 16 hours per week not to be entitled.

As for anything to sell, no. For the past year I've been selling things just to meet the minimum payments, I also spent quite a bit when I went to new york over a year ago, but that was when I was when my hours hadn't been cut or anything and was earning over £500 per month.


My wage per hour hasn't been cut, if anything gone up since turning 18. Just my hours have been cut, they've placed and overtime ban so now I may get one shift extra per month. Yes I have benefits at work, but nothing thats going to help me out of debt!


The extra 7ish thousand would be a student loan, so wouldnt have much interest. I've wanted to go to uni since being really little, I have good grades so I can get in, so hopefully that will help me in the future, I'm hoping that this will be gone by the time i'm finished and a university debt is classed as a good debt and can't hinder my career can it?