22 year old, suffering with debt (payday loans and more)

Apples2

Don't know about anyone else but even after the shock of the Payday Loan balance, the thing which made me really despair was car finance.

Even after all that pitiful spending of other peoples money, buying a completely unaffordable car seemed like a good plan.

Dude! It isn't a potential lender you need to sit down with, it is a Parent. Someone needs to speak frankly and openly about how to control money. You appear to have no appreciation of just how wrong you are going about things.

LovelyLeeds

You are in total denial about the severity of your debt. Your opening post was full of convincing reasons why you should have a consolidation loan, but whilst you are juggling numerous pay day loans, you wont stand a chance.
You seriously need to consider a DMP, and yes, along with other posters, talk to your parents.
Good luck.

ashaput

it seems the only best way you can take is to consider debt management plan. family will be very helpful. although they can't help your finance, but at least they can give you some advices for the best shot and support as well.

andy.m_2

Seems like you haven't had you lightbulb moment yet.

Until then you may try to spend your way out of trouble and that will bring more pain later down the line.

Definitely get over to the debt free wannabee board and post up a SOA, there are people on there who have been there seen it and dont it ten times worse than you and lived to tell the tale.
It will take discipline which has been sadly lacking before now but it is possible and when it happens you will feel like the weight of the world has been pulled from your back

Good luck, but in the kindest terms you have some wiseing up to do first

chalkie99

Strange to see he was giving advice on this very subject last November, was supposed to have it sorted, but now appears to be in an even worse state now!

https://forums.moneysavingexpert.com/discussion/comment/38126292#Comment_38126292

27col

There's no helping some people. His previous post history is quite an amusing read. He says "I have been crippled by debt" as if it was none of his doing and apparently just appeared from nowhere. No mention anywhere of cutting down on spending or reducing life style to something that he can afford.

geoffky

bankruptcy is your future...i can not see any other way out for you.

Ronaldo_Mconaldo

"I am a 22 year old male with excellent prospects ahead of me, but I have been crippled by debt."

This line does it for me. I would say that the prospects ahead of you are far from excellent

opinions4u

You think it's so easy to just give up everything he's got?

No. I think it's incredibly difficult. A damn site harder than going online and applying for 10 payday loans (even though common sense says 0 is enough, and never any more than 1).

He might need the car for work and for that reason has no choice to keep it. What you could of said is downgrade your car and get a cheaper one.

To downgrade a car don't you have to sell the existing vehicle as part of the process?

Im fed up of going though threads and seeing toffee noise noobs like you looking down on others, judging them and criticizing them.

I assure you that I am not toffee nosed. I'm looking down on nobody. While I've never put myself in the position that the OP has been in, I have certainly lived periods of my life where I have been financially stretched and more recently I have been in a position where I have had to make decisions about what to get rid of should my employment cease.

Why dont you be constructive for once instead of being a stuck up little p !!!!.

Here's where I think I've been constructive. Feel free to challenge the points made if you don't think they are.

1. Stop borrowing. Find other ways to deal with your situation.

2. Sell your car.

3. Sell your playstation. <insert> or other toys.

4. Sell your DVD collection. <insert> or CDs or books or whatever it is you're in to.

5. Get on eBay.

6. Stop spending money on anything that doesn't involve travel to and from work <note that could be seen as implying a cheaper car is ok> and basic food requirements.

7. Drink water <insert> from the tap.

8. Cut your mobile phone contract back to a minnimum or a PAYG deal.

9. Stop spending on calls, texts and internet.

10. Pay off the PDL companies asap.

11. I'd strongly suggest posting a statement of affairs on the Debt Free Wannabe forum and acting on every suggestion.

11. Talk to your parents too. But if they are in a position to help financially be responsible enough to pay them back as quicly as possible.

13. You may just get lucky if you are disciplined enough and start using your brain where money is concerned.

So I reckon I've given 13 solid pieces of advice for the OP's situation. It's advice that stands up to scrutiny. Selling a car for £5k, clearing debt and buying an old banger for £500 - fine, I agree with you. Getting the bus or train (if available) is another option that doen'ts carry the liability of insurance costs and repair bills while the OP is rebuilding his finances.

As I said, feel free to challenge any part of the 13 points above that isn't constructive. Or build on the suggestions and make them better.

Or you u could do the best thing = drop down dead.

Now, which post is more constructive? Where are your practical solutions for the OP?

KingElvis

Sell your tat, pay your debts and learn the lesson.