Not much debt but too many problems!

Amziix

Hi,

I'm new and was wondering if anybody had any tips, basically I need to move out, I have about £3,000 worth of debt and a poor credit rating due to how much credit is available to me (I cancelled all accounts open and not being used yesterday and lowered my credit limit on things still to pay off) I have a few late payments on my credit report from last year but thats it (no defaults or missed payments), I don't understand why it's so low! I need to move out and rent a house due to family circumstances (I'm 20) I have a full time job and don't have a bad wage...the problem!! I work about 30 miles from where I live and there isn't an option to move to where I live due to these family curcumstances, my car is 11 years old and everything is going wrong with it, I don't even want a brand new one, just second hand! but because I have payments going out and I know i'm going to struggle with a new house, I want to get a loan to pay all my debts off and get another car (thus meaning less monthly repayments, one debt and more money!) but my bank will not give me a loan (personally I don't think it's in their best interest as I have an overdraft and am paying £20 monthy interest- maxed out every month due to redundancy and a car accident last year). There is no public transport to where I work so i'm stuck in a can't afford to work if my car breaks situation, which then means I can't afford to rent, and then can't afford to pay my bills. What can I do?? Someone please give me some tips or advice!

DawnW

Hi, didn't want to read and run!

I think you might find it too much to rent on your own at the moment - there is not only the rent to think about, but council tax, fuel bills, TV licence and loads of other things, even furniture, if not a furnished place (many aren't). Letting agents also do credit checks, which might not go in your favour at the moment from what you say. Why not look at a room in a shared house or flat near where you work, which would be more manageable? There may even be someone at work who knows of a suitable room if you ask around. Your car situation would not be so difficult, and you could work on your credit rating with a view to renting somewhere on your own a bit further down the line perhaps?