All gone Pete Tong (Wrong)

petetong_3

Hello

Over the last couple of years i have gotten myself in trouble with credit cards.Which lead to taking out loans to cover them and no its just gotten so messy.

I'm at my whits end as no-one knows my secret and i'm so scared i don't know what to do next.

I take home £1600 a month and live with parents.

Credit Cards
Halifax Owe £10400 monthly payment £209 (min)
Capital One Owe £3500 montly repayment £176 (min)
Barclaycard Owe £3750 monthly repayment £99 (min)

Loans
Alliance & Leicester Owe £11200 Monthly repayment £312
Goldfish Owe £415 monthly repayment £176
Wentworth Owe £1800 monthly repayment £196

Expenses
Rent £150
Car £280

Total Monthly Outgoings = £1,598

So as you can see i can't live at all! My credit rating is shot to pieces.

What do i do,help!

medman

OK PT

first thing is don't panic! you need to keep a cool head to sort this out.

First the questions:

What are the APRs on the various cards?
Can you apply for 0% cards or low interest life of balance transfers, or is your rating not allowing this?

A really good starting point would be to speak to your parents. They will not treat you like a child if you trust them and confide in them. They are not such old far*ts as you think sometimes. Get them to suspend rent for a while or even help with a plan.

But first thing you must do is stop spending....on anything!

Keep positive there is always a solution it just takes some time to work it out.

Best wishes and hang in there

MM

petetong_3

Thanks MM

Parents are no go area. I'm meant to be moving out soon with my boyfriend i can't even afford it but just haven't got the guts to tell him!

I have applied for 0% cards before xmas but got declinde.

CLAPTON

can you complete your expenses...
what does car 280 mean? is this petrol, car tax, insurance etc? or what

petetong_3

Sometimes i can meet all my expenses, depending on overtime at work

£280 is for car and petrol

medman

PT

you need to start the relationship with your boyfriend based on honesty or it won't work.

You might need to lose the car for a year or two just to get back in front. Tell your friends it's for environmental reasons!

But honestly you need to sort out the finances before you set up home with OH, otherwise it's going to go from bad to worse.

Could you consider postponing the move out? Earning 1600 you could throw all that at debt if you stayed at home and start your new life on an even footing.

Some thinking is required

MM

petetong_3

Thanks MM

I think i will be taking lots of deep breaths and lots of thinking!

cheets99

Can you not sell anything to bring in some funds, £32k you must have some really expensive gadgets etc.

medman

Hi

I've had another look at your sums and I think it is probably time for you to look at the CCCS website. http://www.cccs.co.uk/ You simply can't afford your minimum payments and some sort of management plan is needed.

Your best bet is to be open and honest with your boyfriend and enter a debt management plan. They come highly recommended from these threads and it will allow you to make a fresh start.

Give it some serious consideration

I wish you all the very best

MM