Help me MSE - you're my only hope!

LewisM_2

I'm really at the end of my tether here, debts are rapidly mounting up, debtors are growing more and more impatient, the future is looking pretty bleak

What I currently owe:
£3,100 Student fees (need to be paid in about 4 1/2 months or I'm kicked off my course)
£1,200 'Online bills' (I'd rather not say what this is for, it's nothing embarrassing just very unique [and easy to identify...]) Supposed to have paid off £300 of this last month (and each month) couldn't afford it.
£480 Rent (haven't paid last months, this months £240 is due on the 6th)
£450 Payday loan, already a week overdue
£350 From my father (no return time as such, but I'd understandably like to return it ASAP)
£250 From my fathers company (needs paying back within a few months)
£150 parking ticket (Don't even ask :mad:)
£110 To a friend, needs paying back ASAP.

Total: £5,840

This is on top of about £300 a month bills, £110 a month car insurance, £20-30 petrol and food/general living costs.

---

I am EXTREMELY lucky to have a £1,600 payment coming in on the 10th January (next part of Student Tuition Loan).
That's paying off the payday loan, my rent, parking ticket, car insurance and my friend (the most urgent), leaving me with about £400.
That £400 is just about enough to cover another months living (if I don't eat) then I'm broke.
That £1600 is supposed to cover 4-5 months, which in itself is a problem, but I'll have to worry about that later.

---

My credit rating is apparently terrible.
My younger years were spent constantly going a few pound overdrawn, incurring fees then bringing myself back into the green.
I never thought this was a problem, I always paid up after a week, 2 weeks at most, but after 4 years of this I'd dragged my rating right down (I was young, I didn't know any better )
The final straw was about 6 months ago, I discovered PayDay loans and promptly applied to all of them. All of them? Yes, all of them.
After being turned down for a good 30 of them I finally read somewhere that this was destroying my credit rating and packed it in - what can I say, again I was uneducated

I've tried to get 2 or 3 large loans (My grandparents recently paid off about £3,500 of corporation tax fees [my once mighty business destroyed in under a year] so I was looking for about £7,500 then), all of which turned me down due to a terrible rating.

---

So!
I ask you MSE, what can I do?
I have probably the lowest credit rating this side of bankruptcy, I don't own any property, no one I know will do a guarantor loan with me and I need to find about £5,000 in a few months at most.

ANY suggestions greatly appreciated!

**As a side note, I'm now a firm supporter of teaching kids the basics of banking before they hit 16...**

Emmzi

well my love, with a shot credit rating and no income, you are not going to get a loan.

if you have a student loan why do you have extra tuition to pay? I am confused by that.

Bankruptcy is an option. Debt Management plan in an option. Debt Free Wannabe board to discuss those.

Me, I would throw myself on the mercy of my parents. But then you have also had a gift from grandparents so maybe not.

If the online debt is !!!!!! or gambling I'd also sell the laptop.

Only other option I can think of is medical studies if you can get on one. It's highly paid due to the risk. It can go wrong. And the timing may not work. You don't list "get a job" as an option yourself.

Also think about deferring your studies while you fix your finances. I;d say student hardship fund but you are in too deep.

jonesMUFCforever

Get rid of the car for a start you can't afford it - then pop over to the debt free wanabe board for more advice.

Buttercup2305

All I can think of is the parking ticket a private one?

LewisM_2

Sorry I probably should have said in the first post:

1. The £1,200 is from my business, as I said it's nothing bad, just very unique to me. I'd rather anyone I know not be able to identify this username as me.
2. I bring in £350 a month from part time work, and what works out at £400 a month from student loans. On top of that I still dabble in business here and there, usually making about £100 a month (however there is no official documentation of this, *ahem* )
3. Long story short, the Student Loan folk refused to pay my first year of tuition fees. I've already paid some off, hence only £3,100 left.
4. Scraping the car is pretty much already sorted (declaring it off the road rather than selling), so there is at least £140 a month I don't have to worry about
5. I'm on the electoral roll (reading other threads, this seems to be important?).

Sorry for making a thread in the wrong section, could a mod move it for me? - Thanks!

*edit*

I leant my car to a 'friend', brought it back with £150 worth of (public) parking ticket ¬_¬

Emmzi

why won't you sell the car? It seems obvious.

LewisM_2

I'd only get about £6-700 for it, then in a year I'll have to shell out like £1,200 odd to buy a new car again (I WILL need one in by then, I can just about get by without one atm, but no chance in a year).

BoGoF

LewisM wrote: »

I'd only get about £6-700 for it, then in a year I'll have to shell out like £1,200 odd to buy a new car again (I WILL need one in by then, I can just about get by without one atm, but no chance in a year).

"Only £6-700"!!!! In a year you could be bankrupt, get rid of it

Emmzi

So 3 months rent but you won't sell.

No, you aren't ready for proper help. You're one that'll need to come back when you ARE bankrupt I am afraid. Been round the block, seen it all before.

LewisM_2

I do appreciate what you're saying, I just don't want to rush into selling it.
If I sell it tomorrow, I'm going to have to spend more to get a car again in ~10-12 months.
So if I sell it, then do manage to get a loan sorted out, I've just wasted the money it's going to cost to buy another car.

Believe me if I'm still in this situation at the end of January I'll be selling the car, I'm just hoping I'll be able to get away with just declaring it off the road

BoGoF

If you manage to get a loan??.......ain't going to happen.