Dont know what to do

closetodeath

I've got to a point where I've tried to pay off my debt for years now but it has just got more and more.

I'm really fed up an i cant ever enjoy anything i buy ie a bar of chocolate.

Don't know if yous can help me in anyway if not that is ok i just need to tell somebody what my situation is.

Age - 24
Living with parents
Unemployed


My debt is as follows

Visa Credit Card - £1,037.21
Capital One Credit Card - £826.53
Capital One Credit Card - £475.41
Loan (under family member) - £8,500
Family Cash - £4,365
Payday Loan - £408

Total = £15612.15


Direct Debits

Loan Payment - £357.56
Mobile Phone Contract - £60.54
Mobile Phone Contract 2 - £56.00
Bank Account - £15
Gym - £17.99

Total = £507.09


Bank balance - £39.88 + £100 overdraft


Credit File done on November 2011

Data seen by Lenders
Callcredit 538
Equifax 532

Data seen by Landlords / Employers
Callcredit 840
Equifax 840
Experian 840

Other Scores
Postcode 860
Application 620


Reason i have 2 mobile phone contracts is that 1st one is my ex's. She could not get a contract on her name so i got it under mine. Loan under family members name is roughly £8,500 - i don't know the exact figure.


My biggest problem is that my temp contract has finished at work. I am now unemployed and have not received a single reply from about 40 job applications this week. I lack education and my work experience can only get me in simple jobs that i have always done where i make roughly £700-£800 a month.

I am hoping to do good in the future. I have cut up all my credit cards and i have started studying for ACCA. Sounds silly with how bad i have been with money but i would like to be a accountant as i believe that would be a secure job for a comfortable future if i last that long.

I am really struggling and i don't know what to do. Honestly thought of giving up but i cant as i owe my family so much money and that's the only thing is keeping me going.

I don't know if i can go bankrupt or get some sort of payment plan where i can pay a set amount every month but covers all my debt which i don't think i can as i owe money in different places ie family. Also bankruptcy would affect a job as a accountant i would believe.

I don't mind if nobody replies as i just needed to say all this to someone just please no comments on how stupid i have been to get into such a mess. I know i have made mistakes but i cant stand to have it reminded by others as i do enough damage to my mind as is.

Thanks for reading

smileytiger

Dont give up - i'm sure someone will be able to give you some great advice on what to do next - just couldn't read your post and not send some hugs .x

mytimetoshine2012

Same here. I'm not knowledgeable enough to start giving lots of advice about what you can do and the people that do advise on here are great so hopefully one will be along soon to help you.

I just want to say don't give up. You have already taken a positive step by cutting up your credit cards and have a plan for the future which seems sound. In ten years time this will all seem like a minor blip on the horizon of your life.

I am sure there is something that you can do with the mobile phone contracts too, ie if the phone is technically yours I would think that you could demand it back and sell it even if you are stuck paying the contract? Again someone will help.

Good luck

Lillyella_2

Hi
Sorry to hear about your problems, believe me, I know how you must feel! been there-done that-bought the T shirt!
Just wanted to ask, have you been to the Citizens Advice Bureaux? They helped me a lot and I was in a hell of a lot more debt than you are in! they got all my debts reduced to minimum repayments and got all the interest stopped, so what I payed back was actually eating into the debt and making a difference.They will be able to tell you if its advisable to go bankrupt and contact creditors on your behalf. It must be difficult for you not having a job but thats why its so important that you go to the CAB and get the ball rolling now, your creditors cannot get blood from a stone can they? keep your chin up and try to keep positive. I hope your family are a bit more sympathetic too!

immoral_angeluk

Ok, first thing to do is get income coming in. Are you claiming any jobseekers? If not, why not? Are you able to get a job, any job?

taffy056

I think the problem here is the loan under a family member, have they guarantored it, or have they got this under their name and you are repaying it? You really need to tell whoever that is you are having problems, as it will impact on them. Also what is family cash ?

Butti

I would just reiterate what Lilyella says. CAB would be a very good place to go. You might have to wait a bit but they would take you through your debts with a debt advisor and they could keep the creditors at bay.

They would even provide the kleenex if it all got a bit much.

B x

closetodeath

Thanks for the friendly replies everybody

The loan is under a family members name non secured but it is effecting them in gettign a mortgage at the moment which is puting alot a pressure on both side now. Yes i am repaying all of it. They know i am struggling at the moment and are a bit flexible on it ie i get 2-3 weeks to make the full payment as they can use there own money to cover the payment but i must pay that payment in full for the month.

I am not on jobseekers allowance yet as i have just become unemployed. This is a task for the coming week. I am applying for everything in my area. I phoned 2 agencies after sending my CV and one said they have over 100 CV's to go through and the other person said they had just over 1000 CV's to go through. Both said they will contact me...hopefully they do.

I have asked for the phone back but it has suddenly gone missing.

Family Cash = Cash that has been lended from my parents.



This is my plan for the week -

1) I am using my ILA £200 funding for a SIA badge. I will be sitting the SIA course this week Mon-Thu 9-4.30pm.

2) PPI - I have filled out 6 FOS forms + letters to be sent out tomorrow morning. Hopefully i can get some money from them in the near future.

3) Jobseekers Allowance - Will be dropping into the office this week to see if i can get it.

4) Continue sending out my CV everyday.

5) I have two choices for Citizens Advice Scotland -
a) I can phone there telephone advice tomorrow evening
b) I can drop in for advice on Friday
Which is best to do? Would it be best to drop in and chat to someone face to face or is there telephone advice service just as good?

Mikazaru

closetodeath wrote: »

3) Jobseekers Allowance - Will be dropping into the office this week to see if i can get it.

You can no longer go to a job centre to claim JSA, but you can do it online now and they will phone you with an appointment.
Can you change to a basic free bank account and cancel the gym?

Tixy

For a lot of people in your situation bankruptcy might be a reasonable option, but the family loan would be a problem as obviously the family would have to pay it themselves, and it would be an issue with regards to the possibility of qualifying as an accountant.

In terms of ex's phone - is she paying you or has she stopped? If she has stopped payment I would ring phoen co and explain. Tell them you want a stop put on the account so she can no longer use, and then see if they can drop it to a cheaper tariff for the duration of the contract.

You say you've started studing ACCA - how are you doing this? evening classes or something? is it a free course you are attending?
Accountancy firms generally start recruiting in about April/May for new starters (at various levels school leavers/graduates etc).

If you don't find work it might be worth writing to a few local firms to say you are starting studying ACCA and ask if they could give you a couple of weeks work experience - a lot of firms will do this, ideally try not the top 10 firms and not the tiny firms with less than say 20 staff but anywhere between the 2. If you or your parents no anyone who works in an accountancy firm go through them to ask for work experience.
If you can get this that would put your name ahead of other applicants when it comes to recruiting new staff (assuming you do well and make a good impression over the 2weeks).

pineapple123

I agree with Tixy, a good way to get some experience and poss a job is to offer to do work experience, I know someone who got employed with a good training programme in there dream job last year by doing just this, also dont wait for a job to be advertised just deliver your cv and accompaning letter to any employer- shops, industrial estates etc. I know a few people who have gained employment recently from doing this.
If a job is advertised you can bet hundreds of people have applied, by advertising yourself shows initiative.

Good luck.