21yr's old, Need Help

joerama

Hi,

Currently i am in quite abit of debt due to being silly over the past few years and now i have decided to do something about it as i am losing my job.

Basically my debt is as follows:

Barclaycard £1400
RBS Credit card £1900
Natwest overdraft £600
Santander loan £2900 remaining. (£150 p/w)

So i have £6800 in the red!

What are my options???

Please help, i need to do something about this before it gets too much.

Should i get another loan to pay it all off?

Thank you!!!

DCFC79

joerama wrote: »

Hi,

Currently i am in quite abit of debt due to being silly over the past few years and now i have decided to do something about it as i am losing my job.

Basically my debt is as follows:

Barclaycard £1400
RBS Credit card £1900
Natwest overdraft £600
Santander loan £2900 remaining. (£150 p/w)

So i have £6800 in the red!

What are my options???

Please help, i need to do something about this before it gets too much.

Should i get another loan to pay it all off?

Thank you!!!

You should post of a statement of affairs so others can suggest where to cut down.

joerama

I dont understand what you mean.

Is there not a specific thing someone would do in my situation?

Humphrey10

Statement of affairs (SOA): eg: http://www.makesenseofcards.com/soacalc.html

rising_from_the_ashes

Pop up the SOA http://www.makesenseofcards.com/soacalc.html.

I'm afraid without the full picture (income / outgoings / debts / APRs) it's practically impossible to offer advice.

joerama

ok i earn roughly £550 per month.

Pay roughly:
£150 car loan
£30 Gym
£60 rent
£20 barclaycard
£15 natwest overdraft
£30 rbs card

Not good at all

Is there anyone i can speak to or anything i can do i.e get a loan and pay it all off over a few years or something?

rising_from_the_ashes

Sorry ..... we really need the fully completed SOA as there is loads missing from this - eg for the car alone: maintenance (incl servicing & mot), tax, insurance, fuel, parking.

LittleMissGiggles123

On that wage of £550 per month you won't have any chance of getting a loan on top of all the debt you also have. The other posters have asked you to fill out an SOA (click on the link provided) so that they can see where your money goes at the moment & where you could cut down.

Is there any way you can up your income? You say you're losing this job, have you found another one to go to? This might be a good time to look for a job that pays more.

Good luck

elsien

joerama wrote: »

ok i earn roughly £550 per month.

Pay roughly:
£150 car loan
£30 Gym
£60 rent
£20 barclaycard
£15 natwest overdraft
£30 rbs card

Not good at all

Do you not eat/socialise then? - you need to think about where all your money actually goes before you can start to think about how to tackle your debt.

[Deleted User]

From the little information you have given so far the first thing you need to do is cancel the gym as you can't afford it.

Your local Citizens Advice Bureau would be a good place to start for advice but you may have to wait a few weeks for an appointment. When will you lose your job and would there be any redundancy due?

Your debt has taken a while to accumulate and will take a while to sort out but well done for recognising that you need to sort it. Are you still living at home? If so, just wondering if your folks could reduce your rent while you're out of work?

tallyhoh

I guess you live with your parents.
Your car will be costing more than you have stated, you should consider getting rid of it. The gym is totally unnecessary, cancel ASAP, walking everywhere without a car should be sufficient.
I think you should follow the link already posted & look at what you really spend each month.
Finally another loan wont solve your problems, you still have to pay it, if you cant get another job straightaway job seekers allowance is currenty £53.45 a week, I guess that wont cover your rent & car.

good Luck!