Young and Hopeless!!

jules888

My hubby bailed out his parents many times and they still lost their house.They"re hopeless with money.Has cause arguments between hubby and i so i would say stop it now.
Also think £55 a month on gym expensive,i just go for a jog and £40 for a mobile .

Beautiful-Moose

I know it doesn't make sense and I have raised this point with them before but all I get is "you will get the money back.......when we sell the house" and "you'd be paying a lot more in rent if you lived elsewhere so be grateful it is such a small amount". All I have is their word for this that the house will be sold. They have been saying they are going to sell it for about 18 months but nothing is done. And it is true that I would be paying a lot more in rent. They had the cheek to ask to raise it to £250 last month and I said no which ended in another massive arguement with me in tears and being called ungrateful etc.

It's a horrible situation to be in at times but hey these are the cards life has dealt me so I just wana deal with the debt the best I can and sort myself out

RAS

Beautiful-Moose wrote: »

midnight express - I have often thought about selling my car but I do need my car. I have just paid for a years worth of road tax and insurance so maybe nearer the end of it's term I may think about giving it up for a year to help the debt situation.

Hi

You and your parents need to learn to budget.

That means that your monthly budget needs to include 1/1th of the cost of the road tax, insurance, MOT costs, maintenance costs of the car, none of which are in your SOA.

You stick that into a separate budgetting account so that when the bill becomes due, you have the money instead of "having" to put it on the credit card.

Likewise, you budget for Christmas and birthday present. You know how much you spent last year, so divide that by 12.

And you also need to budget for your weekly shopping, clothes, holiday etc.

Beautiful-Moose

jules 88 - I can't get out of the contract until Feb 2013 so I shall think about handing my notice in then. Until then I shall use it as much as poss as I am paying for it and stops me spending elsewhere and gets me fitter in the process!!

billinghamfan

I hate to say this but if the house isn't up for sale, and you have been asked for more rent I don't think you are going to get the 2K back, especially if you have been called ungrateful.

If I were you I would seriously think about moving out, you then won't feel pressured into giving over more money, it will be better for you own health and you can budget your costs without the extra variable costs of your parents okay it may cost more and mean it takes longer to pay off your debts but it takes you out of the environment you are in and also will probably improve your relationship with your parents.

RAS

Beautiful-Moose wrote: »

I know it doesn't make sense and I have raised this point with them before but all I get is "you will get the money back.......when we sell the house" and "you'd be paying a lot more in rent if you lived elsewhere so be grateful it is such a small amount". All I have is their word for this that the house will be sold. They have been saying they are going to sell it for about 18 months but nothing is done. And it is true that I would be paying a lot more in rent. They had the cheek to ask to raise it to £250 last month and I said no which ended in another massive arguement with me in tears and being called ungrateful etc.

It's a horrible situation to be in at times but hey these are the cards life has dealt me so I just wana deal with the debt the best I can and sort myself out

I have some sympathy with your parents here.

You need to ask how much the mortgage costs, the Council tax, the water rates, the electricity and gas and then you and your sister really need pay one quarter of that cost.

One of the reason your parents are probably in debt is because the state assumes that you are making a decent contribution to the household and your parents are keeping a roof over your head.

By all means deduct the cost of the credit card payments until that is paid off, but you both need to pay your fair shares.

EJG1982

hi & welcome beautiful-moose

first, a MASSIVE well done to hitting it now, such a mature attitude that you have taken note so early and set a goal already. im trailing behind with a chunk more debt but i hit 30 this year and promised myself to make us debt free within 2yrs ready for a family :T yay babies:T

although my parents dont come to me for money, its been the other way round, i certainly have never had a good relationship with them over it.

mine was more they didnt appreciate the fact living on a smidge of their income was hard and bills mount up. they could never understand how easy it is to spend so little so quick, think they forget prices are different to their days :rotfl: i've hidden the true extent from them for a long while, which is wrong i know but works for me as less arguments and im managing it without their judgement. actually i say 'they', 80% is mum!!!

you certainly seem to know your options so far, and seeing that you have a bit of disposable income is promising. if you could get any of this debt onto a 0% card then you stand a massive chance of clearing quick, use and abuse these 0% offers (sensibly though!)

its whats ive been blessed with being able to get after bad credit for 10 yrs. my first payment of £550 came off one this month and its an amazing feeling seeing a chunk like that go :j

good luck and im keeping you subscribed (unless you move thread lol)

41_and_i_know_it

Beautiful-Moose wrote: »

Hi all!

I want to be a Debt Free girl by my 28th birthday. I am 25 now. I need some help and just somewhere to vent my frustrations. I am about 6.5k in debt. I live at home with my parents and they are up to their eyeballs in debt too so I get no help or sympathy from them. All my friends are very judgemental about money issues so I don't feel I can talk to any of them about my problems.

My debts consist of

Natwest Card - £2,750
Barclaycard - £3,370
Overdraft - £400

Although to some people this may not see this as much debt I don't want to live with it anymore. I want to start saving for my own place and be moved out in about 3 years time but I know I need to clear this debt 1st.
I don't know where to start or what to do. I checked my credit rating and it's good which is a small plus in this situation as I am still making all my payments, just about! I am thinking of transfering my cards to one card with a long 0% balance transfer and starting paying £250 a month off. Is this the right way to go? Does anyone else have some other suggestions?

I just feel so hopeless about the situation and want to sort this now before it gets any higher.

Forget about comparing your situation to anyone else's. You are incredibly brave for firstly admitting and seeking help. Also you have time on your side.
August 2003 I had a 4 bedroom house.
October 2003 sold and made 23k profit.
April 2004 went bankrupt as 25k in debt, 18k taken from solicitors to pay official receiver, purchase of new house frozen, partner had to get mortgage.
I'm 41 and wish I could go back to being your age, I believe truly that you are capable if you really want to clear your debt and this is how you do it.
Don't pay interest especially high interest.
If you're in real trouble can't make payments etc pls go to CAB, Debt charity or get legal advice.
When I had a solicitor for my IVA she negotiated my HFC loan down to £300 from over a grand and my LV loan from £15k to £5k but I messed up because I used £18k to buy a house under pressure and because I had only paid one creditor broke the terms of my IVA which states that I had to pay all creditors the agreed negotiated amount which I had used.
Okay, listen to me now. People can be negative and so caught up in their own problems, when you hear negative or them going on when you want to talk , either blank them out or leave the room. Parents give you grief because they want you to avoid making the same mistakes they did, but because they're your parents it comes across as criticism, and it hurts to be told when you are clearly a grown adult. I don't know you but you have a very bright future, you're certainly on track more than I was debts get bigger over a period of time so now you know and are scared use that fear to turn this into a fight which it is, and you will help yourself to be the winner and pass your advice onto someone else. Please don't pay high interest, all your money goes nowhere.

Beautiful-Moose

EGJ1982 - Thank you for reading and offering advice. It's always nice to have help and know I am not alone when I have felt that way for so long now

41 and I know it - Thank you for sharing your story. I shall defo be tapping into this fear and using it to turn a corner.

Well this weekend is going to be tough but I am pleased with my plans so far. I am a massive football fan (Charlton and Liverpool if anyone is interested) and tonight is a massive game for one of my teams, normally I would be there but I have declined offers to go and shall stay indoors watching it saving cash on the ticket price. Also a friend asked if we could go out Saturday night, I have now got her coming round for drinks and food as it will work out a lot cheaper. I am off to the gym Sunday to keep myself away from the temptation of shops etc and trying to get some of my memberships worth. I am also using Sunday to sort out getting a balance transfer on one of my cards as I don't think I will find a deal that will accept my full balance amount?

EJG1982

morning b-moose < moose makes me giggle, i work in building maintenance industry and boss the blokes about, they took to calling me moose the s*ds, an occasional Wench gets thrown in sometimes, always 'oi moose this, oi moose that'...even other offices and yards say it now.. :rotfl:

anyway defo look at moving what you can. have you seen your credit file recently? personally i prefer experian's credit expert over equifax. It'll give you a good idea where you stand with future credit requests. even if you pay on time etc if you're using your full credit allowance (ie cards maxed out) it doesnt look good on file for them to offer more.. i would suggest taking a look at this first if you havent already, its free for a month and can view online, though takes couple days to get login code through post.

i used it first time in years for me and my fella and quite interesting to see where to improve or whats been affecting us etc. i had a negative factor showing i wasnt on electoral roll and have never held/completed a credit/finance agreement (like sofa's/tv on finance etc)

I can imagine you already know as you seem quite clued up with all this, but incase not, dont attempt lots of 0% credit applications over short time. Each credit search is recorded and although others can not see full details if you were declined or not, they may base judgement on the number of searches carried out that havent turned into new credit. ie even if accepted for 5 and you turned them all down it would be on the file 5 searches done but no actual credit accepted with no new cards issued. They may see this as you were declined.. theres lots of factors they look at

sorry if you mentioned this already but are any of your cards on 0% offers already and do you only pay the min. amount each month?