Advice?

liz105

:icotbaske

sdt1986 wrote: »

£7000 loan in parents name to make interest cheaper.
£700 - Store card debt! (mainly built up due to interest and charges)
£950 - Overdraft with the worst bank ever (Abbey)
£500 - coop debt, tried to open an account ages ago to transfer my wages into supposed to have a overdraft limit of 1000 and everything would be fine but i used it thinking it did and it didnt so i went 250ish over and have now ended up £450 in debt after charges!
£1000 - owe my mom which is causing so much friction!
+ various other smaller debts that go to something like a 100 quid.

If I were you, (and obviously Im not so this is just my ideas) I would get rid of the smaller stuff first as it seems to be causing you quite a bit of aggro.

So

Store card - call them up, say you're a student etc and ask them to freeze/lower the interest, or try and strike a deal with the repayments at least. I bet this has a sickeningly high interest rate, get rid of this one first. (Check Snowball Calculator).
Abbey & Coop - as another poster said, open up a new basic account for your wages. Then claim your charges back from Coop and use that to pay off some of the debt (dont go and spend it). Again try and strike a deal with both of them over the interest so you can really try and get these clear. (Do this before you claim your charges, they might not be so friendly after you do that).
Mum - great things at arms length, if its causing friction (which is never nice cause mums are handy things to have around really) try and pay this one back too, bit by bit, as soon as you have everything else under control.
The loan - this one wont seem as bad when the other niggles are under control, I promise.

If you worked weekends, and a few more hours a week, you could earn another £200 p/m which could go straight on re-payments. Once your phone price plan changes you'll have around £85 from your budget now. £285 p/m on that lot not including loan and you'll be out of the woods in no time.

If you dont mind me asking, why are you working so far away? Is there nothing in Newcastle that you fancy? Thats a lot of travel, costing money and eating up time you could be earning money instead. Can you transfer? Or start somewhere new completely?

:EasterBun

sdt1986

When i lost my previous job that was the only one available. That was suitable for me, plus its £7 quid an hour where most jobs i hve found are £6. And the best thing with it although its in Sunderland it provides the most perfect hours for me around college, the job i had before i worked less hours just cos they werent suitable around college.

As for paying store cards/co.op theres no longer any interest now as the debt collection agencies have bought them, so its a matter of them chasing me up. at current moment in time for the last month and this month i have just ignored them.

Opened a readycash account with the yorkshire bank and as soon as Abbey stop being total D***s i will get my charges of around £330 back which i will on abbey's overdraft, then ring them to say that i want the account closing and work a payment plan on the remainder of the o/d.