Dfw Noob

dragons1

Hi, been on this site for a while trying to get myself debt free, with suggestions and tips of all you kind members out there, but i still cant get anything paid off so i could really do with some help from you guys. I would be so greatful it would be nice to open a letter with out having to worry how much i need to give to the debt collectors this time! I find it difficult to pay the monthly minum payment as i always forget, i also have a poor credit rating so cannot get a loan or any other credit or bank accounts, I have tried!

So here is my SOA
Monthly Incomings:

My salary - I work part time for my father i earn £100 per week

Total - £400 per month

Monthly Outgoings:

Travel (see my girfriend by train every weekend) - £50
Internet tv - £8
Phone - £35
Food - £50
Expensive girlfriend and going out £250

Total: £403 - (not including payment to credit cards etc)

HSBC CC – Balance £1525 (limit £1,500) now been passed onto debt collectors

Barclays CC -Balance £1502 (limit £1450) Cash annual rate 27.9%, Purchases annual rate 19.9%


Barcalys Overdraft - £1650 (limit £1500) Overdrawn

HSBC Bank account - £5 Credit (no overdraft facility)



Please help if you can!
Happy easter ALL:EasterBun

magentadreamer

Is there any reason why you only work part time? As idealy a full time job is what you need.

You spend 3/4 of your monthly income being with your GF. Is there ways you could cut back on this, perhaps stay in with a DVD? Does your GF know the extent of your debts? As from what I can see you're spending money to be with her whilest your debts spiral or go unpaid.

As for missing payments can I suggest with your other two cards you set up a DD for the min payment.

Is your mobile at £35 a month on a contract? f you can get out of it then I'd switch to PAYG - O2 do a free sim with 300 texts with a monthly top up of £15 I think. You might even get some minutes thrown in -not looked at the finer details.

Sorry if I sound harsh not meaning to.

GirlRacer_2

I agree with magentadreamer here. You need to cut down on the amount of money you spend going out. If your mobile is on contract and you can't get out of it, drop to the lowest tariff.

Could you not get a job in the evenings or increase your hours?

rog2

This may sound flippant, but it's not meant to be; Have you asked your dad for a rise? Family firms (I ran one for 20 years) are notorious for paying low wages to family members who work for them.

dragons1

hi, thanks for the comments your not being harsh at all i need a good kick up the bum!

I work on a building site for my father all day so really it is a full time job i've been doing this for 8 months the reason i get paid £100 month is because i live at home with him at he pays for electric, gas etc. I am on a mobile phone contract so reducing the tariff is a great idea. My girlfriend does know how much my debts are and she tries to make me save but its my fault i go out and spend money on her and myself, i should cut back and save i know but its hard when our friends are out drinking or going to restuarants i dont like to look like i cant afford it. I am alsways the first to buy a round even if im struggling

Mindy_2

Is there a reason why you go and see your girlfriend every weekend, ie can't she come and see you every other weekend, that way your travel would only cost £25.

I think you say it all with your statement "Expensive girlfriend and going out £250". You are funding a lifestyle, not a way of life. £250 a month is a lot of money for people who are earning a salary, and you only earn £400 a month.

Start a spending diary and see exactly what your £250 a month is going on.

Ask your dad to pay your money straight into your bank account, set up direct debits for the minimum payment to both of your credit cards. Use the HSBC bank account as it has no overdraft facility and this will stop you from overspending. Clear the overdraft on the other account as soon as you can.

Tell your girlfriend that you have a few money problems and that you have to cut back drastically. As you are currently spending £300 a month on her/going out then you can reduce your outgoings massively.

Try and get a PAYG phone as £35 a month is very expensive.

Just read your last post - stop spending!!! You can't afford to be the first to dip into your pocket and buy a round. Don't go out, have your mates round for a drink and BBQ, suggest they bring some drink. You may not like to look as if you can't afford to go out with your mates, but the bottom line is that you can't.

If you don't stop spending way beyond your means, you will soon be in a lot more trouble than you are now!

Good luck in sorting it out.

dragons1

thanks mindy for the post
You are completely right i need to stop spending! I had a letter through from debt collectors the other day i need to pay back all of my HSBC credit card £1500 or they will take me to court! I hopefully will be able to set up a payment scheme with them so i can pay a bit off at a time.

All of you have made me think about my lifestyle and its got to change!
THANKYOU

anymore suggestions please i welcome them i still need your help!

poppy_f1

if your working near enough full time hours and only getting 100 per week surely thats below min wage
i'd ask your dad for a increase and explain about your debts, or if you dont want to do this then i'd suggest finding another job

GirlRacer_2

You really need to increase your income before you find yourself in too deep. Let your Dad know about your debts. I'm a parent and would much prefer my children to let me know of any money troubles they have - not because I would bail them out, because that is not the answer, but I would certainly try my hardest to show them how to be responsible with money.

I tried to continue with my lifestyle following a divorce. I continued to spend as if there were two wages coming and that is how I found myself in debt.

Could you not stay in with a couple of mates and some beers rather than go out all the time?

Catseyez

£100 a week really is very low for somebody who is working all day everyday.

If you work out how many hours you do, you can work out your hourly rate. You might be surprised to discover that your dad is paying you less than the minimum wage.

If you were to do the same sort of work for another compnay, how much could you get paid?

I know you're living at home etc but I think it's still too low to pay someone only £100 a week. If the household bills were broken down, how much would you really have to pay if you were sharing with friends for example?

dragons1

Im not sure how much other people get paid, i am just a labourer i will speak to my dad and see if i can get a wage increase or at least he maybe able to help me out a little with my debts. Do you think i should try and get a loan to pay all my debts, so i only have to pay one company? If so is there anybody who will take on a person in my situation?
thanks again for all the help