Eugh... help me! :(

ryanmulvy

Im a 19 year old boy and have been struggling with my money problems for about a year now. I have not told my family and im always depressed and ive decided its time to get out of this mess! and i need help. I need a £3000 loan with small repayments. I have a full time job earning £860 a month.

I have a really poor credit rating from what i can imagine and i need the loan as soon as possible without the whole them sending you papers for you to sign and then you have to send it back etc.

Can someone please help. I have no idea what to do with myself emotional wreck!

somethingcorporate

No chance, sorry.

Low income, bad credit history, not wanting to sign for it etc all make you (very) high risk.

Debt rarely solves debt. How about you use some of your income to pay back what you owe rather than borrowing more?

Tixy

Hi ryan

If you have defaulted on previous debts/have a poor credit history then you have little chance of getting more credit. Rather than focusing on a new loan there will be other ways to tackle your situation.

What are your existing debt amounts and who are they owed to? Are you currently behind with repayments?
It might be a good idea to contact one of the debt charities for some advice. The other option might be to write to your creditors yourself to offer reduced payments at a level you can afford.

It would probably be useful to post up a statement of affairs (list of income & outgoings) so people can advise you best on how to tackle your debts and maybe how much you could offer to creditors.
Do you still live with parents?

Have you spoken to your doctor or anyone regarding your depression?

ryanmulvy

Im in a bad cycle with payday loans.. i lose around £200 each month because of it. I have car insurance to pay. I have a credit card to pay off. My phone contract and catalogs.

I need a debt consolidation loan.. Im asking for general help not someone to be harsh with feedback.. its a hard time and im struggling. I know i got myself into trouble and its my fault etc but the least i need right now is negative feedback even though its the truth

ryanmulvy

Tixy, i have a £899 wonga loan. £400 credit card. £275 catalog. i payout £89 a month in phone bills (2 contracts) £365 car insurance a month.

I just find it hard to talk to someone about my debt cause im not proud of it and if my mum and dad found out then id feel even worse

Tixy

If you cannot afford your current debt repayments then you will need to consider defaulting on the payments, and then setting up a reduce payment plan. This could cover the payday loan, card, catalogues and one of the phone contracts (whichever one you are not using - assuming you are not able to cancel 1 of them).

It really sounds like you cannot afford to run a car on your wage, it must be taking up over half of your income once petrol, tax, servicing etc are added to the insurance. I would have a think about selling the car and managing without until you get on top of your finances.

R_P_W

sorry but consolidation loans are very rarely the answer and I don't think you will be able to get one anway.

Best thing to do is to write down all your incomings and your outgoings today. You will have to be really harsh and cut back on all non essentials. What you have left is what you can afford to pay off your debt each month.

Will your parents not be able to help you out in the short term and then you pay them back?

If you are not going to be able to pay your lenders I think being proactive and talking with them first is better than waiting until you default.

It might sound harsh but you need to take ownership of this issue (which it sounds like you want to).

happycamel_2

RPW and Tixy are correct, it sounds like you can't afford a car and you certainly can't afford to spend 10% of your income on mobile phones.

You could set up a payment plan with one of the debt charities but that will trash your credit rating. Alternatively you could ask a family member to pay back your debts for you and then repay them. You won't get a consolidation loan.

If you drastically cut your expenditure you can get these debts paid off and put it all behind you. You've learned the harsh lesson that when you take on a loan you then have to find the money for current costs, capital and interest repayments all out of each month's income. I'd advise selling the car (if you use it to get to work then get a moped instead) and going from there.

By the way, in the eyes of the law and everyone else 19 is a man not a boy. You're all grown up now and by posting on here you are taking the first step to showing it. It's likely that by taking positive action about your debts you'll start to feel better but if not, please see your GP. Don't hide from your parents either, honesty is best in all relationships even if it is difficult at the time, it'll make you a better and stronger person in the long run.

ryanmulvy

I need my car to get to work. There are no bus routes so its essential i have a car and i think in my case consolidation would be right as if i get a loan i only have to pay the one amount each month which would make it easier for me and id have less to worry about in terms of people turning up at the house which is what i currently fear everytime the door bell goes

i will do as you suggested and write down all my income and expenditure and try and come up with a plan

BlushingRose

A consolidation loan always feels like a good idea, but rarely is.
There are lots of people on here who have taken one out and it's ended up making the debt situation worse, not better.

Seriously, as others have said (and you've said you're going to do it) post up a SOA and we can take a look and see where you stand.

The first thing I would say is get rid of one of the mobile phone contracts - unless you're a drugs dealer or a pimp, it's unlikely that you need two phones

You're sounding as though you want to get things sorted but I don't think you've had your Light Bulb Moment yet as if you had, you would give up the idea of getting more debt (a loan) to pay off your current debt.

bargainbetty

Ryan,

Please read what is written here and take it on board. You are not listening to what people are saying.

You need to sell your car. You cannot afford it. Using the money you recoup, you can take a CBT and get a moped for a couple of hundred quid which will get you to work. You cannot afford the insurance on your car.

You need to speak to your mobile phone providers and ask about reducing to the minimum contracts available. If you explain that you are struggling, they may help. Worth a try.

Due to your age, bad credit history and recent troubles, you will not get a loan from any decent lender. You might get offered terrible APR guarantor loans, but you don't have the resources to take them either.

The only way to deal with the debt is to look at what is causing it. If you do not address why you are spending more than your income each month, consolidation - even if you could get it - would not work as you will run up more debts.

It's already been said, you are not a boy. You cannot afford your current life, and as there are other options that you can get (moped) and options that you can't (loan) I guess you will have to start living within your means.

I wish you luck, but you need to grow up and realise you can't have what you want.