Eugh... help me! :(

happycamel_2

The fact that you already have pay day loans means that it is highly unlikely you will be offered additional borrowing. I know you say you'd consolidate but actually they have no guarantee of this (and lots of people do just run up the original balances again) so it is viewed as additional borrowing. So called "consolidation loan" providers offer no better rates than pay day loans, sometime worse, it honestly won't help.

Take stock and pay back your existing creditors, it won't be easy and a DMP may be your answer but honestly another loan won't help even if you can get it. If you tell your existing creditors you need a payment plan (go through a debt charity if it helps) then you don't need to worry about people turning up.

I really think you need to ditch the car and car share or get a moped though, the cost is killing you. Can you take a second job or up your hours?

carslet

Blushing Rose is right

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.

i should know i have done it 3 or 4 times and ended up in the same situation again.

you just need to get rid of the car and you will have 300 you spend on insurance to make a great start, please take the advice from here. when i started mine only this year and i am twice as old as you, the feeling now is fantastic you can start to see the light, ok i have not got my spending totally under control as much as i like it, but i never use the credit card anymore and will be debt free in about 2 years, good luck and make a start.

dancingfairy

Everyone wants to help but the sad truth is that you are very unlikely to get more credit
If you owe 3,000 already and you want to borrow another 3k then the bank will look at it as though you want to have 6k overall (because they can't guarantee you will pay the other 3k off). This is why they are unlikely to give you another 3k. The fact that you have already resorted to payday lenders is also going to be a big red flag to further lenders as well.
You can sort this problem out. Work out how much money you have left after essentials and this will be how much you have towards debt repayments. If you only have 50 a month spare after all your normal living expenses then they will have to share this 50 a month between all your creditors (they can't have what you haven't got).
You will eventually dig yourself out of this hole but if you are going to go down this route you will need to get yourself a brand new basic bank account (basic so no overdraft and therefore no credit check required). This will mean that you can be in control of who gets paid and when and you are not at risk of the payday loans people randomly rinsing your account.
Best of Luck
df

Lensman_2

bargainbetty wrote: »

Ryan,
<...>
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.
<...>

You may be 30 before you can take this advice. But it is the best advice I have read in many thousands of posts.

The fact that you are paying £90 of your £900 salary on 2 phones is a symptom of the problem you have to address. (I won't patronise you by suggesting what sort of perfectly good smart phone you can get for £20 a month).

You also need to to discuss it with your parents. By all means take a few months to pluck the courage up. But a consolidation loan will only postpone the inevitable and they are much more likely to tell the Debt Collectors to Foxtrot Oscar if you have got them on side.

Sorry about the lecture. But I am on this board because I failed to sort my problem out and suffered badly for it.

I still have £70k+ with debt collectors, 5 years after it all went tits up. Luckily my surviving parent is supportive. And it hasn't got any easier either...

dancingfairy

O.K so what payments do you need to make on a monthly basis from your 860?
insurance 365
mobiles 89
cc ?
catalogue?
food ?
rent ?
entertainment?

Another option is to just do a payment arrangement with Wonga (since they are the one that is going to cause you the biggest problem). How much can you afford to pay them a month?

Another solution may be a crefit union who may be able to lend you some money to get Wonga paid off.

Also you need to get those phone contracts sorted asap. I'm sure you could manage on 15 a month and get the other one cancelled (and sold if it's worth anything).
Anyone your age that is partying/buying mobiles/running a car and doing nights out/holidays is almost certainly living off the bank of mum and dad or running up thousands of pounds of debts and don't let them convince you otherwise.
df

dancingfairy

You can possibly afford to run a car/or carry expensive mobile contract or have a great social life or save up to move out or save up for great holdiays but you can't afford everything on your salary
I know some people can't afford to run cars unless the car is paid for my mum/dad and the same for insurance. It's not just you - it's stupidly expensive nowadays
The good thing is that overtime your wages will go up and you will have got this sorted before some people you know have got their head out of the sand. They will experience this at 25/27 (or later) and their debt problems will be well into the thousands by the time they wake up and smell the coffee. Trust me.
df

Fudgefund

I agree with whoever has said you need to speak to your parents. They may not be able to lend you money, but they will listen and forgive. I got into a lot of debt earlier this year and was determined not to tell them, but in the end my sister went ahead and did it anyway. I was really angry with her at the time, but I now realise she was worried. In general, your family will do a great deal to help you out, and they won't be angry. People make mistakes sometimes, your parents will be more annoyed you've tried to shoulder this by yourself.

BlushingRose

We haven't agreed with him that a loan would be best, so I have a horrible feeling that he'll not post any more and go and get a bigger PD loan instead.

bargainbetty

Lensman wrote: »

You may be 30 before you can take this advice. But it is the best advice I have read in many thousands of posts.

Sorry about the lecture. But I am on this board because I failed to sort my problem out and suffered badly for it.

Lensman, it took me two consolidation loans before I figured it out. Took me nearly five years to get properly debt free when I did.

I also get the feeling the OP won't be back.... I wouldn't go back to being that young and stupid again for a kings ransom.

Tixy

Give the OP time, its not the answer he wanted to hear, as is often the case on these boards, but hopefully he'll have a think about the advice given and maybe talk to his parents and decide to take some of it on board.