Help!!!!!!!!!!!!

CVAHooper

Please some one help, I'm 19 and already I'm in up to 7 grands worth of debt, 1000 of that is a overdraft that I don't have, I haven't paid any thing back into the account, as every time I have before they've bought it back up with charges and I'm getting no where, I'm so stressed and I can't take it any more!

tomterm8

First thing to do is read the "First Time Posters" thread at the top of the board, and post a satement of affairs.

Second thing to do is start the process of reclaiming any bank charges, see http://forums.moneysavingexpert.com/forumdisplay.html?f=102 .

Third thing to do is get an appointment with one of the debt charities... CCCS, PayPlan, National Debt Line etc.

Fourth thing to do, is go with statement of affairs to your mother, and ask for advice:)

Idiophreak

tomterm8 wrote: »

First thing to do is read the "First Time Posters" thread at the top of the board, and post a satement of affairs.

Second thing to do is start the process of reclaiming any bank charges, see http://forums.moneysavingexpert.com/forumdisplay.html?f=102 .

Yeah, what he said

spendthrift66

Why his/her mother tomterm???

weegie-dfw

Don't worry you can sort this out! If you post your SOA then people can give you advice on how to reduce your outgoings and how to start paying off you debt. I know it seems like a huge mountain at the moment but just take it a step at a time and you'll be debt free before you know it.

It's great that you've recoginised that you need help now and not another couple of years down the road. Well Done!

spendthrift66

Weegie is right - the first thing is to come on here and ask for help! Then, take small steps, one at a time and follow the advice given. Congratulations that even at 19 years old, you've had the courage to do this.

Sometimes, all the advice at once can be a little overwhelming, so post your SOA and you'll be amazed at the wily ways of money saving available to you. And, remember - small steps ...

Well done!
S

tomterm8

spendthrift66 wrote: »

Why his/her mother tomterm???

Parents have been everywhere, and done everything. From experience, mother knows best LOL.

More exactly, IMHO, by informing people you love and who care about you, and asking their advice before debt becomes a critical issue, you prevent the damage that can happen to relationships if e.g. this person is living with his/her parents and the DCA's start calling up.

But it's much better to go in with a SOA, and a plan on how to repay the money, than just ask your parents to solve the situation, LOL.

spendthrift66

Ah! hadn't thought of that! Good point. It would be nice if s/he has helpful parents who will support her/him.

Kaz2904

You're in a good position that you have realised this problem at 19 because you are still young and you will be able to clear it and you will become far more MSE than your mates so will end up having far more money in your pocket than them when you're older. I thank my lucky stars I got in debt at a young age because since then I have always been very careful with money. I still have debt but it is at a manageable amount although very very scary to see on paper and I can see an end to it- all be it 5 years and 5 months away or 77 payments!
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