Advice needed

Pablito12

Hello

I am in a bit of a hole. I have an American Express charge card (was supposed to be paid off in full by 3rd May) with 3,961.52 on it. I also have a £1400 debt with Wonga and a negative balance of £850 on paypal. As you can see, I've got a serious problem.

Now for the good news, I have paid my rent in full for the next 5 months, and spend a very small amount on living expenses. I'm a student so I recieve a loan of £2,100 for next years living expenses paid at three intervals (October, January, April) and get £420 a month from elsewhere.

I expect many here will have a lot of good advice for me, so I'm praying that you can help me. My preferred scenario would be to take out a loan to service the debt and put it into a monthly payment. I can easily afford £300 a month in payments which is a reasonable amount for a long term loan but useless in my current scenario. I do know that a loan is also unrealistic for someone in my position.

Does anyone have any advice?

imoneyop

Pablito12 wrote: »

Hello

I am in a bit of a hole. I have an American Express charge card (was supposed to be paid off in full by 3rd May) with 3,961.52 on it. I also have a £1400 debt with Wonga and a negative balance of £850 on paypal. As you can see, I've got a serious problem.

Now for the good news, I have paid my rent in full for the next 5 months, and spend a very small amount on living expenses. I'm a student so I recieve a loan of £2,100 for next years living expenses paid at three intervals (October, January, April) and get £420 a month from elsewhere.

I expect many here will have a lot of good advice for me, so I'm praying that you can help me. My preferred scenario would be to take out a loan to service the debt and put it into a monthly payment. I can easily afford £300 a month in payments which is a reasonable amount for a long term loan but useless in my current scenario. I do know that a loan is also unrealistic for someone in my position.

Does anyone have any advice?

So your only income is a student loan and some money that you get from "elsewhere".

It is unlikely that any lender will take those into account and consider you for a loan. You'd basically be looking for c. 14k credit with no apparent legitimate income.

OneLife_OneShot

£1400 in the hole to Wonga and nearly £4000 to AMEX you can forget about any sort of a loan as your credit report will basically put anyone off lending to you. Consolidation rarely works and like you said you have a serious problem.

Put up a statement of affairs over on the debt-free wannabe board and there will be more help there on how to pay it off.

http://www.stoozing.com/calculator/soa.php

Good luck.

Pablito12

The money from elsewhere is from my family. Thanks for your help

dealer_wins

A loan is not going to happen, so you need to focus on somehow living within your means and paying down your debt.

Visit the "debt free wannabe" board for helpful information. It will be hard but worth it!