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Advice needed
Pablito12
Posts: 3 Newbie
Hello, I posted this on the loan section and was advised that you guys would be of help.
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 my father.
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.
I have spoken to CCCS about a debt management plan and although my credit record is probably already ruined, I am reluctant to destroy it further.
Does anyone have any advice?
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 my father.
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.
I have spoken to CCCS about a debt management plan and although my credit record is probably already ruined, I am reluctant to destroy it further.
Does anyone have any advice?
0
Comments
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Doubt very much that you would get a loan as you do not have an income from a job.
Your best bet I think is to continue to speak to CCCS or Step Change.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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One debt remaining. Home improvement loan.0 -
Dare I ask, what made you run up a debt like that and take a payday loan?ISA £1675
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Debt Management plan based on £300 per month, then.0
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