24 years old and stuck living on nothing

littlefaster

Hi this is my first post on here, suppose I came here thinking there is no way out of the mess i'm in, but having read stories on here, I really do feel inspired.. its time I do something about my debt, as I can't carry on spending all day and all night worrying about money.

Here's the sitauation

Monthly Incomings:

My salary - £1,550

Monthly Outgoings:

Mortgage/Rent - £714
Unsecured Loan - £400
Council Tax - £89
Electric - £20.53
TV License - £24.00
Sky £15
Phone - £45
Food - £100
Petrol - £80
Life Insurance £35
Water - £24
Mortgage protection - £16
Total: £1,517

Natwest Loan – Balance £22,000 Length of term 83 months to go

As you can see i'm left with hardly anything at the end of the month, so there's no chance for me to save or make any overpayments into loans.

I don't have an overdraft and I also have a 0 balance on my 1 credit card.. however i'm worried that im going to have to start using it to cover my daily living expenses.

I'm trying to get an evening job (as I currently work full-time) so that will be an additional income, I am waiting to hear back if I have been successful with that or not.

I just don't know what to do, I don't even want to think about the bankruptcy route, but what else is there to do.

I'd appreciate any help and guidance

Thanks

immoral_angeluk

Could you move to a smaller place to cut your mortgage down? Have you got any equity in your house?
What APR is the loan? Could you get a better rate?
SKY and the phone are the ones that scream out at me though. Go freeview and save yourself £15 a month.. is the phone contract or landline? Does it include your internet?

littlefaster

Hi no equity in house, I only moved in 4 months ago... Thing is back then, there was 2 of us, however we split up and I was left with the house and all the bills.. it's not an option chasing him for any money as it was a messy break up with police involved, so i'm stuck with it all.
My mobile is contract with 6 months still to go so I cant cancel and Sky is on a 12 month contract so I dont think I can cancel that erlier too.

I apparently have a bad credit rating, so nowhere will offer me low APR loans.. I could borrow the same about off Northern Rock and a few other places for around £300 a month, but cos of my credit rating, nowhere will accept me, so i'm stuck with a high APR paying Natwest £400 each month. They also seem so unwilling to help me.

Just feel like im drowning in it all

Dr_Hook

Hi & welcome :hello:

Looks like the mortgage is what's crippling you - have you thought about taking on a lodger to offset the cost a bit?

Is the life insurance required by the mortgage (as well as the mortgage protection)? Can either of these be cancelled to save you a little?

Also, you don't seem to have building & contents insurance listed?

TV licence should drop to around £11 soon too - presumably it's high at the moment cos you only moved in 4 months ago.

Good luck & stick around - there's loads of helpful folk on here.

NekoZombie

Yes, I reckon rent out one your rooms - you might even be able to get half of your mortgage in rent.

Mrs_pbradley936

Can you rent a room out? You do not have to pay tax on that and it might help pay the bills.

Mrs_pbradley936

NekoZombie wrote: »

Yes, I reckon rent out one your rooms - you might even be able to get half of your mortgage in rent.

I posted the same thing at the same time. Great minds think alike!

littlefaster

I wish I could.. I'm only in a 1 bedroom flat.. things would be so much easier if I could..

I've just ran out of ideas!

postingalwaysposting

littlefaster how about a lodger, you state that it was two of you paying bills and i suppose that was easier on yoru finances. Can you look into a lodger of some kind, you can give they a trial period so you will not be stuck with anyone you dont get along with, it may give you that little extra cash you need.

Also looking at your soa can you cut some things down? food ~ if you look on the old style board (within this stite) you can cut your shopping budget drastically, even if you just shave £10 off it you are making a start. Council tax, is the single occupuncy? if not ask the council to add it (it will reduce it) but remember if you tak in a lodger you need to inform the council otherwise they could get court actions towards you. I agree with IA have you tried freeview (ok there is an inital outlay) it has simaluer channels to sky but its free, if not could you drop your package? Same with the phone can you try and get that down a little? even if it is just calling people less and getting them to call you

Final thing if you are missing going out etc sign up to quidco (cash back site) and you can get dvd rentals on a free trial and get payed for doing so ~ as long as you cancel your membership you will not pay anything to the companys involved... ideal for a night in

Oh one more spending diary ~ write down everything you spend, for 50p ~ £50 then at the end of the month you can look at the dieary and hopefully shave some money off it

Good Luck :T

postingalwaysposting

Sorry all, i was a bit slow

Rikki

Is the loan a joint loan?

Is the life insurance to cover the mortgage in the event of your death?

Is the mortgage protection if you are unable to work?