24 years old and stuck living on nothing

KatrinaC_2

Hello!

Can I ask what the loan went on? £22k is a large loan and it might help to know where that money went.

Is there anything that you can e-bay or car boot to get some extra money in? A couple of quid for an old CD won't go far, but most people have a lot of junk that they can get rid of and that soon adds up.

You're spending £80 per month on petrol, but you haven't included any costs for maintenance, insurance, MOT, Tax... Do you really *need* the car or could you use public transport, cycle or walk more?

Kat

littlefaster

My car kind of is vital, my new boyfriend lives 150 miles away and without it i'd not see him, he comes over every other weekend... he doesnt know the extent of my debt, he's from a fairly wealthy background and I just don;t think he'd understand. Luckily its a fairly new car so hasnt needed much work done to it, and my Dad has paid my insurance for the year so i've not that expenditure to worry about til Feb next year.

My loan was a car loan, then stupidley, Natwest persuaded me to consolidate my student overdraft and credit cards and now im left with a hefty loan that I cant shift and it doesnt appear to be going down.

I am trying to cut down, i'm eating everything out of my fridge and cupboards before I go shopping, Im filling my nights by excercising, going running etc, rather than drinking with my mates as i cant afford it.

I've tried ebay, but i just can't seem to make much money on it, by the time they and paypal rob you for the fees

I'm just hoping some of this extra work comes off, even an extra £100 a month would make a difference.

Thanks for your suggestions tho.. I just wondered how have some of you managed to shave so much ofd your debts in a matter of months?

Kaz2904

It seems like a long way off but you can get out of debt. I would recommend that you come clean to boyfriend about it because it will be easier not to start out with secrets lurking.
You say that BF lives 150 miles away, would it be cheaper to get a national express coach or a train or even (heaven forbid) fly?
Sky needs to go £15 a month is more than you have to spare. Unless you are able to switch to one of their packages. Sky speak and surf or whatever it is would cost £31 for the biggest package + £11 bt line rental. With your mobile, you can reduce the call package when you're under contract phone them up and see what they can do for you.
Food - £100 This is quite low, just make sure you are eating well enough. Do you cook in bulk and freeze?
Life Insurance £35. If you have no dependants then I would question the necessity of this. At the moment, if you die, the flat is sold and the mortgage is paid off. Theres no-one left to struggle financially.
At this price I assume you have critical illness as well. These policies are doing really badly at the moment with payouts so I would be tempted to make my own provisions. Mortgage protection - £16. Again, I think that you should drop this and use it to pay off debts after you have built up a little savings pot with it.
If you saved this £51 a month then you would be able to pay for your next lot of insurances in advance and go via quidco. This would save you some money and cut the cost. That extra money could then roll over month on month and start reducing your debts.

smudgemanc26

Just wanted to say i know exactly how you feel i too have to pay for everything on my own but thanks to helpful advice from people off this site ive managed to reduce my outgoings slightly which as they say every little helps.

I too was paying £30 for life insurance but have reduced this to £6 including illness cover and done it through quidco so have a look on there its defo worth it has reduced my monthly bill and ive even got money back for doing it! Also my cover is greater now than it was before so im well happy :T

Like people have said the little things do make a difference i have changed my sky package and reduced that bill to and now thinking of ways to improve my income.

Shineyhappy

Hiya!

I am/was in a very similar position to you. I had some debts before buying a flat with my ex but I had just about paid those off until he beat me up and ran off. I have had to run up new debts to buy him out and keep my home.

I earn less than you but I am coping even if its on an interest only mortgage and 10k loan!

I rent out my spare room, no sky, no landline, hardly use my car, eat cheaply and try and be as frugal as possible.

Sometimes it feels like I will never shift all this debt, but one way or another I will!

Make sure you reclaim any bank charges (if you can) and sell anything you no longer want. A lodger really isnt so bad especially as its tax free money!!

Good luck and keep positing!

rog2

Hi lf - I've just read through your SOA and can see that there is very little room to manouver. The current mortgage rate hike doesn't help either.
Could you, perhaps, get a part-time job - local supermarket/pub or the like. This will give you short term cash.
Perhaps you have skills, in your main job, that you could put to use to make a bit of money.

Dithering_Dad

Hi. Nothing to add to what others have posted except to echo the comments about life assurance and mortgage protection. If you have no dependants then there is no point to the life assurance. If you settle down with your boyfriend then you can look into getting a joint policy which would be relatively cheap, plus you'll have more money because you're sharing other expenses.

The mortgage protection is something I have always avoided because it is such poor value for money. Plus they're so restrictive on what they'll pay out for and many wait 6 weeks before they start paying out.

The saving from Sky TV, life assurance and mortgage protection are not huge but they will add up over time and not having to pay them will give you breathing space to start getting a handle on your debts.

Good luck!!

Verbatim

On the lodger front afriend of mine had a 1 bed flat but used the smaller room, ie bedroom for a lodger and had the larger room/sitting room as her bedroom. The kitchen doubled as communal/sitting round table room. This wouldn't work if the kitchen is open plan to the sitting room of course!

If not, as someone else has said, make sure you've got the single person discount for council tax.

benbenandme

Is the mortgage just in your name or is your ex named on it too?? If they are it may be worth checking where you stand legally, could he make you sell it or on the other hand, if you're paying all the mortgage is he still entitled to his half?
Please do stick around, read Immoral Angels diary for some inspiration ... it shows how people can reduce their debts at a fast rate when it would seem they have very little spare money each month, she is one determined lady!! Its a case of looking for every opportunity to save money / make money, have a look at the matched betting threads and the mystery shopping threads ... both are things that can be done in whatever spare time you have and you don't have to commit to certain hours every week! Good luck x

katiepoppycat

Hi Littlefaster,

I've been in exactly your position and it is terribly frustrating. As you've already identified, getting a part time job is your best solution. I did the same thing and took on 2 nights a week waiting on at a restaurant. I had no experience at all and started the day after I went in and asked - which meant that 1 week later i had money in the bank as well as my cash tips in my pocket. I worked at a mexican chain restaurant n a busy retail park with a cinema and lots of furniture stores on it, and doing 2 nights a week put £50 per week in the bank and about £20 per week straight in my pocket. Plus you get fed as well so it helps reduce your food bill. It will be hard but you will get through it and you'll probably even have a bit of fun too! btw, it's probably best to be honest with your new boyfriend - think how much harder it will be when he's all excited about the holiday brochures he's brought to show you and you have to tell him then that you can't afford it.