I'M in desperate need of help

Angry_Bear

I suggest you fill in a statement of affairs so you can set up a budget for next month. As you say, you should be able to live on what you have coming in, so it's important that you know where it's going and set a budget you can stick to. Try this: http://www.stoozing.com/calculator/soa.php

Short term: when do you get paid (ETA: just seen your post above - so you have 2 weeks to get through before your "new" budget kicks in)? what do you still need this month (food, transport, etc.)? How much do you have left until payday?

David301

Best option here is to have an open an honest discussion with your parents. Explain the situation and have a feasible repayment strategy to offer them.

Being totally honest in 2 months you could have this squared away and just have payments left on your bank loan which are more than manageable, consider over paying this when you get rid of the other payday loans.

Cut the nights out, and all the other crap you "waste" money on until this is sorted. Get it sorted now, today, before this sticks with you in an endless cycle for years which will only get worse.

Vikipollard

How is the £700 outgoings broken down? Can you do a list of what this covers? You've mentioned the debt breakdown.





First suggestion would be to get a new bank account (with an unconnected bank) to have your wages paid into. Your creditors may be more inclined to discuss payment plans if they can't access your money.

neerdowell

Deleted%20User wrote: »

Other thoughts

Speak to your parents - they may help you with this mess

Personally now I'd let the payday lenders chase me...
Bad again I know but you're the sort of customer they relish I fear, can you think of it as saving a job and in time well see if you have a claim against if you can bear it

If I could have my time again, I wouldn't have been so afraid in wanting to pay on time, it trashed me whether I did or didn't pay
so
Don't do anything silly x

To be bonest with you all, i mean thank you very much eveyrone for the input but its something that i need to sort out myself. If i come clean to my parents or my OH then i will lose everything,

neerdowell

David301 wrote: »

Best option here is to have an open an honest discussion with your parents. Explain the situation and have a feasible repayment strategy to offer them.

Being totally honest in 2 months you could have this squared away and just have payments left on your bank loan which are more than manageable, consider over paying this when you get rid of the other payday loans.

Cut the nights out, and all the other crap you "waste" money on until this is sorted. Get it sorted now, today, before this sticks with you in an endless cycle for years which will only get worse.

Thank you for the help. I'm 22 and i hardly go out, its a rare occasion i go drinking anymore. Not because of my debt, i just have seen it all before

neerdowell

Vikipollard wrote: »

How is the £700 outgoings broken down? Can you do a list of what this covers? You've mentioned the debt breakdown.





First suggestion would be to get a new bank account (with an unconnected bank) to have your wages paid into. Your creditors may be more inclined to discuss payment plans if they can't access your money.

Outgoings,

phonebill £56
Transport to work monthly £100+
Dinners and food for work £100+
Board to my parents £300
Luxury (i.e smoking) £60
other small regular outgoings such as Spotify, Netflix and things £50

Bored

You need to prevent the pay day loan people from raiding your account so open a new basic bank account and move any money you have to the new account. Never give your new bank account and sort code details to the pay day loan companies. Have your new wages paid into the new basic bank account. When this is sorted, contact the payday loan companies and offer a payment plan based on how much you can afford from your budget. We can help with the budget if you do a statement of affairs and post it here. This will trash your credit file for 6 years but it appears to be your only option.

If you are going to run out of money this month and don't want to ask your parents for help then give up your luxuries (smoking, netflix, spotify) and sell everything you can get your hands on to earn some cash. Games consoles, clothes, anything to get you through the month. Cash is preferable to ebay/paypal due to fees and speed of payment so think car boot sales, facebook and gumtree selling pages.

David301

You are not going to get out of this on your own, you already said you will run out of money on Tuesday.

You have to speak to your parents. Don't be so dramatic about "losing everything". You need a few hundred quid. Your parents will not take it as badly as you think. They will want to help you, but you will need to be an adult about it and approach them with a repayment plan.

Even if they let you off paying board for a couple of months that will go a long way to shifting this debt and getting your mindset straight.

There is no way you can borrow from somewhere else to sort this. Speak to them sooner rather than later so they can organise themselves to help you rather than making their situation difficult by doing it last minute.

you are 22, you made a terrible mistake. It happens, but there really is only one way to sort it without making the rest of your life difficult with a trail of defaults against you.

Ilona

Hi. It would help if you completed a Statement of Affairs, so we can see where your spending is in more detail. For a start, take your own food to work and you can get that £100 down to £20. If you are paying board to your parents, isn't food included in that? So, you would rather burn your money in smokes rather than pay off your debts? Spotify and Netflix are want's not needs, dump them. We need an SOA so the good people on here can help you cut your outgoings.
Ilona

neerdowell

David301 wrote: »

You are not going to get out of this on your own, you already said you will run out of money on Tuesday.

You have to speak to your parents. Don't be so dramatic about "losing everything". You need a few hundred quid. Your parents will not take it as badly as you think. They will want to help you, but you will need to be an adult about it and approach them with a repayment plan.

Even if they let you off paying board for a couple of months that will go a long way to shifting this debt and getting your mindset straight.

There is no way you can borrow from somewhere else to sort this. Speak to them sooner rather than later so they can organise themselves to help you rather than making their situation difficult by doing it last minute.

you are 22, you made a terrible mistake. It happens, but there really is only one way to sort it without making the rest of your life difficult with a trail of defaults against you.

okay. I will have to do that, it's only my mum that has any income so it's going to be torture.
thank you for putting things into perspective though