young and unrealisticlly lived

aaronpeirson21

hi all well okay here goes im 21 and live with my partner and 2 beautifull children however me and the oh mainly me have been living unrealisticly for five years not having a care or clue in the world about money and have struggled for years after taking advantage of things to have what is considered a okay credit rating it is horrific and i want to change this i want to be debt free and learn to use credit as a last resort responsibly or not at all i want my kids to have a diffrent upbringing then what i have had and need to find a good place to start trouble is there is so many

sorry wrting really isnt my strong spot i left school at 13

Karonher

Without knowing anything about your debts/income etc, it is hard to give any advice.

Do you know how much you owe, are you paying anything off the debt, have you missed any payments, can you do a statement of affairs to see if cutbacks can be made?

If you get all your information together I am sure you will get some help.

tripled

Welcome to the forum.

If you want detailed guidance, usually it's a good idea to complete a Statement of Affairs (SOA) and post the details. If you just want some guidance, you'll need to give the gist of what your situation is and what you want to change.

You can find an SOA here: http://www.stoozing.com/calculator/soa.php

DCFC79

You should read up on credit ratings not being any use.

You need to look at your spending and simply cut back, the SOA will help with this.

foxgloves

Aaron- Great that you have realised good & early that this is a risky, irresponsible way to live. I first started getting into debt at age 19 from overspending & never bothering to budget. When I met my partner, he was even worse with money than me! I decided to change in my early 40s after decades of wasting money & constant debt & I became debt-free aged 46. I wish I had tackled it much, much earlier. But you are 21 so if you can learn to live within your means now, you will have that really important budgeting life skill to take into the future for yourself, your partner & family. Your partner will need to be on board too, so that you can work together on this.
Well done for waking up to the problem now & good luck!
F

Kitten868

You can't obtain credit under 18 so do you mean borrowing from family? So you've been naughty for 3 years and now you want to change? Great! I think it's totally doable to change your attitude this quickly into your bad habits Don't feel bad it is hard affording a family when you're young.
If you pop your info on here like others have said we can help you work on your budgets and paying your debts x

Helvetica_Van_Buren

aaronpeirson21 wrote: »

hi all well okay here goes im 21 and live with my partner and 2 beautifull children however me and the oh mainly me have been living unrealisticly for five years not having a care or clue in the world about money and have struggled for years after taking advantage of things to have what is considered a okay credit rating it is horrific and i want to change this i want to be debt free and learn to use credit as a last resort responsibly or not at all i want my kids to have a diffrent upbringing then what i have had and need to find a good place to start trouble is there is so many

sorry wrting really isnt my strong spot i left school at 13

That's a big sentence.

aaronpeirson21 wrote: »

hi all

Hello.

aaronpeirson21 wrote: »

Well okay here goes: I'm 21 and live with my partner and [our] 2 beautiful children.

aaronpeirson21 wrote: »

My partner and I have been living unrealistically for five years (mainly me). We've not had a care in the world, nor a clue about money, and have struggled after taking advantage of things to have what is considered a okay credit rating

???

aaronpeirson21 wrote: »

It is horrific and i want to change this; I want to be debt free and learn to use credit as a last resort responsibly or not at all. i want my kids to have a different upbringing to the one I had and need to find a good place to start - the trouble is there are so many [places to start].

aaronpeirson21 wrote: »

Sorry - writing really isn't my strong spot as I left school at 13

Well you've come to the right place.

First off, use this link:

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

to create a statement of account. The more accurately you fill it in, the more useful it will be.

If you have immediate debt issues, then contact the Citizens Advice Bureau or Stepchange - a specialist debt charity. DO NOT PAY FOR DEBT ADVICE OR MANAGEMENT SERVICES.

chiefsfanuk

Hi Aaron and welcome to the forums. There are lot's of helpful people here with great advice and ideas to get you started on your debt free journey.
I want to reiterate something foxgloves said above. I too started getting into debt at age 18 and unfortunately just kept going into my 20's and 30's. Here I am now in my mid 30's realising something has gotta give! I wish I had come to my senses when I was 21 so well done to you

aaronpeirson21

hi all, thank you for the replies and sorry for my late reply i have just realised how to get back to my original post i will now complete a soa ? and if allowed post it on here to hopefully get some advice on what to tackle first thank you all so much for taking the time to read my post and apologise for the late reply and my illiterate posts i am how would you describe ? illiterate ? lol.

aaronpeirson21

okay so here goes these debts are e and my partners please can i stress i dont want to be judged
please feel free to ask questions if it helps any kind person willing to give some advice and please i beg do not judge me as i feel solow with all of this currently
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1260
Partners monthly income after tax....... 0
Benefits................................ 1046.46
Other income............................ 0
Total monthly income.................... 2306.46

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 538.4
Rent.................................... 442
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 85
Gas..................................... 85
Oil..................................... 0
Water rates............................. 33.8
Telephone (land line)................... 18
Mobile phone............................ 10
TV Licence.............................. 29
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 100
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1865.2


Assets
Cash.................................... 1.98
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1.98


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 14961....(281.4)....46.9
Hire Purchase (HP) debt ...... 12000....(257)......33.9
Total secured & HP debts...... 26961.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................278.......70.58.....34.9
shout visa card................481.......0.........0
provident financial............4200......280.......99999
jd williams no arrear..........109.......9.73......0
yorkshire bank arears..........334.......0.........0
three mobile(lowell)a..........246.98....0.........0
three mobile(lowell)a..........79.98.....0.........0
lowell portfolioa..............132.58....10........0
hb arrears.....................710.......2.5.......0
ct arrears.....................180.......0.........0
landlorda......................620.......10........0
lowell portfolioa..............563.48....0.........0
direct line car insur..........489.76....489.7.....0
b+s bailiffs parking...........420.......50........0
credit 4 cars..................2271.48...0.........0
wonga.com......................607.89....607.8.....1392
barclays bank..................44.82.....44.82.....0
ee (mobile bill ) arr..........290.......290.......0
morses club....................720.......37.5......99999

aaronpeirson21

just relised i think they maybe more ill have to dig out my forbidden corner of paperwork and debt leters