I Need Help!!!!!!

stowie3012

hi, I would like some advice on how best to approach getting rid of my debt.
I am 21 years old and live at home.
I currently have a bank loan for £14,700 over 5 years which is costing me around £350 pcm. i have only been paying this for aronund 6 months. I also owe around £2000 on various credit cards and catalogues. I only earn £190 per week so these debs leave me with not much at the end of the month. Am i best consolidating with a new loan over longer that will cost me less each month, or am i best taking a different route? please help!!
Thankyou
:eek:

Cheery_Daff

Hi Stowie

Well done on posting - that's the most difficult bit

Just posting to bump your thread a bit nearer to the top so you might get a few more replies.

While you're waiting, go and have a look at the thing for first time posters at the top of the board.

I think most people on here say DON'T consolidate, it'll end up costing far more in the long run...

Good luck!

Kevicho

stowie3012 wrote: »

hi, I would like some advice on how best to approach getting rid of my debt.
I am 21 years old and live at home.
I currently have a bank loan for £14,700 over 5 years which is costing me around £350 pcm. i have only been paying this for aronund 6 months. I also owe around £2000 on various credit cards and catalogues. I only earn £190 per week so these debs leave me with not much at the end of the month. Am i best consolidating with a new loan over longer that will cost me less each month, or am i best taking a different route? please help!!
Thankyou
:eek:

Hi welcome to the forum.

I think the first thing to do is get a full list of incomings and outgoings so we can hopefully save you some money from the monthly bills (which shouldnt be much living at home).
The next thing to do is post the full list of debts, minimum payments, and APRs posted so we can work a payment schedule

Once we have these we will be able to help much more.

Good luck

Kevicho

Also as a general rule The longer the loan, the more you pay back, so if you can sort it now, you will be much better off in the long run

liz105

Are you able to increase your income by either increasing hours, getting a second job or moving job completely?

misspoppy

Hi

If you don't mind me asking what have you spent £14700 on? Is there anything you can sell on ebay?

johncolescarr

Hi,

I think you've got 2 options, if you really cannot afford to pay your debts and must consolidate, then you can do this, however, you are likely to pay more off in the long run as although the repayments are lower each month, they extend the the term over a longer period.

In most cases, it works out cheaper to cut back on everything and live like a miser and pay your debts, the higherst interest rate first, then working your way down, however, you can work out what is best for you by looking at the total amount payable on each option.

At the end of the day, its down to you, if it was me, I would try to pay the least interest back as I could, but if you would prefer to pay a premium and have lower repayments then this is an option to. I dont know if there is a right or wrong answer!

John

RosieMacDoo

Hiya Stowie

there are other options too other than consoidating - if you post here with your incomings and outgoings then people may be able to give you some ideas. Alternatively, if, after you've paid for all your main bills (eg rent, utilities, food etc) there just isn't enough money left over to meet your minimum repayments on your debts, then it might be worth gettng in touch with a non-profit making company like CCCS for help.....

Rosie x

saffronflowers

Can someone please report the above post - my system wont let me to do it thank you.

SFx

skintas_2

spam...................

m.colak

Have just complained about alpha7's post as for the thread i'm sorry at the moment all i can say is you have to look at what you have and how to reduce. Long term low interest cards or loans etc. But without you posting any detail i don't think you can get much help.

Matt