Any advice?

dan22031986

Hello

I havent got a clue whether im doing this right or not! i want to put up a post saying a brief bit about my various debts to see whether anyone can offer me any help and advice!

Im 21 years old and have approximately 10,000 of debt. 700 to capitol one which is 200 over the credit limit and i cant pay the minimum. 5300 to barclays career development loan which i cant pay the minimum of and 3500 to a managed loan with HSBC.

i have spoken the consumer credit counselling thingy and they are going to ring me tomorrow but at the moment im having default notices and im just really quite worried/scared/petrified. Any advice?

I don't have a job this second but thats only as of yesterday and i think i have a new one starting next week (fingers crossed)

Any help anyone can offer would be very gratefully received

Thanks in advance

Dan

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=6575228"][/EMAIL]

southernscouser

Hi Dan. :beer:

Easier said than done mate but try not to worry.

You're doing the right thing by going to the CCCS. They will explain everything to you. What is important though is that you get a regular income (goes without saying I guess :rotfl: ).

You can also try and speak to your creditors and explain that you are having difficulties at the moment and they may be able to come to some arrangement. Thats said they can be awkward barstewards aswell so just be prepared. You are better facing up to the problem then burying your head.

BizzyBek

Hi Dan

Put together a list of all your incomings and outgoings (and be brutally honest) - a 'state of affairs' SOA it gets called here. Obviously your incomings is in a state of flux at the moment

List what you are paying monthly, rent, car, phone, insurances, loans, food, socialising etc - then the great people on here will go through them with you and you'll see where you can make savings etc.

But best of all you are facing the problem and that's half way to a solution!

Gale_10

Hey Dan,

By acknowledging your debt you have taken the first step, and by phoning CCCS you have taken a very good second step.

I would suggest if you haven't already done so, make an application for benefit. The reason for this is its very hard to back-date benefits, and you are not 100% sure of this job. Its a good *just in case* measure.

You don't need to be worried, because you are getting a plan together that will get you sorted. Everyone on here will give great advice. When you know what your income is then you can give us a statement of affairs, and we will help you save money and pay off your debts quicker.

All the best, you are doing great!

Gale

dan22031986

Hi again,

I now have a job although it doesnt start for 2 weeks which is a pain but at least i now know i will have a definite income

I have spoken to cccs and rthey have told me they will send me a template of a letter i can send to the people i owe money to explaining my situation and offering them a token payment of a pound, until i start receiving an income.

Can anyone tell me which one of my debts i should make a priority? As i figure it would be easy to pay the minimum to all except one and then pay as much as i can to that one to clear it., and then the same again with the next one. All i need to know really is if i should ne more concerned about one than any of the others?

Thanks again!

Dan

RAS

Hi

Your priority debts are

rent/mortgage
Council tax
Utilities
food
travel to work
and a little bit for clothing etc.

Tot that up, substract from your income and pay each of your unsecured reditors pro- rata.

In the very short term, send them £1 per month for the next couple of months, explaining that as soon as you get paid, you will be revisiting the situation and increasing the payments.

It would pay you to post up your Statement of Affairs here as you can get some advice on doing things a cheaply as possible, and you will need this when you see CCCS anyway.

If they were to go to court, your will be asked for the SOA and the decision on how much you pay will be made by the court. That is binding on you and the creditor.

Can you get any agency work mean-time?