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19k debt **NEED HELP AND ADVICE **
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Nitehawk93
Posts: 1 Newbie
Hi all,
Looking for some advice as I am at a brick wall with money. I openly admit to burying my head in the sand in terms of finances over the past year. My life was steady and in control but I had a traumatic change in personal circumstances a little over a year ago. I guess I just took a path of spending money on a lifestyle to disguise and distract me from what happened. I began taking out credit card after credit card, maxed my overdraft and paid minimum payments telling myself it would be fine. Recently I had a few months of temporarily reduced income and took out some fast cash loans in order to pay for my current debt and keep up with money for day to day life. It's gotten to the point where I am past my OD and have had to miss payments on some of my debts.
I work full time on an ok salary, and my outgoings (without the debt) aren't bad. I can afford to pay the debt off over time but I'm stuck with a crippling amount for the next few months. Basically I'm going to be back in the minus figures even when I get paid.
To lay the cards on the table this is my debt situation this month:
OD agreed at 5000 but I'm currently around 900 over so have a current overdraft of 5900 which I get charged around 180 a month for.
Credit card 1: 831 is current balance
Credit card 2: 5261 is current balance
Credit card 3: 2546 is current balance
Credit card 4: 3000 is current balance
Wonga: 290 is current balance
My jar: 423 is current balance
Quick Quid: 600 is current balance
So total debt is just short of 19000
I earn 1500 base wage a month before tax but also make any where between 600-1200 a month doing out of hours on call work (again before tax) So some months I have more cash than others. So the average I tend to take home after tax is a minimum of 1600 to a max of around 2000.
I live in my parents 2nd home and pay them 600 all in a month. I pay my own gas/electric at average of 60 a month, internet is 50 a month and my phone is 60 a month. Travel to work is 95 a month and food bill is between 80-130 a month. My outgoings are no more than 1000 a month. This leaves me with around 600 a month to have a life and pay debts if I have a quiet month on call.
I used to pay around 300 a month off my debts but this has crumbled since the payday loans and my few months of less pay. Meaning that I have no money or am in minus figures by the time everything has paid out. Leaving me with no or minus available credit. It will soon be at the point where I have no travel funds or food to eat. Basically I have totally overspent.
I appreciate this is of all my own doing but I'm totally stuck at what to do. It's got to the point where I'm not opening credit statements or answering calls. I'm not in a position to get Financial help from friends or family. I tried applying for one big loan to consolidate it all but my credit rating must be knackered due to my borrowing.
I'm only 24, live on my own and don't have any dependants to pay for. The debt is really dragging me down mentally and physically as I am stressed. I have contemplated going bankrupt as I am still young and will have time to recover financially. I have also majorly looked into getting an IVA as this seems like the best option to go?
Has anybody got any advice as to what I should do?
(I have toned down my lifestyle majorly over the past few months to cut my spending since the debt build up)
Thanks
Looking for some advice as I am at a brick wall with money. I openly admit to burying my head in the sand in terms of finances over the past year. My life was steady and in control but I had a traumatic change in personal circumstances a little over a year ago. I guess I just took a path of spending money on a lifestyle to disguise and distract me from what happened. I began taking out credit card after credit card, maxed my overdraft and paid minimum payments telling myself it would be fine. Recently I had a few months of temporarily reduced income and took out some fast cash loans in order to pay for my current debt and keep up with money for day to day life. It's gotten to the point where I am past my OD and have had to miss payments on some of my debts.
I work full time on an ok salary, and my outgoings (without the debt) aren't bad. I can afford to pay the debt off over time but I'm stuck with a crippling amount for the next few months. Basically I'm going to be back in the minus figures even when I get paid.
To lay the cards on the table this is my debt situation this month:
OD agreed at 5000 but I'm currently around 900 over so have a current overdraft of 5900 which I get charged around 180 a month for.
Credit card 1: 831 is current balance
Credit card 2: 5261 is current balance
Credit card 3: 2546 is current balance
Credit card 4: 3000 is current balance
Wonga: 290 is current balance
My jar: 423 is current balance
Quick Quid: 600 is current balance
So total debt is just short of 19000
I earn 1500 base wage a month before tax but also make any where between 600-1200 a month doing out of hours on call work (again before tax) So some months I have more cash than others. So the average I tend to take home after tax is a minimum of 1600 to a max of around 2000.
I live in my parents 2nd home and pay them 600 all in a month. I pay my own gas/electric at average of 60 a month, internet is 50 a month and my phone is 60 a month. Travel to work is 95 a month and food bill is between 80-130 a month. My outgoings are no more than 1000 a month. This leaves me with around 600 a month to have a life and pay debts if I have a quiet month on call.
I used to pay around 300 a month off my debts but this has crumbled since the payday loans and my few months of less pay. Meaning that I have no money or am in minus figures by the time everything has paid out. Leaving me with no or minus available credit. It will soon be at the point where I have no travel funds or food to eat. Basically I have totally overspent.
I appreciate this is of all my own doing but I'm totally stuck at what to do. It's got to the point where I'm not opening credit statements or answering calls. I'm not in a position to get Financial help from friends or family. I tried applying for one big loan to consolidate it all but my credit rating must be knackered due to my borrowing.
I'm only 24, live on my own and don't have any dependants to pay for. The debt is really dragging me down mentally and physically as I am stressed. I have contemplated going bankrupt as I am still young and will have time to recover financially. I have also majorly looked into getting an IVA as this seems like the best option to go?
Has anybody got any advice as to what I should do?
(I have toned down my lifestyle majorly over the past few months to cut my spending since the debt build up)
Thanks
0
Comments
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Usual advice is to post an SOA detailing what you spend so folk can give advise. With items such as mobiles indicate in notes when contract expires and whether includes a phone.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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I think you will need to post as SOA, so we can all see where your money is going, http://www.stoozing.com/calculator/soa.php
Well done for making the first step asking for help.
Westie983I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Well done in making the first step by recognising you have a debt problem.
You will get a lot of varied advice through these forums but I would suggest that you go to a recognised charity which is funded directly or indirectly by government. They have experts who can give you specific advice for your personal situation.
Look at
https://www.nationaldebtline.org/
https://www.stepchange.org/Howwecanhelpyou/Debtadvice.aspx
or even start by going to Citizen's Advice
Good luck with your effort to deal with your debt0 -
Hi
At least you've made the first positive step by coming here.
Next, you need to sort out a 'Statement of Affairs' listing everything, then people here can make suggestions to reduce your other spends and tackle your debt through budgeting.0 -
Hi
I just came across your post and can see that you're looking for debt advice. There's help available for anyone struggling with debt.
If you’d like to explore your options through an independent debt advice charity then here are the details for StepChange.
Stepchange offer free debt advice so you can get a good idea of suitable debt solutions and access support to help you going forward to becoming debt free.
Take care,
RachaelNitehawk93 wrote: »Hi all,
Looking for some advice as I am at a brick wall with money. I openly admit to burying my head in the sand in terms of finances over the past year. My life was steady and in control but I had a traumatic change in personal circumstances a little over a year ago. I guess I just took a path of spending money on a lifestyle to disguise and distract me from what happened. I began taking out credit card after credit card, maxed my overdraft and paid minimum payments telling myself it would be fine. Recently I had a few months of temporarily reduced income and took out some fast cash loans in order to pay for my current debt and keep up with money for day to day life. It's gotten to the point where I am past my OD and have had to miss payments on some of my debts.
I work full time on an ok salary, and my outgoings (without the debt) aren't bad. I can afford to pay the debt off over time but I'm stuck with a crippling amount for the next few months. Basically I'm going to be back in the minus figures even when I get paid.
To lay the cards on the table this is my debt situation this month:
OD agreed at 5000 but I'm currently around 900 over so have a current overdraft of 5900 which I get charged around 180 a month for.
Credit card 1: 831 is current balance
Credit card 2: 5261 is current balance
Credit card 3: 2546 is current balance
Credit card 4: 3000 is current balance
Wonga: 290 is current balance
My jar: 423 is current balance
Quick Quid: 600 is current balance
So total debt is just short of 19000
I earn 1500 base wage a month before tax but also make any where between 600-1200 a month doing out of hours on call work (again before tax) So some months I have more cash than others. So the average I tend to take home after tax is a minimum of 1600 to a max of around 2000.
I live in my parents 2nd home and pay them 600 all in a month. I pay my own gas/electric at average of 60 a month, internet is 50 a month and my phone is 60 a month. Travel to work is 95 a month and food bill is between 80-130 a month. My outgoings are no more than 1000 a month. This leaves me with around 600 a month to have a life and pay debts if I have a quiet month on call.
I used to pay around 300 a month off my debts but this has crumbled since the payday loans and my few months of less pay. Meaning that I have no money or am in minus figures by the time everything has paid out. Leaving me with no or minus available credit. It will soon be at the point where I have no travel funds or food to eat. Basically I have totally overspent.
I appreciate this is of all my own doing but I'm totally stuck at what to do. It's got to the point where I'm not opening credit statements or answering calls. I'm not in a position to get Financial help from friends or family. I tried applying for one big loan to consolidate it all but my credit rating must be knackered due to my borrowing.
I'm only 24, live on my own and don't have any dependants to pay for. The debt is really dragging me down mentally and physically as I am stressed. I have contemplated going bankrupt as I am still young and will have time to recover financially. I have also majorly looked into getting an IVA as this seems like the best option to go?
Has anybody got any advice as to what I should do?
(I have toned down my lifestyle majorly over the past few months to cut my spending since the debt build up)
Thanks0 -
I think a DMP or bankruptcy would be the best option for you but contacting step change is the first step. Servicing £19k of debt with around £400 a month would see you clear in about 4 years if your creditors all agree to freeze interest. £100 per month on entertainment and £100 on emergency fund and around £900 to pay on your bills and travel and food. The overdraft is the biggest headache as it is so large and the charges horrendous. These large overdrafts really should not be allowed.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70000
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