Help, please!!

quxuhog

Hello,
I am going to be totally honest and as detailed as possible here, i am just seeking some guidance because i just don't know what do. I am 21 years old.
So as of last month, i finally admitted to my gambling issue(to myself) and signed up to gamstop, I am one month completely free and feel so great. That being said, i'm looking back at my old self thinking what a t**t!! The young and naieve me had no value for money and just signed up to credit as if it was free money (yes please tell me how much of an idiot i am). I'll list all of my debts and type here and i hope you can tell me what to do from here.

Total Income Monthly (after tax)
Job 1 - £1100 (Apprenticeship)
Job 2 - (zero hour contract between £400-600 monthly)

Bills/Debts

Current account Overdraft @ £700

Credit/Store Cards:
- Aqua Credit Card (Limit £300)
Current balance £300
£100 Purchase @ 41%
£200 Cash withdrawal @ 47% annual interest rate


Barclays Credit Card (Limit £200):
Current Balance £195 @ 27% simple standard rate p.a


Paypal Credit (Limit £250):
Balance £250
0% interest if topped up £100 by end of jan

Very Account (Limit £600):
Balance £595
0% interest until april 2020

All £5 minimum

TOTAL:

Loans

Halifax Loan August 2019:
Borrowed: £3164
Monthly Payment: £93 for 48 months
APR@19.12%
Total amount payable: £4551

118 Loan:
Borrowed £1000
Monthly payment £92
Total amount payable: £1657
Remaining: £1472
APR@71.3%

Onstride:
Borrowed: 1100
Monthly Payment: £125
12 Payments left
Total amount payable: 1855
APR@166%

Ikano:
Monthly Payment £54.11 for 3 years
Borrowed - £1500
1 month behind

HP Car: £171 pm for 5 years (Can hand in around 2 years)

Car insurance £113
Fuel £30 a week
Gym £40 pm until march (but i would like to continue this for my own health and it helps me take my addiction cravings away)
Rent: £100pm (Includes Meals, parents are very good and i will pay them back when i'm back on my feet)


Food at work: £15 per week (i am going to take sarnies with me from now!!)
I spend around £100pm on leisure (going out drinking and eating) which i can lower very easily by being strict.

Writing this out has made me realise that i am in a major s*itstorm and i am ready to get on top of it right now. I have done the first thing that my battle was against and stopped the gambling which was taking over my life. Now can someone please help me in the next step to becoming.. which is as it says a debt free wannabe!!

Can someone please give me some sort of plan or step to start paying things off and what to pay off first. I am really working every hour i can to try and get on top of this. My pay is expected to rise next year as i advance through my work, i will continue to get all the hours in anywhere i can still so i can get out of this rubbish. This is the first time i have actually looked at all my debts and to be honest i didn't realise how much i owed and how many creditors it was to.

P.S - my credit score is dreadful so another card or loan is off the cards as far as i'm aware, i get 0% eligibility on this website.

Lets get this show on the road folks, i am happy to give updates on this thread too!

Thank you.

WhenIam64

Will you need credit in the next few years?

It may be better to trash your credit by going for something like a [no charge] Debt Management Plan so you can have the fresh start you are looking for. It will also mean you'll have very little chance of being able to borrow to go gambling again.

You might also be able to go full tilt at a DRO but the numbers don't look right for that until we see a Statement of Accounts

MallyGirl

Hello and welcome

so your SOA looks like:
Income £1100
Extra income £400 - do you get this every month as a minimum? Let's assume you do

Total income = £1500

CC repayments - 4 x £5 = £20
Halifax Loan August 2019: £93 pm
118 Loan: £92 pm
Onstride: £125 pm
Ikano: £54.11 pm
HP Car: £171 pm
Car insurance £113
Fuel £30 a week = £125 pm
Gym £40 pm
Rent: £100pm

Commitments = £933.11

There are lots of gaps in your outgoings - car tax, maintenance, does your overdraft have any fees or interest, haircuts/prescriptions, no mobile phone (unusual), no Christmas/birthday presents

If you get no extra hours then you have just over £150 for entertainment and the missing bit. This is just servicing your debt but making no headway in paying it off.
You are lucky that your parents are generous - could they be any more generous if you explained the situation? You would need to pay any extra back to the worst offenders on your list like Onstride.

You are young so you have plenty of time to turn this around but, if I were you, I would be turning into a hermit and throwing every last penny at the ones with the most truly awful APRs.
I see you have 2 jobs which really helps but could you manage any more, even for a short while - Christmas postie? Do you have anything you can sell?

quxuhog

There are lots of gaps in your outgoings - car tax, maintenance, does your overdraft have any fees or interest, haircuts/prescriptions, no mobile phone (unusual), no Christmas/birthday presents

Car tax is free
4 new tyres per year £200 fitted
Phone £42 pm
Haircut £13pm
Presents for xmas around £150

quxuhog

and thank you for that cutdown, it shows me a lot of what im spending on!

quxuhog

I'm not entirely sure on if i will need credit. I would like to do it on my own without any of that, but if thats the only viable option then i will do it.

clairebeth

I wonder... have you spoken to your parents about this? They sound to be reasonable people, and I'm sure their emotional support would help you even more. I'm not a believer in borrowing money if it can be avoided... but if they were in a position to pay off the Onstride and 118 loan and then you pay THEM back, that would at least relieve the ridiculous interest that those companies are charging you. After all, you are very young, you are in a position to turn your life around and have made a fantastic first step (well done) on correcting your situation. Please talk to them first.

Other than that, work all the extra hours you can (again, your youth is on your side and we've all had to do this at your age, again, well done on working so hard).

And drink at home with your pals! Don't people play 'I have never...' anymore?

All the best to you!

getmore4less

I think you may find it useful to do the SOA format and include everything you can forecast in 2020

https://www.lemonfool.co.uk/financecalculators/soa.php

There are a couple of big ones on the list especially the car.
How many miles are you doing to get through all 4 tyres.
reduce running costs by doing fewer miles.

Insurance have you checked additional drivers, adding a parent used to bring young drivers insurance down, that should go down if you keep yourself clean and accident free

are you paying that monthly or annual(often cheaper)?

HP/ownership may need review longer term cars are a drain.
yours is effectively a £10k debt (0%) at £171pm

I think you can make the SOA balance and any changes to cut costs will help a lot quite quickly.

....................................................................
Now to the real problem the debts and the interest

Something looks wrong on the CC

All £5 minimum

I thought these days All CC had min payments that at least cover the interest and fees £5 won't be doing that.

going through the debts and looking at just the estimated interest per month.

Overdraft.....................£700 what rates/fees on this?
Aqua Credit .................£300...41%/47% £11.25
Barclays Credit Card.......£195..27%........£4.40
Paypal Credit................£250...0%..........£0
Very Account...............£595...0%..........£0
Halifax Loan................£3164...19.12%....£51
118...........................£1000...71.3%......£60
Onstride.....................£1100...166%.......£80
Ikano.........................£1500...17.8%......£23

the rate on onstride looks wrong because interest only that would be more than the payment I estimated interest based on the borrowed/total to pay.

get the details of the charges on the OD these can be horrendous once added up.

If you think you can ride this out then

Cold turkey on everything discretionary, keep the gym and that's it for a month or two and try to do as much extra work that does not interfere with the main job.

If that will free up £200/£300 you have options I would look at these 4 to start you choose order.

1. Aqua card paid off, and leave it till the interest free period kicks in again again(2months?) or just cut up.

2. Barclaycard Do the same with this
That will give you 1/2 cards you can rotate spending through paying off in full every month. (eg use just for fuel)

Check the T&C of all the other debts especially overpayment and penalty terms

The first two of the rest to tackle will be the 118 and onstride, if you can keep the spending down income up they will be gone quite quickly.

3. onstride estimate between £950-£1000 left 12 payments
if you overpay(check terms) to get this down to 6 months you need £80pm
(6months interest £270)


4.118 estimate 900-950 16 payments left
to get that down to 6 months overpay £95pm
(6months interest £210)

I think you can get this looking a lot better in 6 months by finding £200pm spare

A little help form the parents could nail those two monsters and save nearly another £500 in interest.

if parents paid them both off(£2kish) and you used current payment +some of the money you are going to not spend you could have that paid back in 4-5 months.

Total saving over just letting them run the 12m/16m OVER £1000.


if you can find more than £200pm you can nail them quicker and start on the other debts.

getmore4less

(not sure why those extra spaces are on the interest numbers tried edit no joy)

Anyway forgot the Overdraft,

once the charges are known for that it will end up on the list of priority somewhere probably quite high up.

Another angle may be to investigate a 0% purchase card, maybe not now but at some point.

They can be a very good way to get debt onto 0% using normal spends Balance transfers often have fees which negate some of the benefit.

quxuhog

Thank you everyone for your suggestions, it looks like i have a bit more spare than i thought! i am really going to work my a**e off now and get it all shifted as soon as i can. I am more than happy to explain each category.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 171
Rent.................................... 60
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 130
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 13
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 834


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 10185....(171)......0
Total secured & HP debts...... 10185.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Aqua...........................300.......5.........47
Barclays.......................200.......5.........0
Paypal.........................250.......5.........0
118............................1472......93........0
Onstride.......................1500......125.......0
Ikano..........................1026......54........0
Halifax Loan...................3164......92........0
Halifax Overdraft..............700.......0.........0
Very...........................600.......5.........0
Total unsecured debts..........9212......384.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 834
Available for debt repayments........... 766
Monthly UNsecured debt repayments....... 384
Amount left after debt repayments....... 382

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -10,185
Total Unsecured debt.................... -9,212
Net Assets.............................. -19,397

getmore4less

Is the Halifax OD really costing zero?

What's the limit

Car maintenance still zero?