drowning in debt

mcdave_2

I have an outstanding loan with welcome finance and am unable to repay them the full amount as they want. I also owe my flatmate ALOT and am trying to get a loan to pay her off so that we can both get on with our lives. Unfortunately i cant get a loan to do so, but have been offered a small loan that needs a guarantor but as i dont know of anyone that is in the possition to help me out as a guarantor i cannot get that loan either. I do not know what to do or who to talk to for help and am loosing my mind trying to get this done and over with. PLEASE if anyone has any advise or help will you please help me. Thank you

misspixierocktastic

I can't help but wanted to say well done for posting i'm sure some people will be along soon to help
I have a loan with welcome finance the interest is a nightmare
Good luck

angelflower_2

you will have to post your state of affairs (ie all your incomings and outgoings) so we can see where we can help you save. Please include everything including interest rates etc

Oh, and welcome...we look forward to helping you get this sorted.

shelovestobuystuff

I have not had dealing with welcome finance so don,t know what their rates are like.If the loan with welcome finance is secured then make it your priority.If that loan is not a secured loan then prioritise the repayment of the money to your flatmate.I will probably get my knuckles rapped for that advice but you have to live with her afterall,that must be really awkward for you both to have unpaid debts existing between you.I am not an expert,I have debts of my own,but I would try to pay my flatmate first just to make my day to day life easier.
Good luck and I am sure you will get plenty of helpfull advice here.

mcdave_2

First of all i would like to thank anyone and everyone that is able to help or give some advice. Thank you.
The welcome finance loan was originally for £1500 now do to my drinking and stupidity with the interest its over 2500 I have givin up drinking and tryin to start clean but its not an easy task. I dont want to make excuses for my not paying things and want nothing more than to get this ALL sorted out and off my shoulders so i can get on with becoming the man without the alcohol. I also owe my flatmate that is my ex fiance 12000 cuz she had bailed us out and i had said that i would help pay it back but never did cuz of drink and stupidity. I NEED to get this money sorted out so that she can do what she needs to do and not worry bout money and stuff. She isnt workin and is on employment benefits. I also need to pay her this money back so that i can begin to start again. NOT be in debt forever and broke till i die.

chevalier

Okay what are you prepared to do to sort this?

Sell your car?
Give up sky?
Get another job? Ie better paid in your career, or an additional one on top to pay more off quickly?
sell everything you own except clothes, on ebay?
do surveys online
do mystery shopping in your lunch times etc
There are a lot of ways to pay this back. I estimate that this is £14000 you owe about.
What is your monthly income at the moment?

This is why we need the statement of affairs. If you are earning £3000 a month, then you could probably put £1000 to debt repayments and this would all be paid off in 14 months. If you only earn £300 a month, then of course it is a totally different ball game.

So get your self a coffee and have a look through your statements etc, and put down your income, expenditure, and your debts with apr's, and we will see if we can see some areas where you can save
chev

mcdave_2

Well if i had a car yes i would sell it. Same goes for sky. She has it herself. We both watch it mind you but thats not my deal. As far as getting a new or second job i would if it was possible for me to do so but as my passport has expired i cant get a new job. I know i need to get that sorted out NOW and soon as i have some extra money to get down to do it i WILL be doin so.
Right now i make between £200-300/week but my pay goes on how much work i do a day not per hour so HOPEFULLY the work will be pickin up soon so i can make more money. I can make ALOT more than what i am at the moment but bein winter the work is just slow at moment.
I pay half the rent which is £607/mth
I pay about £100/mth gas and power..less in summer obviously
Unfortunately i dont spend alot on food as im so stressed over ALL this i dont eat much which isnt helping nothing.
Im willing to do surveys..or whatever i can to make more money but dont know where to do those.
Dont have much if anything to sell really on ebay either

misspixierocktastic

Mcdave

I wonder whether its worth contact cccs the free debt charity they can see if theres anything they can do for you

angelflower_2

I dont understand why you need a passport to get a second job. If your outgoings are only £400 ish a month as stated above...where is the rest of your money going every month.

so

how much do you pay for the following items
rent
council tax
gas
electric
food
travel costs
christmas/birthdays
clothes
mobile
telephone bill

how much is your loan repayment for welcome?
Do you have any credit cards/overdrafts

Please dont take this the wrong way...but...why do you still live with your ex fiance....is that not difficult (and i dont just mean financially...it must have implications on her benefits claim and it must be emotionally straining on you both)?