Hi guys anyone got any advice for someone in need.

GST20

Hello everyone

Its been ages since I been on here so I will start off by going through thr usual SOF.

At the moment I am earning around £700 a month training to be a Chartered Accountant, and due to my out of control uni days I am massively in debt. Anyway here it goes...

Outgoings Monthly

Petrol : £225 approx
O2 Payment Plan set up because of balance created : £54.10
Virgin Credit card : £48 Balance: £680
Barclaycard : £40 Balance: £620 interest 17.9% i think
Premierman : £32 Balance: £725 Approx
Also as I have been cut off from my mobile I am using a pay and go phone which is roughly £40 a month
Bill from my Uni days (Npower) £100

As you can see my outgoings are high but I can cover them. I just need some advice

I have tried on too many occasions to get a personal loan but I am never accepted.

This month i have had to shell out a further £120 on paying my parents back as well. This means that I have £19.10 to my name for the month of February.

I am I just meant to accept that after a had weeks' working I am not allowed to go out with my mates???

Am i being unreasonable?

If so will someone snap me out of it.

All advice welcome however critical...

Mousey81

Hi There,
Don't think that you're being unreasonable wanting some social life with your mates, I know I like the odd pint or 2 afetr a hard week at work.

Have you thought about speaking to your CC companies and asking them to freeze the interest and accept reduced payments whilst you're training? It may not look great on your credit file, but if you are being declined for a loan the chances are it's not perfect at the moment anyway.

Hope that helps, keep your chin up!

Mousey
xXx

hypno06

Hello!

How long before your Uni Npower bill is cleared, and also the O2 payment plan - how long before that is up?

GST20

well the Npower bill has 4 months left and the O2 payment plan has six months left on it why do u ask?

jennyred

dont know if I can help as this is not my area but I think you need to expand your SOA.

rent?
bills?
utilities?
car mot/tax/insurance?
food?

I think the guys on here will need some more info then they will be able to give you some much needed advice.

can you increase your income? - second job on evenings and weekends?
I know its hard when your studying - I'm doing a full time job with overtime and bank somewhere else and doing my masters degree in my spare time!!! its tough but surely it will be worth it in the end.

remember - smile and the whole world smiles with you!

GST20

To give everyone a better understanding I am fortunately living at home with parents hence no rent, no utilities and my parents agreed to pay for my insurance and car tax until I sort myself out financially...

bathgatebuyer

GST20 wrote: »

I am I just meant to accept that after a had weeks' working I am not allowed to go out with my mates???

Maybe just for a bit! I made a lot of mistakes over cash when it came to socialising when I first started working and never really financially recovered from those debts. And I'm 31!

It does mean that you maybe can't do it every weekend, but make sure that when you do go out, you have a good enough time that you can wait a fortnight for the next one.

Every tenner you don't spend on a round of drinks, is a tenner closer to being rid of your debts. Think of it that way. Also, being an Accoutant, your credit record will have to be pretty good so view solving these debts as being every bit as valuable to your career as your training. I know that in my profession (I manage the property accounts for several clients) any negative credit history can impact upon my employability. A default or CCJ and my career will be over.

I'm not scaremongering, just telling you what I wish someone had told me when I was 21 and let loose in Edinburgh with some credit cards!!!! The advantage you have over me, is that you recognise you need to deal with, I waited until I was about 25 to realise

hypno06

GST20 wrote: »

well the Npower bill has 4 months left and the O2 payment plan has six months left on it why do u ask?

Because that means if you knuckle down and manage without a social life for the next four months, by the time the summer arrives you will have another £100 a month to enjoy life with, and a couple of months after that you will have another £50.

One option is to look at the snowball calculator at www.whatsthecost.com - put all the debts in with the current repayments, and see what your debt free date is. Then put the additional £100 that you will have when you finish repaying Npower, and see how much of a difference that makes.....then add the additional £50 from the O2 payment and see again.

Of course, I am not saying use every single penny to pay your debts if you want to have more of a social life, once the old bills are cleared, but at least by looking at the snowball calculator, you are making an informed decision about where your personal priorities lie!

Is there any scope for you getting a second income - a shift or two in a bar each week would give you additional cash and would be sociable at the same time?