21 and in a mess! please help

hooty2001uk

Thanks racer :rolleyes:

I just dont know what to do, Do I try get the loan of 10k OR get a Managed Loan for my HSBC Loan and Overdraft????

I just really dont know..?

And as for my car Insurance..they want the amount in full? :eek:

X

Sue-UU

Hi again Andrew,

I can't help but agree with racer265, you do need a goal as it helps so much to focus on the 'now' - whilst also helping look ahead to the future and having something to strive for. Apart from anything else it would be such a shame to throw away a chance of a Degree at Uni following years of hard study at school and college.

Have a look at this link and see if there's anything else that will help with Martin's Loans advice. http://www.moneysavingexpert.com/loans/cheap-personal-loans. I sincerely hope that you go for Uni......... as there's far too long in life after you're debt-free to have regrets about not doing so...and getting the chance to earn good money! Keep cutting back where you're able Andrew and don't forget to watch & tape "It Pays To Watch" at 7.30 Channel 5 tonight (Wednesday). Also watch the 1/2 hour that carries on (off camera, but still available) afterwards later on the web site given at the end of the show as there's always additional info to be had then.

Good luck Andrew! Sue.

Dinah93

About university, is it the lifestyle or the qualification you are wanting to go for? If it's the qualification, have you considered the Open University? On your salary if it is your first degree you may well not have to pay any fees, or at least only partial fees and you can fit learning around earning :j My partner is taking a degree with them as we can't afford for him not to be working for 3 years, he's never studied past GCSE and he's found his tutor really helpfull and supportive, and the course is broken up into nice manageable and interesting sections. Just something to consider :rolleyes:

xredwebx

Hi There,
Just wanted to confirm the above about the open university!

I'm currently studying for a degree and my employer is paying the costs for me, so thats always a route to pursue.

Its a great organisation, the tutors are really helpful and as its module based you can pick and choose the courses that you want to do.

I understand as well if you have low wages you can try and get a grant from the government (I think they class anything below 30k as low!)

Good luck with everything

xredx

Adrasteia01

With regard to Ebay, you'd be surprised how many different things you can sell on there.

Do you have any books/dvds/cds/clothes/pc games/playstation games/jewellery/cd players/USB drives etc that you can sell? Have a look at the full list of categories and you're bound to find something. You can even sell ornaments and household stuff. Pretty much anything.

Also, sign up to quidco.co.uk and pigsback.com to build up points, as every bit helps.

I also can't help thinking that if you paid off your loans early (and I assume consolidating does this) you'd be hit with exit fees on your loans for doing so. Do you have any bank charges you can claim back? or expenses to put in at work? If you have coins sitting round take them to the bank, and spend as little as possible now.

Do you have enough money to get to work for the next month? Do you have enough free on your credit card? (although you're better off not using them to take money out, they can be useful if you really need them). Can work give you an advance on your wage? (my previous employers did that for me a couple of times. It might be worth talking to payroll about. I'd suggest giving them a bit of info but not too much detail, if you know what I mean).

Try not to panic too much, it only makes things harder. Keep enough money for petrol and take lunches with you and you have the basics of what you need. Try not to get anything else for now unless you really need it, or until you get more money in. I know it's not a fun situation to be in but it can be improved.

Tamara

Adrasteia01

With regard to the university, I'm inclined to think that you might be better off holding off on it for a yr and working to pay off the debt, as it's better to have a bit of money saved when you're going to uni as you can't work that much without impacting on your course. Book etc are also expensive, and fees build up quickly. I currently have about 13k euros in university fees and supplement loan to repay from going to college (that's for 6 yrs in Australia but university is WAY cheaper there).

I'd say if you worked even 20 hrs a week you'd have difficulty doing both full time study and that level of work, and it would diminish the money you have coming in. If you're having difficulty coping now it would be harder then. I'd say work hard to clear the debts off first, do what overtime you can, save a bit and then go to uni.

That being said it's your life and you are the one who has to live it. It is your choice what you do, and I can imagine it would be a bit depressing wanting to go to uni and being delayed in that.

Charlie1986

hooty2001uk wrote: »

Hey again peeps,, Thanks so much for the great advice...

I need my Car for my job as have to get there and travel to different properties ( I am a deputy manager of a care home so have to do shifts and 24hour on call duties so its a essential)...

Its an 2004 Fiat Punto 1.2 - so nowt fancy!!!

As for the Insurance, I am fully comp and only my last car an R reg fiesta I was paying £97 a month 3rd party...So it "seems" way cheaper..

x

Hi have you tried direct line for car insurance ? I have a 2005 1.2 clio fully comp with business insurance which is £49 a month.

riddlesticks

Hi Andrew and welcome to the board. I know you are getting stressed about your finances but they are not too extreme yet and could be managable. You just need to budget. I know its boring but once you get used to it you will be amazed at home much money you just wasted. So you obviously have access to a computer. You could either use the budget tool on here or make your own. Use it and keep an eye on your spends at least once a week (but it would be better if you checked it more). Make sure you keep account of what you spend. I found the first couple of months after I started budgeting that I went over on certain things like shopping, spends but that was me getting used to living to a strict budget. Now I dont go over anymore and not only am I paying my debts off, I can also save enough money to cover family hols, birthdays, christmas. I am very pleased to say that I don't need to use my CC anymore for anything cos I always have enough money put aside.

hooty2001uk wrote: »

OK, cheers guys...thanks for everything..

MY SOA

Income - £17,654 (Annual Salary)
which works out at £1471.16 before Tax a month Changed to £1386.46 but is this the usual every month


Outgoings - Monthly

Rent - £300 (including c/tax, water,gas,electric,internet)
Sky - £21.50 This is a luxury - you need to get freeview. I know Virgin offer freeview through their digital box so its possible Sky do. It might be worth looking into.
Car Insurance - £73.30 Have you checked you are getting the best deal. Try money supermarket, uswitch, compare! You will be very suprised at how much you can cut your insurance by spending a lot of time checking out quotes.
Mobile Contract - £50 Is this necessary? Go on PAYG. You cant afford this ATM.
Specsavers - £22 Is this for contacts? If so can you get them cheaper anywhere else, have you tried the internet? Or could you just get glasses?
HSBC Loan - £88.28
Welcome Loan - £101.61 Maybe you could look at a better deal. This seems a lot!
Citroen Finance - £4851.25 - £97.42 a month If you sold your car would it make enough to pay off this debt and to buy a little run around?
Policy Admin Services??? - £9.99 What is this? It needs to go!
Petrol - £60.00 This is too much. Do you shop about for petrol? Do you use your car for small trips (where you could walk)?
Food - £60 Shop at Aldi, Netto, Lidl - you can cut this down.
Littlwoods - £50 Whats this for?
Magazine Sub - £15 Get rid!

This all adds up to £949.10. What have you done with the rest? You need to put money aside for Christmas, birthdays, Tax, Mot etc. Also what about going out, clothes etc?
Also owe Parents £200 Can you put this off for the time being?

Overdraft stands now at £1000 and is being taken off me on 22nd Feb and Bank Charges of £150 to be taken out on 9th Feb. Have you tried claiming your charges back.

Spoke to Priviledge Insurance and they say I have missed payments on my car Insurance which i didnt realise I didnt have DD set up so they want the remaining £560 in full by 8th FEB...

Im in an absolute mess.. Please Please Help

Andrew x

I know people are putting pressure on you to pay ATM but maybe speak to them and tell them you need more time. I have never had to do this so dont really know much about what you need to do but Im sure they want their money back so would be willing to help. If you do get some more time you need to be really strict and you really need to cut back as much as poss! Also try do as much over time as poss and get selling on ebay!

HTHs.

AMxxx

debbie_debt

No dvds? cds? old mobile phone accessories? you'd be surprised what brings cash in on ebay! i did the same myself last sept when i finally faced up to my debt (£23k) and although it only brought in a few hundred it really did help in the short term.

With you saying you're the dept manager of a care home, what would you think of joining a care agency and getting your hands dirty on your days off? I know it sounds like you've not much spare time but even one extra shift a week could bring in about £300 a month which could go a long way. I've just joined one myself (student nurse) and it's really helping, working a double shift on a sunday is about £120. And many will take you even if you're not a care assistant by profession, but I'm sure you've got enough experience from your current job.

I hope the sky's been ditched!! Or at least use the tip from martin to call mid-week and threaten to cancel in the hopes of being offered one of the half price deals!

debbie_debt

One last tip too - I buy my contacts on cyberlenses.com and managed to cut my bill to £13 for 3 months lenses.