Please help me In debt

gunblade_master

hi all

I really need someone to help me out. Currently i am about £5000 and cant afford the monthly repaments. This is how my debt is broken down:

Capital one: 750
hbos credit card : 1100
egg card : 2150
bank of scotland student overdraft: 1300

Currently i am student and i was working part time but i got fired from my job. I go back to uni at the end august. I currently dont have a job but i am looking for one and hoefully should be bacvk in to work in the next few weeks. At the moment i can only aford to pay about out about 40 a month in total to help clear my debt until i find work.

The thing that i am really worried about is egg passed my account over to debt collector and i recieved a letter from them today asking for the full amount or they will take me to court and have people round my house and i will be liable forourt fees. The company is credit solutions and they me to contact them within 48 hours to arrange payment. there is no way i can afford to pay them and i also have the other credit cards to worry about.

What can i do, i have contacted payplan but they cant help because my debt is below 8000. Can anyone on the board help please.

I am currently 20 years old, I have applied for a loan to pay all my debts of but i was refused.

johannamse

Go and get a job. Any job. Your debts are far from insurmountable and you are very young. You will sort this out. Go and get a job at a Supermarket and work all the hours you can till you go back to studying. Maybe get two jobs - a job in a pub as well.

I am not experienced enough to know what to do when a debt reaches debt collection point, but there are many threads on this board that will say what to do. Scroll down and read and read you will pick up many tips.

What are your outgoings? Try to cut down on EVERYTHING and get earning! Do not be proud, do anything.

You will get through this and you have made a great start recognising that there is a problem, before it gets too crazy. Good Luck.

Do not apply for anymore loans and do not be afraid to ring up any of the companies. They are not bad beasts and you should be able to negotiate with them, at the end of the day they just want their money back, they do not really want to take you to court.

Dammam

The debt collection agencies will try to intimidate you into paying.
I'm glad you were turned down for that loan - you aren't in any position to swap one debt from another.It probably seemed like the ideal solution, but you would then have struggled to pay this. Ideally, you should have contacted Egg as soon as you hit, or expected to hit, trouble - they only pass the debt on when they assume you have no intention of paying (I did the same as you, so I know the drill).
Do a FULL list of your income and outgoings, write to each of your creditors with a copy of this list telling them exactly how much you can afford to pay them each month. Don't let them push you into an extra £5 here or there, stick to your budget. Assure them that you are looking to pay the debts off.

You have woken up, smelled the coffee and started to take action. From here, you can ensure it gets better, not worse.

gunblade_master

does anyone know what i should write on the letters, and should i phone the debt collecting agency or just send them a letter. can anyone offer me any other help. Thanks for all the help.

Xbigman

Don't phone them, only write to them. Simply tell them you cannot pay the full amount. Send them a copy of your statement of affairs (a list of your income, outgoings and debts). This will show how much you owe to everyone and how much you can afford to pay. Make them an offer of whatever you can afford and then stick to it. They cannot take what you haven't got.

If you are still unsure visit your local citizens advice bureau and they will help you prepare all this.
Regards



X

gunblade_master

thanks for the help. Should i send a check for my first instalment of what i can afford each month or wait and see if they accept my offer. I think i can only pay them about £10 each a month maximum.