Help Help Help Help Please

Moustacheman

I have got myself into the most disastrous and complicated of situations and need some real help.

Firstly I cannot get any more credit currently to Shift my debts around as I am not on the Electoral Roll. My mum had me taken off when I moved out 2 years ago and I never registered at my current address as the previous tenants ran up serious debts and we had bayliftys looking for them and I didnt want to associate myself with that as it would affect my credit.

I am 26 old currently renting property and earn 17,500 per year. My current debt situation is in a right mess and years of living beyond my means have finally caught up with me. I have been making regular payments on all of my debts and missed a few payments here and there.

The current state of my debt is as follows

Natwest Bank: -£1100 Overdraft
Natwest Credit Card: £7300 balance £7300 Limit
Virgin Credit Card: £4087.96 Balance £4200 Limit
Capital One Card: £973.28 Balance £1000 Limit
Barclaycard: £3100 Balance £3100 Limit
Tesco Loan Originally £15,000 Balance is now £10,970.16

£27,531 Total Debt

I dont know what to do next. I can just about afford to make the regular payments each month but this is leaving me with virtually nothing to live on and in a month where I get my household bills I miss some payments on some debts. I have just enough to get by on each month now, but cant afford to do anything but survive at the minute. So when it comes to going out with friends or birthdays or any events I canty afford to do it. I dont want to live like a recluse for the next 20 years paying this off. I know I only have myslef to blame as I've got myslef into this situation, but need some advice/help on what to do next.

Nicky_3

It sounds like shifting credit around has not resolved your financial situation anyway, so thats obviously not the right solution for you. Its time now to deal with things head on and pay your debts in an affordable way.

Unfortunately, because you will need to work out your finances properly and realistically, this will mean some sacrifice on your part when it comes to living the lifestyle you have become accustomed to. You will have to tighten the belt somewhere and probably stay in a few weekends

There are some good companies about who you can talk to and lay your cards on the table and find out what options are available in order to resolve this situation.

https://www.payplan.com (Free Debt Advice on resolving debt problems and Free Debt Management and no upfront fees IVAs)
https://www.nationaldebtline.co.uk (Free debt advice on resolving debt problems)
https://www.CCCS.co.uk (Free debt advice and debt management plans)

Thats just to mention a few, you could also go to your local CAB and chat with them and they can give good help and advice on what to do.

At the end of the day, its your decision and its no point trying to commit yourself to do something if you are not sure if you are ready to do it. It does mean giving up some luxurys, but, it also means you are on the road to becomming debt free.

Anyway, gives you a few things to think about.

Good luck.

Gillby1

Moustacheman,

If you list your regular monthly takehome pay and outgoings on here (minimum card payments perhaps, rent, bills etc..) then it's possible to see how much you have left each month, and this also makes it easier for MSEers to advise you. As always, it's important to pay off the debt with the highest interest rate first - so list your interest rates too.

Good luck!

Louise20000

Okay so its been a while since you originally posted - how are things going? I would like to suggest getting another part time job in a nightclub - I used to work in a club 2 or 3 nights a week and although its not the best pay in the world - you get perks of having 'drinks' brought for you - yes you can't drink behind the bar or anything but any drink offered say 'thank you very much' I'll have that later when I finish and take the money for a drink - most clubs allow you to do this. Say you did 2 nights - with the added tips you could earn an extra £100 per week to just throw at your debts - not bad. Also there is a great atmosphere of working in that kind of place and like you say when its friend birthdays - ask the manager to put them on the 'VIP Guest List' - they get into the club for free and don't have to queue - they will love it (and you) - you also get in free on your nights off.
thats my advice to you - it worked for me and I'm even thinking about going back to the club in a few months time - I can't now I'm 8 months pregnant but I do miss it.

All the best Louise

idiot_3

i was going to say something similar. a second job would be beneficial in so far as 1) extra income :beer: 2) gives you something to do, rather than being lonely in your house 3) meet new people and make new contacts and 4) it is like having a social night out, but without paying for it. if your mates are reguars in a pub, work there as you get to see them, and get paid for it! :beer: :beer: