20 and very much in debt =(

happyface35

Hi i can symathise with your debt problem, i have just realised how much debt i am in and realise it needs sorting out, everyone on this site seems to have so much usefull advice. I hope you get sorted out quickly:rolleyes:

jackgrant86

Johnrock wrote: »

Please somebody help me =( I should of listend to everyone when they were telling me not to get into debt, but I thought I knew best and I really dont. I feel so sick everynight knowing I am in so much debt. I still live at home and I am scared that I have ruined my chances of getting a house in the near future!!!

I dont know what to do =(

Welcome John mate!

You've taken the first step in your road to recovery. It'll be tough for a while but it'll all get better from here on out.

I'm only 21 myself, and while my debt is realtively small (£700 overdraft) at least we have both realised that we need to act now to stop it spiralling out of control. I've defaulted on loans, had numerous direct debits bounce, been whacked with whopping great charges and now my credit rating has suffered. I want to move out too, with the help of MSE DFW i'm sure I will be able to!

Trust me, listen to these guys on here and you've got nothing to worry about. It's like having your own team of Financial Advisors at the ready!

One tip: POST, as often as you can. It'll keep you focused on what you really need to do.

Good luck mate, stay strong

Jack

dancingfairy

A couple of points:
1) the generally accepted way of doings things is to get into a situation where you are meeting all the min payments (and not getting into a bigger mess) and any spare money goes on the one paying the highest interest. However some people like to tackle the smallest ones first so they can tick them off - then you can use the money you were paying on that debt to pay the next largest in terms of interest etc.
2) I would work out a debt free date and then watch it come closer and closer as you make progress.
3) start a spending diary - you need to know exactly how much the cinema costs and those nights out and all the 'little things' you forget you buy ie CD/DVD's/Cokes/chocs/coffees/cigarettes/papers/bottled water etc.
4) Is there any chance you can 'fess up to the parents and borrow some money off them? I know it is probably hugely embarassing but it will last a lot less than the time it will take to pay it back otherwise. You will obviously need to convince them you know you have been a bit free with the spending and that you will pay them back £100 a month or whatever until the debt is free. - This will save you having to pay all the interest on interest etc and may be worth looking like an idiot for if your parents can help. Obviously they know you are in some trouble - perhaps they already know more than you think?

ANyway good luck.

immoral_angeluk

£206 a month on car insurance????????????????????? :eek::eek::eek:

My advice? Cut down the obsession to have the best of everything and live within your means. If you sell the car you're going to save yourself a small fortune in car insurance.. you could buy yourself a decent car with the money as have enough to pay off some debt.

You must be in some job to have had cars like that at the age of 20!!!

Idiophreak

Hi John,

Just a note to tell you to keep your chin up - you'll get through it. I had around £22k in various (mainly healthy, but still) debts when I was 22 (Just after uni)...I've been ploughing through them and am starting to see the light at the end of the tunnel - only another £7k to go now.

Anyway, just stay calm and keep chucking everything you can at the debt - it'll come down slowly, but surely.

And for what it's worth...Could you survive without a car for a couple of months? If you sell your car and buy a bike instead, you'd make a massive dent in your debt, cut your outgoings drastically (not paying petrol/insurance/car loans each month) and get some exercise. Sounds extreme, but if you could manage it, you could really get stuck into the debt quickly...In a few months when it starts getting cold/dark again and you're more financially stable you could look at getting back into the cars (only, maybe a little more carefully ) Probably not a goer, but food for thought

opaque

To save on petrol don't take the car to work (unless you have to have it for your job) walk the 2 miles. I walk 2.5 miles each way and it takes me between 30-40 minutes depending on traffic.
Good exercise as well.

Every bit helps!

Cerisa

Cancel sky and the i-phone. Sell the playstation and the car and stick to public transport. Then you won't have car insurance to pay. Ebay anything you can bear to part with. good luck!

isgman

Welcome to the best site for info, we all started out the same way, looked for some help and advice, you have made the first step by asking for help, please post your SoA here and someone in the know will help, you could also look at CCCS (www.cccs.co.uk) they have some great info, Good Luck

Tinkabell25

Hi, Don't worry Johnrock at least you're doing something about it.
Not meaning to be cheeky but can't you walk to work if its only 2 miles..? Keep smiling xx