Help - Young and In Debt

alottaklass

Ok so, i'm in about £8k's worth of debt, but the problem is my creditors are my old bank the natrwest of which i got into debt with, with my ex-boyfriend and then my dad who is an IFA said he would fight all the charges that they had whacked on! Well this was over 3 years ago and nothing has happend?? And now I have absolutley no credit anywhere as the bank have put goodness know what on me!
And my second creditors are my parents for about which I owe them £4.5k and it's horrible it has caused arguments and stress to me and now it is at a point where I am unable to speak to them at all! And the last thing I want in my big family is a family rifft but that is the way it is going.
I have spoken to the IVA to see if that is a way to sort it out but i'm not in enough debt, irronically?? the other option offered to me was a consolidation loan, but no-one will even lend me a pencil, so what am I supposed to do??

Help please???

Waspeze

Two things i'd say .. first maybe get a copy of your credit report as this could show whats causing problems with your credit and secondly.. you said you'd spoken to "the IVA" ? who is this company?
I'd phone CCCS, CAB or debtline as they're the free debt charities and will be able to give you advice or help.

Merlot

Do you have an income? Could you post an SOA (incomings and outgoings) and we will see if we can reduce your outgoings, there is no quick fix to debt repayment, but we can help, but we need more info.

Also, if you have debt with the bank, please please do not put monies into that account or any other account which is associated with that bank, i.e HSBC own First Direct.

You could try contacting the CCCS, a debt charity, I don't know where you would stand on a family debt though, I mean as regards to a DMP or something. http://www.cccs.co.uk/

Merlot

Under No Circumstances Take Out A Consolidation Loan, It Will Make Matters Worse In The Long Term.

I don't know why the above has capital letters at the beginning of each word? Any advice from the regulars on that one.

alottaklass

IVA - Individual Voluntary Arrangements help and advice site my sister other half used them and they changed his life. But he was in alot more debt than me!
Thank you for the advice:rotfl:

Merlot

alottaklass wrote: »

IVA - Individual Voluntary Arrangements help and advice site my sister other half used them and they changed his life. But he was in alot more debt than me!
Thank you for the advice:rotfl:

I don't recommend you use "IVA" they will charge you a fee, contact the CCCS, its totally free and its a freephone number too.

Keep us posted

alottaklass

Yeah I have a variable income, I have two jobs and work on hourly rate, on a good week I take home £270(net) or £200(net) on a bad week.

Outgoings
£340 per month rent and bills
£60 (monthly) mobile bill
£120 fuel (monthly)
£70 food and essentials (monthly)
£120 going out (monthly)
£80 debt to a friend (monthly)
£30 misc (birthdays etc..)
£40 clothes (at least)

I do not use the Natwesr for anything, I have a separate bank account with the Halifax.

Merlot

Can you list your bills seperately please.

£60 on a mobile bill - phone them up now and reduce that tariff - far far too high.


You are spending far too much on going out, clothes (you must have a wardrobe full) and £30 on birthdays is too much.

Your main priority besides your priority bills like rent, fuel bills, council tax etc, is to repay your debts and until then you are going to have to cut back on the luxuries..Sorry if this is harsh, but reality usually is.

Have you put in a claim for your bank charges yet? If not, read the bank charges thread and put in a claim today.

Merlot.x.

Merlot

Can you list your debts too, who are they with?

Is the £80 in your SOA to repay your mum and dad or someone else.

alottaklass

See this is really the problem, my dad was dealing with it all and I have no idea what he has and hasn't done really??? He has all the info too.

It wasn't harsh, I was just being honest, I am aware I spend frivously and that will have to change in order to pay my debts back.

But its just how i go about sorting them out, i have no clue where to start with the natwest and my parents will not accept money off me, but are happy to cause me misery by reminding me every day that I owe them money!

By the way, is it ok to use the online credit check and if so does it seem right that they want ALL my card details?

4littleone

Agree with merlot, looking at the figures you posted you're spending £170 a month on "luxuries" that you can't really afford.
Also you've listed petrol costs but no car maintenence, mot, insurance etc.
Theres a good budget planner on this site. I'm rubbish at posting links but if you look at the "stickys" at the top of the page there is a SOA calcualtor that you can cut and paste into this thread.
Have a go at that first so that you get a clearer picture of what you are spending.