PLEASE HELP - Debt Advice

top_gun_25

Hi all have not used this site before so not sure what to expect, I have just finished my degree and it has left me in a bad way. I will break it down:

I am working part time and bring home pay is £103 a week.

I have a 2k overdraft no intrest and balance is -£1600 - OD
I have another overdraft of £800 balance is -£600 - OD

I Owe £900 to Egg Card monthly min is about £18.00

I Owe £2600 to Aqua Credit Card min payment is 3.5% monthly intrest rate is 2.8% 39.9 yearly

Money going out:
£220 Rent
£90 Councile Tax

Direct Debits:
Home phone Talk Talk £20 per month
Internet £18.00 per month
TV Insurance £5.49 per month
Mobile Contract £20 per month
Water £12 Per Month

I cant get housing benefit because my GF is in full time education and get a NHS grant. Puts our income over the threshold limit.

I can manage most of the above but Aqua is killing me.

GF is taking care of the food, electric and other half of rent which takes most of her money. I have cancled a lot of other thins that are not essential but am still in the red.

I am looking for a grad position and any work i can get but not havin much luck, have tried to get a loan to consolidate but no luck; keep getting told bad credit which is stupid but hay what can you do? no really tell me.

I don't really know what to expect from this but will give most things a go.

Thank

top_gun_25

top_gun_25

albertross wrote: »

Use the interest free OD to pay off some of the Aqua, £400 paid off saves £160/pa. Using the £200 from the other OD will probably help as well

cancel TV insurance.

Cant do that OD is what im living off.

Tied into the tv insurance for 4 more months

jdavanport

:T Hi,
if you have a poor credit rating,go bankrupt, maybe that will teach you
how to handle money in the future.
good luck,
john

top_gun_25 wrote: »

Hi all have not used this site before so not sure what to expect, I have just finished my degree and it has left me in a bad way. I will break it down:

I am working part time and bring home pay is £103 a week.

I have a 2k overdraft no intrest and balance is -£1600 - OD
I have another overdraft of £800 balance is -£600 - OD

I Owe £900 to Egg Card monthly min is about £18.00

I Owe £2600 to Aqua Credit Card min payment is 3.5% monthly intrest rate is 2.8% 39.9 yearly

Money going out:
£220 Rent
£90 Councile Tax

Direct Debits:
Home phone Talk Talk £20 per month
Internet £18.00 per month
TV Insurance £5.49 per month
Mobile Contract £20 per month
Water £12 Per Month

I cant get housing benefit because my GF is in full time education and get a NHS grant. Puts our income over the threshold limit.

I can manage most of the above but Aqua is killing me.

GF is taking care of the food, electric and other half of rent which takes most of her money. I have cancled a lot of other thins that are not essential but am still in the red.

I am looking for a grad position and any work i can get but not havin much luck, have tried to get a loan to consolidate but no luck; keep getting told bad credit which is stupid but hay what can you do? no really tell me.

I don't really know what to expect from this but will give most things a go.

Thank

top_gun_25

Merlot

jdavanport wrote: »

:T Hi,
if you have a poor credit rating,go bankrupt, maybe that will teach you
how to handle money in the future.
good luck,
john

mmmmm. Useful post, I don't think so, bankruptcy is not an easy option and should not be undertaken lightly.

Merlot.x.

Merlot

top_gun_25 wrote: »

Hi all have not used this site before so not sure what to expect, I have just finished my degree and it has left me in a bad way. I will break it down:

I am working part time and bring home pay is £103 a week.

I have a 2k overdraft no intrest and balance is -£1600 - OD
I have another overdraft of £800 balance is -£600 - OD

I Owe £900 to Egg Card monthly min is about £18.00

I Owe £2600 to Aqua Credit Card min payment is 3.5% monthly intrest rate is 2.8% 39.9 yearly

Money going out:
£220 Rent
£90 Councile Tax

Direct Debits:
Home phone Talk Talk £20 per month - Stop talking, you should only be paying for line rental only
Internet £18.00 per month - too expensive - you can reduce this
TV Insurance £5.49 per month - a complete waste of money
Mobile Contract £20 per month - Is this PAYG, if not lower the tariff, if it is stop waffling:rotfl:
Water £12 Per Month

I cant get housing benefit because my GF is in full time education and get a NHS grant. Puts our income over the threshold limit.

I can manage most of the above but Aqua is killing me.

GF is taking care of the food, electric and other half of rent which takes most of her money. I have cancled a lot of other thins that are not essential but am still in the red.

I am looking for a grad position and any work i can get but not havin much luck, have tried to get a loan to consolidate but no luck; keep getting told bad credit which is stupid but hay what can you do? no really tell me.

I don't really know what to expect from this but will give most things a go.

Thank

top_gun_25

Top Gun, have you joined all the temp agencies in your area, have you looked at Job websites i.e.monster etc. You are capable of earning more than £103 per week even if it is not your dream job, take anything just now.

Do you seperate your finances or do you do joint, if joint, it would help if you posted a joint SOA.

I have added comments in above.

top_gun_25

My mobile is contract with 3 and they wont let me doowngrade, I really need to know where i stand With Aqua can I get tehm to freeze account or anything?

Will stop tv insurance ASAP

The SOA is acurate my GF income is 500 PM but that pays £200 rent as our rent is £440 pm she pays £25 a week food and the rest goes on travel to uni.

Going BC is not an option I want to sort this without going BC

Thanks

LilacPixie

you will need to look at increasing your hours at your current job or taking on another in the meantime. Do you have any space left on your egg card to switch some of the aqua debt too?? Would your bank increase your 0% o/d amount?? Usually borrowing more money is not a good idea but when you have a 40% apr on a debt you really need to start overpaying it or switch elsewhere.

you should be able to pick up a bar job quite easilly. not an idea career but if it puts another £80 a week in your pocket its worth it.

LindsayO

Home phone and internet seem too high, are you tied in on contracts with them too.
Even if you are call and see if you can down grade, worth a try, every time I tried to leave Virgin, they downgraded me to a cheaper deal.

If you feel you must have internet, look into VOIP phones. Another option would be to do away with internet and home phone mobile altogether until debts paid off

top_gun_25

internet i can change
home phone might be able to downgrade but tied in for line rental
mobile is 13 month left

trying to find another job

is there any way to get intrest frozen, or payments reduced?

pjminio

You really need to speak to aqua and explain it all to them, or speak to a financial advisor who would be able to sort your finances out. I dont no much about credit cards as dont have any ,but,can you not move what you owe from aqua to another credit card company with a better apr and put everything on one card? That way just 1 payment going out each month. Bankruptcy is not an option, once you do that you wont be able to get a mortgage, credit facilities and you will have a black mark against your name. We pay 25.00 month from vodaphone for broadband and our land line, that includes free calls anytime as long as the numbers used start 01,that doesnt include mobiles but i use my mobile for that as i have so many free calls to use. There are some really good deals out there for landline and broadband combined, have a look on martins website i read one on their today talk talk are doing one for 17.99 a month! I have never heard of being tied in for line rental on home phone before, our line rental is included in our price.I dont suppose i have helped much but good luck and keep smiling, tomorrow is another day