Should I?

notagoodsituation

Hello everyone,

I am in quite a serious amt of debt, which I cannot see me clearing with interest charges etc.

I have depleted savings just by paying off payments etc, and dont know what to do....

My parents have a very dim view of debt, and if im honest i have nothing to show for my debt, apart from good nights out and now fading clothes....

My question is now... Do I ask my parents for help? I know they are financially able to help me... but not sure its the right thing to do - it will take a lot for them to accept it and will also take a lot of patching up...

Since i came out as a massive homo to my parents we have not been on the best of terms, and i have been pretty !!!! as a son, not keeping in touch as often as i should etc....

Any advice would be welcome, I am not so much expecting them to pay it off for me, as much as mabey loan me some money interest free etc and me make some manageable payments back to them?

Thanks people

N

Ames

Don't think they''ll automatically help you - my dad had enough to pay my debts, and wanted me to be a director of his company so I couldn't go bankrupt but he still wouldn't help me out.

Also, there's a chance that you won't learn from your mistake and might just dig yourself into a bigger hole.

Although I think telling them about your debt would be a good thing, a problem shared and all that.

I'm sure someone will be along with better advice than me soon.

notagoodsituation

Thanks for that - Im not sure they will help me - but they may do - i think they will.... but they will want to assume whole control of all my finances etc, which i am scared of.

I almost find the prospect of getting a DMP or an IVA less of a scary thought of telling my parents.....

spud30

Why not post your SOA and let the good folk have a look at it for you.

They could see places where you could make savings and avoid the need for a DMP or IVA.

blu1974

Hi me and my partner have debts also and problems so your not alone that way and there is plenty of help on here and other ways but probley your best bet would be to post all yours debts along with your income etc etc and these great people on here will give you great advise good luck ;0)

Buffythedebtslayer

I wouldn't at least not till you do what Spud suggests and give sorting it out yourself ago - believe me people here work miracles, I think you would feel much better handling things your self? I know you don't want them to do everything for you but I think maybe it would shift the balance of power in their favour? and perhaps that would make it difficult for you.

sorry for the poncy talk! I think I know what I mean and just hope everyone else does! xxxx

beanielou

Pop up your SOA & we will see f we can help.

notagoodsituation

Thanks for all your help and support. All I am thinking is my mum and dad are !!!! hot at budgeting, and will go thru everything with a fine tooth comb, if i get everything paid off then I can go and get all the unfair charges back i would have thought, then this could turn the £17k debt into mabey £15/16?

I want to buy a house by the time i am 30 (currently 26), and with the way i am messing my credit rating up there is no chance of a 200 credit card never mind a house!

Arrrgggghhhhhh I hate life!

spud30

I bet you any money your folks arent as hot at budgeting as the peeps on here

Pop up your SOA details if you want em to take a look for you.

notagoodsituation

Here we are!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 55
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 76
Car maintenance (including MOT)......... 20
Car parking............................. 50
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1251

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................17500.....585.......13.9
Total unsecured debts..........17500.....585.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,251
Available for debt repayments........... 149
Monthly UNsecured debt repayments....... 585
Surplus(deficit if negative)............ -436

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total Secured debt...................... -0
Total Unsecured debt.................... -17,500
Net Assets.............................. -11,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

skint_spice

I would patch things up with the parents but not ask them for money. Surely if you've been a bit shiite in the past standing on your own two feet now will show them how responsible you are and how much you've changed. Plus I think that if they bail you out now you won't learn your lesson. Sorry if this sounds cruel but you need to face things on your own. There are worse things than an IVA or DMP.