I need financial help, im 19 years of age and in debt, i just want some advice please?

S

Sam R

New member
Im 19 years old, i was kicked out of home at 17 and ended up living with my friends parents, where i still am today, I struggled as i cant rely on my friends parents to pay for things for me so for a long time i did with out.

I lost my job when i got kicked out as i couldn't afford to get there anymore. i was unemployed for about 6 months, during that time i turned 18 and letters started coming in asking if id like a credit card. I thought oh great, free money WRONG!

I applied for 1 Credit Cart with RBS, and rung up after a week or so to see what had happened, 'One second sir, ill get it sorted for you right now' Went through all my details again and said i had passed and the card would be sent out.

I got sent two credit cards, one with a limit of £800, and one with a limit of £450.

When i got a job i started paying back in to them, not much as i couldn't afford much but i tried, quite a few months back, work dropped my hours significant, i went for 30 hours a week to 4 hours a week.

I also started a course at college as i had tried my best to get a job and i wasgettingn refused everywhere.

Im currently at college and have the following debts

Royal Bank Of Scotland Credit Card 1 - £1100
Royal Bank Of Scotland Credit Card 2 - £520
Royal Bank Of Scotland Overdraft - £1400 - i paid my credit cards off with this at one point but had to start living off mycreditt cards again as ididn'tt have any money in my account)

Orange Phone Services - £550

My mobile has gone to a debt collectors now and im really worried as the people i live withdon'tt no about my situation.

Im not asking for a miracle i know im going to have to sort this out, but i just wanted some advice on what i should do.

I cant wait for the day for this to be over with!
Thank youu
Too add: i get 160 pounds a month from my current employment, and 80 pound of that goes toward interest on my overdraft, then i have to pay rent, so im still spending more than i have, i dont no how im doing it, but i am
 
It looks like you have most of your debts with one bank (Royal Bank of Scotland). The first step should be to approach the bank and ask how they can help you out. They should be able to offer assistance as its in their best interests to help you so that they get repayment for the debts. Ask if they are able to combine the amounts on a low interest rate, or have an interest free period with the interest frozen.
You dont say if you have spoken with Orange, are they aware of your circumstances? Are Orange or thier debt collection services willing to put an instalment arrangement in place so you can pay this off? Again this is in their interests too as they want their money without writing off the debt.
Also ask at your college if there is any financial assistance open to you. What about government payments, is there anything open to you in the form of government assistance?
You have been through so much and I think you have done well to have coped as well as you have. Despite what you think as this financial situation must seem crushing to you.
The family you are staying with obviously care for you so maybe it is time you approached them also to ask for their suggestions and guidance. Even though you are doing your best to be independent, you are still only 19 and there are probably resources they would know about locally that you may not even know exist.
Whatever you do, do not get into the trap of using payday lenders, they will be the worst thing you could get involved in.
Keep hunting for a job and good luck with resolving everything. I'm sure with the resilience you've displayed so far you will be a success, this is just a hurdle you need to overcome for now.
 
I agree. You need to up your income asap. I would contact your lenders and tell them what the situation is. Once you have got a job, you need to look at your credit cards, and start paying off the card, that has the highest interest. You also need to keep a record of every penny you spend, and look at your outgoings and seriously ask yourself if they can be reduced in anyway. (Are you on the cheapest tariff) Look at your belongings ...do you have anything you can sell to make money? Decide on a strict budget and stick to it ... oh and cut those cards up as soon as you can!!
 
try national debt helpline they are very good they give you free confidental advice and send you loads of information in how to deal with creditors etc. you are not alone many people are in debt. good luck and dont worry as the saying goes they cant take blood from a stone
 
ahhh, feel for you! i got in the same situation as you but probably twice as much debt...at first i just ignored all the bad letters. It was horrible i was worried to answer the phone, door etc just incase it was people asking for money, i tried to go through a debt agency that take so much of you every month and settle a payment with all the companies on your behalf....but they take a chunk!!!!! so i wrote them all a letter, with a financial statement which basically sais all your incomings and outgoings and if you cant afford anything..they cant take anything form you!! you can agree to pay like £1.00 per month if thats what you can afford, they have to take it??? i started paying £5 to each one and then every 3 or 6 months they ring to see if your cercumstances have changed and if not they keep it at the same. you also need to ask them to freeze your interest so it dont go up any more....citezins advice bureau are really helpfull, there is usually one in most areas. or debt line?? there are loads of financial statement templates on line too just google it.

once you do all this its brill, you dont need to worry, just think at least your paying something and just keep them informed all the time and they tend to be ok.

hope this helped you :)
 
Back
Top