Money trouble

Aruffell · 22 Jan 2007 at 14:04

Hi all,

Seems i have got myself into a bit of debt.

I have spent a fair bit of money over the past couple of months, and to be honest i dont know what i have bought.

I've spent £8000 of my own money, and got a £10,000 loan which i have now spent all of that.

I have a credit card - £200 limit - maxxed out.

I have a few things on buy now pay later but i have time to sort that out thankfully.

I have 4 mobile phone contracts (£70 a month in total)

Anyway, im writing this because i need help. I have been in touch with Debt free direct (as seen on the telly) and they are doing a payment plan for me.

I have £14 to my name, luckily all of my direct debits have come out of my bank for this month, but i dont get paid until the 31st Jan and on the 28th i'm expected to go and work in Bluewater (£11 return ticket a day) which isn't going to happen.

How can i source some money until i get paid, and what other advice have you guys got?

Cheers,

Andy

shifty_uk · 22 Jan 2007 at 14:06

Why on earth do you need 4 mobile phones?

I thought my money situation was pretty bad...

philio16 · 22 Jan 2007 at 14:09

members market -> for sale

megakid · 22 Jan 2007 at 14:11

You've spent over £18,000 and you cant remember what you've bought?? I guess that means you can't sell anything that you've got then?

Wow - I spent just over £5,000 in December but that was a holiday, a new car + insurance and a new laptop.

I'm living out my overdraft for the time being!

Good luck with sorting it out!

alexthecheese · 22 Jan 2007 at 14:13

A girl at work frequents a forum that is full of people like you trying to clear debts so when she's in tomorrow I'll report back with the address if it's still on the frontpage. It's quite a well known one - money experts, or something like that, just can't remember it at the moment.

It will, if anything, make you feel better as there's plenty of people on there with much worse debt than you!!!

Raymond Lin · 22 Jan 2007 at 14:14

gamiling? beer? clothes? smoke?

Stop all that now, sell the car even. or replace it with something cheaper.

Haircut · 22 Jan 2007 at 14:18

alexthecheese said:
A girl at work frequents a forum that is full of people like you trying to clear debts so when she's in tomorrow I'll report back with the address if it's still on the frontpage. It's quite a well known one - money experts, or something like that, just can't remember it at the moment.

It will, if anything, make you feel better as there's plenty of people on there with much worse debt than you!!!

http://www.moneysavingexpert.com probably.

I would advise looking at the debt free forum on there

iCraig · 22 Jan 2007 at 14:18

Urm, for one you could perhaps have one phone instead of four?

Next, you can sell whatever you've spent £18k on. Surely some of that was spent on tangible products that you can sell on?

Stop using your credit card as well because it's letting you spend more than you have. Pay it off it you haven't already and cut it up.

Finally, go on an economy drive. Spend a few months concentrating on saving money and paying back what you owe or recuperating your expenses. Limit your nights out and only purchase the essentials.

Scuzi · 22 Jan 2007 at 14:18

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103204730,72152,

Red this and do as it tells you. Check out the forums over there as well.

neocon · 22 Jan 2007 at 14:19

Don't ever borrow money, you can't handle credit.

Solari · 22 Jan 2007 at 14:37

Aruffell said:
I have 4 mobile phone contracts (£70 a month in total)

With that amount of phones I thought you must be a drug dealer, but obviously not as you're in the red (unless you did all the merchandise)

Good luck getting sorted mate but stay away from credit in future :eek:

agw_01 · 22 Jan 2007 at 14:41

Wow, when you said you had money, I thought you meant it was your own money.

I'm afraid there's no way out of this apart from working your socks off to pay it back, or sell your car/computer/hi-fi... whatever you can to make money. It doesn't grow on trees.

I could never feel completely happy about spending money that wasn't mine. The only thing I've bought on credit is my Xbox, and I made sure that I could comfortably pay back the installments when they were due.

Spending £18,000 on what can only be described as nothing is completely ludicrous and once you've cleared your current debt, I'd recommend you never got credit again.

I wanted a credit card to pay my car insurance off in one go. I was refused by 5 companies. I've been in full time employment for 2 years and have never missed payments on any of my previous direct debits. How you were granted a loan for £10,000 I'll never understand :eek:

Scuzi · 22 Jan 2007 at 14:43

agw_01 said:
I wanted a credit card to pay my car insurance off in one go. I was refused by 5 companies. I've been in full time employment for 2 years and have never missed payments on any of my previous direct debits. How you were granted a loan for £10,000 I'll never understand

Probably one of those ludicrously high interest rate loans. There are loans that charge about 35% APR which will be given to almost anyone. It's ridiculous.

Bes · 22 Jan 2007 at 14:45

agw_01 said:
Wow, when you said you had money, I thought you meant it was your own money.

I'm afraid there's no way out of this apart from working your socks off to pay it back, or sell your car/computer/hi-fi... whatever you can to make money. It doesn't grow on trees.

I could never feel completely happy about spending money that wasn't mine. The only thing I've bought on credit is my Xbox, and I made sure that I could comfortably pay back the installments when they were due.

Spending £18,000 on what can only be described as nothing is completely ludicrous and once you've cleared your current debt, I'd recommend you never got credit again.

I wanted a credit card to pay my car insurance off in one go. I was refused by 5 companies. I've been in full time employment for 2 years and have never missed payments on any of my previous direct debits. How you were granted a loan for £10,000 I'll never understand

I suspect the fact you made 5 applications for credit in short succession didn't help.

And to the OP that is completely ridiculous- what on earth do you have to show for it? :eek:

Serj · 22 Jan 2007 at 14:47

agw_01 said:
Spending £18,000 on what can only be described as nothing is completely ludicrous

You haven't seen his car have you

I'm assuming thats where a large chunk of the money went right? On modding that Polo or Lupo or whatever it is?

It's an awful situation to be in at such a young age but you live and learn and i'm sure you'll never do it again.

Conscript · 22 Jan 2007 at 14:53

£11 travel between Chatham/BW? THat sounds a little steep, is that by train or what?

What work you gonna be doing there? Crikey, give me £10 quid a day, Ill come give you a lift, I live next door to BW

photoshop · 22 Jan 2007 at 14:54

dude your screwed!

This is why you should never get credit, have credit cards and the like.
MOney doesnt grow on trees and if its other peoples money your spending the expect to pay back around 20 - 25% more than what you borrowed which on 10k is a lot!

Just like money makes money, debt makes even more debt and before you know it, all the money your making is going out to crediters leaving you with nothing. So basically your working for someone else!

I've never had a credit card and never will. Either i have the money to buy things or i dont! Simple! Occams Razor!

Take Care.

Raymond Lin · 22 Jan 2007 at 14:57

Exactly what did you spent £18,000 on?

the last 6 months i've spent about £2500, I can see most of that in front of me in the form of a mountain bike, driving lessons (ok, can't see but i've had it), digital camera, trainers...etc.

But £18k ? what about that Fiat Punto of yours?

burtie · 22 Jan 2007 at 14:58

http://www.cccs.co.uk/

Try this before it gets more out of hand,and trust me it will (looks at £37000 left to pay)

Adam · 22 Jan 2007 at 14:58

Seems a classic example of living outside your means and woefully extravagent spending which doesn't reflect your income. What an absolute waste.

I have no sympathy for you whatsoever, but luckily for you it will be so easy to declare yourself bankrupt and be debt free once again in a number of years. Just hope you learn your lesson....

This thread here sums it up pretty nicely: http://forums.overclockers.co.uk/showthread.php?t=17676454