Young lad with lots of debt

[sweetipie92]

Hey guys new here,

 

Bassically i owe alot of money to alot of people, i was hoping to get some adivce from you people on here

 

What i Owe:

Barclaycard : £303

Barclays: £115

Payday Express: £240

The money shop: £200

Capital One: £200

Wonga.com: £400

 

So thats a total of

£1458...

 

I earn £380 a month.

 

Whats the best way to go about paying all this off?

 

Thanks

 

 

Ryan Sweet

[silverfox1961]

Hi and welcome to CAG

 

Can I be personal and ask how young?

 

There are some great blogs within my signature that will help you to deal with this.

 

Whatever you do, don't phone anyone. Deal with this in writing. Also have a good read around the forum. There are lots of threads very similar to yours

[sweetipie92]

Of course i am 19, i got into a bad patch of gambling and being greedy i really do need help, im currently under a debt management plan with Fresh Start Finance / Harrington Brooks but i want to stop that. I only have £70 a months to pay these debts off with. could someone help me finding a way of doing that?

[silverfox1961]

Yes. STOP paying for the privilege of paying off your debts.

There are two companies that do not charge. They are Payplan and CCCS although with your disposable income so low, they may not take you on.

 

You could look at the National Debtline website as they have some sterling info.

 

http://www.nationaldebtline.co.uk/

 

Were you over 18 when you took the loans out?

 

Within this LINK there are some very good letters to help deal with your creditors

 

Don't worry too much about charges just now except, you put Barclays as a separate entity to Barclaycard. Is this a bank overdraft?

[sweetipie92]

Yeah, barclays un authorised over draft. are debt line good?

[citizenB]

National Debtline is another free debt management service and yes they will certainly offer excellent advice.

 

Do come back if you have any further questions

[silverfox1961]

You need to get the overdraft charges frozen and paid off as soon as possible. Use the letters in the link I posted earlier to help do that. Overdraft charges cannot be claimed back unless they were due to Financial Hardship.

 

Can I say that for a 19 year old, you are being very mature by dealing with this however, if you should need them , try Gamblers Anonymous

http://www.gamblersanonymous.org.uk/

[sweetipie92]

I have already spoke to them and rather than spending £100 a week on gambling i spend little as £5 a week so its an improvement!! ill speak to debt line tommorow and see what they say

[silverfox1961]

Confession time. I was where you are now and I was about the same age. Every payday, my wages went straight into the nearest slot machine but it took me 10 years to rid myself of the chain but I did it and from the sounds of it, so can you. The temporary high I got was lots better than the despair I felt when I wasn't winning (which was most of the time)

As well as support from GA, you will get it here.

Good on you

[sweetipie92]

Thanks so much! do you have a personal email i can have or something to talk to on a more personal level about things as you seem like you have ur head screwed on more than me!

[bluedogx]

Doesn't CAB in England do payment plans? They are also free and you can talk to someone face to face.

 

B

[baz1986]

Want to just say how lucky you are that you have found this site so quickly, by the time you have payed your debts off you will never forget the help you get from this site,

 

Gambling is a nasty habbit and i did go through a spell at one point when i was about 21 and thankfully i managed to get out of that dangerous game,

 

All the best mate

 

Baz

[sweetipie92]

Thanks so much you lot have given me so much hope! So the real question is, do i go about the DMP myself or with a company?

[baz1986]

If it was me i would go with the cccs give them a ring get them to sort out all the letters and communication and WHEN you feel confident i would go it alone, Either way you do it we have massive od advice on here...

 

What is your gut instinct telling you?

[sweetipie92]

That i need to get my arse into gear and pay this debts off.. i cant have the collectors or anything at my house! so ill ring them tommorow? i have a low income though will this matter

[baz1986]

No it wont matter you can only pay them what you can comfortably afford, Ring the CCCS and they will go through everything with you mate. The biggest thing is admitting which you have done, the next big step is getting in contact with them, tell them everything dont leave anything out and as soon as you speak to them i can GURANTEE you will feel a weight lifted, then go and have a cold beer!!

 

Then get yourself organised, with a folder and labels etc, If you like read my thread which i started when i first come to this site, it goes through the start, the slight problems and all the advice i was given by the experts on here that have done and seen it all!!

 

If you need anything i come on this site every day so feel free to inbox me

 

Baz

[sweetipie92]

If definatly will!! what is the likely hood of the payday loan companies accepting a DMP?

[baz1986]

I am not to sure with the payday loan company, will ask someone to give you some advice on this!!

[sweetipie92]

Thanks

[phoenix11]

Just to add, if that is your real name in the first post, you may want to ask Site Admin to remove it for you, so that you can keep things relatively private.

[sequenci]

If your surplus is £70 per month it is unlikely that you'll be able to use a free DMP through the likes of CCCS or Payplan, but there is no reason why you cannot do it yourself using the materials on this site and via the national debtline website.

 

they key is to ensure that all negotiations are in writing, as previously mentioned.

 

Getting a realistic budget sheet together should be the first port of call