Im a 20 year old student/part timer and for the past year ive struggled with my finances as ive went from working full time to being a student, as a result i cant afford to pay my credit card, im starting to go into the red with my bills and im so scared in going to slip into serious debt. im only in debt by about £1000 at the moment but to me thats a lot ! :( ive tried to get a loan from my bank of £2000 to consolidate all my loans and have only 1 thing to pay off each month but because of my poor credit and constant charges i was refused...i dont understand ive been with my bank since i was 6 years old and for the first time in my life ive asked them to help me before i get into trouble and ruin my chances of gettin a mortgage...and they refuse!! does anyone know where i could get a loan that will help me before its too late...ive tried compare the market.com and a few other sites but i cant really understand all the jargon. someone please help x
Banks are awful aren't they? Try another bank, they may allow you to transfer your accounts all to them, and will do all they can to help you (being a new customer and all - they'll want to sell themselves to you).
The only other option is to cut back - I know it's difficult but it's only for a short period until you've finished college and paid off your cards. Go tto a cheaper supermarket - make meals in batch and freeze them - this saves a fortune. Don't eat out, take packed lunch when you go out - take coffee in a flask etc. It really is the little things that help. Turning the lights off in the house when you're not using them etc will help cut bills - only have the heating on minimally - buy another jumper instead lol.
Whatever you do, don't drop out of college for it - £1000 isn't a lot - but I know to you it is - I wouldn't recommend consolidating it though, most banks charge high interests on loans - like £26 or something.
Also, avoid paying the minimum on your credit card, as this will only cover the interest and you'll get no-where - really try hard to avoid charges at the bank, because it's a vicious circle with them - they're a nightmare I know!
Just keep trying to avoid unneccesary expense ie bank charges - I wouldn't want to give the bank my hard earned money (although it's actually their "hard earned" money I'm on at the minute lol!
Best of luck!
owing just 1000 is nothing uncommon for a 20 year old student, many students owe 10 times that in student fees. Having loans is where you will end up in greater amounts of debt, that's how the ball starts rolling.You'll have to start earning more and spending less.
Speak to Citizens Advice they should be able to help, you could also look at a student loan that might help you get through.
Ask alan sugar for advice, very likely he'll tell you where to go 'cos he forgets where he came from.
Get credit counselling fast Beware of the Sharks Bankruptcy may be the answer
Speak to the company that you owe the money to and explain the situation. Make a monthly offer of payment, and ask that the interest be frozen so that te debt doesn't increase. If that doesn't work, go to Citizens Advice and ask them to make the offer on your behalf.
Bankruptcy is a ridiculous option for a £1000 debt, so ignore that answer.
A thousand pounds may not sound a lot to some people, but when you have no money that thousand may as well be ten thousand!
Don't look at borrowing £2000 when you only owe £1000 - that then leaves you £2000 in debt!
6 years old. Maybe your parents. They are looking at your credit now. Your parents may be fine; but yours is their concern. Banks only look at your credit score. They are not looking at what companies you owe; if you have fraudulent accounts open in your name; nothing but your credit score; which is why it is going to be very hard to pay off your credit debt and build your credit score. If you owe 1000 at the moment; you need a big monthly income. When your score can help, your income does. Not even a bad credit lender will approve you for a loan when you don't have a good income to verify. You should try asking someone to help you or get a full time job not part time; but no one is going to help you if you won't help yourself, trust me Start by paying a least 25 per month at least pay something so they can report other than 0.
I dedicated my life to helping others and when I needed help I got flushed. Whether you are sharing to others, it doesn't mean that they will share with you when that time comes. I would recommend speaking with a credit advisor. Search on the internet on how you can get an extra income from working online. Your education is important; but so is your current assets too. I hope you find a better solution soon; but pay something while you are waiting for another solution.
First of all, anyone who tells you to declare bankruptcy on $2,000 in credit card debt is just plain wrong. A bankruptcy is a panic button - pretty much a slf destruct mechanism. It is for real financial emergencies from which you cannot recover without protection. For $2,000 get a job at nights and work for two or three months to wipe it out.
There are two answers here. However, they both require you to adjust your living habits. You MUST live on less than you make...period. This might mean getting that second job. A last resort is more debt. Have you looked at student loans??
The banks are the biggest legal thieves in the world.They can just take your money with no argumants but when you need help they refuse.I wish people would just stop banking all together,i would love to see them all crumble the dirty thieves
edit: hi jay im not trying to kiss your bum for best answer or anything but i just though i would say this because i have a heart.Dont let money worries ruin your life,life is precious and they can take all the money they want from you but they wont take away your heart because its strong.Try not to let them get you down its what they want,they want your money and dont care about your feeling or your life.Theres way more important thing in this world than money and one thing is for sure.Money doesnt make people happy.Im iin debt too.I owe the bank £75 for an overdraft i never made and they have dipped into my account in the past without explination.I will also have to pay 2 fines i got for metro fair evasion and they will take me to court at some point but im not going to let those things get me down.I dont even have a job and im on jsa oney is the last thing on my mind because i discovered a while ago that money does not make people happy.
You are your own worst enemy. You created the situation you are in, now you want help to get you out of it. The only way out is to pay off the credit card, which is what you should have done while you were working. You must have realised that moving from full time work to part time would put you in a difficult situation. I call it 'head in the sand syndrome'. The bank are right to decline your loan application. You are wrong to think you can borrow your way out of debt. It doesn't work like that. Increase your working hours if possible. Work weekends? Cease all luxuries including going out on the piss until you have paid it off. It is painfull, but the only way.
well a 1000 pounds is like 2000 american dollars, so you are not doing too bad.
You first step is to look at your TOTAL income. say you bring in XXXX amount each month. now for a month or 2, get out your note book and write down everything you spend money on...EVERYTHING.
Now you have something you can do analysis on. Look at your expenses and see things that you can cut out. such as goig to the bar or eating out.
after that you should have a list of you total nessicary expenses. take you total income and subtract your nessacary expenses to get you total "saveable"money.
if you did this and you nessacary money is less then your income that guess what your screwed.