In debt n need advise plz plz help.....?

Question

I borrowed £2000 off a friend to put as a deposit for a new house for me n my mum to move into because we already owed £10,000 to the preivous landlord didnt pay n ended up getin kicked out i also have loads of store cards that are getting higher not alot of money i blame my mum because i wudnt b in this mess if it wasnt for her ( needs to get her finances straight) but now ive got the debt n im only 18 plz plz sum1 help me oh yeah n she cant get a loan bad credit rating n dnt earn enough...

Answer 1

go bankcrupt then will all be cleared off you wont owe anything dont take notice of people on here that say you cant because i know you can.nothing they can do to you also everything will be paid off for you,PS DONT KNOW HOW THE HELL YOUR LANDLORD LET YOU GET INTO SO MUCH DEBT WITH HIM

Answer 2

I am sorry but you are simply irresponsible in everything that you have done. And at only 18, you are in no position to deal with this on your own.
My advice ?
(1) Cut all store cards/credit cards up
(2) Never ever borrow another penny until you have sorted this **** out
(3) If you are in the UK, go to your local CAB, make an appointment to see a money advisor and simply ask for help ... admit you are useless and you need help to contact all of your creditors.
(4) Remember you cannot do the impossible nor can you pay anything more than what disposable money you have.
(5) There is no magic spell here ..... just start acting responsible, seek proper advice and stick to it ...... there is always a best route to go ..... learn from this and mature as you go .... don't blame your mum, take the lead and help sort it all out.

Answer 3

OK you're 18 now, you're an adult. So whatever you may feel your mum's role in your financial downfall was, time to take responsibility for yourself, and let her take responsibility for herself.

Destroy all the store cards. If you can't afford to buy something you certainly can't afford to get it on a store card because that's about the most expensive way there is to borrow money. Contact everybody you owe money too and explain the situation, or better still go to your local Citizen's advice Bureau and get them to help you. You may be able to come to an arrangement with your creditors.

Speak to your mum and make sure that she understands that if you are living together she has to contribute to the finances and not spend money she doesn't have to and you have to do the same.

Answer 4

Right firstly, try not to panic. The majority of people these days are in debt so don't feel too bad.

My best advice for you would be to contact The National Debtline, they are a non-profit making organisation set up to help people who are financially in a mess and struggling to make ends meet! When you call them they will send you an information pack and in this it will show you how to work out your income and expenditure and how much you can afford to pay each of the people you owe, once you've done this it also has sample letters to send to all the people you owe money to with the offer of payment.

It really helped me and i still refer to this now.

While you're waiting for the info pack to come through sit down with your mum and write down what debts you have in each of your names. My advice to you would be to concentrate on your own debts (you won't be leaving your mum in the lurch cos she will just offer what she can afford from her income). Companies will accept very small payments i.e. £1.00 per month - trust me! Cut up all your store cards and maybe think about selling some things on eBay?!?!

If it was me i would stay in touch with your friend that you borrowed £2k from - don't avoid them as you can't afford to pay back as this will make the situation worse. Be honest with them and make a realistic offer of payment.

Chin up and hope this helps xx

Answer 5

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Answer 6

I know about debt, It is not nice, but the first thing you need to do is take responsibility for what you owe, then come to a reasonable arrangement with the people you owe money to, they just want the money back, so will usually come to an arrangement to suit both you and them, your mums probs are her own, so do what you can to clear your name first, sort your credit rating out first, then you might be able to help her, put your self first because it is your life, it is up to you to sort your finances out, there is help there, good luck

Answer 7

"At some point of time people do have bad credit record. If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily.

Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "

Answer 8

To begin with is not right for you to put blames on others. You were not forced into the present circumstances. Now, it's also not right to borrow when you haven't cleaned-up past debts. At age 18, find out if its possible for you to get a job. Nevermind the pay; what is important is that you've got foods on the table each day. Work your way up. Getting into yet another debt is suicidal.

Answer 9

The best place to start putting things straight when you've got yourself into a bit of a pickle with debt is the leading Finance website THE MOTLEY FOOL.
Here's the UK version of their World reknowned "GET OUT OF DEBT" help section: http://www.fool.co.uk/get-out-of-debt/get-out-of-debt.aspx
And here's the specific article to get the ball rolling:
http://www.fool.co.uk/school/2006/sch060104.htm

While here's the US version of the site where it all started (still got one or two useful hints on it no matter where you are):
http://www.fool.com/ccc/debt/debt.htm

Answer 10

cut up your cards. Get a job if you don't have one. Mum needs to be working to. Then sit down and plan how much each week you can pay back out of your wages. Give up smoking if you do and use that money to pay off debtss. cycle everywhere, no car or bus expenses. It is hard, but I did it