Chav Princess
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Yes I am - most people are nowadays |
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Topshopcitybeachbabe
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yep |
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gaz4d
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SIX FIGURES!?? I hope that includes a decimal point?
Yeah, its too easy to get into debt, and too hard to get out of it. And when you really need your bank to help you out if things get on top of you they wont... they should take some responsibility for lettin students get into so much debt by giving them the means to get back out of it again.
For example, i was recently refused a graduate consolidation loan because i went over my overdraft limit and missed a direct debit payment. The point of me having the loan was to reduce my outgoings so i wouldnt have that problem... and it was me who went to the bank before the problem got out of hand. Now, with my current income, i will never be able to get out of this situation.
The bank allowed me to get this much in debt, suurely they should do more to help me get out? |
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crispy
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just the sue the bank or government, its not your fault you are in debt, its everyone elses fault |
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JD
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yes, its not uncommon! i went through uni and added another 15k to my debt! |
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Roxy
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Welcome to the real world. Wait till you get a mortgage! |
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monkeyface
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Credit is way too easy to get these days.
Am i right in thinking that you mean over £100,000 in debt at the age of 19.
I really do not blame you fully for this. The bank that handed out that sort of cash to you needs to shoulder at least ha;f of the blame.
They should check that you can afford to repay these sort of sums before you get them.
They have effectively ruined your financial life for at least the next 10/15 years or so. |
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sonellelewis
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No. I know how to manage money. |
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I don't believe it!
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Yeah I am, but not in the same way you are. How the hell did you manage to run up that sort of debt?!
The pence on the end of any money owed don't count by the way.... |
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Dark_Mushroom
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yes my partner and I were sinking fast under thousands of debt. last year we entered into a debt managment program.
Its not another loan or anything like that. Basicly this company rings round all your people you owe money to and agrees a figure the intrest gets stopped. There is a lot more to it, but our payments went from £1100 a month down to £400 if you need more info contact me! |
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brianball20002000
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Stop worrying. You have made the first step by owning up to the fact you have a problem. Go to your local citizen advice centre and see the financial advisior. They are great at there job and will be able so sort out a financial arangement that you can afford to pay back to your debtors. good luck |
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daviddeakin1@btinternet.com
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you gotta remember its you that spent it !!!! and i bet it was not all on essential items |
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nisha
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how many credit cards do u have and why was it offered to u when u dont have a job as yet. |
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sheila
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Wow - six figures??? at 19! Does this include a house? A student loan? That is frightening.
You really need a debt-free plan (which may take you many years to resolve and more self discipline than you seem to have)
Check out Martin Lewis's website - he has good money saving tips.
I hope your job, when you leave college will earn you enough to pay everything off, or you meet a millionaire! |
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fae
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nah but I owe my mom €180 |
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regerugged
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A six-figure number is something over $100,000.00. At your age, how is that even possible?
People who own homes could owe hundreds of thousands of dollars, but that is not the same as being in debt for hundreds of thousands.
"Expensive" is a matter of perspective. Certainly not everything is too expensive or people would not buy anything.
Lots of people owe money and eventually find ways to deal with it. Keep trying. |
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gavinwhyman
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Sounds like it's time to take control. If you have manageable debt for a reason (getting an education, buying a house etc etc) that's one thing but if it's on general living that's another [I know you said you are at college, is the debt fees?].
Time to sit down with the bank manager and get your spending in order |
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DesignR
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Geeez! When I was like 24, I was maybe 10K in the hole, but never near that! I am good now. Youth and credit ais not a good mix.
With interest, you'll never pay that off! |
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V
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A SIX figure number? As in £100,000 or more? Woa. I'm in it for a five figure amount, but unless you count a mortgage I can't top that. With the mortgage, yes, I'm six figs too.
Does that amount include a student loan?
If I were you I'd consider declaring yourself bancrupt and getting a clean slate. I work in accountancy, and I can tell you it's shockingly common to do this, company Directors take down companies all the time to escape debts. The restrictions on you are not that bad, and after a few years you won't even think about it. Any accountant can assist you in this, or ask at the CAB.
The above advice only applies in the UK, don't know what it's like elsewhere going bancrupt. |
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anti-hibbs
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why would you take out loans for over 6 figures if you didnt have a decent job? how were you expecting to make payments? they did tell you what your payments would be before you signed correct? geez they need to teach financial education in high school...i'll probably be talking to you soon!! |
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me
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that is serious
all of us are in some kind of debt but a six figure one is exceptional
you need to consult the citizens advice bureau if you need help
with this |
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stdaveuk
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6 figures...are you sure. thats a lot for a 19 year old !
I'd see a financial advisor if i was you ! |
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Malachim
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Knuckle rapping first, young lady!
Been there, done that, but even I find your attitude cavalier, I imagine your mother is sorely disappointed in you!
"Things are so expensive?"
What things? You are a student for goodness sake, what can you possibly "need" that runs up tens of thousands of debt?
I can see rent etc pushing up the outgoings if you are in digs, the cost of running a car (if you have one) and a few essentials like a computer, but none of these need be 'so expensive'
If it's a case of "a mobile phone" vs "it has to be the latest Razor 3vx in pink, with sat nav as an extra, like my mates..." then you really need to realign your priorities, hmmm.
There's a world of difference between necessary and "I want..."
Personally I blame youth culture and TV for creating the "I want" lifestyle of today - and the banks for dealing out credit like sweets for the lucrative interest they greedy gulp down.
Anyway, he sighs, nagging you won't get you out of trouble and as has been pointed out, asking for advice is your first step. Talking of which, if your mum is a financial advisor either she's really, really bad at her job - or you haven't told her...
I think you should, don't you?
Since you want solutions:
1) Deal with it and accept you are going to be paying exhorbitant interest for a good ten years. Ewww!
2) Come clean with your family and hope they can bail you out. It's a lot easier to pay 10k back to your mum after college than paying 10k + 16% compond interest to banks and credit companies.
3) Again with the support of your parents, just declare yourself bankrupt. A short investigation aside, they just wipe out your debts. You'll have a lousy credit rating for a few years, but it's probably better than the damage the stress of worry of debt will do to your body.
Not an option to take lightly and never one to rush into if your home is at stake mind...
Naturally if you take the latter option you'll lose any and all of your credit cards, bank accounts, savings accounts and pension (if you thought that far ahead).
While the courts and court appointed staff are there to recover what they can (if anything) for your creditors they are generally sympathetic and understanding, some taking the stance (literally)
"It's done with now, they didn't care when they gave you all the credit, don't you care that they won't see it back"
If you took the bankruptcy route - again I point out this isn't a 'get out of jail free' Monopoly option - then you'll be years getting your credit rating back.
Straight of, NatWest may well allow you a 'Step account'
You can't have a loan or overdraft* or even a cheque book, but you would be allowed a Solo/Maestro card. It also allows you a Paypal account, if you needed one.
I believe bankruptct is only for 1 year now, though the details of the debts would stay on your credit record for 6 years - ie. you'll probably be at least 25 before the banks will trust you with a credit card again...
*(the Bankruptry wouldn't let you anyhow)
Obviously you'll need to get professional advice - and have a good long think about how you let yourself get in that mess! |
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Tom
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Get a swivel chair and spin round.
It won't clear the debt problem, but you'll feel better. |
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oG33MANo
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im snowed under and dont care ha ha ha |
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