Very poor credit history, need a loan to consolidate

A question about : Very poor credit history, need a loan to consolidate

I'm 21, I'm in a mess with payday loans and maxed our credit cards. It's starting to depress me. I got into this mess before and ended up on a debt management plan which I cleared in 2013. But I slowly racked up more debts.
In total I owe around Ј4500.
I have an income of Ј1200 per month and could afford to pay around Ј200 max per month...Ideally I'd like to pay Ј150.

I've obviously been refused by banks and it seems the only loans I can get a guarantor loans which is not an option for me as I have no one to guarantee for me. I live with parents but can't tell them about the mess as I don't want to worry them.

I just want to start getting sorted, start saving. I've got friends moving abroad and I'd love to be able to afford to see them some day.

I need a way out. I'm worried.
A company called Aspire money are going to contact me tomorrow but I'm not sure if I trust them.

Advice please

Best answers:

• Nope, you're not getting a loan from anyone.
  Ј4500 isn't a lot of money. You're earning Ј1,200, you still live at home. You should be looking to pay that off in full in 12 months.
• What are you spending Ј1,000 on if you still live at home?
• I pay 250 in board, 100 in transport, 60 for phone, 20 on credit cards, 185 to repay money I owe parents, then around 300 in loan repayments.
• Don't care for your tone. You don't know my full personal situation, you only know my finances.Time for you to start being more supportive I think...
• I think you should speak to your parents. They might offer a bit of leniency with your rent / loan repayment if they know how much stress you're under.
  Apart from that would a second job (dedicating your wages to paying off your debts) be an option? Bar work can slot in easily during evening and weekends. A lot of places will also take on staff with no experience.
• 20aday hit the nail on the head.
  Now, putting current debts to one side. You need to mature mentally when it comes to your money. No, we don't know your circumstances, but I can tell you this - how you are currently day dreaming about trips abroad, you're going to find yourself in debt crisis 3 in no time. And believe me, the third time around isn't going to get any easier for you. In fact, it gets tougher with age, when you move out, have own family, etc.
  Time to start stocking up on backed beans & moldy bread from Aldi and get cracking with creating a firm budget and sticking to it. Then, start planning your financial future and getting some good ol! fashioned cash in the bank. Then and only then, you should start pondering the idea of visiting friends abroad.
• Thanks OhhToria.
  OP, are you out of the minimum contract term with your mobile phone provider? If you are I'd consider ditching the PAYM plan and going SIMO or even PAYG.
• You owe a small amount and are living with your parents this is your best chance to get the loan paid off. Your paying Ј60 for a phone contract, you could get the debt paid off quicker if you weren't paying Ј60 for a phone contract.
  You will get to see your friends, use that as a motivation to see them abroad, if you want to go you will do what you can to get this paid off.
  Oh and whatever you do do not agree to anything aspire money say, I can bet you will end up paying double or even triple what you actually owe.
• Definitely echo advice re. Stepchange. PLEASE get onto them ASAP Tnel, and anyone else in this situation.
  www.stepchange.org
  They are free, non-judgmental and genuinely helpful.
  Things are spiralling out of control and you need to stop this and get it sorted before it gets any worse (because it will, and quickly). Everyone makes mistakes and choices they regret - the key thing is how you face up to and deal with your situation.
  Do your parents know how bad your situation is? I am sure that they would be very concerned if they knew that you are struggling. Are you able to have a chat with them? I know it is awful and very difficult - I had to do it myself - but I am sure that they love you and will want to help you out of this mess and towards a more secure future.
  You can also try Citizens Advice: https://www.adviceguide.org.uk/
  and Christians Against Poverty (they aren't out to convert you or preach at you): https://capuk.org/. But PLEASE don't go any further down the Payday Loan/Broker route. It WILL make things worse in the longer term.
  You CAN stop this now. Please take the advice and act on it. If my written words do not convince you, here is a clip of me on the Jeremy Vine show on Radio 2, back in October 2013. I did NOT post it on Youtube, but someone who knew it was me sent me a link to it. I have great reservations about identifying myself as the caller, but I hope it helps in some small way to illustrate the sort of state you'll be in if you continue down your present path.
  https://www.youtube.com/watch?v=h8r5zcbVrZ8
  There was quite a bit of "fall-out" for me personally as a result of this call - but I did not take any money at all, from anyone, following the various consequences (which I won't go into). I now work two jobs; it's hard, but I am really back on track.
  Please, Tnel, do not let yourself get further into the financial abyss. For your own sake now and for the future, please take the advice offered with the best intentions. Get onto an organisation that can offer practical help and get this sorted. You can do it.
  Good luck and best wishes to you. x
• Please please listen to RuthnJasper. I wish that I had been able to use this forum at 21 and listen to that call and hear that advice. I am getting out of debt now at 37 but I could have done so much earlier with hindsight. You need to be brave and honest with yourself and your family.