22 years old and over my head in debt

[Difficulttimes]

Hi.

First of all I am new to this forum and would like to say how nice it is to see all the people giving advice and a helping hand to others. I'm sure 99% of us on here have been in debt and financial difficulty at some point in our lives.

i will start of with a little bit about me. I'm 22 years old , have a good paying job for my age and used to have the perfect life. That all soon changed at the start of 2016. I was in a brilliant position with money £10k+ in the bank , a credit score of 950/999 and a monthly salary to do as I pleased with. I am not a homeowner and still living with my parents so don't want debt collectors landing on my doorstep etc. They know I had a rough time and know I'm struggling with money but don't know the extent of my debt.
I had a pretty hefty breakup with my ex partner and seriously went off the rails , I turned to drinking and gambling to discuise the point I was at in my life.

Anyway , I'm now in debt by around £20k and I'm struggling to meet ends meet every month. I literally have the same if not more going out of my bank than I do coming in every month , struggling to find the money for my next packet of cigarettes or money to even pop to the shop with.

Im looking for some advice as I really don't know what to do , I'm still up to date with all my payments , except one which I am in arrears with. Is a Debt management plan the best way to go for me? I cant go bankrupt as my job relies on visas for work which I believe can be affected if I'm declared bacnkrupt?

anyway I owe money to various lenders including payday loans and I'm struggling to see the light at the end of the tunnel.
heres a little breakdown of my debt. Any help will be massively accpricated!

Tesco Loans - £11,000 + £900 arrears.
Barclaycard - £5000
Santander Credit Card - £3000
Sainsburys Credit Card - £2800
4 Loans with Lending Steam - unsure of amount around £750
3 loans with sunny - unsure of amount around £500
1 loan with satsuma - around £1000
118 118 Loan - £125 per month / 18 months left
mr lender - ends December
payday uk - £90 per month / 6 months left

I need some breathing space as by the time I get paid my salary I'm literally left with nothing and sometimes need to borrow money from family to tide me over to the next payday. I can't see the light at the end of the tunnel and know at some point I'm going to miss some payments and be in a worse position.

My worst worrys are about the payday loans , what happens if I miss a payment etc?! I feel I have been screwed over and lent irresponsible as lending stream loans where all issued with a month of each other?

may I just add I have been having councling for my gambling and drinking and am now or the straight and narrow.

PLEASE HELP ME

Many thanks in advance!

[Spud]

Re: 22 years old and over my head in debt

Hi and welcome to the forum

I am sure that the situation you find yourself in and the feelings you are experiencing will be shared by most if not all of those others members here..........Including me when I first joined up

Each persons situation is different but there are always solutions and you have taken the first step to getting your life back on track by joining AAD.

Here on AAD there is no judgement or "finger pointing", Just support and the opportunity to explore the various solutions that are open to you. Our primary aim is to get you back in control of your life and finances and give the power back to you as opposed to being a slave to payments and deadlines

Take some time to look around the forum and see how other people in the same situation are getting themselves back on track

The next step to allow others to understand your situation better would be to start your own diary for each debt. Diaries can be found here http://forums.all-about-debt.co.uk/f...bility-Diaries
There are a few helpful posts to assist you. Have a read through some of them to get a bit of a feel of how they operate

I am sure other members will soon post up to assist, Any questions just ask

[Difficulttimes]

Re: 22 years old and over my head in debt

Thanks, I'm not worried about the big amounts , the loans and cards I can manage every month. Just all these small payday loans are killing me financially. I know it's my fault but they seem a good idea at the time when your broke. They just lead to more problems and stress.

[nanna58]

Re: 22 years old and over my head in debt

Hi , we have a wonderful payday loan expert here , sure he'll be along shortly. Good luck and stay calm .May be helpfull if you could post the details of the paydays on the payday loans thread give as much detail as you can.x

[IF]

Re: 22 years old and over my head in debt

Following on from Nanna's post, here’s some links to help with the Payday Loans, please see SnV’s (SaltnVinegar) post — > http://forums.all-about-debt.co.uk/s...yday-Loan-debt then start a thread as Nanna has said in the Payday Loan section — > http://forums.all-about-debt.co.uk/f...8-Payday-Loans

Thank you and best wishes
IF