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22 years old and over my head in debt.

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  • 22 years old and over my head in debt.


    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.


    Many thanks in advance!

  • #2
    Re: 22 years old and over my head in debt.

    Our Payday guy will be along shortly and he'll be able to help with those. I have to be really truthful and point out that this is/has already messed up your credit record for at least six years, You just need to be aware of this. There are answers and a way through but it will cost your credit record which as you are 22 will have an impact on you getting credit in the near future. It's not the end of the world and some of us on here haven't had any credit for a very long time, personally coming up to seven years and lo we have survived! but for someone your age it will affect mortgages etc in the forseeable future. This will apply whether you pay the others off or not because it is very likely that the PDL companies will register defaults.

    other than that bit of news, try not to worry and it can all be sorted one way or another, in the end it's only money and your health and well being are much more important.


    • #3
      Re: 22 years old and over my head in debt.

      Thanks for the advice. My last resort is going down the DMP route , I can afford to pay the majority of my outgoings. Just the lending stream PDL that are hurting me each month. Should I cancel the Continuous payment authority on my lending stream loans and email them with a payment plan offer? I want to pay the money back but not bury my head in the sand. Advice will be appreciated!


      • #4
        Re: 22 years old and over my head in debt.

        just hang fire until the PDL guy comes on.


        • #5
          Re: 22 years old and over my head in debt.

          Okay thanks


          • #6
            Re: 22 years old and over my head in debt.

            One thing to be aware of is that sometimes if you go on a payment plan they will wait a lot longer, sometimes to when you have almost cleared the loan, before defaulting you. The default will then stay on your record for 6 years after the time you have spent paying back.
            If after the payday loan person has commented you decide to start a payment plan of some sort, it would be worth stopping payments to those accounts until you have received a default so that the whole account comes off your credit report 6 years from receiving it, rather than paying for x years and then getting the default and having it showing for another 6 on top.
            When you have nothing you have nothing to lose


            • #7
              Re: 22 years old and over my head in debt.

              Thanks for the advice and I see where you are coming from. I've offered lending stream a payment plan but they've yet to reply! If not I will default on all payments to them then negaotiate a payment plan with them I think


              • #8
                Re: 22 years old and over my head in debt.


                Welcome to AAD! Sorry I missed your thread, but you're now in the right place so lets try to give you some suggestions on how to get back on track. Couple of questions to get started:

                Have you cancelled the CPA yet?
                Do you have more than one bank account, or can you set up a second bank account?

                Also, I know its a bit of a pain in the bum, but could you answer the questions on this post for each of your loans please? This will really help determine the best way forward depending on the loan circumstances:


                Don't worry about things, actually payday loans are the least thing to be worrying about.

                "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                The consumer is that sleeping giant.!!

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