Smash my debt

Debt_smasher · 11 February 2016 at 7:05PM

Hi all

I've gotten myself in such a rut and I'm not too sure how I got to this place, but now is time to get myself back to where I was. Im depressed and my confidence is at rock bottom. I'm hoping to use this forum for advice and support from fellow debt smashers and hopefully others will benefit from reading this too.

So there is my plan, what's my story...

It all started when I was 18 getting my first bit of credit in the form of a catalog account. I couldn't believe I got excepted and how easy it was. I had it for a while and kept it under control for a good few years. Purchasing and paying it off whenever needed but I guess I slowly let it take hold of me. Now at the age of 27 I've gotten myself into £7000 worth of debt. I know some might not think this is much but on a low wage im struggling to keep up with the payments. This amount isn't all in catalog debt and few credit cards, a loan and a phone bill are all my problems and I'm struggling to keep track.
After having plenty of sleepless nights and spending everyday worrying what Bill the postman will bring I've decided enough is enough.
I am taking control of the mess I've put myself in. I've no one to blame but myself and today I start my journey to being debt free and having piece of mind.

I have spoken to step change today and they have recommended a DMP so I have applied for the pack. I found this really easy it's all anonymous until you apply which is great if you don't agree with what they say you can walk away and nobody has to know. Hopefully I'll be updating you all on my progress with step change in the coming months. They think in 2 years and 7 months I'll be debt free. It's a long road ahead but one worth taking.

Now onto the advice...
I am currently working 20 hours a week with very little chance of overtime. I'm also an extra which is great and definitely the job I love to do but waiting for the jobs to come in isn't really giving me much of an income. I'd love to be able earn a little extra money in my own time and I'm not afraid of working hard. I've read a few forum posts about the £10 a day challenge and I'd love to be able to do this. The problem is I have no money to start, nothing to sell and can't justify telling these survey companies the ins and outs of my life for 20 minutes for 42p.

If any of you successful £10 a dayers have any advice that would be great. I plan to spend the money on paying my bills off quicker and hopefully having some savings for the first time in my life.

Thank you for taking the time to read this and if you find yourself in similar cercumstances don't worry alone help is always there for you. Just from what I have done today And typing this has really helped I feel lighter already.

Here is to a richer future :beer:

xoxo

parsniphead · 12 February 2016 at 9:10AM

So many of our stories have started with getting our first credit at 18.

Pop up a full SOA and people will be along to advise.

If you go onto the Make £10 a day thread you will get loads of ideas and support.

Good luck with our journey. It can be sorted.

Aegean · 12 February 2016 at 12:39PM

Good for you making a start on your repayment journey! A DMP was the best thing I ever did - you're right, it's long but so worth it.

Good luck!

Debt_smasher · 13 February 2016 at 4:03PM

Thank you both for replying I'll go over to that thread and ask a few questions. This is the first forum site I've ever wrote on so still trying to figure it all out ha.

Oh I'm glad you said that Aegean. I'm still a bit worried by it all, seems too good to be true but I guess things don't always have to be hard, do they. I've printed my pack off and filled it out I just need copies of all my bills now to email over. The sooner it's sorted, the sooner I'll be smiling.

xoxo

Kittenkirst · 13 February 2016 at 4:33PM

Hello! You've taken the first steps to getting this under control, so feel pleased with that and start thinking about how to improve your future :-)

Doing an SOA will really help see where your incoming & outgoings are, and to see where you can reasonably cut back! It's totally doable and people here will cheer you on and give you helpful advice should you need it.

A big help when I had a lot more debt was to do a snowball calculator- it's a site you pop in al your debts, interest rates and minimum payments and it calculates how much to pay to each debt to reduce your interest. I can find the link if you would like :-)
X

Debt_smasher · 15 February 2016 at 5:40PM

Thank you kittenkirst. Luckily enough this has happened while still living at my parents house so my only monthly outgoings are £150 board, £40 petrol and £46 for my phone bill. Everything else I have already cut back as step change have said I will have to pay them £230 a month to clear my debt. Sadly I can't cut my phone bill down, already tried this but I'll be able cancel it in December and I'll be going for a sim only deal.
On around £500 every 4 weeks so hopefully I'll be able to save up a little money and pay extra to step change every couple of months so it won't take me 2 years and 7 months to pay it all off

Xoxo

Candyapple · 15 February 2016 at 6:18PM

As you're only working 20 hours per week, have you tried looking for a second job or better yet, one full-time job?

Debt_smasher · 15 February 2016 at 9:18PM

I am also an extra. This gives me some great money when I can get the work. Unfortunately due to things beyond my control I can't take on a full time job. Please respect I don't want to talk about why.

Candyapple · 15 February 2016 at 9:50PM

Debt_smasher wrote: »

I am also an extra. This gives me some great money when I can get the work. Unfortunately due to things beyond my control I can't take on a full time job. Please respect I don't want to talk about why.

Fair enough, but this will limit you greatly in regards to paying off your debts sooner than 2 years and 7 months. Is your 'work' as an extra more of a hobby than an actual job?

You already stated you have nothing to sell so the usual advice when it comes to paying off debt faster is to either increase your income (you said this is not likely) and/or sell things of value (you said you have none).

You seem to have your budget down to the bare minimum as it is and are working on quite a limited income of £500 per month so unless you want advice on eating beans everyday to save an extra x-amount per month, I wish you good luck.

Debt_smasher · 15 February 2016 at 11:20PM

This is the reason I was worried about posting something on this forum. I'm here for support not to have someone put me down. I can get the odd hour of overtime in work which I will be greatful for, getting to work early as staying late really isn't an option. Being an extra is something I am passionate about and would love to make a career out of it but as things are a lot of people see it as easy money instead of actually enjoying what they are doing. I have always been paid for my time on set.
I have asked for advice on the £10 a day challenge because I've seen a lot of people are quiet successful on this and hoping I can do some things in the spare time I have. SUPPORT I have already received and been greatful for from some nice genuin people.
I'm only living on money I have earned I'm not here for handouts or an easy life. I'm sorry my difficulty getting a full time job has offended you. Next time I get paid I'll stock up on beans nice advice and support

Smash my debt

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free