Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    artnoble
    End of the road
    • #1
    • 21st Nov 12, 8:10 PM
    End of the road 21st Nov 12 at 8:10 PM
    Really don't know where to go with this.

    Basically as it stands I think I have about 12k worth of debts. Probably about 8 creditors. I got made redundant about 3 years ago and was making token payments which stopped.

    Now as its stands I don't know who I owe money to. I get letters upon letters from debt collectors asking for money for amounts I can't remember from accounts I've forgotten about.

    I'm back earning a wage, and spending is out of control. I pick up abut 1200 a month. Live at home paying 100 board. Car costs less than 100 a month. Don't really have allot of other out goings but have no discipline over spending.

    I'm a driver and when I'm at work I eat junk for breakfast and dinner weekend goes on beer and takeaways.

    I'm 30 next year and have this mounting of debt and nobody will touch me. Can't even get a phone contract.

    I really need to learn to budget, make meals for work and not spend a 10er every day in Tesco.

    The only bank account I can get is a Lloyd tsb basic account which I can only use their own cash machines.

    It's really getting me down. I've visited the doctors and they put me on anti depressants. I'm really at rock bottom.

    I don't know how to get out this mess, or if I have the energy
    Watch this space.... Will update soon!
Page 1
  • sistafromanothermista
    • #2
    • 21st Nov 12, 8:14 PM
    • #2
    • 21st Nov 12, 8:14 PM
    artnoble.


    Firstly stop wallowing in self pity.

    You and only You can get yourself out of this hole. So where to start? i guess by posting up your SOA.
    Until you have your true LBM though no matter how much advice you're given YOU must decide to take it.


    Harsh i'm afraid but true...
    DEBT FREE AND PROUD

    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
  • artnoble
    • #3
    • 21st Nov 12, 8:23 PM
    • #3
    • 21st Nov 12, 8:23 PM
    I know. I seem to have several LBM. But then get the next day nothing changes. I really don't know how to change. I really want to but can't.

    As for a soa. I don't know where to start with it. I don't know how much I owe or who to.

    I'm rock bottom
    Watch this space.... Will update soon!
  • meer53
    • #4
    • 21st Nov 12, 8:23 PM
    • #4
    • 21st Nov 12, 8:23 PM
    Anti depressants can sometimes take a few weeks to start to work, the good thing now, although you won't be able to see it yet, is that you've had your "lightbulb moment" This is the start of your new journey. Sometimes, anti depressants can make you feel lethargic too though, if you think this is whats happening, go back to your GP, there are others you can try. Don't assume they won't work, i've taken them before and they helped me a lot.

    Have a go at posting a statement of affairs, you'll get lots of advice about where you go from here. The SOA will show you how much you have left so that you can set yourself a budget to follow. If you don't have anything left, then there are people who can help you get out of this situation. You could contact StepChange for their help, it's free.

    There is no financial situation that can't be sorted out, you just need a little help, which you'll get on here if you ask. Spend this weekend making notes of all your debts, sort out all the letters you have received, it might take you 2 days to do it, but my word it will feel good when you have !

    Good luck, let us know how you go
  • carrielovesfanta
    • #5
    • 21st Nov 12, 8:28 PM
    • #5
    • 21st Nov 12, 8:28 PM
    Hi artnoble,

    I think there may be two things at play here.

    Firstly you will need to get copies of your credit report to find out exactly who you owe money to and how much (a more knowledgeable person than me will hopefully come along and give you some more details)

    Secondly, looking at your post, it suggests to me that you aren't actively looking after yourself. If you doctor has diagnosed you with depression, this could explain why. However, until you can look after yourself, you will not be able to look after your money.

    You say that you spend a tenner on junk food in Tesco every day and that you buy beer and takeaways at the weekends. Also that you have no discipline over spending.

    Ask yourself WHY you do this.

    If you aren't much of a morning person - prepare your lunch the night before. Or buy in food that you can quickly grab in the morning. Even if you buy junk, it's probably cheaper buying it ahead and in bulk!

    Are the takeaways for a reason or just a lack of interest/inclination/ability to cook for yourself?

    Don't let laziness or inability ruin your health and bank balance! If you live at home I'm sure your mum or dad would be happy to help you learn to cook (or kick your a$$ into the kitchen )

    I'm also 30 next year, but as you can see from my signature, I'm well on the way to paying off my debts so I promise you it can be done but no one can make the decision to take this step apart from you.
    LBM 11/06/2010
    DFD 30/04/2013
    Total repaid: 10,490.31

    New challenges: Emergency Fund 1000/1000 House Deposit 4134.44/5k
    52wk Savings Challenge 1/1378
  • LadyV2508
    • #6
    • 21st Nov 12, 8:34 PM
    • #6
    • 21st Nov 12, 8:34 PM
    Taking the first step is always the hardest - i remember how completely overwhelmed i felt when i began dealing with my debts a few years ago.

    The advice i would give you is to do one thing at a time. Try and get the paperwork you have together and begin sorting through it. Make lists of the people you have to call and set aside a few hours to do so.

    There are many organisations that offer free debt advice (much of the information can be found on the forums here). Give them a call or pop down to citizens advice - there are many wonderful and knowledgeable people out there who will help you!

    In terms of the anti-depressants - i suffered with depression a few years ago and i remember how crippling it was. But after going to counselling (referred by my doctor) and making some lifestyle changes such as eating better and getting more exercise etc i began to feel better.

    Getting your debts in order will aid your recovery - it will take time but i promise you the more positive steps you take the better you will begin to feel. Just small things as you said such as making your own food at home and taking it to work will make a big difference.

    Dont give up!
  • Leepodstar
    • #7
    • 21st Nov 12, 8:39 PM
    • #7
    • 21st Nov 12, 8:39 PM
    Artnoble....

    I was in much, much, much bigger sh*t soup than you and I'm a home owner. You are very fortunate, self control dude! 1200 a month, car and keep 200, 1K left over, 500 in your pocket, 500 to your creditors over 2 years, it be paid off! I would take your situation any day!
  • sistafromanothermista
    • #8
    • 21st Nov 12, 9:01 PM
    • #8
    • 21st Nov 12, 9:01 PM
    I know. I seem to have several LBM. But then get the next day nothing changes. I really don't know how to change. I really want to but can't.

    As for a soa. I don't know where to start with it. I don't know how much I owe or who to.

    I'm rock bottom
    Originally posted by artnoble
    I know you do. I remember you from when i first started on here. You need to get your life in order NOW. Only you can change your situation mate and you know that.
    Maybe once the anti depressants start working you will see things clearer and put a plan together....
    DEBT FREE AND PROUD

    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
  • artnoble
    • #9
    • 21st Nov 12, 9:13 PM
    • #9
    • 21st Nov 12, 9:13 PM
    Artnoble....

    I was in much, much, much bigger sh*t soup than you and I'm a home owner. You are very fortunate, self control dude! 1200 a month, car and keep 200, 1K left over, 500 in your pocket, 500 to your creditors over 2 years, it be paid off! I would take your situation any day!
    Originally posted by Leepodstar

    Wow thanks for the advice. This message has really hit home. 10 should last me a week for lunch not a day. I can clear a good chunk each month and still have money left over.

    All your advice has been great. Last 3 months I've kept each letter I've received so I guess I better sort though them the weekend and see where I am.

    I'll put some figures on when I know where I am.
    Watch this space.... Will update soon!
  • meer53
    Do what i do when i have to do things i keep putting off doing, set a time limit for doing them, then do as much as you can within that time. Say 2 hours, at the end of the 2 hours, stop and set yourself another target. If you feel like carrying on, then carry on !

    Another thing i find useful is to jot down each day what i spend, then at the end of the week, i can see whether i've overspent or not. It only takes seconds each evening but really brings home exactly where your money goes. I found that buying 2 coffees at work (we have Costas where i work !) each day was costing me 80 a month
    Not anymore ! That was without the sandwiches i used to buy too, i make my own now the night before. It's really satisfying when you get into the habit and can see what savings you can make.
  • Time to face the music
    Hi artnoble

    At the weekend, invest a couple of quid in a cheap filing box, label a section for each creditor you find via your letter stash. Sort them into date order and file them in the box.

    If you think you owe 12K, it's probably more. I guessed we owed 60K at the start of our DF journey and it was actually over 81K. Don't let this get you down, instead use it to make you more determined to sort this out.

    Get a free Noddle credit report and check this every month. If any of your debts are statute barred, make the decision if you are going to forget about these. Check all the other debts present and find out who the debt is with now, original creditor or DCA. Determine if interest and/or fees are being added.

    Work out how much you can afford to pay each month and how much each creditor/DCA will get. If you can do this via online banking, set up a standing order to make a payment each month. If not, write and ask for an up to date statement and paying in slips so you can make payments in a bank.

    Sort out the food issue. I used to buy breakfast and lunch in the cafe on the park where I work every day, total cost 30 to 35 a week. I now take bread, butter, jam and soup to work at a cost of 5 to 6 per week. Get to Aldi and buy some decent food for meals and drinks to take to work.

    Improve your life and you may not need the antidepressants, maybe counselling would be better, perhaps you don't need either. Getting yourself sorted out can be the greatest natural buzz and works better than any antidepressant over prescribed by GPs.

    This isn't the end of the road, it's the start of a journey! 9 months ago, we were 81,306 in debt, today we have paid off over 14,779 and we hope to be debt free in just over 3 years. YOU can be debt free a lot sooner, so please keep us updated with your debt free journey and we will all help you, support you, cheer you on, listen when you are down and celebrate your triumphs.

    Go artnoble, you can do this and we will be behind you all the way!
    Last edited by Time to face the music; 21-11-2012 at 9:44 PM.
    LBM 10/1/12 ~ DFW Start 6/2/12: 82,344 ~ Now Zero
    Debt free 17th April 2015
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt
  • artnoble
    Do what i do when i have to do things i keep putting off doing, set a time limit for doing them, then do as much as you can within that time. Say 2 hours, at the end of the 2 hours, stop and set yourself another target. If you feel like carrying on, then carry on !

    Another thing i find useful is to jot down each day what i spend, then at the end of the week, i can see whether i've overspent or not. It only takes seconds each evening but really brings home exactly where your money goes. I found that buying 2 coffees at work (we have Costas where i work !) each day was costing me 80 a month
    Not anymore ! That was without the sandwiches i used to buy too, i make my own now the night before. It's really satisfying when you get into the habit and can see what savings you can make.
    Originally posted by meer53

    Yeah that's a good idea. I wonder where my money is going but I'm spending over 200 a month at work. That's money I don't even notice I'm spending.

    I know what I need to do but it scares me that I can't keep to it. I'm so desperate to make the change but it gets me down that I won't. I want a good life but im holding myself back.
    Watch this space.... Will update soon!
  • LadyV2508
    Only you can make that first step - we're all here for support and advice if you need it.

    Dont give up - you're better than that!
    Overdraft 250
    Credit Card 24.00
  • JustAboutThere
    Hi Artnoble,

    There's good and there's bad here, but it can all be sorted. And I understand what you say when you talk about having no energy due to depression. Been there, got 100 t-shirts!

    Bad:
    You think there about 12K of debts.
    Maybe eight creditors.
    Depression.
    Spending out of control

    Good:
    Living at home.
    Low outgoings.
    Back in a job and earning wages (fantastic!)
    You want to do something to improve your position/life.

    It can be a little overwhelming trying to make sense of a SOA, especially when there's mounds of paperwork. Don't just look at the whole pile and shudder. Break it down, bit by bit. You say you've kept all the letters from at least the last few months. Even if you have to do the next bit in stages - do it.

    1. Gather all the paperwork in one place (don't get scared - you're going to conquer this).

    2. Methodically go through each piece of paper. For every creditor/bank/bank statement - put them in a separate pile.

    3. Once they're all in piles for each company/creditor - put them in date order. You can either have the latest date at the top or the bottom, its your choice. About now, you'll possibly think things look worse than they are 'cos there's loads of paper around. Don't give up - it just needs to look a little messy in order to make order out of chaos. Breathe!

    4. Once that is done (or while you're sorting them - up to you), write down the figures. Amounts owed, APR, date loan(s) were taken out, etc. Maybe make a note of contact addresses and telephone numbers at this stage too in case you need them later on.

    5. Transfer these figures into the different categories listed on the SOA.

    Voila - you've completed, or at least made a really good start, at your SOA.

    Before anyone says this is rather simplistic - its just doing this helped me. More so when trying to complete work expenses. I'd see the pile of receipts and paper and I'd start panicking. Then a kindly colleague sat next to me and talked me through it, i.e.,: where did the person go on the trip? I'd tell them. Right, put that destination on the expenses form. One thing done. Next, how did they get there? Fly. Where's the ticket? I produced it. How much did it cost - put that figure on the form. Where's the hotel bill? How much per night? And so on. So, by breaking it down logically, it showed me that I did have all the information there, I just had to separate it out. And yes, I am MUCH better at expenses these days


    Best of luck.
  • artnoble
    First of all thank you for all your responses. It's very heart warming and made me feel better.

    Got the free noodle credit report and it says I have about 12,466 worth of debt.

    This is over 10 creditors one is a loan for 7309 with natwest. The other 5,157 is spread over the other 9 creditors. The highest amount being around 1300. So it's about what I expected.

    I think if I can get everything in order and start afresh after Xmas. Work out a budget and then plough as much as I can towards the debt.

    What would your advice be? Start paying of the lowest first. Should I contact them myself or can I get help?
    Watch this space.... Will update soon!
  • Bedsit Bob
    What would your advice be? Start paying of the lowest first.
    Originally posted by artnoble
    The general advice is to pay as much as possible on the one with highest APR.

    Once the highest APR is cleared, use the money you were using on the highest APR, on the one that is now the highest, and so-on, until they are all paid off.

    You really need to post a SOA.
    I contend that we are both atheists. I just believe in one fewer god than you do.

    ISA Deposits: 600

    Amount I have so far denied the BBC - 870
  • sistafromanothermista
    First of all thank you for all your responses. It's very heart warming and made me feel better.

    Got the free noodle credit report and it says I have about 12,466 worth of debt.

    This is over 10 creditors one is a loan for 7309 with natwest. The other 5,157 is spread over the other 9 creditors. The highest amount being around 1300. So it's about what I expected.

    I think if I can get everything in order and start afresh after Xmas. Work out a budget and then plough as much as I can towards the debt.

    What would your advice be? Start paying of the lowest first. Should I contact them myself or can I get help?
    Originally posted by artnoble

    Even mine

    Start with the debt with the highest Apr as this is the one costing you more to keep!!
    DEBT FREE AND PROUD

    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
  • artnoble
    The general advice is to pay as much as possible on the one with highest APR.

    Once the highest APR is cleared, use the money you were using on the highest APR, on the one that is now the highest, and so-on, until they are all paid off.

    You really need to post a SOA.
    Originally posted by Bedsit Bob
    The thing is I've not paid any of these debts for years. There are no aprs they are just passed round from dca to dca.
    Watch this space.... Will update soon!
  • artnoble
    Even mine

    Start with the debt with the highest Apr as this is the one costing you more to keep!!
    Originally posted by sistafromanothermista

    Yours was the slap in the face I needed. I'll let you off this time
    Watch this space.... Will update soon!
  • Bedsit Bob
    Do you mean they have no APRs, or you don't know what the APRs are?
    I contend that we are both atheists. I just believe in one fewer god than you do.

    ISA Deposits: 600

    Amount I have so far denied the BBC - 870
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,408Posts Today

7,246Users online

Martin's Twitter