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  • FIRST POST
    • throughmyeyes2017
    • By throughmyeyes2017 16th Jul 17, 9:25 PM
    • 2Posts
    • 4Thanks
    throughmyeyes2017
    Feel like I'm in sinking sand
    • #1
    • 16th Jul 17, 9:25 PM
    Feel like I'm in sinking sand 16th Jul 17 at 9:25 PM
    Hello,

    I've got myself in such a bad position and I'd like to change it, I'm 21 years old and my partner is 23, we have been together for 4 years, no children but we rent our own flat.

    I had a really crappy childhood so the second I started working (my first job was McDonald's at 17) I used to blow all my money, on stuff I didn't need but wanted, and if I didn't have the money I'd use credit (wether that was store cards or a loan etc), sadly this has carried on for the last four years.

    My partner also bad with money took out a loan to buy a car at 18 (off of the advice of his parents who may I add aren't the best with financial advice themselves) then took out a consolidation loan with another bank to pay that loan as well as other credit and it's basically spired since then.

    Four years on we are £33,000 in debt and I'm horrified. We aren't quite under the earth yet, however we are beginning to hit red in our bank accounts during the middle of the month and then once the banks taken fees we end up back in the same position during the next month.

    I am severely depressed struggling with the thought that we are going to get worse and end up under so I've been looking at options before it's too late.

    One option I have seen is a DMP and I'd like people's advice on this and if they have had one has it helped?

    I don't know what to do with interest racking up on credit accounts it feels never ending
Page 1
    • UncannyScot
    • By UncannyScot 16th Jul 17, 9:45 PM
    • 487 Posts
    • 2,091 Thanks
    UncannyScot
    • #2
    • 16th Jul 17, 9:45 PM
    • #2
    • 16th Jul 17, 9:45 PM
    Hi and welcome
    Don't panic and don't worry. Things can and will get better.
    You've made the first step coming on here.
    The folks here are lovely and non-judgemental.

    First off, get professional financial advice from somewhere free, like your local Citizens Advice Bureau (CAB). They will help with budget planning and look at all the options available to you to help reduce and get rid of your debt.

    If you can complete a Statement Of Affairs (SOA) so you can see what you have coming in and going out. Will help you see where you are spending etc and will highlight where you could look at reducing and saving money...

    You'll be fine, we'll help
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Hiddenidenity
    • By Hiddenidenity 16th Jul 17, 9:46 PM
    • 4,391 Posts
    • 17,828 Thanks
    Hiddenidenity
    • #3
    • 16th Jul 17, 9:46 PM
    • #3
    • 16th Jul 17, 9:46 PM
    Okay stop take a breath. You've made the hardest step, things can only get better from now.

    Over on the main board there will be links and discussions about DMP's I haven't done one so can't help too much on that.

    First things first, look at your bank statements and track every penny back over the month (3 months is better but 1 will give you an idea)

    Create a SOA.

    Then look at where you can cut back, groceries, mobile phones, subscriptions, random spends, the odd coffee here and there, popping for one item and buying 10.

    Set a realistic budget, what's right for me won't be right for you.

    Keep a spending diary. Find out where the moneys leaking away where you don't realise.

    Don't pay for debt advice. Don't pay for a DMP use one of the free ones over on the main board will be more information.

    Remember chin up, there is light at the end of the tunnel and good luck
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    • throughmyeyes2017
    • By throughmyeyes2017 17th Jul 17, 10:55 AM
    • 2 Posts
    • 4 Thanks
    throughmyeyes2017
    • #4
    • 17th Jul 17, 10:55 AM
    • #4
    • 17th Jul 17, 10:55 AM
    Thank you both for being so welcoming we'll be doing the DMP through StepChange Debt charity so it'll be free, we've done all our budgeting and with SC's help we've worked out we can pay £700 ish pounds a month towards the debts. It'll take about 4 years to get to our DFD but that's better than what our long term outlook is at the minute.

    I'll have a look through our statements, I know we do end up spending too much on silly spends so we will be sticking to a strict budget, I'm also going to be stubborn and look through our stuff and see if there's any bits we can sell so we start with a bit of savings.

    Thank you again ��
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