Finally had my LBM!

Tom_sharples

Hi Everyone,

I have finally had my LBM! (about time too really)

Im 19 and im in around £3000 debt and it has recently been getting me down. After reading some of the threads on here i realise that im not in a huge amount of debt but its still debt at the end of the day.

My plan is to be out of debt by my 21st, 10.07.10

So no doubt I will be on here a lot looking for motivation.

thanks for reading

Tom

topbadger

Well done on facing up to it, and good luck with getting DF! :T

MILLYMOLLY

Well done Tom in wanting to be debt free I'm sure you'll d it with the support you'll get.
There will be peole on soon who will give you loads of advice

rubyslipper

Welcome Tom! :j

Well done for the LBM - debt is all relative so what might seem like a small amount to some is a mountain for others. The point is you're dealing with it which is brilliant.

Here's a link to the statement of affairs calculator (SOA) unless you've already done this? It's a good way to help you be clearer about your situation, even if you don't post it on here (you can though and the more experienced DFW's will be able to point out areas where you can make savings/change things).

http://www.makesenseofcards.co.uk/soacalc.html

Good luck! xx :T

laura2481

Well done for having your LBM! :idea:
I know that compared to some people's debts your 3k doesn't sound like so much, but really for your age- that's quite a lot. Seeing as you are unable to get credit until you are 18 you have run up 3k in a year :eek: By comparison, I am 27 so it took me 9 years to run up a debt of just less than 7k. If you were to carry on as you are you would be on track for being 27k in debt by the time you are my age (double eeek!:eek::eek:)

I think it's great that you have had you LBM now- wish I had had mine when I was 19! Oh well- hindsight vision is 20/20, as they say.

post up your SOA and we shall see if we can point you in the right direction
and good luck!:D:D

Tom_sharples

Thanks rubyslipper will post that up later when I finish work. although im pretty sure of what I owe. Burying my head in the sand hasnt helped me tbh and now my relationship with the gf has begin to suffer So will ring Lloyds up at the weekend and sort a payment plan may be best off to do so I dont miss any payments.

Thanks for the replies.

Tom

Nargleblast

Well done Tom and welcome to the mad sad world of the debt free wannabee. Once you have done your SOA you may find some obvious savings jump out at you. It is worth keeping a diary of every single penny you spend from now so you see where you are allowing money to drain away without realising it. You know all us DFWs are rooting for you.

Nargleblast

Suggest you get gf on board - she needs to understand that you are trying to stop yourself getting into a deeper hole than the one you are in, and she will, if she's a decent sort, not only understand and respect you but will even help you on your journey to solvency.

laura2481

Nargleblast wrote: »

Suggest you get gf on board - she needs to understand that you are trying to stop yourself getting into a deeper hole than the one you are in, and she will, if she's a decent sort, not only understand and respect you but will even help you on your journey to solvency.

here here!:T:T

laura2481

Tom_sharples wrote: »

Thanks rubyslipper will post that up later when I finish work. although im pretty sure of what I owe. Burying my head in the sand hasnt helped me tbh and now my relationship with the gf has begin to suffer So will ring Lloyds up at the weekend and sort a payment plan may be best off to do so I dont miss any payments.

Thanks for the replies.

Tom

This is a good idea- missing payments will only make things worse, and probably end up adding to the debt (voice of experience here )

rubyslipper

Tom_sharples wrote: »

Thanks rubyslipper will post that up later when I finish work. although im pretty sure of what I owe. Burying my head in the sand hasnt helped me tbh and now my relationship with the gf has begin to suffer So will ring Lloyds up at the weekend and sort a payment plan may be best off to do so I dont miss any payments.

Thanks for the replies.

Tom

When I filled in my SOA it was more to show me what my separate outgoings were month on month rather than what I owed. You might find you're paying a ludicrous amount for your mobile for example, something you might not have realised until it was written down in front of you. By doing that you can definitely identify the areas in which you can make changes. It's scary but sooo worth it! I'm 30 and have only just had my LBM so as Laura2481 says, well done for having yours so soon! :T