Time to get real...

EmLou25

Hey everyone

I thought I would join up on here as I know we are all in the same boat and hoping that the moral support and advice will help me through this...

I'm 25 and in June I lost my job and aside from the money I now owe my partner and mum I have some small time debts that have got out of hand.

I grew up on credit - everything my parents bought was on a credit card, store card or from a catalogue, and when I hit 18 I'm ashamed to say I followed suit.

In June I lost my job and with no savings I fell on hard times, i fell behind with payments on my phone, car loan and car insurance (all of which I am pleased to say I have caught up with since starting my new job) but I fell behind with a HSBC credit card, and 2 catalogues also.

These have recently been causing me sleepless nights and obviously I do not want to loose my new job because they think I am always tired!

I have written to my 2 catalogues and also to HSBC about the credit card explaining my situation, informing them that I will no longer use the accounts and no longer wish to receive limit increases or promotional literature from them and also asking if they will accept a set monthly payment on the last day of each month until the accounts are settled.


Do you think I have been wise in doing this as I am behind with the payments and do want to start 'rebuilding' my life so to speak? And any advice?


Emmie

sparky0107

EmLou25 wrote: »

Hey everyone

I thought I would join up on here as I know we are all in the same boat and hoping that the moral support and advice will help me through this...

I'm 25 and in June I lost my job and aside from the money I now owe my partner and mum I have some small time debts that have got out of hand.

I grew up on credit - everything my parents bought was on a credit card, store card or from a catalogue, and when I hit 18 I'm ashamed to say I followed suit.

In June I lost my job and with no savings I fell on hard times, i fell behind with payments on my phone, car loan and car insurance (all of which I am pleased to say I have caught up with since starting my new job) but I fell behind with a HSBC credit card, and 2 catalogues also.

These have recently been causing me sleepless nights and obviously I do not want to loose my new job because they think I am always tired!

I have written to my 2 catalogues and also to HSBC about the credit card explaining my situation, informing them that I will no longer use the accounts and no longer wish to receive limit increases or promotional literature from them and also asking if they will accept a set monthly payment on the last day of each month until the accounts are settled.


Do you think I have been wise in doing this as I am behind with the payments and do want to start 'rebuilding' my life so to speak? And any advice?


Emmie

Hiya Emmie,
Welcome to MSE, can you post your SoA (Statement of Affairs) listing all your incomings and outgoings, and the good people on here will give you all the help you need try this link http://www.makesenseofcards.co.uk/soacalc.html format it for MSE and then your away

You've taken the first step on your debt free journey, and you'll get all the support you need

moneymakestheworldgoround

Hi Emmie,

Welcome.

So far, all sounds good. You have a reason for your spending habits, you mucked up a little, recognised the problems, lost your job, realised you had no back up plan, and then found another job. You did well to get another job so congratulations firstly !!

You then did the sensible thing and pulled a few bills into line, and now you want to tackle the others. Your suggestion seems very viable and I think the proposal you have made to tackle the debts is good.

In fact, I think your attitude is commendable. I wish I was as sensible as you are when I was 25 !!

Keep posting on here, you'll get lots of tips and soon be on your way to clearing your debts. In fact, with your intelligence, you will probably have no debts and a nice nest egg of savings in no time at all !!

sparky0107

Just bumping you back up