Finally Came to Term's with my Debt and asked for help!

Simon83

After receiving my phone bill the other morning and realising I have no money left in my overdraft to pay it, had to pay this on my cc like I have been with all my monthly direct debits lately. I decided enough is enough, I have to sort this out, before it gets out of hand.

My debts look like this

Loan 1 - £1000

Loan 2 - £3700

CC - £1000

Overdraft - £800

around £6500 approx

I thought with all the interest accruing and the amount of different outgoings I wouldn't be able to tackle this alone, and instead of getting a new loan to consolidate these, I spoke to my mum about it.

She has agreed to issue me a cheque next week for £7000, this is to settle everything. We agreed that I should pay her £300 a month or more if I can afford to. So I'm here now to save and pay off this as quick as I can, so I can look to the future without a debt.

My SOA is as follows:-

Income - £990 p/month

£157 - board to my parents
£20 - Broadband
£20 - Mobile
£15 - bus fare
£20 - driving lesson
£28 - Gym

Outgoings £260

Left: £730

I'm only 22 so I do have a very very active social life, but I wont be going down town for a bit, just the locals etc. so will need a little for me.

So Hopefully I can give my mum £500 a week. My outgoings was allot more, eating out for lunch/clubbing every Friday etc. and after been on these forums I have cut back an awful lot. I pay my parents board so why not eat food from the house rather than buy it out.

Sorry for the long post. But just looking for encouragement.

Many Thanks

Simon

Wonder_Girl

Simon,

You’re in a very lucky position to be able to get that kind of help from your parents.

I think that if you can stick to your budget of £500 a month then you will be debt free in just over a year and will have learnt a valuable life lesson.

Good luck sweetie, I’m sure you can do it

Simon83

wrote:

You can say that again. Very valuable lesson. I'm also getting a new upgrade on my contract mobile to a k800i and will sell it on ebay for about £300, also sell other bits and bobs.

Wonder_Girl

What a coincidence, my encouragement fee is exactly £300…..

Make sure you give that money straight to your Mom so your not tempted to treat yourself

Simon83

wrote:

hehe,

I'm from leeds, most of my family live there, not far from arndale centre.

I live in sheffield now though

crossleydd42

........and if you continue to to take to heart all the wonderful advice and information available on this website,, especially when you have spare cash, you'll eventually be quids in!

Good luck!

sparklymessygirl

Hi Simon,

I am sure your mum is thankful that you were able to turn to her and that you will pay her back very quickly. You can do it - keep your motivation up - whether it is by drawing a chart/graph/using a spreadsheet/updated signature...whatever!

Good luck
Sparkly

davesgirl_2

and make sure you tell your mum to be harsh with you - no taking excuses, cos a proper loan company wouldnt;) good luck and well done for doing somthing a bout it:D

Simon83

wrote:

Well, i dont live with my mum, i live with my dad and two sisters, but one of sisters is a trainee accountant, and she's gonna sort all my monies out each week.

I'm not gonna let my mum down, not after the monies she's lending me

cleanyspringy

Crikey you are a lucky boy! My only advice is that your the onyl one that can change this. Be honest withyourself. You'll be fine. :T :T

Only go out with what you can afford that week - leave your debit and credit card at home.

Can you car share with any one?? R u close enough to walk or cycle? Coz that cut cut the gym out??

Do you honestly go to the gym at least 4 times a week?

Simon83

wrote:

Yeah, I dont use the gym for cardio, I'm a bodybuilder, so I go around 5 times aweek, so it is much needed.