Just some advice on heavy debt

philstreet

Hey y'all,

New to all this but I guess I am posting this cos you never know when someone out there may know something you don't.

I am a 28 year old guy who has made some bad choices in life and had a bad run of luck (I worked at sea and rented out my flat to someone who then stole my identity and sold my flat pocketing £40,000 profit thats hould have been mine, He dissappeared and I was left with mess) and now find myself with a world of debt.

At the moment I have two personal loans with approx 11,000 & 17,000 outstanding both with the best interest rates I can get. Have also got two credit cards, best interest rates available (0%) with about £9,000 outstanding between. Now I am in a better position than most as unbelievably I can manage this debt with mortgage on top as well. My outgoings read £237, £297, £130, £75 on debt aspects, I have never missed a payment and I do not have an overdraft. I work in a sales job that I love and am successful in, with a company who appear stable.

My point is that I get by, but I am sick of getting by. I have been getting by for 2 years now and really feel the need just to unwind on a holiday and other things such as buying my beautiful Girlfriend something nice like a large engagement ring. Do I want too much? Am I being selfish? I am lucky in so many ways as at least I can afford to get on the property ladder and as I say, I can manage this.

Has anyone been in a simlar situation and got out of it quicker or does anyone have any suggestions how I can reduce my monthly outgoings without getting a secured loan (Last thing I ever want to do). We want to make plans for the future but it is difficult when I cannot actually save more than about £50 quid a month.

Any advice would be much appreciated or maybe I just need to get over myself as I know there are people in a much worse situation.

A warm thank you to anyone in advance for their advice
Phil

all_hours

Hi phil,

Sorry to hear about your bad luck.

Start by posting full SOA following the layout in this post -

http://forums.moneysavingexpert.com/showthread.html?t=107280

Then posters will give be able to give ideas on where you can cut back.

Also the snowball calculator will be able to give you a debt free date - very motivational.

http://www.whatsthecost.com/snowball.aspx

overbudget

Hi Phil

Post your income and outgoings and I bet folk will be able to find some savings for you to be able to get out of debt quicker.

david_hellier

Hi Phil,

As the others; an SOA please. Also I presume your lender and the solicitor responsible for selling your house from under your nose complied with any money laundering requireemnts at that time?

I presume you have reported this crime?

Dave.

laughing_cow

philstreet wrote:

I am a 28 year old guy who has made some bad choices in life and had a bad run of luck (I worked at sea and rented out my flat to someone who then stole my identity and sold my flat pocketing £40,000 profit thats hould have been mine, He dissappeared and I was left with mess) and now find myself with a world of debt.

Someone sold your flat? :eek: I think sorting that out, legally, should be your immediate priority - if you get that sorted then you won't have any debts. Get some legal advice.

debtndanger

Hi phil i know exactly how you feel,i have been getting by for quite a while now and i cant wait till im out of this dark tunnel that i stupidly walked into many years ago.I currently owe 13k and its really starting to get me down but i know the only way out is to keep on paying the debts off and keep my head down till debt free day. good luck

cathybird

philstreet wrote:

I rented out my flat to someone who then stole my identity and sold my flat pocketing £40,000 profit thats hould have been mine, He dissappeared and I was left with mess
Phil

say what?!!!!!

where were you left legally on this??? was the situation righted to any extent?

calleyw

I sorry to hear that you have had some hard times.

But as has been said you need to post a SOA also the slog is always the hardest part.

Also why do you think that your GF needs or even wants a expensive engagement ring. Mine cost about £100 but is so special because my husband went and chose it himself. I pointed out what I liked and disliked but he went all on his own and bought it. just because mine cost a £100 and my wedding ring cost about £30 does not mean I am any less married than someone who has spent thousands on such items.

I suppose when it comes down to it all depends if you want to get out of debt or get back on the consumer roundabout. if you think a large house and expensive enagement ring, wedding and having a widescreen telly, fancy holiday etc is important that is fine. But it will mean it will be harder and longer to get out of debt.

It is not clear if the debt stems from the identity fraud or if it is from something else. Sorry if I am being a tad thick.

To get out of debt you need to do two things

1) reduced out goings -which you have already mentioned

2) increase income -is there any chance of getting a second job, a pay rise


What ever happens all the best.

Yours


Calley