Im in a big fat ugly money mess...

MS_Kitten

Hi,

I have been reading the messages & treads for the past few months. I think im finally ready to admit that i have a huge debt problem that even though i ignore wont seem to leave me alone.

I really want to get out of this horrible situation and live a normal life.

I think the figure must have hit £25k by now. Im 22 years old.

Bad, i know.

I have ignored most of my creditors for at least the past 18 months. So far i have 3 CCJ's.

I dont know who i owe money to anymore.

Is there any hope? How do i go about sorting this mess out?

Gem

syedlfc

GP87 wrote: »

Hi,

I have been reading the messages & treads for the past few months. I think im finally ready to admit that i have a huge debt problem that even though i ignore wont seem to leave me alone.

I really want to get out of this horrible situation and live a normal life.

I think the figure must have hit £25k by now. Im 22 years old.

Bad, i know.

I have ignored most of my creditors for at least the past 18 months. So far i have 3 CCJ's.

I dont know who i owe money to anymore.

Is there any hope? How do i go about sorting this mess out?

Gem

I feel for you mate...don't let the money get the better of you..make sure YOU get over the money problem...do a statement of affairs statement and you should type in what you spend your money on...

im only 23 and got debt of 2k 1500 on overdraft and 597 on credit card and my student loan debt of 17k..

Start saving but down on uncessary spending see where your priorities are...do you work...start a spending diary so you have a idea where your money goes..

and yes there is hope...keep the faith..

Numpty_Monkey

:hello: hi Gem
Welcome to MSE/DFW
Well done on admitting to yourself you have debts:T

A few sugguestions, you need to get copies of your credit report have a read of this
http://www.moneysavingexpert.com/loans/credit-rating-credit-score
should help for the who you owe bit:cool:

and if you fill in an SOA(income and expenditure)
http://www.makesenseofcards.com/soacalc.html
we will try to help you :A budget and save money

drewdrop

:A Hi Gem, most people here have struggled like this and admitting the problem is the best start. It will take time but all can be sorted with the right help. I think that getting your current credit report, free trials from equifax an experian ( cancel after 3 weeks though x ) will show you your exact financial status then everyone here will help, you are not alone x

Sarsie

I don't know what debt I'm in anyore either, I'm working it out as I go along.

I think step one is stop borrowing. Cut up your cards and get your salary paid into a bank where you don't have any debt (overdraft or credit cards), cancel any contracts you can cancel etc.

Step 2 is get your file and find out exactly what you owe and to whom. That's where I'm at, last week I sent for my credit report from Equifax, Experian and Callcredit, a memeber here kindly informs me to expect them to take about a week by post, however if you have credit and debit cards anyway you should be able to see them online instantly.

Here are those credit reference agencies websites.
http://www.experian.co.uk/
http://www.equifax.co.uk/
http://www.callcredit.co.uk/

Good luck and remember to be honest with yourself and not hide from it.

MS_Kitten

Thanks for your replies. Everyone seems to say find out who i owe money to so that will be my first step.

I will do some research and find out who i owe money to. When i have the information i will post it in here & hopefully maybe someone could point me in the right direction.

Thanks again x

jwil

Hi Gem,

Good luck on finding out who your creditors are and what you owe. This is always the most difficult part, and we've all done it!

You have had your lightbulb moment while you are still young, so well done! It will take time to sort, but you will get there, and you'll be able to repair your credit report, and get on with your life. Those CCJs will only be on your credit report for 6 years, so they'll be gone before you are 30.

Good luck with the journey, and keep posting on here, there is so much advice and information on here!

Jwil

Krisp_3

Coo, yes. At 25 I was OK with money, then it all went TU (redundancy and a broken house!). I had my LBM some time ago - it's fab when it clicks.

Good luck with finding out who your creditors are and what you owe. Once you have that information and if you feel brave enough to post up your Statement of Affairs (SOA), loads of people will help you work out how to deal with it. You can find an SOA here: http://www.makesenseofcards.co.uk/soacalc.html

ms_london

Welcome to MSE!

At your age I was in debt of around £19,000 - it took me a couple of years to clear it off through a combination of having to take a 2nd job, giving up luxuries and becoming a bit of a hermit, oh and totally retraining my spending habits (not easy to do and it took me MONTHS to even learn how to live within my means, i.e. spend no more that what I earned, let alone trying to save!). Unfortunately there is no magic wand to wave, and it does take a lot of hard work and sacrifice, but you are only young, and it is a good lesson to learn early on in life, as the lessons you do learn about handling money will set you up for life.

You will feel better once you have established exactly how much you owe and to who, ok, it will look a bit scary in black and white, but knowing where you stand is better than burying your head in the sand as lets face it, the problem isn't going to go away by pretending it isn't there. Money saving is fun and if you treat it as a game, trying to get as much for as little, freebies and hunting around for bargains, it won't seem quite such a chore.

A lot of people are in the same boat so when you feel down or unmotivated, just pop in here and that will perk you up!

xx

verystupidwithmoney

Hi Gem, I'm your age and owe 7k roughly. I'm now in a CCCS plan and it really, really helps.

I buried my head too. But please, please, please listen to me... start the long road now! You'll feel better by just knowing you're moving forward at least.:)

MS_Kitten

Drumroll please...massive failure announcment on the way....I am 22 years old & am in debt to the tune of....

£21,793

I have cried & cried and cried. I just cant believe i let this happen. Im so ashamed. I need to get this sorted. It feels like i have ruined my life.

I have had a chat with someone from the CCCS and have an appointment on wednesday.

I think i spend more than I earn and need to draw up a budget. How is the best way to do this?

They are going to discuss several options with me including a DMP & an IVA. Which one do you think i should go for and why?

Please help as i really dont have a clue!

Thanks for everyones input & guidance so far. The nightmare contiunes....