D-Day Looming

Miffi_2

Hi Lee
Everyone else has said all the brilliant advice, but I just thought I'd mention about my friend who has got himself in such a mess he owes over £30,000 (I don't know exact figure but know it is in the 30s) he is going to have to declare himself bankrupt pretty soon.

He told his parents a week ago and they were so heartbroken that he hadn't told them sooner. Their dissapointment was awful for him, but now he doesn't have any secrets and they can help him get his life on track.

It will be awful telling them, and I know you will feel so terrible and embarrased but if you are in trouble they would rather know and be able to support you rather than find out alot further down the road when you are in the sh*t far deeper. The longer you leave it, the harder it will be to tell them and the more crap you will feel about lying to them.

This is a great forum, keep coming back - there are always people logged on who can help or just offer a shoulder.

Well done for facing up to it Lee, give yourself some credit for doing that.

tycooncico

Good morning all!

Well I'm alive, and feel like a huge weight has been lifted off my shoulders. There was a lot of shock and tears last night and Emmzi was right, they had a good idea i'd spent it, and they was dissapointed that i'd never turned to them earlier for help.

I'm so glad its in the open now, my Dad has said he is going to pay all my cards off, on the grounds that i chop up my CC's (which i'll be more than glad to do), pay him £200 a month until the debt is settled and give him my word i wont apply for any more cards. I know he's lost a lot of trust in me so its up to me to regain it which is what i intend on doing.

I'd like to thank you all and my girlfriend for helping me through this, i think if i hadnt of posted on here i'd still be living the lie today.

Here's my SOA, i do need to make some serious cut-backs, and can see some areas that i can deffinately improve on. I've taken sandwiches to work today for the first time in a while, so hopefully i'm on my way into this next 2-3 year saving journey.

Rent £250.00
Petrol £120.00
Car Insurance £73.22
Tunnel Fairs £52.00
Mobile £50.00
Gym £29.50
Cinema £30.00
Football £8.00
Hair £25.00
Liverpool FC.tv £4.49
Food £60.00 (based on £3 a day, sometimes more as i eat out quite a bit)

Thanks all again,

Lee
:beer:

MoneyMagnet

Glad it all went well for you Lee! :T

Emmzi

Well done Lee. I'm giving you a day off to cope with the emotions before I lay into your SOA!!

CLAPTON

whats your take home pay.

Thefunkygibbons

Sounds like a second job may be in order working the twilight shift at Tescos on Friday and Saturday night could go a long way to solving the problem

However

What do the next 5 years at work look like? Any chance of significant increases in pay?

LewisC_2

Miffi wrote:

Well done for facing up to it Lee, give yourself some credit for doing that.

That's what got him into this mess in the first place!!

Seriously though, best of luck Lee - keep coming back here whenever you need a shove in the right direction or a bit of advice. The people here are superb :T

looby75

I'm glad you have come clean lee, parent's always know you know

OK a couple of things you know you have too lose right away.

As much as I hate to say it, Liverpool fc tv, I know it's only a fiver a month but it's a fiver you don't have right now, same for the pictures and the gym. If you HAVE to go to the gym try you local council one, they are usually much much cheaper, round here you can get a years pass for £100.

Tunnel fees; do you pay each day or do you have one of those pre pay passes? My sister found she saved quite a bit by using the pre pay, mainly because she didn't have to keep buying things just to get change to pay to go through the tunnel. She was working in Birkenhead but lived in Southport but as a mortgage advisor she had to visit clients all over Merseyside so would often use the tunnel 4+ times a day, cost her a fortune.

Mobile phone, that's quite expensive, when is your contract up for renewal? Who are you with?

Err I think that's enough for now, I've just gone through all this myself so I know what it's like to feel like you have to give EVERYTHING up but you will survive, I promise Good luck.

CLAPTON

without knowing your income, i can't see how much you have spare (if anything) ....so the question you may wish to consider is this, when you need to tax, MOT, repair , service your car how will you finance it, similarly when you need some clothes or go on holiday or buy a xmas present for your parents/GF or whatever whatever how are you going to finance it ....somewhere in your month budget you need a line for each of these near certainties as well as a line that says emergency fund (say 100 initially until you have about 1000 ).

consider a second job and /or a pretty major review of that budget.

tycooncico

at the moment i'm taking home £1025 after tax. I also work in anfield on match days which earns me £28 per game, which i'm hoping i wont need to touch so it will collect and can be used towards a holiday next year!