Debt Rant

raindrops_2

I had my LBM back on the 7 January 2011 and worked out my outstanding debt. Thanks to this wonderful website I have set up my own DMP and changed all my direct debits and bills to come out on the same day at the beginning of each month as before they where all coming out at different days and i wasn't really keeping an eye on what was coming out on what date.

Altogether my debt is £5818.89. I work full time but my monthly income is only £1128. I know some people will think that it is good money that I earn but I struggle every month. I don't have anyone to help me clear it so it is only me. I am so fed up with being in debt. All I ever do is work and pay bills I never get to socialise or do anything. I rarely ever treat myself as I just feel guilty. I would really like to go on holiday but I can never afford to go abroad and visit new places. No one knows about my debt and people at work think that I have money to spare as I still live at home and although it's ok I would like to live on my own at some point.

I should count myself lucky that I still have a job as there are plenty of people that don't have a job. I've been in debt since I was 22 and I have felt like I have watched life pass me by as 7 years on and I'm in no better position. The only thing that I have learnt about being is debt is you can't ignore it or hide away. I'm probably more responsible with money now and I'm always checking my outgoings and plan out my monthly budgets and bills months in advance. I am probably a little OCD seeing how much extra I can pay a month. I've also helped my brother get out of debt and I'm in the process of helping out my parents to. It has also inspire me to want to become an accountant one day.

But for the time being I'm just so fed up of never having much money to treat myself. People say that your 20s are meant to be the fun years but for me it has been so depressing, sad and lonely.

FOURCANDLES_2

AHHHH well its a hard life , only joking as you live at home is their anyway you can knuckle down and clear this debt in bigger monthly payments?? what d/d do you have as you say your still living at home. I am sure it is annoying that you earn your pay and it goes to service your debt but have you looked at ways you can cut down whats your disposable income monthly after all if you can afford to throw big chunks at it the quicker it will be gone and you can get on with your life it is not as bleak as you think many people have 5-6 k car loans they pay every month but they still get out etc have a look at your finances and see what is going wrong.

Tixy

Hi raindrops

On your self-managed DMP are you paying more or less than the minimum payments on your debts would have been? Have you asked your creditors if they will agree to freeze interest?

How much of your income are your paying on debt repayments?

Have you looked at the snowball calculator to work out when you will be debt free? Hopefully if you are chucking quite a chunk at your debts each month it won't actually work out to be too long a time frame given your level of debt.

How about completing a statement of affairs to see if people can suggest anywhere else you could save money so you could have a bit extra spare each month for a little entertainment or for clearing those debts quicker?