In a lot of debt

greebouk

Hi everyone. I have finally faced up to amount of debt we are in. Aside from my mortgage it is over £20,000. this is credit card, loans and overdraft.

Please someone tell me it is possible to get out of this in time? I am going to fill in all the details regarding my SOA. But I think I am just wanting some hope!

HappyMJ

With sufficient income and low expenses you'll get out of it quicker than you think. What sort of time were you looking at?

greebouk

I was hoping in about five years? is that doable?

FireWyrm

Without knowing your real SOA (statement of affairs) it's hard to say. Some can stand the hard life for a few years, some like it a little more comfortable but the trade-off is, it takes longer. Can you give us an idea of your income and expenditure in a typical month and I'm sure we can come up with some ideas.

JohnT1974

To give you some confidence and some motivation, it is most certainly possible to pay off all that debt in 5 years.

To give you an example of this, 3 years ago, I had unsecured debts of 74K (big I know).
Today my total debt (excluding the mortgage) is 47K and this will be paid off in 4 years and 5 months through a payplan DMP.

Chin up buddy. It can be done but the most important aspects of doing this are being truthful with yourself about your incomings/expenditure (and any DMP you may go on whether it is individually arranged or through a DMP provider such as Payplan) and be prepared to suffer (for want of a better word) a few years of tight fiscal management knowing you will be debt free at the end.

good luck :money:

greebouk

I am not at home at the moment, but I will do my SOA this weekend. Just knowing that someone has managed to do so well, gives me real hope thanks

ExNicotineQueen

Yes it can be done

I cleared £15k of debt in a year give or take once I managed to refine my budget and stick to it. That coupled with getting a second job, a raise at my first job and working all the hours I possibly could. Like the poster above said, some people can stick to the hard life for years on end, me I like going out and my entertainment budget was substantial, but I reduced other areas in my life to cater for this.

eBaying off any old items/clothes/junk you have lying around is another good move. Good luck OP, best thing I did was start a spending diary as I always wondered where my money used to go.