Tigz's Debt Diary.......start work on the 23rd!

in Debt free diaries
403 replies 15.7K views
After reading IA's debt diary I felt inspired to start my own diary. I had my first restless night last night worrying about the level of debt I have and how I will probably will be paying it off for many years to come. My own stupid fault! Will start with some background for anyone who is interested. Also to help me deal with it all.

I first started getting into debt when I was 16 :mad: I discovered my bank at the time Natwest would allow me to draw out cash when there wasn't any available, I remember the buzz and think that's where it started! I can't even remember not being in debt, and I'm 33 this year! Gulp.

I've had a mortgage in the past, in my own name but my ex at the time lived with me. I managed to get into debt for him, which was really stupid but at the time I was in love.... :rolleyes: I took out loans/credit cards to help him out as he was in debt too and was struggling to pay them back. I realise now I was young and naive and just wanted to please him. That relationship ended almost 5 years ago, I sold the house and moved back with my Mum. I was in debt at this time but didn't deal with it or confront it, so I really don't know how much I owe. As said in my 1st post on here, have had my head buried in the sand for so long now.

Stupidly I took out another loan/credit card just after moving back, which I really don't know what it got spent on. How stupid! It was frittered away on meals out etc.

I am now a FT single Mum (long story) living with my Mum in a jointly rented private house. I don't work as was better for me to stay on benefits rather than return to work. Plus I don't want to miss my DD growing up, she is 17 months.

I have called CCCS on Friday and need to know exactly how much I owe, so have applied for my credit report. I have included my address where I lived with my ex so I can deal with all the debt I have.

I really don't know how much I owe.

Am working on my SOA also. Will post it as soon as I know.

My main worry is I owe far too much to be able to pay back and may be forced to return to FT work which I really don't want to do as don't think will have another child so want to make the most of my DD before she goes to school. Another worry is not having my own house for her security and can't see me ever being able to have a mortgage as a) won't get a mortgage with my debt b) by the time I'm debt free will be too late to take on a mortgage and c) won't be able to save for dep/fees etc

Feeling quite bleak about the whole thing but I know it needs to be tackled somehow.

That's it for now
"Nobody made a greater mistake than he who did nothing because he could only do a little." Edmund Burke
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Replies

  • iwbusiwbus Forumite
    147 Posts
    You've come to the right place, good luck with the SOA and the future
    Snatching defeat from the jaws of victory
  • HI Tigz, welcome to the gang. Good luck getting your SOA done, they can be a revelation. Also keep a spending diary for the next month writing down every penny and where you spent it so at the end of the month you can add it all up and see just how much you spend on books and coffee at starbucks (that was me and it was a huge amount). Once you know this you can get the power back and try and determine what you really need and what is just something you want.

    I'll look forward to seeing your SOA.
    Official DFW Nerd Club - Member no. 234 Proud to be dealing with my debts I love the Dave Ramsey podcasts. Debt Free Date (including house) Aug 2012 Live on £4000 a year the short version £918 for 29/09/08 - 01/01/09 spent £0 NSD's In October Target 10 Actual 0 Quit smoking 25/09/08 saved £5 so far
  • Hi Tigz, welcome to the board :)

    I think a fair few of us have been in the position where we really don't know how much we owe, or really want to know. It's a massive step you're making by finding it all out, so well done. Post your soa when you're ready and I'm sure you'll be surprised by how many suggestions people have. There are also lots of little ways to make the most of the money you do have and make yourself a little bit more.

    As Bobbie said, something you can do now is start a spending diary - you'll be amazed at how much you spend on "little" things

    Good luck!
    DFW Nerd #104 I :heartpuls my Kitten :)and my hat :heartpuls
    OD Girls on Tour 08 - Barcelona - HUGE SUCCESS!
    OD Girls on Tour 09 - Dublin - November!!
    If you believe you can achieve innit!
    Sexy beer?
  • Hi Tigz, glad you've decided to join us all here. We're all in the same boat but with varying degrees but one thing we've all got in common is the worry and sleepless nights. Get your SOA posted and lots of people will come along and give you some good advice and support.
  • Just wanted to wish you good luck and offer a massive virtual hug :grouphug:. Well one for realising that things need to change and although it's scary seeing everything on paper for the first time, it gives you exactly the kick you need to sort things out.
    Also don't worry about the CCCS, they're well thought of on here and will give you honest advice without judging you. Also noone can force you to return to full time work and if you're on benefits I think they'll be very kind to you.
    Sorry you've found yourself in this situation but well done for facing up to it. :)
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • Good luck with getting it sorted out!
  • Good luck with this!

    Remember that any debt where there has been no contact for 6 years or more is statute barred & the creditor cannot force payment. Some debts may have been sold on to debt collection agencies and they will usually settle for a lot less than is owed.

    Let us know how you get on. maybe want to post a full SOA (see the sticky for new posters at the beginning of the forum) so the experts here can help you make the most of your income.


    Sharon
    Proud to be dealing with my debts :j
    Debt free date now [strike]Nov 2020[/strike] [strike]Oct 2017[/strike] [STRIKE]Aug 2016[/STRIKE] May 2011 at present rate
  • tigzemtigzem Forumite
    2.4K Posts
    Today I've taken another step to becoming debt free... whilst I had my head buried in the sand I booked a holiday last year for us, which was for the end of Sept, in Devon. Total price was £415, have paid £50 dep leaving £365 to pay. However as I am going to need every penny I can, I have cancelled the holiday. I know I'll lose the deposit which is my own fault but I thought I'm better to lose £50 than pay another £365, plus spending money etc.

    It was a bit silly of me really to think I'd be able to afford this holiday, but I've learnt the hard way.

    Am working on my SOA, but won't post until I get my credit file (gulp)!

    ps - only spent £4 today!!
    "Nobody made a greater mistake than he who did nothing because he could only do a little." Edmund Burke
  • tigzemtigzem Forumite
    2.4K Posts
    Good luck with this!

    Remember that any debt where there has been no contact for 6 years or more is statute barred & the creditor cannot force payment. Some debts may have been sold on to debt collection agencies and they will usually settle for a lot less than is owed.

    Sharon

    Will the debt still show on my credit file if this is the case? Will I be able to repair my awful credit score etc if there is an old debt on there?
    "Nobody made a greater mistake than he who did nothing because he could only do a little." Edmund Burke
  • Im not sure, you will need to check your credit file. Most defaults drop off your credit file after 6 years, so older debts than that should not show up.
    Proud to be dealing with my debts :j
    Debt free date now [strike]Nov 2020[/strike] [strike]Oct 2017[/strike] [STRIKE]Aug 2016[/STRIKE] May 2011 at present rate
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