Situation Advise

stv24gr2012

Hi All,

Newbie post so please be gentle.

3 Years ago when I was 20 I ran up debt of around £17k on credit cards. I was only earning £21K a year but didn't want to take the easy way out and go bankrupt or get an IVA so I took out a loan.

I bow have no credit cards, and my debt is down to about £9,900. I do feel though like this is really starting to control my life, I don't feel comfortable looking for another Job in case it doesn't work out and i am stuck in our current climate without a job. I can't move out of home because I can't afford it, but I really want to move on with my life.

I am lucky that my wages have increased year on year and now I earn about 32K a year but I feel that my finances are still a bit of a mess. no overdraft or any other debt but is there anything i can do to make this chunk a bit more manageable. I feel like I am paying a fortune!

Also how will this whole fiasco effect my credit rating, I have never missed a payment on anything.

stv24gr2012

stv24gr2012 wrote: »

Hi All,

Newbie post so please be gentle.

3 Years ago when I was 20 I ran up debt of around £17k on credit cards. I was only earning £21K a year but didn't want to take the easy way out and go bankrupt or get an IVA so I took out a loan.

I bow have no credit cards, and my debt is down to about £9,900. I do feel though like this is really starting to control my life, I don't feel comfortable looking for another Job in case it doesn't work out and i am stuck in our current climate without a job. I can't move out of home because I can't afford it, but I really want to move on with my life.

I am lucky that my wages have increased year on year and now I earn about 32K a year but I feel that my finances are still a bit of a mess. no overdraft or any other debt but is there anything i can do to make this chunk a bit more manageable. I feel like I am paying a fortune!

Also how will this whole fiasco effect my credit rating, I have never missed a payment on anything.

I take it nobody is replying because it is either not as bad as i think, or i should just keep pluging away at it.

muppetyness

stv24gr2012 wrote: »

I take it nobody is replying because it is either not as bad as i think, or i should just keep pluging away at it.

Hi, I am a longtime lurker and currently in a hell of a situation myself so in no position to advise you. I do see people always suggesting you put up a SOA (statement of affairs) Listing all you incomings and outgoings and debt details. The more experienced posters round here may be more able to offer advice if they have that info?

muppetyness

Heres a link for the SOA format:

http://www.makesenseofcards.com/soacalc.html

vasseur

Yes post up a SOA and we can advise you. It sometimes takes a fresh pair of eyes to point things out.

anh1904

32k living at home, you have a series of life choices to make. Clearing £9k or so should present no issues, providing that is what you want to do.
If you post a SOA, then it will be easy to identify where, if anywhere, you can direct your efforts to "spend less" and hence free up cash to resolve the debt problem.

his_missus

If you post a statement of affairs, people will be able to advise you how to save money so you can pay the debt off more quickly. Also in the Debt free diaries section there are lots of threads about paying off debt and challenges to pay off debts.

Your post may just have slipped down and been missed by readers, there's lots of people posting at the moment. Don't think it's not so bad, if it's affecting your life, it's not good xxx