My story so far

BenO_2

I thought I'd share my story briefly as I'm feeling a little low today, but also I thought I should at least recognise the steps I've made to sort out my finances.

I fell into the usual traps post university of 0% credit cards and living beyond my means. When my late 20's hit, that's when it hits that you have to pay this all back.

I was struggling to meet the huge monthly repayments on my credit cards and stupidly took out a loan to pay them all off, further increasing the debt. Compounded with being made redundant as well in 2008, I finally took the decision that instead of avoiding the calls and letters to speak with my creditors to explain my situation and hash out some kind of deal. I agreed a regular monthly payment and managed to negotiate a waive in the interest which was killing me.

I managed to get a new job in 2009 and I started with the largest debt and blitzed that down, working my way through the debts. I also cut back on the excess and luxuries. I was living at home which helped but increasing demands from my mum for more money, on top of the council tax and utility bills I was paying, just became too much.

I moved out in 2011 and now I am down to one credit card debt of about £2500 left to pay. I will have paid this off by the end of this year leaving me with just under £10000 of the loan left to pay. I've given myself two years to pay that off so hopefully by the time I am 32 I will be debt free.

It hasn't been easy and with the rising costs of living and rent, council tax, utility bills etc, petrol and a recent paycut at work, I have very little money left at the end of the month. But I get on with it. The only thing I afford myself each month is £15 for the gym and £15 for a cinema pass.

What keeps me going is that I know in a few years I will be debt-free and I'm proud of what I have achieved so far.

But there are days like today when I just feel down about the whole situation.

kimminess

Hi Ben,

Just read your story and it seemed like you have worked so hard to get yourself out of this - Well done! You should be very proud of yourself.

Putting your details in a snowball calcuator (http://www.whatsthecost.com/snowball.aspx) and giving yourself a debt free date (For the credit card at least) might help you stay more motivated, as you have a fixed goal to work towards?

Read back through your story as if it was not your own - You have made a very big difference to your life by yourself and faced these problems head on. I think what you have achieved is fantastic.

Kimberley

=booboo=

I just want to echo the comments of Kim above.

Everything you have done is for a greater good and it wont be long before you are sat in a much better situation and able to keep all of your spare income as youll have noone to pay it back to!

Congratualtions with everything youve achieved so far, its a great success.. We all have our low days, but dont let this beat you!

booboo

sineadoreb

You should be very! proud of yourself for getting this far on your own, sorting things out and not letting things spiral out of control.

It may feel, at times, like your end date is far away, but you have an end date to look forward too, always keep that in mind.

Good luck!

sickasachip13

I just wanted to say :T

Seriously, you've done amazingly well and, in terms of the journey, you'e a long way through it. Keep on going, do the snowball calculator thing and consider posting a Statement of Affairs here in case there's any advice fellow DFWs can share with you - it's easy to overlook things.

Try to look at how far you've come and be justifiably proud.

SAAC

BenO_2

Thanks for your advice and comments guys, its made me feel alot better.
And I will get right on your suggestions.