Do I really owe that much.

Bailey73

I have been in debt since the mid 90's with C/C, loans etc, most were paid off and then the credit cards were again maxed out and further loans taken. These were all in hand when I was with my girlfriend, payments were made each month and we shared the debt. Five years ago she left me and with that i was left with £25,000 worth of debt (All in my name).

I am now married with a daughter and we are considering buying a house, I am still in debt upto my eyeballs but make payments each and every month. This site has now given me the enthusiasm to clear all my outstanding debts and give my wife and daughter a secure and happy future.

My debts did not ever concern me because I have lived with them for over 10years and it has just become a way of life, I have actually become used to paying money out each month to banks, c/c, loan companies etc that it just seems normal.

Well today I declare and have this forum and its members as witness that my days of debt are numbered, I shall work my fingers to the bone, tighten my wallet, and save at every chance I get to clear all my debts which currently stand at............£42285


This is my first post on this website and will definately not be the last, I will visit here everyday to gain knowledge and inspiration to keep me on the path to becoming debt free.

savvykaz

Hi Bailey and welcome....

...this site really is an inspiration and everyone on it offers support and encouragement every step along the way.

One thing, if you post your SOA (see sticky at top of page) then people will try and help with your outgoings to see if you can shave anything off them.:o

scaredy_cat_2

hi welcome on board - i have found everyone so helpful and supportive. I have picked up lots of tips and am definitely living a more frugal lifestyle - good luck with your plan

livinginhope

Hi there Bailey,welcome to DFW and good luck on your debt free journey :beer:
Could I just say that putting the figure of what you owe down is the hardest bit,I remember I cried for days when I found out,but all the lovely people on here calmed me down (eventually )
You say you are making your payments,is that the full amount,or are you on reduced payments?
As savvy says,if you pop up an SOA we will be able to understand your circumstances a little more,you may even be able to save some money
Good luck
LIH

jacnorm

Hi there Bailey, I too am new on here but, you will get loads of answers to your questions and I have to say the hard part for me was admitting how much I owed. They are a great bunch on this forum and they give loads of support. Jacqui

raq

evening bailey and welcome

You won't go far wrong with this site. Some great information and guidance all the way .

Keep us posted and you will have your BIG off days but jump straight onto this site and we;ll do our best to cheer you up

moozie_2

Hello there and welcome

You are definitely at the right place for support advice and a good laugh - all very necessary

As others have said, post your SOA if you like and we can advise as much as we can. You have done the hardest thing already which is identifying how much and who you owe money too! Good luck with your journey and give us a shout if you need anything.

Bailey73

Thankyou all for the warm welcome, already I am feeling better knowing that I am not alone and that im making positive steps towards freeing myself of debt.

Since posting on here yesterday I have already managed to reduce my Bank overdraft from £-638 down to £-408, for me that will be the first debt that I will concentrate on and clear. The reason for clearing my O/D first is that I can build on the account, if I have £100 left in my account at the end of the month it is only due to not maxing out my overdraft, each month with my outgoings it always results in using the O/D. I will feel more positive if at the end of a month I have a + figure on my bank statement and not a - figure, it will give me something to build on.

I have also spoke with my wife and we have agreed not to look to buy a house for 15 months, the reason behind this is that we have been looking at houses that we can afford but they have no character and resale I believe would be very difficult. This decision has given me 15 months to clear my debt and save towards a house that we actually want and not one that is affordable but has no character.

The figure that I gave yesterday does also include all the interest that will need to be repaid and understand that the figure will be lower if the loans are paid back early. At present I am paying all my payments in full each month and will continue to do so unless my circumstances change for the worse.

To make me feel better I did not spend a penny yesterday, but have had to put £45 of fuel in the car today. I am going to try my best to make the fuel last for at least 2 weeks by only making neccesary journeys and finding the shortest routes to my destination.

Thanks again for making me feel so welcome, I will now sit here and do an SOA.

Darren

Hobsch

Hi Bailey.
Welcome and well done for taking the first steps to clear your debts. I just put up with mine for a long while and buried my head int he sand but now thanks to this site and the wonderful members on it I am on the road to clearing my debts and feel for the first time that I am making headway.
Good luck.

Donedoingdebt

Bailey73 wrote:

My debts did not ever concern me because I have lived with them for over 10years and it has just become a way of life, I have actually become used to paying money out each month to banks, c/c, loan companies etc that it just seems normal.

Same here. It's sad really that we just accept that our hard earned wages are wasted paying large corporations vast amounts of money in interest. I've been on my own DMP now since Jan 2000 & as you said, I'm just used to my bank account being wiped out within a week of being paid. Even pi??ing it up against the wall would seem better than this! I've even joked with OH that on my first debt free month, hopefully in a couple of years, I'll have some sort of breakdown & start throwing my cash away in the street.

Storm

Completely agree with debt seeming 'normal' nowadays - I only got my LBM when I read an article saying my bank were going to get tough on overdrafts & those people who live permanently in it!

Post up your SoA & there might be some savings to be identified for you.

Good luck