My Debt Diary

AJolly

I hope im allowed to do this here.

Having been reading through the forums for the last few days i thought it was time for myself to add to the threads and just let off abit of steam, i find it makes me feel alittle bit better about the debt i have.

Im 23 and just under 10k in debt, didnt go too University to try and avoid debt but somehow i still managed too do it. Its my own fault i was young and stupid.

It all started when i was 16 and Barclays thought i was at University so gave me a £200 O/D and a cheque gurantee card of £250. Well it was like Christmas come early i was bouncing cheques more than me on a pogostick, and too make it worse i wasnt working so couldnt afford to pay the money back ran up about £1500. I didnt worry about it too much as i knew when i turned 18 i was being awarded £8000 for a accident i had at school when i was 13 (my mum sued the school, yay mum! :T ) so i could use that too pay the money back. Barclays were quite good though they froze all interest, and charges as they shouldnt have given me the O/D and Cheque book but i should have run it up. I guess thats why you have to be 18+ too get credit, if not your just stupid and immature about it like i was.

Turned 18 paid Barclays back, God knows what i blew the other £6500 mainly booze and weekends away with friends. Between 18 - 20 i was good with my money didnt have an O/D with the bank no credit cards nothing. At 20 myself and a friend decided it was time too fly the nest and start renting our own place, we were both in good jobs and could afford it. They only problem we had was i didnt have the money spare to pay my 1/2 of the deposit (im useless at saving but am going to start next month) so i went too my bank to ask for a small loan £1500, they couldnt help me becuase of what happened when i was 16 and becuase i didnt have any type of credit i just had no credit scoring except the one thing which had happened 4 years ago.

I finally found a company who would lend me the money, and do i wish i never took it. This company being a nice local one in Cambridge, yep Welcome Finance. Borrowed £1500 @ repayments of £94 a month for 2 years, total repayable £2256 which didnt seem to bad too me i could afford it so agreed to the loan.

3 months down the line, my friend meets this new girl and is all loved up so decides too move out and move too hers leaving me with the house and all the bills. He had no problems as i was the only one with a bank account which could have direct debits so everything was in my name, the council tax, the phone, sky, water & elctricity, the rent. So i took a extention on the welcome finance loan (a further £1500, which made repayments £196 a month!!! over 3years!!!) too cover the bills and so i could move out and back too my dads. Got the money, did i pay the bills? hell no! i went on bender too ibiza. Go me! (stupid! stupid! stupid!)

Still following?

Moved back too my dads then somehow i managed to run up a further £1600 with Natwest with an O/D most of which were charges for failed Direct Debits (in the process of claiming these back) add this too a LA Fitness account (£1100) i owe even though i cancelled the membership and they have said they never recieved the letters and im not allowed to cancel the membership anyway (another long story for another time) and some other further little bills from the house (from 2 years ago) i find my self 10K in debt.

Ive been on debt management plans, but it just ends up me paying more too them each month than off my actual debt and they are not very helpful at all. So yesterday after reading through the site, ive decided ill tackle the debts myself designed myself a nice little spread sheet in excel which allows me too add in the bill payments each month and how much i have each week left over. I was very surprised too find that by December this year ill only have 2/3's Welcome Finance debt left, half of my Natwest, half of my Barlays (run up another O/D with them as well) loans too pay, and £900 saved (this is for Christmas shopping)

So yeah thst basically my life from 16 - 23, and how to run up a good ammount of debt and have nothing too show for it, except a few good holidays and some cracking hangovers. I wish i could invent a time machine i really could, i guess we all learn from our mistakes. Once this is all cleared the only type of credit ill have in the future is a mortgage, buts thats at least 12 years off yet.

Thanks for reading, if you see any gaps or would like to ask any questions please do. As i said at the start the main purpose was for my too let off some steam, and feel good about myself as i have now found a solution to my debts.

gerturdeanna

Good on you for 'waking up and smelling the coffee!!!' Everyones story is different but most people like you and me were silly when younger and are now paying the price. Keep posting and keep smiling!!