Absolutely sick and tired of debts! LBM

Wood.Justin

Hi Folks,

I've been around for a little while, lurked for a bit and now I'm back on the wagon! At present I have around £12k's worth of outstanding debt (Loan, Credit & Finance) (excluding mortgage which is joint debt with my OH).

The biggest debt of mine was a loan that was taken out in 2008 to repay a similar amount of debt, so in essence the loan I'd taken out was pointless as I'm back at square one with it all. I make my last payment to the original debt for £277 at the start of October, which is a great weight off my mind however I now must start with the other debts which have mounted since this time.

My main gripe is how the money I owe limits what I actually can do with life in my leisure time and my arrangements for travel and such. Each weekend is spent inside with the OH basically being hermits! It sucks so much and things are so tough right now, I've been close to an emotional meltdown which I've tried to keep to myself.

Time to do something about this, this is officially my last LBM, I must act otherwise I will spend my lifetime continually chasing my own tail.

I have a run around car which sits on the drive which is being sold in a few weeks time via a relative, this will raise me approx. £1250-£1400 to start with, I will also receive £760 as a reward payment from my original loan (HSBC) in October - all of this will be spent on repaying what I owe.

Right now I guess I'm just venting and realising that I need to do something right now otherwise this will ruin my financial future. I will ask you good people to dig deep and provide me with assistance and support. I know so many others have made the debt free journey and I look up to these guys.

Thanks all for listening, hope this is posted in the right part of the forum!

Regards,
Justin

LondonGirl252

Hi Justin!

Well done for having your lightbulb moment and taking steps to clear your debt, sometimes thats the biggest hurdle! Whenever I'm fed up or feeling down about debt I come on here and either post or just read and it manages to keep me on the wagon.

Good luck!

Wood.Justin

Hi LondonGirl,

Thanks for your reply and kind words, I must admit I've lurked for a while reading the forums to almost support myself in times of low, but I really need to do something about it otherwise it'll never get any better hey!

sistafromanothermista

Well done on your LBM and good luck on your journey

LondonGirl252

Wood.Justin wrote: »

Hi LondonGirl,

Thanks for your reply and kind words, I must admit I've lurked for a while reading the forums to almost support myself in times of low, but I really need to do something about it otherwise it'll never get any better hey!

Definitley, the more pro-active you are the quicker it will go away for sure! Once you start to see a good dent in it from your efforts it spurs you on to get it gone!

bexiboo92

I really do sympathise with you. I'm no where in as much debt as you are, but I'm 20 and haven't had a proper life in about 6months because of debt. Going out once in a blue moon makes me feel guilty for spending money.....

lesgeo2012

Im with you on this one. I can't remember a time when I did not have debt. Fed up, however I read a post the other day which has given me a good kick up the behind. Im brainstorming ideas to raise money as fast as possible to clear it as quickly as I can. Just go for it! I have just started loads of keep fit exercises too as this has actually lifted my spirits lately and made me feel motivated as I too get a bit down with it all. Good luck, you can do it. I guess we just have to get inventive with finding ways to have fun days out without it costing loads of ££££'s!

sc1_2

Hi Justin, I know exactly how you feel as I've been there myself. The lump sums are a very goo start. All the best with it.

Wood.Justin

Hi everyone,

Thank you for your kind responses, I guess now I just have to figure out "where to start" with it all.

I've been through my accounts and I've highlighted the areas where I believe I should be making a start. I will post up a SOA tonight upon my return from work.

If anyone has any tips and advice that would be greatly appreciated! I'm considering anything right now to increase my income and again if anyone has any tips that would be great!

Thank you all again.

sc1_2

When I first started reducing my debt I sold pretty much everything that wasn't nailed down. I sold furniture, my car, bikes, old toys, I cleared the garage, books, cds, dvds, literally everything. I didn't miss it and enjoyed watching my debt level fall. I started by repaying my highest interest debts, Vanquis, Aqua and a Welcome finance loan. Once the first one went I used the money I normally paid to it to help clear the next one. Once you start it becomes very addictive. I would recommend a spreadsheet with all your debt on it with balances, apr, etc. Total it all up and then watch it fall. Do boot sales, sell on ebay and Amazon, take jewellery to Cash Convertors or a similar place, list on Gumtree. Anything and any way you can make money, do it. Think about fast food delivery in the evenings. Swallow your pride and get stuck in.

Wood.Justin

sc1 wrote: »

When I first started reducing my debt I sold pretty much everything that wasn't nailed down. I sold furniture, my car, bikes, old toys, I cleared the garage, books, cds, dvds, literally everything. I didn't miss it and enjoyed watching my debt level fall. I started my repaying my highest interest debts, Vanquis, Aqua and a Welcome finance loan. Once the first one went I used the money I normally paid to it to help clear the next one. Once you start it becomes very addictive. I would recommend a spreadsheet with all your debt on it with balances, apr, etc. Total it all up and then watch it fall. Do boot sales, sell on ebay and Amazon, take jewellery to Cash Convertors or a similar place, list on Gumtree. Anything and any way you can make money, do it. Think about fast food delivery in the evenings. Swallow your pride and get stuck in.

Thanks SC1 for your tips... I've already earmarked a few days this week to have a clear out. We'd shipped off loads of old DVD's and CD's at the start of the year, but we have absolutely shed loads of them lingering around. We struggled to find anywhere that would take books, any ideas?

Going to have a brainstorm and figure out ways to make some extra £'s using myself (not selling myself on the corner, lol) but evening/weekend work! Already have ideas about doing a car booty too when (if) the weather improves in Leicestershire! :rotfl: