On track now.

JayC1987

After reading a few threads by various posters explaining their debts, and being humbled by there true courage and honesty with what people have posted. I thought I would pluck up the courage to write about my debt issues.

It started when I was around when I was in my late teens and early twenties, however I'm a bit wiser (25 now) and can grown proper facial fair.

I got heavily pressured into getting a credit card by my former bank, I was suckered into buying things that I didn't really need nor really could afford, or really have a justified reason for owning an expensive item of clothing or drinking in a swanky bar thinking I'm the muts nuts.

I racked up a credit card bill of around £4,900 pounds I was struggling with money I had no concept of budgeting, it was all spare of the moment.

Having struggled to pay my credit card back, I thought I would get a loan to help me out I took out what I would call an extravagant loan of £7,000 I thought I could pay the credit card back thus leaving me with £2,100.

I was making the repayments no problems, then around a year later I had a serious family issue, regarding my parents. I was forced to move out of the family home, due to a very, very messy divorce. I couldn't really handle the divorce very well. So I moved out and used the £2,100 to help get a flat. I got a flat, however everything changed I was paying bills, buying food, I was struggling for money and to make ends meat, I ended up with another credit card, then everything went upside down for me. I ended up very lonely and depressed I wasn't content on living on my own, I was scared of my flat. It intimidated me, as I had to make it my own but I didn't know how.

However after a year living on my own, and racking up around £13,700 of debt.

I had to get out so I had to force myself to repair my relationships with my parents move in with one of them. Which I have done I had to make that phone call to the CCCS who were a Godsend from the heavens.

It's been about three or four months since I confronted my issues head on, and dug my head out of the sand.

All I can say it's not an ideal situation, I couldn't care that my credit rating has been effected for a few years. I feel that I've gained some serious 'Adult Experience' from the past couple of years, it's been a tough time, I'm glad I've got the experience as I'm able to pass it on and hopefully help other folk I know.

J x

Time_to_face_the_music

Fantastic and truly inspiring post J :T

You should teach financial education to young people. I think they would relate to you and it would hopefully save them getting into the mess you did. I really am full of admiration for you

JayC1987

Thanks for the nice words I don't know if I could be any use to the youth of today. I'm not down with the ghetto language.

destitute7

yes this is all very inspiring, but it seems MSE only show cases one side of dealing with debt.

Time_to_face_the_music

destitute7 wrote: »

yes this is all very inspiring, but it seems MSE only show cases one side of dealing with debt.

Isn't the idea of a forum that people can give their point of view? If you want to discuss other sides of dealing with debt, why not start a thread and do so?

HeadAboveWater

Thanks for posting JayC1987 and well done on taking the first steps to get yourself organised and out of debt :T And yes I agree - very inspiring

I think majority of posters on here will hold their hands up and say that it was basically not budgeting, and spending just for the sake of spending, is what got them into debt! I know I'm guilty for sure!

How are you getting on with managing your daily/monthly finances now? If you want you could post an SOA and we can have a look to see if there's any way you can cut back on spending, or help to save in other areas, all in all bringing your debt free day forward

Good luck and keep us posted

katy_ann

Welcome and well done for confronting your debt Some of us are on a long road and its so pleasing to know there are people here who wont judge us

JayC1987

HeadAboveWater wrote: »

Thanks for posting JayC1987 and well done on taking the first steps to get yourself organised and out of debt :T And yes I agree - very inspiring

I think majority of posters on here will hold their hands up and say that it was basically not budgeting, and spending just for the sake of spending, is what got them into debt! I know I'm guilty for sure!

How are you getting on with managing your daily/monthly finances now? If you want you could post an SOA and we can have a look to see if there's any way you can cut back on spending, or help to save in other areas, all in all bringing your debt free day forward

Good luck and keep us posted

Yeah things are bit different now. For the better, since I'm now paying a combined total of £367 per month off my debt. Things have become tighter in the wallet, however my mind and soul has expanded massively. I'm reading more, cooking more, playing more guitar, walking more, and when I do go out on a night out, I don't get drunk anymore I try to cherish the evening, a few relationships have been saved. I even managed to get a holiday for the year which I didn't think I'd get.