DireDebts

DireDebts

Hello everyone

I am new and have a lot of debt, not added it all up yet but I think it's about £50000. Have done my sums and I think this will take me 5 years to pay off, if I am very frugal and strict. Sometimes I may fall off the frugal and strict path so you must please put me right again. I hope we can all help each other.

:beer:

onamissionEU

Are you here for advice on clearing your debts as you are very unclear? I would suggest that your first step would be to sit down and calculate EXACTLY how much you owe and tho whom. Then work out your income and outgoings. You could post a copy of this here - there are lots of people here who could suggest ways to save money and get out of debt quicker. Are you in default on any of your debts? Are you using a DMP? The more info you can post the more help you will get!

AND YES; WELCOME! Where are my manners!

falldown7timesgetup8

Hi Diredebts,

I think you were looking for a welcome - so WELCOME! :j
Coming here is the first step, and there are lots of people who can help you, so do as onamission suggests and post an SOA, and you will get lots of advice, and will be ale to see progress quicker!

Good Luck on your DF journey :T

powellypowelly

Hi! Welcome to the site - I had a similar level to you when I started and I'm now down to just over £10k.

As said above, step 1 is to lay out your Statement Of Affairs, and be sure to capture EVERYTHING. It's very likely this will show you currently have more going out than coming in, don't let that put you off.

Step 2 is to build a proper budget, i.e. one that includes everything, and that you can stick to. This will tell you how long it will really take to get rid of the debt.

Good luck!

Igamogam

Helooooo:wave: And good luck

Lensman_2

Welcome to MSE and well done on adding your debts up.

The next step for you is a spreadsheet with each debt, account number, telephone contact number, payment amount and balance. This will help you keep in touch with your debt and (more importantly right now) get the total owing. Therefore how long it will take to pay.

£50k is an eye watering amount to owe (mine is about £76k) but you are by no means alone. And mine still makes my eyes water - particularly at 4:00 in the morning some times.

Good luck on the roller coaster...

DireDebts

A thank you very much to everybody for saying hello and advice, it's very good

I have a great salary and I live alone. Losing my extravagances, I can divert £1000 a month to my debts and with balance transfers when I can get them, I believe I can pay off my debts in 5 years, may be I hope less than this.

Today I cancelled my gym, my cable and changed electric supplier, tomorrow I will look for more ways to decrease my debt. I have gadgets to sell and cars to down grade.

I know some times it will be difficult to be frugal and strict, to stay on the straight and narrow and I will ask for help and support to keep me this way. Then please support me

Time_to_face_the_music

DireDebts wrote: »

A thank you very much to everybody for saying hello and advice, it's very good

I have a great salary and I live alone. Losing my extravagances, I can divert £1000 a month to my debts and with balance transfers when I can get them, I believe I can pay off my debts in 5 years, may be I hope less than this.

Today I cancelled my gym, my cable and changed electric supplier, tomorrow I will look for more ways to decrease my debt. I have gadgets to sell and cars to down grade.

I know some times it will be difficult to be frugal and strict, to stay on the straight and narrow and I will ask for help and support to keep me this way. Then please support me

Hi DireDebts and welcome :hello:

I can't tell from your messages if you are doing this on your own or if you are on a DMP or similar.

Even if you are not on a DMP, you will get a lot of information, help, advice and support from the DMP & Mutual Support Thread.

https://forums.moneysavingexpert.com/discussion/3723081

Have a little read, it's very addictive

Igamogam

DireDebts wrote: »

I have gadgets to sell and cars to down grade.

Cars?? well there is a saving already - single person only needs one surely? Or was that a typo/flowery prose;)

DireDebts

This DMP & Mutual Support Thread is very good and supportive, I am going to read it all and learn from kind people sharing experience. A thank you for pointing me in this direction.

DireDebts

I have two cars but now one is for sale and the money from this will pay off debt. A friend tells me it may even half my debt if I am lucky with the sale and the buyer is really wanting this car. Yesterday I sold my first gadget on Ebay site and money will go to pay a debt as soon as it is in my bank account, Ebay and Pay Pal tells me this will be a while. I don't really understand this and need advice so will call a number today.

Before car and gadget sales, I know that my debt is £52473.87 last night. I think I can pay this back very soon and I will then pay my mortgage and be a debt free person with a clean new life. I love this plan and this site helps me so much with kind people already