The Over 50K debt Club - Join Here!!

muppet70

Hi lonely,

I owe over £60k and would like to join your club too!

My real LBM happened this week but I have been dealing with this for just over a year now - at one point my total debts were in the region of £70k and I realised I couldn't keep going like that.

At the time I looked at the possibility of an IVA or DMP, and even flirted with the idea of bankrupcy, but in the end offered each creditor a reduced monthly payment (based on the % of my total debt that was owed to them). I had to bargain a lot with some of them in order to freeze the interest for an initial period but they have been good ever since - although this is probably because they realise that getting some money is better than none!!

This week has been the toughest yet as I decided to tell my girlfriend the truth - although initially aware that I had debt problems she was not aware of the full severity of the situation. I didn't tell the whole truth initially through a mixture of embarassment, wanting to deal with it on my own (a typical macho response!) and not wanting to risk her kicking me out. She has been amazing so far - in fact I realise even more than ever just how lucky I am to have found someone like her - but I realise that I have a lot of work to do to regain her trust and respect.

I already feel like I have had a great weight lifted off my shoulders, and knowing there are others out there in the same boat as me is of great comfort. However, there is no kidding that this is the beginning of a long journey........

flis21

Am doing ok, sold some stuff on ebay and made £80 to go towards my debt. Have also now agreed payment amounts with 2 of my creditors, just got the other 8 to go now!! Will get there, slowly but surely.

Casperthefriendlyghost

I would like to join too.

As you can see by my signature I am just over £60 000 in debt, incurred by living way above my means for many years and always wanting nice things for myself and for some strange reason always helping other people out even if it meant taking out a loan. I have lent a certain person a lot of money which was never repaid, and yes, it was a very close family member and I do not have the heart to ask for the money back as they're not in any position to pay it back.

I had a very difficult upbringing (not an excuse at all) and suppose I wanted to prove to everyone that I could make it on my own and do better and I enjoyed the fact that I could have things that I never had. I am seeing a therapist at the moment and am trying to deal with the fallout of everything.

I'm not asking for sympathy but just wanted to say that people get into debt for all sorts of reasons and thankfully I asked for help in time and although it will take a long time to pay off at least I am in a much better place than I was two years ago.

I don't know how I coped. I have paid off two loans and a credit card in the last two years and am only now earning as much as is going out every month, so at least that's a relief. Anyway, sorry about the essay, didn't mean to, just sorta happened.

Well done everyone and thanx for the inspiration.

CTFG
x x x x

flis21

Thanks Casper, it is great to hear other people's stories and realise that it is possible to pay the debts off. Congratulations on paying off 3 in the last 2 years, that is a really good start.

I am going to start by paying off the small ones, so I reduce the number of creditors we have, then will pick one at a time of the bigger ones and plow all spare cash into it until I knock it off, then move onto the next one.

My smallest debt is only £150, so am going to pay that off in one hit this month.

Hopefully will give me a sense of achievement as I pay one off, to give me the enthusiasm to keep going.

hampsterpoo

Hi ,I'll join your club,

We have been on a DMP for years ,, as we owed 57,670 ish after all the interest etc went on , now down to just under 28,000 , looking to be clear of all of it in 2 yrs 9m.
The plan is to be able to clear 4-5 debts smaller debts by christmas. And then next year we will hopefully be able to go for settlement figures and speed it up even more.
We havent yet cleared any debts fully (18 creditors),but we can see the light at the end of the tunnel now ,seeing some debts sub £200 now , and since finding this site (to get back the bank charges) , and everyones wonderful help/advise and support its given us a boost at a time when we/ I needed.

I'm being made redundant at the end of the month , unfortunalty no great ££££££££££ pay off , just the basic , so we have to hold on to that as something to fall back on if the new , slightly better paid job doesnt work out.

I guess I've just got the normal nerves of starting a new job and starting all over again.

jayxjay

daysieblue wrote: »

Reported as SPAM :mad:

db xx

Spam ???? Simply tryin to help. I dont know who you think you are?? I left one message, and if you dont want it... dont have it.!!

jayxjay

jayxjay wrote: »

Spam ???? Simply tryin to help. I dont know who you think you are?? I left one message, and if you dont want it... dont have it.!!

In fact what makes me laugh is that your all in debt but are happy paying into a DMP for god knows how may years whilst interest is still being added on and charges are as your still defaulting from your original agreement, then you get muppets like Daysieblue who report my email as spam!?!?!?

hypno06

jayxjay wrote: »

In fact what makes me laugh is that your all in debt but are happy paying into a DMP for god knows how may years whilst interest is still being added on and charges are as your still defaulting from your original agreement, then you get muppets like Daysieblue who report my email as spam!?!?!?

We all have our reasons for being in debt, we have all looked at the various options, and we have all chosen our own way forward.

For example, I have a huge amount of debt which I have never defaulted on. I am not in a DMP, as I do not wish to default and cannot do an IVA or go Bankruptcy.

However I know that because my average APR is something in the region of 19% because I am unable to transfer to a lower balance, that some may think I am barking mad to be continuing along this route.

But, I have made my decisions for my reasons, and I will be debt free in 3 years time.

I respect everyone's reasons for doing things they way that they choose to do so and whilst I may not do things the same way myself, I hope that others respect my way of doing things. In the meantime we can all offer each other advice, support and a bit of a laugh to help us get through!

So, please respect people on these boards, if you have good advice or comment we will gladly take it on board, and indeed would encourage it, but please do so in a way that comes across as non-judgemental, as the tone of your posts so far is a little harsh.

jayxjay

I appologise if I have got your back up. That wasnt my intention. IAs your going to be debt free in 2 - 3 years a DMP is the best way forward, and congrats
But the fact people like Daisieblue report me as spam when in fact people in a DMP which will take 10 - 15 yeras can be helped gretly.
Sorry again and good luck.

raq

olivetrees wrote: »

How did I get here - thats a very good question - with a stupidly long story (pull up a chair). Having given it a lot of thought - the fact is that my life has been a financial disaster from day one - every single decision I make is wrong when it comes to money.

Back in my early 20's my boyfriend at the time was made homeless so he came to live with me and my parents. This did not work out so we decided to move out.

Normal people rent - but not me oh no - I decided to buy. My OH wasn't creditworthy so everything was in my name. It didn't work out and believe it or not - I moved out and rented with friends!!! And left him in my house!

So this was the downward spiral as I could not afford Mortgage and rent so used credit cards to make up a shortfall. When I came to my senses and sold the house - it got nasty. My ex stalked me and took EVERYTHING out of the house. Including the light switches and the flooring from the loft!!

So after the house was sold I had a little bit of money left over - I sold just before house prices went mad - typical!

Did I pay off my credit cards - no - I left my job and went to South America for a year with one of my flatmates (now my husband!)

I had no savings so lived off credit until we returned home. Then 2 years later we were planning our wedding - more expense. I also did a post grad diploma -more expense.

Somewhere in all of this it seemed a good idea to relocate so we bought another property before selling our existing house. The job fell though so we rented out the other house but it was still costing us £300 a month. It was grade 2 listed and we hadn't considered the implications of that

We sold it three years later for only £2500 more than we bought it for so got into another £5000 worth of debt paying fees!!!

Then my daughter turned up followed by my son 18 months later.

We moved to a bigger house in October 2006 - I STILL had no clue that we were living beyond our means. It was only when I took a part time job and found out the horrendous cost of child care that I decided to do my own SOA.

I realised then that our outgoings were just under £1000 a month more than our income - and didn't stop crying for about three days!

So here I am - and am VERY grateful for this site - more than I can say

Lot of people tend to ask the " What happened, how did you run that up ". Just read your story and it is similiar to a lot of people on this site. Our's wasn't luxury goods, take aways , out every weekend , it was just we had to survive and the everyday bills. When we had our first child we where so much worse off, then 6 years later had another child, worked part time and was a little bit better but then WFTC messed up our payments and took two years to clear. We are paying as much debt now as we can. Thankfully my husband has had promotion so we are paying 75% debt and 25% saving as we go no savings behind us. We never told any of our family and I am glad we didn't. We worked through it together. Think if it got really bad then I would turn to my father but although I am now in much older I would have felt so embrassed as he is excellent with his money.

All the best to you and your family.