New to this and I need some advice

Paisley85

Hello all

Im hoping that someone out there can give me some advice.
Im finally ready to talk about my debt, which I am so embarrassed about.

I currently have £19248.41 debt (seeing that makes me feels sick)
Barclay card £468.44
Natwest credit card £595.44
Natwest unsecured loan £18184.53 (this is the one that plagues me the most)

Ill start My debt journey from the very beggining. I was 18 - A credit card popped through the door, then another one before long I had maxed them both out approx £2500, but this didnt seem alot to me as I was still living at home with no bills to pay. Then my ex boyfriend gave me £5000 -he got a loan from the bank and decided he would give me half. I spent my half and then we split up, he demanded the money back and I had to take out a loan with my bank to give him his money back and consolidate my credit card debt into one (approx £7000) again this did not phase me, i no bills no outgoings apart from a car i purchased on hp and some keep to my mum.

I was happily paying of my debt, i decided to go back to college and study so gave my car back to ford, there was nothing to pay to them, i went part time in work i could still pay off my loan but didnt have as much disposable income, i still had a credit card open that hadnt been used, a new card popped through my door as the onl one had expired, i felt like some new clothes, so i put them on my credit card, before long i was reaching the limit again, i was using my card to make up the difference in my cut in wages, I met someone and we moved in together, we had a car accident and his car was written off, i was now full time again in work. He got some money back from the insurance and asked me if i wanted to go halfs on a car with him, To which I agreed. I popped into the bank consolidated my £7000 loan £2000 credit card and another £3000 extra for a new car. the next day I had £12000 in the bank and was £12000 in debt. My ex boyfriend was very disciplined with money, he wouldnt let me have a credit card so i never made the mistakes he made when he was young. A year later I have worked my way up the career ladder were now a £50k per year household no kids, not really many bills but we still had debt. I needed a car for my new job, he wont compromise on a new car i need i pay for it even though i owned half of the other car. I popp to the bank and get an extra £3000, now im approx £14000 in debt (as ive been making regular payments)
The relationship broke down, I left him. i moved back home with my parents for a few months and was then told i needed my own place. I moved into my own house a year ago, and god its been hard doing things on your own. My outgoings are high and had about £300 per month to live off. My car kept breaking, i wanted things for my house, I had credit card to help me, racked up another £3000. refinanced and got a loan and my current situation is as ive stated above, I have a loan £18184.53 and 2 credit cards barclays (468.44) Natwest (595.44). I have a good salary and take home approx £1620 per month. After my bills food, debt payment shave been made I have approx £50 per month to live off. Its so hard.

I know there are people out there who have more debt than me and also have a family to worry about. But debt hangs over me like a black cloud.

I have always had a second job but this extra just covers the costs of daily living, food, petrol etc. (I have now been let go from my bar job as they were cost cutting so dont have this extra income.

I sell stuff on ebay to try and make a little extra cash but this doesnt amount to alot.
I dont drink I dont smoke, i dont buy alot, and live as cheaply as I possobly can.

Im signed off at the minute from wok with stress and have suffered with panic attacks and anxiety which i am coping well with but i feel like my debt hangs over me like a black cloud. I cut my credit card uo byt have my barclay card linked with my paypal account and when im feeling low i buy myself something to cheer myself up

I cant change my job as then I will be in 'debt crisis' and would not be able to afford to pay my bills eat etc

I have thought about bankruptcy and have spoken to debt crisis line they sent me some information out but im scared to proceed, i dont know if this is the right option,
I want to be able to save to go travelling in the near future, im scared i wont be able to do this if i go bankrupt (i know i need to deal with my debt first)
I want to get a mortgage in the future and buy my own home, im scared i wont be able to do this if i go bankrupt.

I really feel lost and feel like I am on a roundabout with my debt, it just keeps mounting up.
I cant speak to my family about this as they just feel i should stay in my job 'its a good salary' 'we all hate our jobs' 'you have responsibilities' 'if you go bankrupt youll never have anything for the rest of your life'

Im sorry this is such a long post but i thought id tell you how it all began
Is there anyone who can offer me some advice or guidance on what I should do? Is bankruptcy that bad? or just a no go?
Thanks for taking the time to read this if you do, im not expecting you to all be kind but would appreciate any word of advice or criticism

Thanks

Verbatim

Don't want to read and run but have to go out in a few minutes. If you write up your income and expenditure details including interst rates on debts and overdrafts it would help people to suggest where things can be got more cheaply/ changed/cut down.
It's always better to pay as much as possible to the debt with the highest interest rate while paying just the minimum payments to the others. This gets the debts paid off faster and with the least amount of interest.

Walaboobah

Complete the Statement of Affairs (link below) and post it up on here and people will offer advice, it might be worth speaking to one of the Debt Charities to see what they suggest

http://www.stoozing.com/msoc/soacalc.php

Tixy

Hi and welcome to the forum.

its probably a good idea to complete a statement of affairs and post on here so that you and we can see your full situation and what options might be best for you. http://www.stoozing.com/msoc/soacalc.php It will give a full picture as to what you can afford towards your debts after living costs.

I am not exactly sure who you mean by 'debt crisis line', however do make sure if you are speaking to anyone its a charity organisation. IMPORTANT - Where to seek professional impartial advice about your debts.

Are you currently receiving your full wage from work? or have you been signed off a while and only receiving sick pay?

cumbrianmum

Hello Paisley - it takes a strong person to build up the courage to post the way you have:):A

Do a SOA - it'll set everything out logically and we together we can look to see where you can save expenditure.

Debt isn't scary once you've a plan to get rid of it:D

Boris_Allen

Paisley85 wrote: »

Hello all

Im hoping that someone out there can give me some advice.
Im finally ready to talk about my debt, which I am so embarrassed about.

I currently have £19248.41 debt (seeing that makes me feels sick)
Barclay card £468.44
Natwest credit card £595.44
Natwest unsecured loan £18184.53 (this is the one that plagues me the most)

Ill start My debt journey from the very beggining. I was 18 - A credit card popped through the door, then another one before long I had maxed them both out approx £2500, but this didnt seem alot to me as I was still living at home with no bills to pay. Then my ex boyfriend gave me £5000 -he got a loan from the bank and decided he would give me half. I spent my half and then we split up, he demanded the money back and I had to take out a loan with my bank to give him his money back and consolidate my credit card debt into one (approx £7000) again this did not phase me, i no bills no outgoings apart from a car i purchased on hp and some keep to my mum.

I was happily paying of my debt, i decided to go back to college and study so gave my car back to ford, there was nothing to pay to them, i went part time in work i could still pay off my loan but didnt have as much disposable income, i still had a credit card open that hadnt been used, a new card popped through my door as the onl one had expired, i felt like some new clothes, so i put them on my credit card, before long i was reaching the limit again, i was using my card to make up the difference in my cut in wages, I met someone and we moved in together, we had a car accident and his car was written off, i was now full time again in work. He got some money back from the insurance and asked me if i wanted to go halfs on a car with him, To which I agreed. I popped into the bank consolidated my £7000 loan £2000 credit card and another £3000 extra for a new car. the next day I had £12000 in the bank and was £12000 in debt. My ex boyfriend was very disciplined with money, he wouldnt let me have a credit card so i never made the mistakes he made when he was young. A year later I have worked my way up the career ladder were now a £50k per year household no kids, not really many bills but we still had debt. I needed a car for my new job, he wont compromise on a new car i need i pay for it even though i owned half of the other car. I popp to the bank and get an extra £3000, now im approx £14000 in debt (as ive been making regular payments)
The relationship broke down, I left him. i moved back home with my parents for a few months and was then told i needed my own place. I moved into my own house a year ago, and god its been hard doing things on your own. My outgoings are high and had about £300 per month to live off. My car kept breaking, i wanted things for my house, I had credit card to help me, racked up another £3000. refinanced and got a loan and my current situation is as ive stated above, I have a loan £18184.53 and 2 credit cards barclays (468.44) Natwest (595.44). I have a good salary and take home approx £1620 per month. After my bills food, debt payment shave been made I have approx £50 per month to live off. Its so hard.

I know there are people out there who have more debt than me and also have a family to worry about. But debt hangs over me like a black cloud.

I have always had a second job but this extra just covers the costs of daily living, food, petrol etc. (I have now been let go from my bar job as they were cost cutting so dont have this extra income.

I sell stuff on ebay to try and make a little extra cash but this doesnt amount to alot.
I dont drink I dont smoke, i dont buy alot, and live as cheaply as I possobly can.

Im signed off at the minute from wok with stress and have suffered with panic attacks and anxiety which i am coping well with but i feel like my debt hangs over me like a black cloud. I cut my credit card uo byt have my barclay card linked with my paypal account and when im feeling low i buy myself something to cheer myself up

I cant change my job as then I will be in 'debt crisis' and would not be able to afford to pay my bills eat etc

I have thought about bankruptcy and have spoken to debt crisis line they sent me some information out but im scared to proceed, i dont know if this is the right option,
I want to be able to save to go travelling in the near future, im scared i wont be able to do this if i go bankrupt (i know i need to deal with my debt first)
I want to get a mortgage in the future and buy my own home, im scared i wont be able to do this if i go bankrupt.

I really feel lost and feel like I am on a roundabout with my debt, it just keeps mounting up.
I cant speak to my family about this as they just feel i should stay in my job 'its a good salary' 'we all hate our jobs' 'you have responsibilities' 'if you go bankrupt youll never have anything for the rest of your life'

Im sorry this is such a long post but i thought id tell you how it all began
Is there anyone who can offer me some advice or guidance on what I should do? Is bankruptcy that bad? or just a no go?
Thanks for taking the time to read this if you do, im not expecting you to all be kind but would appreciate any word of advice or criticism

Thanks

tldr I'm afraid