New here

nesspot

Hi there,

I am really struggling with my debt - approx £20,000 (not counting my mortgage) and I pretty much hate myself for letting it get to this stage and the impact that it is having on my life. I am in my thirties and have a god job but am always skint and living hand to mouth.

BUT...

I am taking control! I know that I need to get a grip of my spending and figure out a way to manage my debt better.
I was thinking of making an appointment with my bank to see if the debt can be consolidated in any way and I need to work out a realistic monthly budget. Does anyone else have any other tips?

I am hoping that this forum will give some ideas on ways I can sort this out but most of all I need encouragement - especially on a Friday evening when I am sitting in myself while everyone else is out having fun!

Looking forward to getting to know some of you and here's to the future!

xxx

Depth_Charge

nesspot wrote: »

Hi there,

I am really struggling with my debt - approx £20,000 (not counting my mortgage) and I pretty much hate myself for letting it get to this stage and the impact that it is having on my life. I am in my thirties and have a god job but am always skint and living hand to mouth.

BUT...

I am taking control! I know that I need to get a grip of my spending and figure out a way to manage my debt better.
I was thinking of making an appointment with my bank to see if the debt can be consolidated in any way and I need to work out a realistic monthly budget. Does anyone else have any other tips?

I am hoping that this forum will give some ideas on ways I can sort this out but most of all I need encouragement - especially on a Friday evening when I am sitting in myself while everyone else is out having fun!

Looking forward to getting to know some of you and here's to the future!

xxx

Hi

Welcome to the forum

Any chance of putting up your statement of affairs (SOA)?

In the meantime maybe check out the online Citizens Advice Debt Remedy Tool / Resource for some pointers on budgeting and possible solutions

http://mymoney.nedcab.org.uk/moneyadvice/

http://mymoney.nedcab.org.uk/moneyadvice/remedy_2.asp

http://mymoney.nedcab.org.uk/moneyadvice/quickfsintro.asp

http://moneysmart.nedcab.org.uk/

Best Wishes

mum2one

what about doing a statement of affairs (incomings v outgoings) there may be cuts that can be made that are relaivelty painless and as the old saying goes, a 2nd pair of eyes always does the job xx

YORKSHIRELASS

Hi and welcome!

Most of us who have been around here for a while will tell you that consolidating your debts is rarely a good idea. You will pay loads more interest and it doesnt make you address the underlying problem. A lot of people who consolidate their debts dont change their lifestyle, end up running the cards up again and then become far worse off. I speak from experience here!

What you should never ever do is add the debts to your mortgage either. This means your unsecured debts like credit cards become secured on your home and if you are unable to meet the repayments it becomes a lot more scary.

What you have got to do is find a way of making your earnings cover your outgoings. This will probably mean making some changes to your lifestyle for a while until you get the debts cleared. Sadly debt is far easier to get into than get out of and you need to be prepared for a tough time but there is loads of advice and support on here.

First steps are starting to record every penny you spend so you can do an accurate SOA and then a proper budget. This is crucial because you cant plan going forward unless you know where you are now (and most of us think we are better off than we are). Make today the day that you stop using any form of credit for good - except for planned purchases and major emergencies.

I was on the lookout for a quick fix when I came on here. It took me a while to realise that there wasnt one but once you start to make changes and chip away at the debts it is so rewarding.