I wanna be Debt Free.

teach_1988

Debt, never thought I'd be saying I was in debt at my age (25).

The problem started when I left University with an overdraft (maxed out) but it was free at the time (it was £2250). My father became ill in my last year at University (Jan) and then later died of Cancer (May). So therefore I couldnt ask for financial help off my parents (who don't have a lot of money).

At the age of 21 I became addicted to gambling starting online because I was bored. I never won a lot of money to get me addicted but over the last 4 years I've racked up debt of around 10k. I am not a member of Gamcare and have not been gambling online for over a year. I know there is no-one to blame but myself. I have seeked help and I'm on the road to recovery.

I'm here because I need your help to get back on track with my life. I have 3 Credit Cards all are 0%
Virgin 0% until April 2014-Debt= £4000
MBNA £2500 until April 2014- Debt =£2500

Now I had the first for I could pay off my overdraft which I was being chargd £150 a month for going over. It was a good move. however with my addiction at the time I stopped looking at my balance and just played, played and played. The same proccess happend and thats why I've got the above debt.

I received a letter this morning from my bank saying that they have charged me £150 + 26 for informal overdraft arrangement. So with my gambling days behind me I must get rid of this overdraft. I have applied this morning for my 3rd 0% balance transfer credit card to cover the overdraft.

I feel like every year I'm spiralling down getting more debt. But I'm determined to make a start today. I need help. I didn't know where to turn. Can anyone give a young man advice? I don't want to ruin my life before It even starts.

What is the first step?
I still live at home with my mum (sad I know)-I pay £36 phone (mob)
50 BT broadband
20 sky
34 gym (which I go to everyday)
min repayment for CC 1 - around £50
min repayment second is the same
I buy the food for the house £150 a month
petrol to work is usually £200 a month but I'm off now until september (You've guessed it Im a teacher)

I dont't know how to get out of this financial problem. Could anyone suggest I do somehting? What steps have you taken? Sorry to be a pain for you all!

ilovelondontown

teach_1988 wrote: »

Debt, never thought I'd be saying I was in debt at my age (25).

The problem started when I left University with an overdraft (maxed out) but it was free at the time (it was £2250). My father became ill in my last year at University (Jan) and then later died of Cancer (May). So therefore I couldnt ask for financial help off my parents (who don't have a lot of money).

At the age of 21 I became addicted to gambling starting online because I was bored. I never won a lot of money to get me addicted but over the last 4 years I've racked up debt of around 10k. I am not a member of Gamcare and have not been gambling online for over a year. I know there is no-one to blame but myself. I have seeked help and I'm on the road to recovery.

I'm here because I need your help to get back on track with my life. I have 3 Credit Cards all are 0%
Virgin 0% until April 2014-Debt= £4000
MBNA £2500 until April 2014- Debt =£2500

Now I had the first for I could pay off my overdraft which I was being chargd £150 a month for going over. It was a good move. however with my addiction at the time I stopped looking at my balance and just played, played and played. The same proccess happend and thats why I've got the above debt.

I received a letter this morning from my bank saying that they have charged me £150 + 26 for informal overdraft arrangement. So with my gambling days behind me I must get rid of this overdraft. I have applied this morning for my 3rd 0% balance transfer credit card to cover the overdraft.

I feel like every year I'm spiralling down getting more debt. But I'm determined to make a start today. I need help. I didn't know where to turn. Can anyone give a young man advice? I don't want to ruin my life before It even starts.

What is the first step?
I still live at home with my mum (sad I know)-I pay £36 phone (mob)
50 BT broadband
20 sky
34 gym (which I go to everyday)
min repayment for CC 1 - around £50
min repayment second is the same
I buy the food for the house £150 a month
petrol to work is usually £200 a month but I'm off now until september (You've guessed it Im a teacher)

I dont't know how to get out of this financial problem. Could anyone suggest I do somehting? What steps have you taken? Sorry to be a pain for you all!

First of all bravo for getting on top of your gambling problem, I suspect this was at first an outlet to your father passing and then became an addiction. Secondly well done for realising this isn't a road you want to keep going down, debt doesn't get better on its own it only gets worse. You've already taken a big step.

Take heart that you going to be able to sort this out, others have been in far worse situations and have gone on to save and buy houses etc, it is possible.

You've pretty much posted an SOA, so what we need to know is how much do you earn? Realistically how much can you put towards your debts every month? HOw long will it take?

It might be that your DF date isn't for years to come but that isn't a bad thing, you'll learn how to manage your finances and will come out stronger on the other side.

You've come to the right place and we're happy to help!

teach_1988

Hi, thanks for the swift reply. I will be earning around 1575 from September onwards.

I was on the road to recovery until Jan this year I had saved £3000 and was ready to clear one card. But my mother became ill and couldnt work and someone drove into my car and drove off. So I took a step back.

I should be able to put 600 towards my debt If I'm really strict with myself.

What's the first step I should take?

nicp60

Hi teach,
I'd like to reiterate that - well done on posting and getting the grips with your issues. You're absolutely right in tackling this now and in getting help - in some ways the hardest part is already done.

The good thing is that you're on a reasonable salary (I'm a teacher too), and have pretty good job security I imagine, so you can dig yourself out of this.
If it's any consolation, I had 10k of debt as an NQT and have managed to pay it all off and support my now husband on my salary, so it is possible.

I would advise completing this: http://www.stoozing.com/calculator/soa.php just so it's in a familiar format for the fab people on here to give you some ideas.

You should then do this: http://www.stoozing.com/calculator/snowball-calculator.php and make sure you put in how long your credit cards are on 0% for, and what the rate will be when those deals end.

Hopefully you'll get the 3rd 0% balance transfer deal - however, please read this about transfering from an overdraft, as it might not be possible: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Finally, don't forget about the possibility of earning extra cash. I found private tuition to be an excellent source of pocket money, and it stopped me from spending! Also marking exam papers is not that well paid per hour (about £3), but will give you a nice boost around the summer holidays.

teach_1988

Thank you so much for your help! I am on a good salary moving on to M4 this Sept. also got v.close to a promotion only to come second. Hopefully a promotion will come this year as I really love my job.

It's nice to hear from someone having been in a similar position! It's made me relax a little bit.

Thanks for the links I've just clicked on them now.

One thing I must sort out is looking on my bank statement. I'm so scared to look at it it's unbelievable. Need to sort this out!

nicp60

Checking your balance is worst the first time - it gets a lot easier!
Best of luck!!