I've got myself into a MASSIVE debt in 9 months...

Iwillsucceed_2

WEEBIT!!

I try not to judge other people. I have red your posts and I felt very sick.
Are you aware that you are very poor? You have not money, no awareness and you are living a lifestyle funded by other people's money given to you by the banks.
If they confiscated your credit cards, believe me, you will end in not time homeless.
Sort our yourself please before you end up bankrupt and on the streets.

I really hope you can come out of this...

Regards

weebit

bspm wrote: »

I suppose I might turn this thread into a diary. It will help me and give me motivation to carry on knowing that people are following my progress with me

What progress!?!?!?

Just found and read this entire thread, absolutely amazed and disgusted that someone can get this much in debt.

You have spent more than you earn, you are continuing to spend more than you earn, you will crash and burn.

Good lord, unbelievable.

Thanks for the encouragement. Your comments have been noted

bspm

.Thanks for the encouragement. Your comments have been noted

Pity you didn't 'note' all the other comments....I too can do sarcasm.

Fletchasketch

This is definitely progress, well done. I do think the poster who suggested bankruptcy might be on to something. I believe you are discharged after 6 years and realistically you'll take more than 6 years to clear the debt. You could sleep easy and start from scratch in 6 years.

ratrace

Fletchasketch wrote: »

This is definitely progress, well done. I do think the poster who suggested bankruptcy might be on to something. I believe you are discharged after 6 years and realistically you'll take more than 6 years to clear the debt. You could sleep easy and start from scratch in 6 years.

Thanks,

I agree in the sense that he should consider bankruptcy the level of debt is fairly high but in weebit's defense its not all his debt his other half also contributed to this, although i agree that he may not be great with money we have to take in to consideration that he has gone through a tough spell in regards to his wife's residency and all the associated costs

i think now going for bankruptcy would at least give them a fresh start the added bonus is that he does not own his own property so at least he wont lose that and he can continue renting and saving all the money he would have paid on them "stupid high interest debts" for a deposit on a house in a few years time

"Its not the debt people struggle with its the unfair interest rates and fees that go with the original amount"

More importantly they both need to change thier feelings to money and how to handle it

We are all human and we make mistakes he's just got in to debt he's not murdered someone :rotfl: so we need to give the chap a break

Ps: Im not aiming the above at you just a genaral for anyone to read

Dingo12

Having read this, I think personally that paying this debt off is going to cripple you and mean you can't do anything you want to do for years and years and years, this debt will be hanging over you like a dark cloud.


Seeing as you have no assets to speak of, why don't you just continue to live it up for a while longer, squirrel away some cash notes over the next 12 months with a view to go for bankruptcy once you're ready.
Some people won't like this idea as its potentially unethical but f em... its your life.

Busy_Mee

I thought this forum was supposed to be supportive ! A bit of tough love might be required but some of the comments on here are just not constructive.

I think you are making progress in your thinking - you just need to put it into action now. I am not qualified to comment on whether bankruptcy would be a good idea, but this feels like a last resort to me. Please make sure you get some proper advice from one of the debt charities before considering.

I look forward to seeing your progress in your diary

ViolaLass

bspm wrote: »

.Thanks for the encouragement. Your comments have been noted

Pity you didn't 'note' all the other comments....I too can do sarcasm.

Before jumping in to be sarcastic, did you read post 89? It's a fantastic change!

Well done OP. Cancelling Ibiza is a big step away from how you were thinking before and bodes well. Don't get complacent and keep fighting on. If you and your wife can keep communicating and stay on the same page, it will help enormously. Good luck.

Silian

I am also looking forward to reading your diary and seeing your progress. I used to fall into the same traps as you do - spending ages to try to save a pound and then going to the shop and spending £20 on things I didn't need.

Have you considered using YNAB? It is changing my life for the better.

The wedding thing is difficult as well. It isn't always easy to live in another country and I'm sure your wife gets very homesick. You don't have to go with her though - good decision. I am in a similar situation and right now I am saving to visit my parents by selling stuff and saving my spending money that I have allocated to myself (I also changed bank accounts which gave me another £100).

Good luck, and well done for keeping posting despite some of the meaner posts here!

weebit

Thanks all. Some of the "meaner" comments on here just roll off my back. I'm assuming most are from people who have just read this thread for the first time so are reacting more to my back-story than my future, which is understandable.

Regarding bankruptcy, I want to avoid this at all costs. The debt is split roughly 50/50 between me and my wife, nothing in joint names, but I'm viewing it as one whole and will treat it as such e.g. paying off the highest interest rate first, even if means paying my wife's debt down by £10,000 over 12 months and paying only the minimums to mine.