Debt Free 2014

nickyg890

Hi All, wanted some advice/ideas.

2013 sure has been unlucky for me (mainly my own fault) and I have managed to land myself in around £26k worth of debt.

I am desperate to pay this all off as quickly as humanly possible and get my life back. To be honest I don't think I no what it is like to be debt free, even since a younger age I would always seem to have a couple of thousands owing on an overdraft or something.

I must add I only earn a small amount over my debt per year.

Does anyone have any tips/advice (must be legal) to help me out of this mess asap.

Thanks in advance.

ItsOver

Hi Nicky!

Do you know the details of every outgoing? The first thing I did was to understand every single direct debit I had. Who I was paying, how much and how worthwhile it was. You'll find in the majority of cases you can save money by switching provider (unless you're tied in) or just ditching the service all together if it's unnecessary. Doing this with every bill should give you more spare cash each month to chip away at your debt.

nickyg890

My issue is I am maxed out on all credit. Along with a couple of late payments being logged on my credit file.

I was going to go down the debt management plan route, but then after 6 weeks I decided to re-think and deal with it myself as being on a DMP would affect me for 6 years which I cannot afford.

I am stuck, left with around £100 a month free after everything. That is with paying mortgage/house hold bills and around £600 towards the debt its self.

Quite a mess.....

ItsOver

Have you completed your SOA? I'm not allowed to post a link to the website because I'm new, but hopefully another user will do this for me...

This will help us see exactly where your money is going each month and might highlight some areas that could be improved.

National_Debtline

Happy to oblige ItsOver :-)

SOA link:

http://www.stoozing.com/calculator/soa.php

Regards

Dennis @NDL