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Tell me it will be Ok
Comments
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Hi, I'm in a similar situation to you. Earning a decent salary, but feeling swamped with debt that gradually built up over the years. Coming on here, reading others experience and getting advice has been the impetus I've needed to tackle the debt mountain. Step change, National Debtline and CAB have great tools and advice to help. I've gone on to organise and manage my own DMP with their help and advice. Stress levels have gone down and I now feel back in control of my finances. Best thing I ever did. Rooting for you!Feb 2014 to now
Unsecured debt at highest £56,511/now £9,328 83% paid.
Mortgage £85,342/now £28,846 66% paid
2018 overpayment total - £5,500
Mortgage and debt free by August 20200 -
It will be OK.
I was once a proper person too :-).
Stick with this board and this thread if you want and we will get to the bottom of your options. First thing I would want to know is the exact nature of each debt and when the accounts were opened.
Sign up with Noddle too. If you are not with the paying ones, it will give you a good idea of what's happening with your file.
What you don't want to do is spend the rest of your working life propping up a banking system which will try it's best to bleed you dry without a care in the world.0 -
You are not alone you have made the first step in admitting your issues xx I was also in the same postion 4 years ago I am 46 I got into debt I am now debt free and have been for 2 years . I recommend the cab I got invaluable advice from them and support .i also had lots of support from my parents no snide comments or judgements . Keep going it will work out sending you a hug x0
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Hi,
It will be ok.
I know everyone's situations are different, but I can't recommend CCCS (now stepchange) enough. Once they became involved in family members debt, things massively improved. Sticking to the budget is still difficult for them (one is a 'spendaholic'), but the level of stress is massively reduced, and there is an 'end date' in sight. The monthly statement, seeing the balance reducing steadily, is always welcomed by them, and no more dealing with nasty companies!
There is so much support and knowledge on this website and forum. I'm only new here, but I do send you lots of good wishes and if I can help in any way, I will. It can get better xDebt remaining:
Mortgage - £117,759 (£134,600, Nov 2013)
Work overpayment and home improvement loan paid back (£19200) :beer:
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Hi,
I earn a decent salary (£45k) but I finally accepted after some attempts in the past that I have zero to live on (less than £100 a month disposable income not including any clothes, toiletries, hair or any other things like that). Servicing my debt is taking over my life.
I am 37 and a parent with a mortgage and a responsible job and I am humiliated and embarrassed that i have got myself into this situation and that it is my own fault. Is it normal to feel like this or do I deserve the tuts and rolling eyes that I feel i will get.
I can't live like this! I am desperately unhappy. I've contacted Payplan in the past who I thought could help me but instead they somehow suggested that I pay more back to my creditors and that I was better off contacting them individually to negotiate payment plans.
I can't live my life or be happy.
I was in the same position when I started my DMP with Stepchange, back in Dec 2012. I earn a little more than you do and I had debts of over £40k (currently £33k and FALLING!). I agree with blisteringblue about the ridiculous fixation people have in maintaining a decent credit rating. I admit, I was a one of the fools who placed too much importance on maintaining a squeaky clean credit rating. What's the point? I am much happier now even though I have a trashed credit rating due to defaults (which I now see as a blessing, as I will not be able to get deeper into debt!!). Ironically, my DMP now leaves me with much more disposable income than I ever had before!! I don't have the stress of credit card bills dropping through the door each month that are higher than the previous month!!! Good luck :-)0 -
I have a friend in similar position, though her husband finds the not spending very difficult. They own a house and decided on the IVA route as they had no plans to move and were/ are in negative equity. The 3 years since they started it have flown by and she is so much happier and not hiding it all away.
Don't feel bad, be proud that you are facing up to it and dealing with it. Once you get hold of it all you will feel empowered. And for those times when you feel down, come on here, everyone is so supportive. x£2 Savers club £0/£150
1p a day £/0 -
Hi
I too was told to pay more towards my debts each moth to get them down one at a time. I did a snowball calculator and although it is a lot of money, it is doable.
I have started my own DMP and feel much happier that I can see it is possible.
Have a read through the Debt Free Diaries, they are so inspirational and prove that it is not impossible.
Don't feel embarrassed, I felt like this for a while,stupid,embarrassed,humiliated,regretful you name it. secretly kicking myself, but after a lot of reading on here, I feel positive that I am going to deal with it and quite looking forward to the journey. You can do it too.
Good luck0 -
It truly will be fine, it will be tough but things will get better. At your age, I too was on a similar salary with house, children and lots of debt including that which I'd previously added to my remortgage. I'm now trying to tackle the mortgage having been pretty much debt free for a few years. I do think that realising you need to tackle the debt is the biggest step you can take and you've done that. I've subscribed and will nosey in to see how things go.Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 11st 12lb determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 100% through my pb challenge. I’m not perfect but I’m good enough for now.0
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I really really hope it gets better for you and you know what it probably will. your only young at 37. listen to the people on here and they will guide you in the right direction. Few years from now you will be sorted. just think if your earning 45k a year if u really concentrate for a few years you should be out of serious debt problems. Remember life starts at 40, dont think anybody is gonna look down on you. You should let close family and friends know u r struggling and they will support you, everybodies been there. u know dont worry like somebody just said if u take action now it will work out for you. im a noobie, been here 5 minutes and already got help with my debts. dont let anybody get u down, take advice from people on here ill be watchin out for your posts and i know your gonna be back on top of the world soon yeah. alright.0
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I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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