Confessions of a 26 year old in £38'000 worth of debt !!! Please help me !

climbgirl

Miss_Debt wrote: »

I know I know Steve but when it comes to talking I have none. I'm a chatterbox.

Start chatting online to friends, find ways to be social that won't cost you anything! that's waht I mean about making radical changes and thinking outside the box.

You're going to need to develop some willpower if you're going to clear this!

misspoppy

Hi

i don't see any contribution to your Mum for the household bills surely you should be paying half of those too?

changing your lifestyle is going to be a big challenge but you can't keep "treating" your family. Someone else mentioned getting ready for Christmas now, sounds like you really need to do that I don't mean to be a doom monger but its only 5 months away and if you save some each month it will be easier to cope with it it. I must confess I say I'll do this every year but don't manage it but i am definetly going to do that this year.

With regards pay as you go, i have the orange one where you top up with £10 pm and you get free texts and free calls to orange in the evenings and weekend I had to call orange to get this though.

You really should try and sell some of your things on ebay realistically you shouldn't be buying anything new for a while and at least if you sell somethings you can use part of it to help with the debt so you can clear your debt a little quicker.

What will happen when you go back to uni will you loose your income?

smudgemanc26

Well think positive at least you have had what we call your LBM (light bulb moment) and have realised that you have been living beyond your means. I think most of us on here are guilty of that at some point!

Now you can look where you money is going and cut back then the extra can be put towards paying off some of your debt.

Its not all bad being on a budget it make take some sacrifices but its worth doing when you see your debt reducing. The main thing is to not get down about it i know its hard i hardly go out now and have been feeling lately i am working for nothing but i have come to realise you dont have to keep up with everyone else go out all the time, spend money you dont have on silly things just to be happy you can do other things spend less and still have fun and the bonus is knowing what you would have spent is going towards something useful.

This site is great for support when times are getting tough so just pop on here when you can and someone im sure will be around to offer help and advice. Theres also great links to make and save money on things. I have just found quidco out and have reduced some of my monthly bills thanks to this site and people on here:T

Just think once you are back in control and one day become debt free how amazing will that feeling be!

Payingitallback

Miss_Debt wrote: »

I know what your saying but I know I'll end up spending more, I just know I will.

I guess kinda of like someone who smokes gives up but know they'll go back.

Miss Debt

I used to have a contract phone & never thought I could go PAYG - just like you I really believed I would spend more topping it up but honestly you soon learn to cut it right back, when its your purse the cash is coming from every few days.

My contract bills were £60+ each month :eek: (sometimes alot more) Now I spend £10 per mth on credit, I never call people I text them and let them call me!

OnwardAndUpward81

Steel wrote: »

I agree with HairyHandofDartmoor - you have to look at ways of increasing your income as well. Cutting back is not going to be enough.

My advise though is pretty much like everyone else's.

Can you work your !!!! off and get a pay raise? How feasible is it for you to take on a Saturday job or evening bar job - it could be a vital bit of extra cash you need to begin throwing at your debt. What work do you do at the moment? However, beware! Once you hit income of £1,250 a month you will start to have to pay back your student loan so try to keep under this if you can.

A few extra things to consider:

1. Are you paying loan protection insurance on any of your loans? If so cancel straight away, which should bring some of your payments down.

2. Have you claimed back any bank or credit card charges you've been hit with for unauthorised overdrafts, declined direct debits, going over your C/C limits etc etc?

3. As other's have said, switch to a pay-as-you-go phone and then only use
it for emergencies. You could probably get that £50 a month down to £10

4. Cut down the food bill a bit - cook from scratch, take your own lunch to work, don't buy take-aways any more etc etc.

5. If you take the tube a lot, do you have a monthly travelcard? Could you ditch the car for a few months and travel by tube etc? Also I don't see petrol or taxes anywhere on your list of expenses?

6. As you live at home with two sisters, I take it they pay other expenses in the house like gas and electric etc?

7. As others have said, ditch the lottery syndicate. How often have you won anything from it compared to how much you're spent on it?

8. Start preparing and planning for how you are going to afford Christmas now - if you wait until the silly season is here you'll end up stashing more money on your credit card.

I’m looking into getting another job. I work for the prison service and have applied for three jobs recently so fingers crossed. To answer your questions

No loan protection

I’ve had two bank charges which I will try to claim back

I know what everyone is saying but I know I will end up in more debt

I guess I need to learn to cook and also I’m going to start taking lunch to work instead of buying at work

I’m downgrading my car but getting rid of it I’m not quite sure of it yet, me and my family use it so often

I’ve cancelled the lottery s/o

My sisters are both under thirteen so they can’t help much.

Oh wow, you’re right I guess I should start thinking about Christmas

thanks for your support

OnwardAndUpward81

thank you so much Smudgemanc26 for your supportive message, it feels good to know there's people out there who understand or actually want to give advice.

Seaxwyn

Fab start, Miss Debt!

Some of the replies here could seem a little harsh but don't read them that way - we've all been there and realised that we have to make drastic cutbacks somewhere or other. So noone is judging you, just offering their own hard-won experience.

It's great that you're taking the advice on board and thinking it over. Best of luck with finding another job.

OnwardAndUpward81

misspoppy wrote: »

Hi

i don't see any contribution to your Mum for the household bills surely you should be paying half of those too?

changing your lifestyle is going to be a big challenge but you can't keep "treating" your family. Someone else mentioned getting ready for Christmas now, sounds like you really need to do that I don't mean to be a doom monger but its only 5 months away and if you save some each month it will be easier to cope with it it. I must confess I say I'll do this every year but don't manage it but i am definetly going to do that this year.

With regards pay as you go, i have the orange one where you top up with £10 pm and you get free texts and free calls to orange in the evenings and weekend I had to call orange to get this though.

You really should try and sell some of your things on ebay realistically you shouldn't be buying anything new for a while and at least if you sell somethings you can use part of it to help with the debt so you can clear your debt a little quicker.

What will happen when you go back to uni will you loose your income?

I pay the for the tv, house phone bill, food shopping and most of my car trips are taking the family around. Yes, your right the treats have to stop but I find it hard telling my family no.

My work are paying for me to complete my masters and I get one day off to attend uni so I'll still be earning exactly the same as I am now.

OnwardAndUpward81

Seaxwyn wrote: »

Fab start, Miss Debt!

Some of the replies here could seem a little harsh but don't read them that way - we've all been there and realised that we have to make drastic cutbacks somewhere or other. So noone is judging you, just offering their own hard-won experience.

It's great that you're taking the advice on board and thinking it over. Best of luck with finding another job.

Thank you. No I don't think anyone is judging me but I know two things I'm not ready to give up right now is driving or go on pay as you go. I may consider this in the future or maybe in a couple of days time I might say to myself, get rid of the car and the contract phone. However, it's just not something I'm ready to do right now. I'm sure people will be reading this and thinking I'm not listening but I am. I'm taking things one step at a time. Thanks for your supportive message though.

smudgemanc26

Miss_Debt wrote: »

thank you so much Smudgemanc26 for your supportive message, it feels good to know there's people out there who understand or actually want to give advice.

No problem i to am 26 so know how you feel with regards to cut backs, not going out, not being able to buy clothes all the time from fav shops, not going to the hairdressers and spending silly money on a hair cut! But its not all bad i am learning to be more sensible, take responsibility for my stupid ways in the past and hopefully i will be able to continue my debt free way of life in the furture and pass this knowledge on to my children if i have any that is!

Iam looking at ways to make money too and am going to have a good clear out of my things and start selling them on ebay (thats if anyone wants to buy them that is!) quite excited about it really i dont want or need them anymore and they are only taking up space so why not see if i can make some money out of them.

Good Luck and keep us updated. x