Biggest challenge of my life - debt free I n years!

edited 31 July 2014 at 9:11AM in Debt Free Diaries
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Newman31714Newman31714 Forumite
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edited 31 July 2014 at 9:11AM in Debt Free Diaries
Okay people a wee bit history! I ran up approximately £45k debt mainly through gambling. I have now decided to tackle my debt head on and have set a target of 5 years to be debt free. The first step has been to stop gambling now time to face the size of the challenge. So tomorrow I will be working out the exact figures and I will put them up here.
This is a mammoth task because it's been kept mostly from my partner who doesn't know the scale of the debt. However, I feel upbeat about taking this on and nit just giving up and going straight of ADAS. I got in to this mess I have the ability, determination and knowledge to get out of it.

Replies

  • Ok here we go with what I owe!

    Loan to bank £432.33 payments for 83 months
    Overdraft £ 3000
    credit card 1 £571.32
    credit card 2 £4461.07 (£111.67 due 28/7)
    credit card 3 £3000.00appx ( payment di.e. 26\7 appx. £80)
    Credit card 4 £200 appx.
    Payday loan £ 299.31 x 5 months
    Family loan £ 100 x 10 months

    There we go £48019.56 plus interest in 5 years on my £1423 income. I have about a £350 short fall first 5 months, so I need to get making cash and fast! All ideas welcome.
  • Hi Newman,

    Didn't want to read and run. I think it's great that you've got your figures together and are feeling positive about dealing with you debt.

    Don't forget to pay the most on your highest APR loans thus getting rid of the most expensive debt first, then snowball the payments to the next most expensive once it's cleared.

    Good luck!
    Mortgage at Dec 2013 - £99342.75 26 years to MF

    MFW date: Nov 2028 - 12 years early

    Overpayment set aside since June 2014: £253.00/£750.00
  • National_DebtlineNational_Debtline Organisation Representatives - Private Messages may not be monitored
    8K Posts
    ✭✭✭✭
    Hello there,

    Sounds like you know what you need to do. I wish you all the very best with it.

    - David.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • *Subscribed*

    Good luck :D
    Time to start again :o
  • 1/8/14 paid £ 111.67 to credit card 2 to bring it up to date. Got to start somewhere!
  • Paid £87.76 to cc3 now at £3013.56 limit £3000'
  • Looks like you're making progress! Well done!

    Why don't you create a signature? You could use your second post as a starting point and then update it each time you make a payment. Then you can see at a glance how far you've come :T
    Mortgage at Dec 2013 - £99342.75 26 years to MF

    MFW date: Nov 2028 - 12 years early

    Overpayment set aside since June 2014: £253.00/£750.00
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