24 and debt has ruined my life

Jasontrask

Hello, my names Jason and I am 24. Since I can remember I have always been in my over draft and had a credit card. Then the last year or so my debt has spiralled out of control, I have a loan worth £3500, a credit card of £950, and 6 phone monthly phone contracts (I would take out the contract, sell the phone and use the money.. *dont ask why because I'm not sure even I know why*)

I still live at home and have no savings at all, every month I just about scrape by on my £1100 but now it's getting to the point I can't cope with it anymore, I've not told parents or friends etc but I don't want to out of pure embarrassment..

I have no idea what to do or how to do it. Any suggestions are welcome.

Thanks, Jason.

Historybuff

Hi, Jason. Your life is not ruined, you have had a wake up call. Your debt levels are solvable. Go online and have a look at the National Debtline website, put your debts and income and expenditure into the Debt Remedy tool and see what it comes up with. You can phone them for advice. If you take action you will be able to sort this out. It's great that you are wanting to sort this out at your young age. Unlike some of us who have taken years and years to get to your point.
Good luck. Historybuff

sourcrates

Hi Jason,


We all do stupid things when were young, I know I did, there are not many debt situations that cant be sorted one way or another.
Best advice is to have a look on the National Debtline website, or speak to step change, (Google is your friend) both offer free impartial advice on how to tackle debt.


You could also post up a statement of affairs (available in the stickies at the top of this forum) to see if your outgoings can be cut back at all.

Bobarella

Hi Jason
Please don't feel your life is ruined. You can turn it around again. Firstly can you earn more?

Towser

Don't make a mountain out of a molehill. It seems worse than it is.

Post an SOA maybe someone will be along and help.

Budgeting is yer friend here, to get rid of that tiny debt.

jodles16

Congratulations on your Light Bulb Moment! The debt may seem overwhelming but with the help from places like National Debt Helpline and this website it will feel more manageable!

You can share a statement of affairs (SOA) for the lovely lot here to look at and this may help you to free up some money, there are lots of challenges and diaries on here which can help and realise your not alone!

Best of luck!

abundant1972

Hi Jason...

Well done mate on posting. That honestly is the first step. Recognising where you're at is THE MOST IMPORTANT step... From here on - see everything as a step nearer becoming debt free.

I got advice from StepChange charity... Look up there website - and you can join for free. They've been really helpful, and can help you to do a budget. They will also advise you which is the best way out of your situation. I took up a debt management plan and never looked back. At your age I had £12,500 - but didn't really do anything serious about it until 3 years ago. I became debt free yesterday!!!

If you trust in yourself to be able to do this... take a deep breath, and try not to get scared at what lies ahead - you will be ok. When you've got your plan up and running join some of the challenges here - they'll help loads. I'm not saying it is going to be a walk in the park - and you'll have to make some sacrifices and watch your spending... changing those habits that got you here is one of the challenges ahead. You can do it though mate!!! You honestly can!

If you need advice - or a chat, feel free to message me anytime. Don't feel you have to tell the world if you don't want to at this point... See how you feel when you are feeling more in control again. Well done for this. Be proud of yourself

Jasontrask

I earn £1100 a month and there's no chance of earning more. I want to leave but I get paid weekly and can't afford to go a month without being paid...

theerroll

Hi Jason.
If you can pay this off by 30 (and you sure can) Then the worst problem you will have is struggling to get mainstream credit during this time. I turn 30 in May and the last of my 6 defaults is due to be removed in April. However, don't default if you don't have to because it can be a long 6 years! Good luck.

Skinnylatte

Hi, well done on taking the first step. I wish I'd done that at 24 and not 44! You need to get things in order, post an soa (http://www.stoozing.com/calculator/soa.php) then it will be clear whats coming in, whats going out and where you can cut back. It might all be a lot more manageable that you think.

There are a lot of things in your favour here, you are young, in work and living at your parents so your outgoing should be low. It would be a whole lot worse if you had a mortgage, rent or a family to support.

You've taken the first step in admitting the problem, there's nothing you can change about the past, and it doesn't matter why.

Your next step is to sort it out, and once you begin that process you'll feel a whole lot more positive, I promise!