£43k debt. Time to change. First things first...

RSE

Hi All.

First time poster here, sorry if there is a better thread for this, do let me know and I will move it.

I've accumulated £43k unsecured debt through bad spending habits and poor budget management on my part. I've had quite traumatic things happening in other areas of my life(3 close family members diagnosed with cancer, one has passed away) which meant I was guilty of burying my head in the sand over the last few years and not facing my bad spending habits for far too long.

I need a to change my spending habits

I need to change my attitude to money

I want to change

We have almost £95k equity in our house but our mortgage provider refused extra borrowing because of my poor credit history due to the amount of current lending I have and I suspect because of some missed monthly payments affecting my score.

I will be speaking to a debt advice charity and I have seen quite a few listed on MSE. Citizens advice, step change etc. I still feel a bit overwhelmed now that I've come to realise my situation and I was hoping I could get some advice on any charities people have spoken to?

I've always been an advocate of recommendations and maybe I am over thinking this, they are all charities so I am sure they can all help! But to be honest, I feel like I made so many bad choices with my finances up to now that I just need some helpful recommendations to make sure I start making better choices

Many thanks,

RSE

andyfromotley

HI RSE,
I rarely see anything but praise for step change on this forum.

Good luck on your journey.

If you want advice on here about how to drive your spending down to the minimum try posting an SOA on here.

use this link and format it for here, (theres a button on there to do it)

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

Stereochild

Hi RSE
Welcome on board - I think you are making the right steps in dealing with your debt!! Unless you do something different you are only going get the same results. And you are doing something different by joining MSE.

I don't know any advocates to recommend to you as I have done it myself. I had £20k of unsecured debt which I have cleared myself by budgeting, learning to make financial goals and achieving them and by not using credit. But that is me, we are all different.

I wish you all the best for the journey you have now under taken!!
You can do it!!

Muhren

You have certainly come to the right place for help and support.

The next step, like others have said is to post a SOA so people can give you advice as to where to save money.

I would just like to lend you my support as my debt level was similar to yours when I first started.When Monday comes round I will be over the half way mark in repaying my debt, if I can do it so can you.

miketaff1408

RSE wrote: »

We have almost £95k equity in our house but our mortgage provider refused extra borrowing because of my poor credit history

RSE

They have probably done you a massive favour. Swapping all your unsecure debt over to secured is something you should not be considering.