About £5000 in debt and not sure what to do.

FBaby

You are in an urgent need of the Light Bulb Moment if you still can't see how wrong your lifestyle is. No-one can do that for you. You have come to post so that is a first step, but ultimately, there is not two ways about it, you owe money, you'll have to repay it, and that will mean that for the time you are doing so, your lifestyle will have to suffer.

Sncjw

You need to do soa and don’t go for payday loans again. You can’t afford stuff so you go to payday loan which means interest is crazy

HampshireH

So much good advice here. But from reading your post I'm not sure you are acknowledging and taking responsibility for this debt

Acknowledging yes but taking responsibility no. Going out and buying nice things is frequently a luxury and not something which should be prioritised unless you can afford it.

It sounds like your in a situation where you may be tempted to take further credit (2 or 3 pay day loans despite not paying the last back).

Think if this scenario; you ignore it and don't tell your partner. 6 months time your partner suggests going on holiday. No knowledge of a debt your ignoring. What do you Do?

A year later you look to live together but it comes to light that you don't pass a credit check etc your partner asks Why.

Have you run a credit report? Do you know exactly what you owe and whether there are any CCJs?

You said roughly 5k. Starting point would be to know exactly what you owe and who too.

I wish you well in becoming debt free. I hope you come back with an SPA.

zippygeorgeandben

Waterpulse wrote: »

I have spoken to StepChange but as I started work again in August, they want me to agree to a DMP where I put all of my disposable income towards my debts. I really don't want to do this as I want to be able to enjoy my life; I don't want to not be able to go out with my friends or not be able to buy things I want just to pay my debt which would take over a year.

THIS!
Take responsibility!

Dobbibill

OP - It seems you have 2 choices here.

Choice 1 - Ignore it, live the life you want, await for the day it bites you on the backside (because it will, when you least want/expect it to)

Choice 2 - Face up to it, post a SOA and own it, deal with it and get complete control over your current & future finances.

Choice 2 does mean looking at what you owe, forming a plan and sticking to it. That doesn't mean sacrificing everything but getting a balance between wants & needs and budgeting every penny.

Ultimately it's your choice - this is a friendly forum with posters providing helpful advice should you opt for choice 2.

EitherWalnut

OP - It sounds as if you are burying your head in the sand a bit here. Take heed of the advice above, and face your debt head on before it gets worse.

I know you don't want to sacrifice the lifestyle you are accustomed to and we're not suggesting that you need to become a recluse, but it's clear that you have been living beyond your means. It's ultimately your choice and your responsibility to tackle this - particularly because you don't want anyone else to know about your debt (although it's worth noting that if you confide, your friends will likely be happy to spend time having a meal at yours instead of a restaurant and then you won't feel pressured into spending money you don't have). You can still go out with your friends if you wish - just CHOOSE to drink water instead of champagne, and order the burger instead of the steak (for example). As for buying "things" - if you NEED it (like loo roll) then yes; if you just WANT it, then assess what you want more - the new coat (when you already have two) or to be debt-free in a years time and to be able to spend your money on what you want.

If you really want to avoid a DMP then remember, the longer this goes on, the more interest and charges you will have to pay and the more of your hard-earned cash you will have to part with. Do out a SOA - it may not be as bad as you think, and it can really help to see everything laid out in black and white.