Newbie finally getting real.....

Synchro

Hi all,
Well guess what?
I'm in debt! :sad:
My names Andy and I'm 46.
Basically due to my impulsive nature I have accrued close to £18,000 in debt.
Yikes!
I am I guess one of the lucky ones, OR at least I think I am. I can make my repayments and thus far I have never defaulted.
I earn close to £20,000 per annum, and I believe if I live frugally I can clear this debt in 18 months to 2 years.
I have to admit though that I find it unnerving, especially as I am my own life raft.
I have nobody to fall back on for financial help. If I can work I will be fine. If not I dread to think.....
I feel foolish, sad and ashamed especially as I have nothing significant to show for my spending.
I think I will keep a diary if somebody could please steer me to the correct place within DFW.
I also think just a general moan from me, and a kick up the !!!! from you may occasionally be in order.
That's me for starters.
Over to you guys n gals.

dirtycredit

Good luck to you on your journey!

D.C. x

enthusiasticsaver

Hi Andy and well done on facing this. A good start would be an soa to see where you are overspending. There is a link in the DFW stick at the top of the forum page.

You can start a diary by posting a thread in the DFW diaries section of the forum. Alternatively I can move this thread if you want me to. I would have to say to start with unless you have very low outgoings on rent and bills etc repaying what looks like around the whole of your take home pay in debt over just a couple of years is ambitious. Making a realistic plan to live within budget, pay the debt down and build some emergency savings should initially be your goal.

I wish you luck.

Exodi

First would be posting a SOA as enthusiasticsaver has said.

I'd also set realistic targets. If you're earning £20,000 p/a, you're taking home just under £17,000 a year. Even if you was able to live for literally nothing (and your rent, utilities, food/water was all free) it would take you 13 moths to clear this debt throwing every penny at them. Needless to say, 18 months or even 24 months will be a stretch.