£20,000 in the hole :o

in Debt free diaries
24 replies 1.7K views
So, here I am. Nearly 40 and almost £20,000 in debt.

After 3 years of trying to get by on my meager self-employed income, I've racked up about £20,000 in credit card debt and an overdraft, spending more than I earned most months.

Truth be told, I've been in debt since I was about 19 when I got my first credit card. There were a few very brief periods when I was debt free, after receiving some money out of the blue.

But the main problems started about 3 years ago after moving to an expensive place and spending more than I earned.

I rent privately so going bankrupt isn't an option. Neither is a DRO or anything else as far as I know?

Paying it back is the only option!

I have a few cards still on 0% and one that has recently gone over to 20+ % which is starting to take it's toll.

Not really sure what else to put, looking for some advice perhaps, or moral support...?

Thanks.
«13

Replies

  • Hi and welcome! It’s generally suggested that you start by completing a statement of affairs (“SOA”) which will give everyone here a clearer picture of your situation so they can give more targeted advice.

    Do you have any options to increase your income? Is self employment the only option, or could you consider looking for employment of some kind?
  • edited 22 August 2019 at 7:53PM
    Willing2LearnWilling2Learn Forumite
    6.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    edited 22 August 2019 at 7:53PM
    I agree with Yellow_mango. We need to see your full financial statement if you want to receive meaningful advice, support and guidance.

    Please complete your Statement of Affairs (SOA) using the link below. Please remember to click on the 'format for MSE' button near the bottom of the form, before you copy & paste the SOA in to your thread. And finally, if you are going to post up your SOA then it really needs to be in the main Debt-Free Wannabe board. :)

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

    Edit: And welcome to the forum A A Mole :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Thanks. My out goings are quite high so I would need quite a large salary in a regular job to cover them. Or at least larger than any job I could get!

    Plus the slight flexibility of self employment works quite well with my current set up.

    I will look at doing a soa.
  • beanieloubeanielou Forumite
    82.9K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Happy shiny new diary :)
    Target the CC with the highest interest first.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • savingholmessavingholmes Forumite
    23.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Good luck on your journey.
    Target 1) Prioritise health & social connection 2) Write regularly 42,993/70,000 words Book 2 and 10,787/70,000 Priestess book 3a) Get to £10K EF/Savings Now £4,533 3b) £1.6K Savings for DD Car (Achieved) 4) MFW starting at £201999 Nov 21 with 264 250 payments to go. Now £192,959 5) Mortgage neutral progress via pension £1,887 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
  • Thanks!

    I'm not sure I've got much excess cash to play with for overpaying any of the cards, but will try.
  • charlotte1988charlotte1988 Forumite
    92 Posts
    Part of the Furniture 10 Posts
    Forumite
    Good luck with your journey to becoming debt free :)
    PAYDBX 2022 #8 £135.62 / £7500
  • MillennialDebtorMillennialDebtor Forumite
    13 Posts
    Second Anniversary
    Forumite
    Wishing you luck with your journey :)
  • Anyone know about credit union loans for consolidation purposes?

    According to the loan calculator on my local credit union website,

    If I borrowed £20,000 over 5 years, the repayments would be £425, with £25,496 repaid.

    But I'd be debt free in 5 years!

    They also say they paid the money straight to the creditors so I wouldn't be able to spend it, which is good.

    Thoughts?
  • beanieloubeanielou Forumite
    82.9K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Worth a try but only off you cut down all existing lines of credit.
    Could you do that?
    Are you already a member of the credit union?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals