It's time to make a change.

Reality_Bites_2

Hello everybody,

I'm new to posting here, but have been lurking on and off for about 6 months now. I've picked up some great tips form the many informative posts, but more than that, I've read some wonderfully inspirational posts from people dealing with their debt problems and I thought it was about time I stopped thinking that my own problem will somehow sort itself out and start to do something about it.

I am in serious debt.
There's no two ways about it. Over the last 4 or 5 years I've been living off my overdaft and somehow managing to scrape by. But the reality of it is that I haven't been scraping by at all. I've been mounting up more and more debts with loans and credit cards, stupidly thinking that everytime I get accepted for more credit (debt) somehow I'm helping myself. Of course, each time I've gained more credit (debt), I've intended to use it to my advantage by clearing something else off, but that's rarely been the case and I've just found myself with yet another maxed out card or loan payment.

After yet another restless night's sleep, I got out of bed this morning with a decision to finally face up to the terrible situation that I'm in and try to do something about it. It's taken me a long time to realise that burying my head in the sand doesn't achieve anything.

I guess my next step is to go through all my finances and write out an SOA. Just the thought makes my stomach turn, but it will be the first time I've ever actually fully known just how much trouble I'm in and perhaps it will be the shock of seeing just how bad it is that finally wakes me up.

At a guess I would estimate my debt figure to be in the region of £30,000. Just typing that out fills me with a sense of despair, but I'm determined to see this through until the end. I'm fed up with worrying what the postman will deliver through the door and avoiding phone calls from Company's chasing me up for payments that I struggle to make.

I am completely realistic about things and don't expect this to change overnight. I know it's going to be a long journey and lots of hard work, but I'm fully prepared to take on board any comments, tips and help anybody else on here might put my way to help me through this. This is a fantastic forum of support and help, so I welcome any comments with an open mind.

I'd like to keep a running thread about how things are going for several reasons. One is so I can look back to see how far I've progressed and another is to hopefully be some kind of inspiration to others who may (as I have done) think they are in a no win situation. It would be great to think that my little story has helped somebody else, as other people's stories on here have done for me.

So hello to all.
My name is Reality Bites and I am in debt.

Shineyhappy

Hi my name is Shineyhappy and I am also in debt so welcome to the club!

As you have obviously seen this place is great and we are a pretty friendly bunch, well done for facing up to things as scary as they seem. I think knowing is a lot better than not knowing so grab some tea and write up a SOA. We will try and help you as much as we can!

lunar

welcome to the site, look at my sig, you are not alone with that amount of debt. Ive found this site amazing in reducing my debts and getting support on the way. My diary has been a real help to me.

Post your soa when you have worked it all out, you will get loads of advice and support on the way. well done for having your LBM and admitting the problem. thats definatly the hardest bit. it will get easier from here.

sunshine38_2

Hello my name is Sunshine ... and I am in debt

Just wanted to say "Hi" and welcome on board:hello:

Good luck with sorting out your SOA - I know it's scary but you can do it. Thanks for sharing your thoughts too.

Sunshine x

southernscouser

Good luck RB. You've come to the right place.

Fortheloveofmoney

I had the same amount of debt when I started in March 06 and will be debt free at the end of May 08. It can be done.

Good luck!

GeorgeUK

Hi RB. Well done on taking that first step.

Noe that you're going to see exactly what debt you have, you'll also be able to see the possible solutions. Take your time and don't try to rush through everything. We'll be here for you when you're ready and have details posted up.

Welcome to the club.

Reality_Bites_2

Thanks to everybody for the warm welcome.
It's really nice to know that I'm not alone.

High_Peak_Lass

Hi RB,

I was a serial lurker too until about 5 or 6 weeks ago when I went off sick from work. Time on my hands to think about things so on went the lightbulb!

Have just managed to scrape through my first Grocery Challenge and cut up my Tesco credit card. OK so I've only replaced it with another, but it's 0% and i'm determined to cut it up too as soon as the balance transfer is through on it. (I wouldn't have thought i could get one but for reading other posts on here:))

Good Luck from a one new starter to another!

Stick with MSE, it soon becomes addictive!!!

Reality_Bites_2

Well, I've spent the last few hours looking through all my stuff and it's worse than I thought. I just feel so stupid letting it get to this stage.
It will take a while longer before I have all the info I need to do a proper SOA and maybe a little while longer after that before I can bring myself to put it up here for all to see.
It gives a me a sick to the stomach feeling. I feel like I'll be baring my soul, but I'm going to try my very best to swallow my pride and publish it.

I've already done a few things to try to help myself, such as requesting a water meter to reduce my bill and switching my separate insurance policies for buildings and contents into one. I'm sure there's other things I could do and I'd welcome any suggestions from other people on here.
I don't think my 'bills' are too bad, it's the credit cards and loans that I'm more concerned about and wonder if I should consider contacting one of the recommended organisations on this site to enrol on a DMP. Although I'm worried about any knock on effects that may have with anything else, such as my Business because I'm newly Self Employed.

millionaire_in_training

Do your SOA first and then use the snowball before making a decision on DMP etc. Things may not be as bad as you think. It's always tough at this point but you will feel so good once you get it down and get a plan of action. It took me months to do my SOA but remember we are all strangers who become online friends. You can confess things on here anonymously that you would never tell family and friends. Good luck and stick around x