In debt for 12 years - Now taking control

LearningToBudget

I have been in debt since i got my first student overdraft at 18, as soon as i got the OD i spent it all and haven't been out of it, just steadily adding to...

It is now 12 years later, earning okay money in an expensive rented house and severely hampered by debts that until this last month I have been paying the minimum on to get by. I have no savings, an expensive car and couldn't see an end to it until the last month. I have been reading 'The Millionaire Next Door' READ IT.

Here is my current situation -
Very - £580 (paying interest)
Debt Repayment Plan - £750
Debt Repayment Plan - £1,600
Capital 1 - £1,100 (paying interest)
Aqua - £950 (paying interest)
Natwest Overdraft - £2,000 (paying interest)
Bulb - £220

Taking £25 a week for myself to spend on clothes/going out I intend to pay the following starting in March (I have holidays and multiple big birthdays to buy for in January and February)
Very - £250
Debt Repayment Plan - £50
Debt Repayment Plan - £50
Capital 1 - £61
Aqua - £50
Natwest Overdraft - £20
Bulb - £20

The plan is to snowball the following and i expect that by the end of 2020 to have the following left -

Debt Repayment Plan - £1,100
Natwest - £2,000

But, by this stage I will have over £700 spare to pay off debts per month and should be in a great position to be debt free (except car loan) by April 2020.

Anyway, I will keep updating this I progress through 2020, feeling confident and in control for the first time in a while.

Gstrang81

The more experienced and wiser people will be along shortly with some good sound advice and a Statement Of Affairs (SOA) link so I just wanted to say welcome!

Do you have anything to show for your balances and if so, is there anything you could sell to raise some cash? How much do you pay for your car and do you have the option to change it to save some money?

Also, just an observation but instead of making those extra payments from March, you could tally them up and pay one full bill off. I suppose it depends on what you're more comfortable with but for me, paying off one account and closing it gave me more satisfaction than spreading small amounts over different places. Good luck!