Wow wee oh my - trying to hack away at my £54k debt (was even about to book a holiday)

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  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
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    Hello,

    Have you tried contacting one of the Debt Help agencies? Even if you are a lawyer and therefore unable to enter into bankrupcty, etc.

    They can really give you some very sensible advice, certainly answer all the questions you are asking on here.

    Don't, please, fill in an SOA and reproduce it on here. That really is just so the people who love to pry can have a good look at your outgoings. Doesn't serve any purpose whatsoever.

    However, that doesn't mean you shouldn't produce an SOA - but for private discussions with one of the debt help people.

    They really do help, my saviour was StepChange. They talk a lot of sense and they know their job. 

    Rather than asking on this forum (most of us, myself included, are just amateurs!) you'd be far better off with StepChange or Citizens Advice or some other authorised debt help place. 

    Oh, and DON'T be ashamed or embarrassed, the debt help places don't judge you, they don't go over your past, they just look forward and help you to do the same. I've been there. I'm not ashamed to admit it but I was helped and I'm sooooo much better now!! 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • That is great advice. In all fairness my outgoings do make for fun reading but not when they are your own and have lead to this situation .... thanks again
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,556 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    edited 21 October 2020 at 6:46PM
    An soa is a good start. There are links on the DFW sticky's at the top of this board. Use the lemon fool one and configure for MSE. If you have £750 spare you don't need step change or debt solutions especially as the credit cards are 0% and you have a good credit rating. You can easily sort this with a budget and financial discipline. Taking in housemates will help you sort this really quickly but be aware of the tax implications. Taking in lodgers is not for everyone so you have to do what is right for you. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • alt80
    alt80 Posts: 4,204 Forumite
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    @Rainbowtrousers I have no advice really but I’m knocking on the door of 40 also always been in some kind of debt since 18. I’m in a profession which would potentially exclude me from practicing should I ever enter personal bankruptcy and I’m a company director. Currently got just under £40k credit cards, £120k car loans, a res mortgage and personal guarantees on investment property totally over 7 figures can’t stop spending though haha. You’re not alone and you head seems in a good place. 
  • alt80 said:
    @Rainbowtrousers I have no advice really but I’m knocking on the door of 40 also always been in some kind of debt since 18. I’m in a profession which would potentially exclude me from practicing should I ever enter personal bankruptcy and I’m a company director. Currently got just under £40k credit cards, £120k car loans, a res mortgage and personal guarantees on investment property totally over 7 figures can’t stop spending though haha. You’re not alone and you head seems in a good place. 
    Well let’s team up together and try to take it ? For me it’s been weird to even say no to things as I’ve never done that ... again that seems a bit crazy as ultimately I probably will enjoy things more ! 
  • alt80 said:
    @Rainbowtrousers I have no advice really but I’m knocking on the door of 40 also always been in some kind of debt since 18. I’m in a profession which would potentially exclude me from practicing should I ever enter personal bankruptcy and I’m a company director. Currently got just under £40k credit cards, £120k car loans, a res mortgage and personal guarantees on investment property totally over 7 figures can’t stop spending though haha. You’re not alone and you head seems in a good place. 
    Well let’s team up together and try to take it ? For me it’s been weird to even say no to things as I’ve never done that ... again that seems a bit crazy as ultimately I probably will enjoy things more ! 
    *tackle 
  • warby68
    warby68 Posts: 3,019 Forumite
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    Just to reiterate, an SoA is primarily for you but sharing is for genuine, experienced help and this usually comes from a variety of perspectives too. It is not for prying - if people wanted to pry it would be someone they know not anonymous forum posters.
    You don't have to be ultra frugal, finding the right balance for you is what its all about. 
    You can also keep an SoA private but ask for help on individual bits - whichever suits you.
    Hundreds of reasons for debt, hundreds of solutions, no 2 budgets the same - but the themes are VERY common.
    Just preparing an accurate one is an eye opener for most.
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