My introduction to my ten years of Debt.

Are_We_Doing_Ok_For_Money

I am a recovering gambling addict, and living my life outside my means for a few years, being oblivious to incomings and outgoings to an extent.
Over last ten years managed to rack up 69k debt on credit cards, loans, car, holiday, new kitchen etc etc.

I now have a DMP covering around 32k of the 69k debt. Which is a monthly payment of £250.
The other 37k I can clear in three years.
My income, along with strict budgeting and cutting out crap that i don't need, i can pay nearly £1000 per month off that 37k remaining debt.
The debt management plan is with Step Change, who i have found to be extremely helpful and understanding.

I do not pay any interest on anything at the moment. And i am focusing on the 37k debt before tackling and lumping off that 32k with the DMP.

So, in this situation, would you have chosen to go bankrupt and have that black listed against your name for 6 years (i think), or does my approach seem sensible?

I have gotten control of all this about 6 months ago, it has just taken me all that time to come on here and state where i am at. Even though i have been reading through this forum for all that time.

ps, when i say recovering gambling addict, it has been over 12 months since i was playing them foolish games, 12 months clean and won't ever go back.

Are_We_Doing_Ok_For_Money

just to add a little note here,
i have joined this forum to finally engage with people in similar situations, i have glenaed alot about discipline over the last few months by reading through this forum.
Be gentle, i know i have been irresponsible with my finances, and the kick up the backside was actually writing every debt down and seeing how i would tackle it. Aswel as admitting i had a problem in the first place, which was the biggest hurdle to overcome.

Martico

I couldn't read and run, just want to say well done on facing up to this, you've done so much already. I do have experience of bringing down CC debt, but not of DMPs. 
So keep on going, I'm sure others will be along with words of wisdom and support

EssexHebridean

Congratulations on making a start on dealing with your issues - but mostly for facing up to the causes and taking steps to turn things around. We have a policy of "no judgement" on this board - while you may see people being critical of choices, this should always be done constructively not judgementally!

Can I ask why you didn't just do the DMP for the full amount of your debt? And I assume that all your debt has defaulted judging by the fact that you say you are paying no interest? 

enthusiasticsaver

Going bankrupt may not have been an option if you own a house or your job would have been affected.  

I wonder why you only put £32k on the DMP and not the remaining £37k? Are you paying interest on it?

If you had £69k on a dmp and could afford £1250 per month it would be gone in just over 4 years. 

Are_We_Doing_Ok_For_Money

Hey all, thanks for your replies.
Just to answer some of them...
Yes thanks ethusiasticsaver, you're completely right, going bankrupt would have screwed my house and job up wouldn't it? Which confirms why i am happy to go down the DMP route.

Ok so the other £37k is a mixture of mine and my wife's debt in our joint names. Which is a couple of bank loans and a the remaining balance of a new kitchen fitted. The interest already been added on to these things. (what i plan to do is save to clear off these loan settlement figures) I didn't want to bring the wife's name into the DMP. Also i kind of like the idea of tackling that £37k first whilst the DMP is in motion. It kind of breaks it down in half for me to tackle.  

And i'll be honest, my initial target of paying off £1000 per month is hopeful. At the moment it is around £700 per month, but i have more income lined up with working on the side, plus i havn't yet factored in the overtime in my main job.

Ok two quick questions, 
1, can i get this thread moved to the debt free diary section, so i can use this as a diary for myself to mark my progress.
2, also, how do i get one of the signature things at the bottom??? kinda want to put my debt figures down there like others have done,

 Thanks

Martico

I've "reported" the thread to ask for it to be moved to debt free diaries.
You may have too few posts at the moment to do this yourself, or have a sig. Those will come

Rob5342

You can set a signature in your profile settings, if the option is not there now it should come as you post more. Personally I think signatures make the forums look very messy.

MSE_ForumTeam5

Moved to the diaries area

Are_We_Doing_Ok_For_Money

Just to start my debt free diary with my debt figure, because it wont let me add a signature just yet.

Debt - £37876
DMP - £31797
Total - £69673

shell16

Well done on taking this brave step and congratulations on being 'gamble' free for the last 12 months, this is something you need to be proud of!

Diaries are a fantastic source of inspiration and motivation and help to keep your self accountable and also something to look back on when you are perhaps not having a great time.  Check on your progress when this happens and dust yourself off and start again.  You will get there I promise you!  If you have the determination and grit to succeed.

Good luck to you, I will be following.

Shell x