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GreenGooner

Well, where do I start?

I have been in debt for my whole adult life, since I was accepted for my first store card at 18.  You would have thought I would have learnt by now how to manage but again, in the same month that all of my previous defaults have dropped off my credit file, I am about to default on all of my debts again.

I earn well but chronically overspend.  The time to change that is now.  I really don't want to be in this position again but I just can't manage the repayments any more.

I will be self managing, waiting for the defaults to be issued, and then setting up payment plans for my credit cards.  However, for some reason I am scared to do this for my personal loans. I don't know why, it just feels too... BIG.

I am working on my SOA but most importantly I need to work on myself, to get out of this cycle once and for all.

This is the beginning of the end.  It will be a long slog, but this time I am determined to break the habit.  Over £1000 per month goes to dept repayments, imagine how much I could have saved or all the nice holidays we could have had if I hadn't gotten into this mess.

So for now, it is payday, but I will not be paying my credit cards.  I will instead be using the money to build up an emergency fund.  I suspect it is too late to cancel the 2 DD's for my loans (totalling c.£620) but I always pay my cards manually.

I am scared, I am broken, but I am determined!

Debtfree2026

Hi GreenGooner - welcome!

You've probably had a read through the forum and see that there are some extremely knowledgeable and supportive people on here with oodles of great advice…..I don't count myself among them yet but I'm a supportive member, learning as I go along! I too spend £1000 a month servicing my debts and one thing I have mentioned more than once is that my biggest 'regret' - I could have been spending that money on my family etc. But in a more positive spin, I have never been so financially aware as I am now! And my eldest daughter is learning some really good budgeting habits now which I think is so important.

I'm at work so this is just a quick response to say hi, and assure you that many many of us understand where you are right now.

All the best!

GreenGooner

https://forums.moneysavingexpert.com/discussion/comment/81856179#Comment_81856179

Hi, thanks so much for the welcome. This isn't my first rodeo but I clearly didn't do things correctly so I am back.

I have scoured the forums for years on and off and there have been some amazing and inspiring stories. I take my hat off to anyone who has been/is being strong enough to get themselves out of this situation.

I see this as short term pain for long term gain. It's going to be messy, uncomfortable and scary, but the future will be calmer, brighter and more fulfilling once this is finally sorted.

Let's do this!

sammyjammy

When do the DDs for the loans come out?

GreenGooner

https://forums.moneysavingexpert.com/discussion/comment/81856489#Comment_81856489

Hi Sammy, one is tomorrow and the other is the 1st. Both with the same bank. I don't know why these ones scare me so much.

FootyFanDan

I just wanted to pop by and wish you luck, acknowledging that the current situation isn't sustainable is a step in the right direction.

GreenGooner

thanks Dan.

Having a big wobble this morning. I think it’s because today some of the minimum payments are due on the cards and I’m dreading the calls and emails once they’re missed.

But I don’t have any choice. I physically can’t pay them.

I do actually feel bad as I’d maintained a lot of them for years with no issues but then something would crop up and I’d end up borrowing more, until I got to this point and now it’s not sustainable.

I know logically this is the only thing I can do but it still stings when I feel I’ve worked so hard to keep afloat.

GreenGooner

Thought I’d add a little bit of info about me for context before I list my debts.

I’m a 39 year old married professional with a 7 year old son. We are have a mortgage and all priority bills are/and will remain, up to date.

My job is stressful and I think in part this has contributed to my reckless spending - as a reward at times, or a consolation..

I want to have a big declutter but life is so busy so I will need to try and make time for this so I can get selling as much as I can, and then throw any earnings at the debt once the interest is frozen and I can start making headway on it.

We are often out for the most of weekends with my sons clubs, which take up a lot of time (but are thankfully very low cost).

Just about to wake the beast and once I start work, I will try and list the figures.

Have a good day all!

SpireCaptain

https://forums.moneysavingexpert.com/discussion/comment/81857677#Comment_81857677

Here with you along for the journey to offer support. I'm 38 and in exactly the same situation. Debts have never had missed payments in over 18 years and yet next month is my end point where I can't rob Peter to pay Paul and still have money for priority debts.

Good luck. You're in the right place.