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  • FIRST POST
    crisis management
    Lightbulb moment
    • #1
    • 28th Nov 05, 8:28 PM
    Lightbulb moment 28th Nov 05 at 8:28 PM
    Guys

    I'm new to this and to be honest I'm embarrassed to start posting. I've spent the last 10 yrs getting deeper and deeper in debt, and I reckon I owe about 140,000 at present. I can still meet the minimum payments, but after reading your posts I've now realised I have to deal with the situation, and right now. I've listed my debts, and prepared a budget which I've managed to stick to for a month (about a third of my usual spending). It'll take me years to get out of this, but I want to thank you for helping me get started.
    Hopefully by posting here it'll help my resolve (my face is burning as I type!).

    Thanks again

    Crisis
    Last edited by MSE Andrea; 29-11-2005 at 3:54 PM.
Page 1
  • grumpyoldgit
    • #2
    • 28th Nov 05, 8:32 PM
    • #2
    • 28th Nov 05, 8:32 PM
    Go for it mate

    Good Luck
    K eep
    I t
    S imple
    S tupid!!
    • Bathsheba
    • By Bathsheba 28th Nov 05, 8:34 PM
    • 144 Posts
    • 81 Thanks
    Bathsheba
    • #3
    • 28th Nov 05, 8:34 PM
    • #3
    • 28th Nov 05, 8:34 PM
    You've taken the first mega-step in "coming out", Crisis. I take my hat off to you. Well done - I'm sure you will find much inspiration here over the months and years to come.
    • elona
    • By elona 28th Nov 05, 8:34 PM
    • 11,038 Posts
    • 62,422 Thanks
    elona
    • #4
    • 28th Nov 05, 8:34 PM
    • #4
    • 28th Nov 05, 8:34 PM
    There is nothing to be embarassed about - you have realised there is a problem and you have made a plan to solve it and have started to do so.

    You should be really pleased at how well you have done in a short time.

    Have you read the money diet and the advice to pay off the highest interest debts first if you can?
    "This site is addictive!"
    Wooligan 2 squares for smoky - 3 squares for HTA
    Preemie hats - 2.
  • Willsnarf1983
    • #5
    • 28th Nov 05, 8:34 PM
    • #5
    • 28th Nov 05, 8:34 PM
    Guys

    I'm new to this and to be honest I'm embarrassed to start posting. I've spent the last 10 yrs getting deeper and deeper in debt, and I reckon I owe about 140,000 at present. I can still meet the minimum payments, but after reading your posts I've now realised I have to deal with the situation, and right now. I've listed my debts, and prepared a budget which I've managed to stick to for a month (about a third of my usual spending). It'll take me years to get out of this, but I want to thank you for helping me get started.
    Hopefully by posting here it'll help my resolve (my face is burning as I type!).

    Thanks again

    Crisis
    by crisis management

    Welcome bud, if u want to see if people can help u cut it down that little bit more i wud suggest that u post ur outgoings on here as well as ur income. Also look at trying to flog what u can on ebay, 140k is a shed load of debt to be in and u prob need to talk to someone bout it if not just to stir u crazy!!!

    mine is only a tiny debt comapred to urs but i am sure that the great people on here that have been in a more comparable position like urs will come along and help out!


    Will
    SShhhhhhhhhhhhhhhhhhhhhhh
    • Magentasue
    • By Magentasue 28th Nov 05, 8:35 PM
    • 4,201 Posts
    • 2,671 Thanks
    Magentasue
    • #6
    • 28th Nov 05, 8:35 PM
    • #6
    • 28th Nov 05, 8:35 PM
    Well that's the hardest part over!
    • bazzaang
    • By bazzaang 28th Nov 05, 8:39 PM
    • 159 Posts
    • 56 Thanks
    bazzaang
    • #7
    • 28th Nov 05, 8:39 PM
    • #7
    • 28th Nov 05, 8:39 PM
    best of luck mate i have just recently had my light bulb moment but there is plenty of great people to support you

    Lots of great advice to be had as well

    Good luck mate
    Only when the last tree has died,the last river has been poisoned,and the last fish has been caught,
    will we realise that we cannot eat money.
  • southernscouser
    • #8
    • 28th Nov 05, 8:40 PM
    • #8
    • 28th Nov 05, 8:40 PM
    Hi Crisis,

    If you want to post a SOA on here we will all be willing to throw our thoughts towards helping. There maybe something you missed, haven't considered!

    Take a look at this thread and post back here.

    http://forums.moneysavingexpert.com/showthread.html?t=107280

    And I know how you feel. When I first posted my debts I to felt embarrased, ashamed, stupid, but you are not the first and unfortunately you won't be the last.
  • crisis management
    • #9
    • 28th Nov 05, 8:41 PM
    • #9
    • 28th Nov 05, 8:41 PM
    Thanks folks; I have read the bit about paying off the highest interest bits first, and I'll try to do that. Unfortunately I don't think I would be accepted for any 0% cards, and I don't want to further damage my credit rating by applying.

    Crisis
  • southernscouser
    Don't know if you've seen it before mate but this calculator is excellent.

    http://www.whatsthecost.co.uk/snowball.aspx
  • tee pee
    how very brave of you to go online and make that statement. You should be so proud of yourself. With all that debt though maybe you should have a clear out, get some of it on Loot. I have sold loads of stuff on there. Or maybe do a car boot.
  • Old iron balls
    Pat yourself on the back, you have taken your fist steps - congrats and good luck !
    Debt at highest 16k+
    Debt at lightbulb moment 14,800
    Current debt 6336
    Cleared 4206 in November 05 How ? Bye Bye PPI
    • Marisan
    • By Marisan 7th Dec 05, 6:26 AM
    • 96 Posts
    • 62 Thanks
    Marisan
    Hi,

    Don't be embarrassed..we're all in the same boat.You've taken the first step so good luck to you.I had my lightbulb moment a couple of years ago,and things are better although I've still a way to go (currently owe 17,000 - estimated Debt Free Day June 2008)
  • pollypocket
    Welcome Crisis,

    I have been getting MSE emails for well over a year but just recently started posting(just over a week)

    In that time I have been getting a list together of everything re my debt - amount owing, APRs, credit limits, insurances etc. Due to doing this I have realised that I had a 10,000 credit limit on one of my cards(cut up ages ago thankfully otherwise would prob have used til knocked back!) - been in touch with Natwest and got lowered to 2,000

    Done this with other cards and got another 3,000 lower (been knocked back on several cards recently so shaving off 11,000 in what I could access theoretically may help when applying in the future. )

    Just off to Natwest to try and cancel the insurance on a loan (paying over 5,000 in insurance alone on a 21,000 loan.)

    Sorted a list of cards to be prioritised in the New Year - highest APR first.

    As i said earlier only been on here a week and I feel 150% better than I did re debts - Ive even talked it through with my partner which has helped enormously!(even though they cant help due to bebts themselves.)

    Crisis - you will get there - the people who post on here are brilliant and I cannot thank them enough!!Good luck mate!!!!!

    Polly
    "Washing ones hands of the conflict between the powerful and the powerless is to side with the powerful not to be neutral."
  • deputydawg
    Was fed up with being in debt for past decade & having no money so decided to sell my house & buy smaller property. Also done lots of bootsales & sold on ebay to get debt free. Whatever you can do to help yourself will make you feel better. Good luck!
    • James240
    • By James240 7th Dec 05, 2:58 PM
    • 15,616 Posts
    • 9,739 Thanks
    James240
    totally agree with everyone on here mate, well done for taking the time to post on here, i had my Lightbulb moment too and have managed to get quite a bit of my loan down in this year......First was to cancel the insurance on the loan and then to start over-paying on it......

    My inspiration on here is a user called Ms_London she helped me work out bits and pieces at the begining of the year and what direction i should be heading in, you will find that she is an inspiration to alot of people on here.

    As every one has said try and do boot sales, flog stuff on Ebay as everylittle bit of money u can make will help u come that one step closer to being Debt-free which is the holy grail for everyone on this board.........good luck mate we will all be routing for u to get there
    Matched Betting Winnings: ?????.?? Officially Debt Free!!! Official DFW Nerd 007 Ah Ha! There you are Ms 240
    • MSE Martin
    • By MSE Martin 8th Dec 05, 1:03 AM
    • 8,111 Posts
    • 42,248 Thanks
    MSE Martin
    crisis, please ensure you read my Credit Card Shuffle article. Remember it isn't about applying for new cards its about better using your existing ones. Also you say you think you'll be rejected - and if you are - what happens? You're no worse off i suggest an application for the amex life of balance card is worth a try (see my Balance transfers articles) if you get it then do it in conjunction with the full four step shuffle, if not just do the four steps

    best of luck

    welcome on board

    martin
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • pollypocket
    Hope you are feelin a little bit better than you were.
    Just thought I would let you know that I went Natwest and cancelled insurance on my loan - managed to save 5,000 - thought it would be a nightmare but sorted in minutes!
    "Washing ones hands of the conflict between the powerful and the powerless is to side with the powerful not to be neutral."
  • jamescredmond
    laddie
    Guys

    I'm new to this and to be honest I'm embarrassed to start posting. I've spent the last 10 yrs getting deeper and deeper in debt, and I reckon I owe about 140,000 at present. I can still meet the minimum payments, but after reading your posts I've now realised I have to deal with the situation, and right now. I've listed my debts, and prepared a budget which I've managed to stick to for a month (about a third of my usual spending). It'll take me years to get out of this, but I want to thank you for helping me get started.
    Hopefully by posting here it'll help my resolve (my face is burning as I type!).

    Thanks again

    Crisis
    by crisis management
    you'd be in even bigger trouble if you hadn't faced up to the problem. I'm not going to do the lecture bit about 'seeking professional advice' - you already know the score; just keep yourself logged on to this site. I've been a member for less than 6 weeks and Martin has already saved me 230 big ones!!
    As for 'embarrassed' - don't be!! the great thing about this site is it guides you to debt reduction at the same time as it gives you the chance to put the boot into the b***ards who lured you into debt in the first place.

    best of luck, mate.
    • bham-dave
    • By bham-dave 8th Dec 05, 6:56 PM
    • 1,345 Posts
    • 5,560 Thanks
    bham-dave
    Hi Crisis

    You've certainly found the right place to start sorting the debt out - post it up as soon as you're ready and you should gets loads of help.

    Fully understand if you're not yet ready to discuss it, but does your 140k include your mortgage, as most people usually just list their debts excluding their mortgage. (Although of course you'll get lots of help towards mortgage debts if that's applicable to you.) Will all help gauge the exact situation you're in.

    Best wishes
    Dave
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