When you owe more than your annual net salary

Today I cried, so many, many times. The fabulous lady at Step Change, the lovely man at Step Change, the lovely man at Halifax, Barclaycard, Aqua, I cried because they were all so kind. So fabulously lovely and I never expected them to be nice

I cried because it will take me 6yrs and 3 months to clear my debt on a DMP. I will be 48 and 11 months old when I am finally debt free. By that date I will have spent 30 years in debt. I have sacrificed so much due to the debt I owed...I've given up the chance to have more kids, to fall in love, to buy a house...If only I had been brave enough to go on a DMP 10 years ago I might have had a chance to have all of the above now.

So I intend to feel sorry for myself all night, to cry a bit more. Then tomorrow I will get up, put on my fabulous face and kick the world into touch.

I have no-one to blame for this but myself. Its all my doing. I earn a really good salary and if I wasn't in so much debt I could afford nice clothes, a new car (paid for) and a home. Thats what makes this all the more heartbreaking.

I owe the grand sum of £38k and some loose change. Thats slightly more than my net annual salary.

I have £7.50 in my sealed pot.

I intend to join the 1% challenge, now that there is a plan of attack for the debt

I need to build up an emergency fund - which I think will be the 1% challenge

I will also bore you all with my diary.

Day 1 is nearly done xx
£38,000 and change to £0
«13456723

Comments

  • Best of luck :) xx
    Just trying to make up for past mistakes and work towards the future I want :hello:
  • pidge04
    pidge04 Posts: 792
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    I shed a tear when I read this.
    It really resonated with me.
    It feels awful now but you are on the right path. In 6 years time, you will be free. I wish you well! Will be following.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • UncannyScot
    UncannyScot Posts: 2,070
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    Hi and welcome :D

    The difficult first steps have been taken. You have a plan of sorts and you are tackling it.
    We are all here to help each other get through this and to share the journey.

    I've been here a year now and can honestly say I haven't met a friendlier more supportive bunch on the net yet.

    Any advice or info that you need just post up and someone will pop on to help ( we are very nice that way ;) ).

    So, settle yourself in, visit folks diaries, read, post and join in this wonderful community of Debt Free Wannabes. :D
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
  • First-time poster here. You will not be alone on this journey. You have an army of friends here to support you and spur you on. Best of luck!
  • fay66
    fay66 Posts: 744
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    Its a hard journey , I have been bancrupt and life is so hard, not much money left after our pay day, I cant afford a holiday or clothes without a credit card, and now paying mine off, and scrimping on food shopping. etc
    Good luck :) Im 52
    Debt £10k , HMRC £3K old debt £4k Jan 2021
    Had biatric surgery was 135k 2016 now 97kilo 22.1.20 up to 106 kilo 12.1.21
    Travel plans New York 2021 New year cancelled due to covid
  • Seasidegal58
    Seasidegal58 Posts: 5,677
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    I wish you the very best of luck for your debt free journey and have subscribed.

    My debt at its highest was £33,000 and I was 58 when I finally had my lightbulb moment after years of debt yo-yoing. The fact that I was hurtling towards retirement woke me up and I was debt free finally at 61 after some ups and downs. So you still have time to make a difference!

    You have a positive in that you have a good salary which will be a great plus in reducing your debt. As UncannyScot writes, there are lots of people on this board who will give you good guidance and cheer you on your way.

    You are on the right step in aiming for an emergency fund - this can make all the difference in the world when those awful emergencies happen like the broken car or washing machine!

    I look forward to reading your diary Lexie.
    Finally Debt Free! - July 2016 🌟
    Finished Emergency Fund- £10,000 April 2017
    🌟
    RETIRED: MAY 2021!!!!😀🎆
    My diary: “Seasidegal's Scrimpy Retirement Diary!”
  • beanielou
    beanielou Posts: 89,816
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    Happy shiny new diary :)
    Wishing you well on your journey.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post 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 & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Sunnysam72
    Sunnysam72 Posts: 22 Forumite
    Hi, I'm about the same amount in debt, it's grown over the past 20years. My salary has dropped by half, I used to be on a great salary, but chose time over stress and ironically now have more stress to do with money! Keep to your plan, the 6 years will pass in he blink of an eye. I'm looking at 10years to being totally debt free - unless we sell our house then it'll be sooner! Loads of folk on here are so super supportive and there's tons of info to help you.
  • brizzlegirl
    brizzlegirl Posts: 1,260
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    Youve posted in the right place! Welcome to the DFW boards. Here to support and help you on your journey.

    Have a good day
  • I hope you're feeling better today :) the sun is shining here, I'll send you some sunshine wherever you are in the country.

    I'm sure you have a super plan with stepchange, but with 6 years and 3 mo this I recon along the way you will have the opportunity to save or make a little money along the way and shave that end date down. Even cutting off days will help you keep going :) perhaps create an emergency fund and then once you hit your target and money saved over can go to the debt or saved towards slicing off a month near the end x
    19/12/14: Spent 10 years of savings!!
    :heart2: ..... to buy my first home. :heart2:
    11K OP 31.03.19

    Current goal: €151,000 deposit Ireland and counting, to buy Spring 2022 we hope!
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