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Finally done it and will be clear in 5yrs
wanttobethrifty
Posts: 23 Forumite
After struggling for the past year, robbing one to pay another, i have finally taken the plunge and contacted STEPCHANGE. I have been in aprox 19k in debt for the past few years, and basically burying my head in the sand. Things eventually came to a head when i got paid last month, and after ALL bills (except food and petrol) and debt payments (minimums), i was left with £2.49. Now i am about to start a DMP and will have cleared everything in just over 5yrs. It's going to be a long journey, and a difficult one, but my mental health already has taken a turn for the better. Stepchange are so easy to deal with, and very understanding, helping me go through everything, and sorting everything out. Just have to send the completed forms in the post today, and the journey begins. I have already opened a new bank account, and when i get paid this month (15th), i can put £760 away as a start to an emergency fund, which would have been used on debt repayments. Just reading the success stories on here have given me the positive outlook that i CAN and WILL do this. THANK YOU STEPCHANGE
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Comments
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Good luck! I'm in the position where I've buried my head and used credit because I had it. Now I'm in s***! But after reading posts here, I'm determined to get sorted. I will be contacting Step Change tonight after work and getting my finances under control for the first time (only 24)!0
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Good luck! I was in 42k debt when I contacted Stepchange. They were brilliant and I should be debt free by August next year after 5 years on the plan.
It will be a difficult journey for you, but certainly manageable, and you'll look back thinking why did you ever spend money on stupid things that you didn't need!0 -
Well done
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.
One debt remaining. Home improvement loan. 21 months left.0 -
Hi
If you want inspiration the read the opening post in "Eleven years a slave" even though I am no longer in debt I still got something from the post (facing a problem which the teaspoon analogy fits)Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
Well done on taking step 1.
I understand how you’ve been feeling - it took me about a year from the idea of a DMP being put to me, to me actually being in one. I thought it was admitting failure, I thought if I struggled on it would all come good at some point, I thought my creditors would shout at me and I thought that all my friends and family would know I was on a DMP and would think less of me.
None of that happened.
What actually happened was that the letters and phone calls stopped.
What actually happened was that I made one payment to SC on pay day, and then I didn’t have to worry about where was I going to get £x from by the 15th of the month to pay the minimum payment for this card and will there be space in my overdraft by the 28th so that I can pay the minimum payment on that card by the 30th etc etc etc. I do not miss the sleepless nights while all that ran round my head!!
I was clearing out a load of old papers at the weekend actually, and I found my old notebook where I had listed all my debts and how I was juggling payments. At July 2013 my debt stood at £39,000. Crikey
I’m happy to report that the last of it is going to be paid off on 31 July 2018.
Woopeeee!Nearly debt free0 -
Hi
It's lovely coming across posts like this, it’s great to hear that you’ve taken your first steps to dealing with the problem debt head on and are now on your way to becoming debt free.
If you need any further support then StepChange are only a phone call or email away.
Take care,
Rachael0 -
Good luck, this will be the best decision you have ever made....keep posting on here, and go over to the challenges page, there are some great things on there!0
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Good for you, and any others just starting out. Whilst 5 years might sound like a long time, you'll find in DMP land time flies Once everything is set up the calls will stop and letters will eventually die down to the odd annual statement or two. You'll then settle into your DMP stride and will find that you no longer really think too much about it, beyond the annual review. You get your life back, no more sleepless nights, no more 'robbing Peter to pay Paul' and seeing as you've managed to delay the start - you can put together a nice emergency fund.
Good luck.0 -
Good luck on your journey, best thing I ever did without a doubt, on the final stretch of mine, cannot wait to be debt free.LBM April 2012, started Dmp with Stepchange June 2012 £47k:eek: Proud to finally be dealing with our debts:)
Nov 18 3 more payments to DFD
Dec 18 2 more payments to DFD
Jan 19 1 more payment to DFD
Feb 19 Last Payment now debt free0 -
Hi wanttobethrifty
Congrats on having your lightbulb moment. I'm pleased to hear you are feeling confident about the journey ahead and I'm sure it will be great motivation to see what you owe start to come down.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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