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    • DentInTheDebt
    • By DentInTheDebt 13th Feb 18, 9:24 AM
    • 2Posts
    • 2Thanks
    Took the first step.
    • #1
    • 13th Feb 18, 9:24 AM
    Took the first step. 13th Feb 18 at 9:24 AM
    Today I took some steps forward.

    1) I admitted my finances are out of control - I owe £25,327 in unsecured debt.

    2) I talked about it with my family.

    3) I gave notice on my property and agreed to move in with my parents, at the age of 35, to focus on paying off my debts.

    With a good income £42K pa and minimal outgoings (thanks to my parents letting me stay rent and utility free) I should be debt free within 18 months.

    Iíve never asked my parents to borrow a single penny my whole life so I feel uncomfortable taking advantage of them by ďspongingĒ off them by living rent free, but they insist itís the right thing to do. It probably is, but today has been a little overwhelming and itís only 9:20am.

    Here goes!
Page 1
    • Purplemumof2
    • By Purplemumof2 13th Feb 18, 9:33 AM
    • 6,003 Posts
    • 21,928 Thanks
    • #2
    • 13th Feb 18, 9:33 AM
    • #2
    • 13th Feb 18, 9:33 AM
    Good luck on your journey x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6500.00 Cap 1: £437.20 BC: £6747.97
    AFD xxx LTW 3/16
    POAMAYC 2018 #041 PD £3790.84/£7000
    Savings for Christmas £131.00/£365
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • Cumbria lass
    • By Cumbria lass 13th Feb 18, 9:33 AM
    • 1,667 Posts
    • 9,791 Thanks
    Cumbria lass
    • #3
    • 13th Feb 18, 9:33 AM
    • #3
    • 13th Feb 18, 9:33 AM
    Good luck with it all.

    Maybe you can treat your parents from time to time whilst staying with them . All in budget of course .
    CC1 £3655 April 2018.
    • Onebrokelady
    • By Onebrokelady 13th Feb 18, 9:36 AM
    • 341 Posts
    • 933 Thanks
    • #4
    • 13th Feb 18, 9:36 AM
    • #4
    • 13th Feb 18, 9:36 AM
    Good luck,you have taken that first step and its lovely that your family are on board to help you out at this time,Im sure they know how much you appreciate their being able to help you, well done in telling them and getting help
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • DentInTheDebt
    • By DentInTheDebt 14th Feb 18, 1:27 PM
    • 2 Posts
    • 2 Thanks
    • #5
    • 14th Feb 18, 1:27 PM
    • #5
    • 14th Feb 18, 1:27 PM
    Thanks all. It really is a relief starting to deal with this problem in a more proactive way. I feel like Iím taking control and responsibility.

    It's been a busy 24 hours. I've given notice to the landlord, started changing addresses, deleting direct debits, cutting up all credit cards and I've even drawn together a 12 month budget - with forecasted "final payment" dates too for what I can realistically pay off this year.

    I've decided to pay my overdraft down first - all though it's interest free, I owe £2.2k, I clear it each month bunny pay day Iím back in the same position, this one is important to me as after a bit of reflection I've accepted that I avoid logging into my internet banking as I don't like looking at this number - this 'bury my head in the sand' attitude has most definitely added to my issues - I used to look every day what was in my account, but have been afraid to. From a personal perspective clearing this would be a psychological win.

    After the overdraft Iím going to clear my credit card with a balance of £1.9k Ė Iíve moved this to a 0% deal for 6 months and closed the old account.

    I then have 3 personal loans, £3.4k, £5.8k and £9.2k which I will overpay in ascending order. As I pay off each account I can snowball the repayments and should be debt free by September 2019.

    Here goes!!
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