I've got so much debt and I don't know how to sort it!
Discussion
Hi,
Ever since I've been old enough to get a loan/credit card etc I've been in debt. Usually borrowing money to buy cars and bikes and just general crap! About 2 years ago I managed to get the debt level down to about £6-7k which was perfectly manageable and I was well on my way to getting it paid off. However because I'm stupid I got another 2 credit cards and managed to max them both out on crap again! This took me up to over £20k in debt
Not long after this me and my G/f split up and I had to move back in with my Mum. This also meant not living with my Daughter anymore which was difficult.
Move on a couple more months and I was missing payments every month. Work had stopped opening Saturdays so the bit of extra money I'd been earning was gone. It got to the point where I was getting constant letters from credit card and loan companies asking for the missed payments.
I started to panic and ended up setting up a debt management plan to take the pressure off. It worked and things got a bit easier. I still didn't have any money by the end of each month but at least the companies were getting there money back (very) slowly but surely. That was a year ago and in that time I've got myself a new, better paid job. I've managed to cut down what I spend each month and I want to get the debt paid off ASAP and start saving a house deposit.
Ideally what I wanted to do was get a loan for the total balance owed and try to pay it off over about 18 months, which realistically is the quickest it's going to happen. Unfortunately because my credit score is now zero nobody will even consider me for a loan It's put me on a real downer as I don't really know what to do. I can't afford to pay each debt off in the same time period as the additional pavements for each debt would reduce the lump sum every month.
Has anyone else been faced with this and what did they do? I don't want to hear how stupid it all is and that I shouldn't of borrowed the money in the first place. I know that now and I'm trying to sort it out. So any help or advice would be greatly appreciated!
Thanks,
Samfromsurrey
Ever since I've been old enough to get a loan/credit card etc I've been in debt. Usually borrowing money to buy cars and bikes and just general crap! About 2 years ago I managed to get the debt level down to about £6-7k which was perfectly manageable and I was well on my way to getting it paid off. However because I'm stupid I got another 2 credit cards and managed to max them both out on crap again! This took me up to over £20k in debt
Not long after this me and my G/f split up and I had to move back in with my Mum. This also meant not living with my Daughter anymore which was difficult. Move on a couple more months and I was missing payments every month. Work had stopped opening Saturdays so the bit of extra money I'd been earning was gone. It got to the point where I was getting constant letters from credit card and loan companies asking for the missed payments.
I started to panic and ended up setting up a debt management plan to take the pressure off. It worked and things got a bit easier. I still didn't have any money by the end of each month but at least the companies were getting there money back (very) slowly but surely. That was a year ago and in that time I've got myself a new, better paid job. I've managed to cut down what I spend each month and I want to get the debt paid off ASAP and start saving a house deposit.
Ideally what I wanted to do was get a loan for the total balance owed and try to pay it off over about 18 months, which realistically is the quickest it's going to happen. Unfortunately because my credit score is now zero nobody will even consider me for a loan
It's put me on a real downer as I don't really know what to do. I can't afford to pay each debt off in the same time period as the additional pavements for each debt would reduce the lump sum every month. Has anyone else been faced with this and what did they do? I don't want to hear how stupid it all is and that I shouldn't of borrowed the money in the first place. I know that now and I'm trying to sort it out. So any help or advice would be greatly appreciated!
Thanks,
Samfromsurrey
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