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To feel sick at the amount of debt I have gotten into

(8 Posts)
theautismdisciple Mon 17-Oct-16 12:04:18

Hi all please please don't flame me. I know I am stupid and I know this was all my own doing I am trying to dig myself out.

I have loans, catalogues, credit cards, rent arrears, and feel I am being swallowed whole by them.

My priority is rent and have emailed my housing officer with a Payment plan I am hoping like hell he accepts it

My husband is oblivious to rent debt but knows about others.

Just needed somewhere to vent. I am so so crap with money sad

SecretPeanut Mon 17-Oct-16 12:18:26

I think many of us have been in your situation at some point. Sorry to sound harsh, i wouldn't say its 'being crap with money' its a case of spending beyond your means

What is the situation? i.e how much do you owe, how many months in arrears are you with your credit cards, loans etc. Have the accounts been sent to a debt collection agency yet, have you even discussed your difficulties with the lender?

Your right the rent is priority. I'm assuming because your housing association the debts are all unsecured?

specialsubject Mon 17-Oct-16 13:44:12

You are not crap with money, you need to learn to budget and not to waste. You have taken the vital step by accepting the problem.

Now get help and tell your husband. You can get out of this mess.

Optimist3 Mon 17-Oct-16 13:50:43

Can you sell anything?

You probably need to change your attitude to spending. Live more frugally. Can you start by logging everything you buy.

Can you email a payment plan for the other debts?

There's lots of advice if you look around on line. You just need to take control.

Maybe talk this through with your partner soon when you have a way forward.

theautismdisciple Mon 17-Oct-16 13:56:59

Thank you all. I have Friday pm off work I am going to get up to date balances and arrange payment plans and set myself a budget.

pullingmyhairout1 Mon 17-Oct-16 14:00:27

Huge hugs from me, we can all get in this situation. Two months ago I had savings, lived in a mortgage free house and owned a nice car and bike. Now I have a cheap car, no bike and live in rented. I am also in debt now. Mainly because when I moved (long story but had no choice) my partners contract ended, he then wrote his car off and the insurance company are arguing the toss as to whether to pay out or not and to top it off I've just been told I might be made redundant in January.

Mum4Fergus Tue 18-Oct-16 11:24:38

Don't beat yourself up...similar to last poster, my financial situation has turned on its head in the past 12/18mths...some of it my doing, some of it not. Important thing is you have taken ownership of your situation...so well done you flowers

Agree rent is your absolute priority but also think you need to get your other half on board. Not an easy conversation but I think you need to be totally honest with him and work through it together.

Take Fri to do a full drains up budget...prioritise your debts by whatever means suits you (highest interest rate, lowest balance - whatever will give you a sense of achievement)...downgrade your needs where you can by switching providers etc, get rid of your wants (phones, TV packages), get right on top of your food budget...

I'm a month into my plan using the above approach-it's doable, you just need to take back control x

Shesgotelectricboobs Sat 22-Oct-16 17:17:01

Been there and feel your pain. But you can do this. You will come out the other side. It will be tough. But it's doable.

I did as you said you were doing and made a list and got every single thing down on paper. Once I knew how much I owed (scary) I was able to look at each one on its own and work out how to clear.

I left the interest free things until last and tackled the highest interest rate first and made the minimum payments on the others. Once the highest was gone I paid more on the next highest and minimum payments on the rest and repeat.

I still have my credit card but clear the balance each month.

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