I’m in so much debt.. anyone been here before?

[countrybumpkinlumpkin]

I moved out when I was 20 & had nothing. I’ve always had a good work ethic & I’ve had a part time job from when I was 12 up until I started full time at 18. I’m now 34. Broken home life, no pocket money, nothing ever given to me, fine, appreciate I’m not the only one. Anyway I always paid everything myself. Own bill, car, rent. Just trying to live I got myself in to debt. I also made a few stupid decisions along the way for dopamine hits essentially. I tallied up my debts & I owe nearly 40 grand.. on what? Fuck all that’s what. Now I’m paying it back, with a loan on a good low interest rate & 2 0% credit cards. But I just feel so shit about myself. I earn £1500 a month but the repayments are around £600 all in, plus rent & other bills, I’m not left with much. It’s all my fault, I can’t blame anyone else, I’m just looking for anyone that may have been through it to hopefully say there’s light at the end of the debt ridden tunnel?!

Come on, £600 a month just on debt out of a £1500 salary may not be sustainable for another 5 years. Op may have other costs in that time. And the debt management services may also be able to provide advice on budgeting better.

Op how does your DH fit into all this?

You can sort it. This was your first step towards it so well done. Contact Stepchange for support:

www.stepchange.org/debt-info/debt-consolidation.aspx

I recommend watching some Dave Ramsey videos on you tube. In particular the 6 baby steps. A bit Americanised but definitely changed my finances.

Easier said than done but isn’t the answer to get a third job or drop the vinted stuff to do a more lucrative second job?

I get the feeling some posters are shying away from this. But what else can meaningfully and substantially get down that debt of almost £40k?

As others say get advice.

Stepchange or National Debtline would be good shouts. Both are charities and will give good impartial advice. Websites are a good start point.

Be careful searching the web for debt advice. There are a lot of charlatans out there who are more interested in themselves than their clients. .

Definitely get advice - I racked up almost £20k of debt and have just cleared it off. Debt free for the first time in my adult life at 45. I had a debt arrangement scheme where the interest was frozen on all that I owed, debts consolidated, and I paid back what I could afford over 3 years.

Credit score will be buggered for a couple of years but I don’t plan on getting any credit and it’s starting to rise already.

You can do this OP. Do you know how long until it’s all paid off? Could you look to increase your hours in the next year or 2 (so not immediate if things are working for you) and any extra you make straight on the debts? It’s miserable, I’ve been there, but you CAN do this.

I’m another one that got zero help in life as parents haven’t got anything and they’re also terrible with money and never taught my sibling and I any good money habits. I racked up £15,000 in my early-late 20’s on just living and general shit. People that have hand outs from financially stable and savvy parents often also get good money habits/ advice from them growing up also, so often, they’re doubly lucky as they’re already in a good financial position before any monetary help.

It’s crap for people like us, but I did it and so can you! Wishing you lots of luck!

Yeah this isn't a realistic one to follow. I suspect they are pretty well off. Also they are talking about saving £45k in a year. There are more realistic accounts to follow.

I had £10k and was really struggling, I went to Pay Plan, (Step Change) is a similar service to. They reduced my payments, stopped the interest and I've paid it all off and I'm debt free now.

Honestly, the relief knowing only one payment a month was going out and everyone was getting paid was massive. No more late payments, no more letters.

Give them a call and see what they say.

Does DH know about the debt?

And is it truly all your debt, none of it family debt?

Even if it is just your debt I still think he should be contributing towards repayment, to make up for you being part time.

Following.

We are also £40k in debt. I'm looking at a second job, but that is not going to clear £40k any time soon. We have to remortgage in a few years time, we need a good credit score for that. So no option for using a debt company/process to clear it. We are both taxed at 40%, so I need to work a hell of a lot of hours on a second job, to bring home anything decent wage wise.

Dh not on board, burying his head in the sands, refusing to cut back or go without. 1 year of severely cutting back could make a huge dent in the debt .. but he won't do it. Its joint debt

If you’re both 40% tax payers then you must earn a decent amount between you which will help. Maybe post a thread on here with your budget? When you earn a lot often strict budgeting is more effective than trying to earn more, because as you say the extra earnings don’t amount to enough net to make it worth it.

My youngest got in a real pickle in her early 20s, encouraged by Very, and credit card offers, and despite all attempts from me to warn her. She racked up £40k in debts and was only ever making minimum payments (and missing some). Not until she had a serious boyfriend who wanted to buy a house did she address it. StepChange were fantastic, a DMP did exactly what she needed. Ten years on, her past record is now wiped clean and they have a joint mortgage. She’s will never again be seduced by credit offers.

Take a deep breath and contact StepChange.

Promotion for me would sort us right out. But, that may never happen and is a very very long shot if it ever happens at all. We have around £3.5k a month after mortgage and bills and minimum repayments - for food and petrol, general living and going out We could throw loads at the debt ... BUT other financial constraints (DH related, not debt) mean we spend around £2k of this on these other things (outting, so can't comment further) . A second job would see me bring home around £400 net a month. That is not going to even touch the debt
I have a goal to pay off 2 cards and a loan by the end of the year ..around half the debt. Its a HUGE ask

Yes. Been there and done it too - to the extent of bankruptcy. Now, I’m 56, debt and mortgage free, and have retired early with a healthy retirement fund. It’s doable. It’s not easy, but it’s doable.

To add.. we could cut gas & elec bill a month by turning off heating and wearing layers .. DH won't do it.

We could cut all takeaways .. DH will do that

Live off cheap food....DH won't do it. We eat like Kings. He does the shopping and cooking and refuses to cut back and eat cheap (christ knows I do everything else). I would see it as a challenge.. omelettes, meat-free nights, yellow labels etc. We currently have fresh meat/ meals most days

A years challenge of all the above. Drinks at home/friends over, minimal nights out out..It would be boring at times but only for one year to see how much we could pay off the debt.

We have nothing to sell to help us out. Selling a few things on Vinted is not going to cut it