-
U.K. Peeps and debt
Hi everyone,
i dont one know if anyone has any advice and I know I will need to speak to a debt charity. But I still would really like any input anyone can offer.
Ok so I am at the end of my teather with debt. I have a lot, I would say just under£20,000, I'm in the process of setting up as a cam model to earn a bigger wage alongside my vanilla job which I will be keeping. I earn currently 16k for which is graduate management work and I can't see wages increasing any time soon but the cost of living is just getting expensive.
I dont drive, I can't try and get a new passport to get work without going via any agency, which means low wages, I'm veggie (by choice I will add) and I live in a very bare home as cannot afford furniture. Oh and I have finally managed to get my single persons discount on the council tax which I have been fighting for since October 2014!
I dread coming home from work to find letter on the doorstep. Does anyone have any advice or info on how they have got out of debt. I'm more then prepared to work all hours under the sun but I still want my own business and I know it will take time but I have reached breaking point now. Thoughts please
-
Re: U.K. Peeps and debt
First, budget. Here is a tool that I like for making a budget: http://www.kiplinger.com/tool/spendi...t-for-today-a/
Second, track your spending for a few months and compare it against your budget, every month. There are some online programs, but columnar paper and a pencil works just as well.
Third, pay all your regular bills on time. I.e. rent, utilities, phone.
Fourth, gather up all your outstanding debts and list them. Pay the minimum on each, every month and pay a little extra on the smallest debt every month. That way, you pay off something fairly quickly and get some success and positive reinforcement.
After your smallest debt is paid in full, take that old minimum plus whatever extra you were paying on it and add to the minimum of the next smallest debt and pay that off.
Continue until done.
Good luck and XOXO
Z
-
Re: U.K. Peeps and debt
Ho zofia,
Thanks for the reply. I have spoken to stepchange the debt charity and i have two options either pay £1 each month to each creditor or file for bankruptcy. Just waiting for the paperwork to come in the post to find out why i dont qualify for any other options. Just in the process of changing banks from santander to lloyds. Can now only get a basic account although i do need to get hold of my credit report so i can check for anything that shouldnt be on there. Also waiting to here if i will be promoted in my vanilla job and if so then that will be a little extra income thank goodness.