Debt knell

mud

Not sure if this is the right place to post this but: is anyone else here in serious debt? I'm currently smothered by it, I was wondering if anyone has any advice? I can't get a consolidation loan as i owe so much, it's not as if it's crept up on me, I was just very naiive and was living a lifestyle that I couldn't possibly maintain, I'm about 40k in the red now and can see no way out, don't want this to beat me, can't believe i've let it go so far, any help on any institutions I could contact would be so appreciated, sick of sticking head in sand,
Thanks in advance
m

ARGINITE

Try MABS, they should be able to advise you what your options are.

Best of luck.

Nevyn

http://www.mabs.ie/

MABS is a national, free, confidential and independent service for people in debt or in danger of getting into debt.

1890283438

mud

thanks for the quick response, i'll check them out, still feel like the world's biggest loser, my bf knows about it but I can't tell my family as I couldn't cope with hurting them so much, I am a true fool

seamus

http://www.mabs.ie/

Give them a bell. Remember that most financial institutions are more interested in getting their money back than screwing you to the wall. So if you're in real danger of being unable to pay them back, they'll arrange new terms with you.

First thing you can do is destroy all of your means of accumulating more debt - cut up your credit card, call the bank and have them remove any overdraft facility from your account.

Then sit down and budget. MABS will help you with this.
Work out what you need to survive (and have a *little* bit of fun) and how much extra money you can throw at your debt. See what you can sell - did you buy a fancy car? If so, sell it, buy a small, cheap car (assuming you need a car at all) and throw whatever's left at your debt.

Look for other places to cut down on your costs - where you do your shopping, where you buy your clothes, what kind of insurance you're paying, gym memberships going unused, etc etc.

With the right will, someone on 30k a year could easily pay back €40k within 5 years. It'd be tough going - you'll be living on some basics (but not *that* basic) during that time, but it'll be sorted.

mud

With the right will, someone on 30k a year could easily pay back €40k within 5 years.


i'm unemployed due to a serius disagreement with my former employer, this means that although i've paid payment protection i'm not entitled, am currently living on about 25 euro a week as the rest gets swallowed, can see no way out

biko

Hope it works out for you

STUBBORNGIRL

well the first step is to realise you are living beyond your means and to stop - you dont give much information about yourself - Good Job - v - minimum wage! This will make a big difference. If you were someone on minimum wage it would be that bit more difficult for you to pay back the loan!

I have a problem with spending and i am living well above my means and i am on good money but i just cant seem to help myself! lavish lifestyle and loans of about 30k but i have a car worth 18 to counteract that - do you have anything to show for these debts!

At the end of the day please dont let it get you down its only money and you cant bring it with you to the grave - you just need to learn to control your spending - identify where you are wasting money and try to reduce this bit by bit!

Edit: Sorry just read there that you are unemployed - sorry about that - is it an option to get a job somewhere to bring in more money! 25euro a week is very little. If you have a car - do you need it??


Things will get better and chin up

seamus

mud wrote: »

i'm unemployed due to a serius disagreement with my former employer, this means that although i've paid payment protection i'm not entitled, am currently living on about 25 euro a week as the rest gets swallowed, can see no way out

Was just an example really. Disagreement or not, you need money - can you find work elsewhere?

mud

STUBBORNGIRL wrote: »

well the first step is to realise you are living beyond your means and to stop - you dont give much information about yourself - Good Job - v - minimum wage! This will make a big difference. If you were someone on minimum wage it would be that bit more difficult for you to pay back the loan!

I have a problem with spending and i am living well above my means and i am on good money but i just cant seem to help myself! lavish lifestyle and loans of about 30k but i have a car worth 18 to counteract that - do you have anything to show for these debts!

At the end of the day please dont let it get you down its only money and you cant bring it with you to the grave - you just need to learn to control your spending - identify where you are wasting money and try to reduce this bit by bit!


thanks for the really good advice, unfortunately i have very little to show for my utter stupidity, I was on fairly good money but always struggled to make ends meet, have been afraid to approach any institutions about this but now that my back is well and truly against the wall I have to admit that I need help before I go crazy, unfortunately the attitude that "it's only money" has a lot to do with my predicament, It may sound totally fnucked up but I was always certain that I wouldn't live to pay the debt back, after counselling I now understand that this was due in part to a succession of family and friend's untimely and painful deaths, now that I don't dwell on my mortality as much I can truly see how awful my life is and it's all my fault

Amazotheamazing

There's no point beating yourself up about it, get a new job at whatever and start paying it back. If you have anything you can sell to reduce the debt them sell it.

It'll be tough, but it's simply the price of living beyond your means.

STUBBORNGIRL

oh im so sorry when i said "its only money" i meant dont let it make you down - i wrote that before i read you were unemployed etc... it was meant as more a "there are worse things in the world" consolation! Sorry if you took me up wrong!

Listen - Everyone makes mistakes and now yours are costing you financially - what you need to do now is stop getting down about it - go and get a job(be it sweeping the streets) anything that will bring you in more income than the dole! Start correcting this mistake and try to curb your spending! I so feel for you and if i can do it (cut up credit cards) anyone can!! believe me - its easier than you think! living on 25euro will surely prove to you that it can be done!

Good luck

Oh as some other posters said there should be some finiancial institution that will consolidate your loans and your monthly repayments will be reduced and your loans spread over a longer period! Research or talk to MABS as already suggested.

mud

@amazo.....

It's not that easy to get a job, we're in a recession alledgedly and this point is backed up by the polite refusals I have now racked up, I see what you're getting at though

Amazotheamazing

mud wrote: »

@amazo.....

It's not that easy to get a job, we're in a recession alledgedly and this point is backed up by the polite refusals I have now racked up, I see what you're getting at though

I appreciate that, but sometimes that means lowering your expectations and working at a job you don't want to do until you can get a job you do want to do, whether it's stocking shelves or whatever.

niceoneted

You could try going over to askaboutmoney.com and go to their money makeover forum. there is a template there that you can complete about all your finances and you will get more specific information on how to solve your problem.
Best of luck,

Dinxminx

I know how you feel, I'm in debt myself and struggling to get myself into college this year. Nightmare. I have no advice, but I do wish you luck!

Glyni

You have taken the first step by acknowledging the problem.

I was in the same position myself not so long ago no job and a lot of debt. So know how you feel.

The first thing you need to do is contact the lenders and tell them the situation . They have people who specialize in this type of thing.

You are not the first and definitely won't be the last to get into trouble with money.

I know telling your family is hard but the support they will give you will be invaluable.

I hope it works out for you it did form me. I'm not debt free yet but well on the way and not dreading the postman anymore.

Good Luck