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Hi folks,
Wish I didn't have to write this post, but here it goes.
I have been struggling with debt for a number of years now, actually well over ten, having run up huge debts for various reasons as a student, all unsecured.
Knowing that I wanted to go into booking and accountancy I didn't seek professional advice at the time because I thought the only solution they would suggest was to declare myself bankrupt, and I was scared I would end up in jail or make my folks loss their house (I was basically a sacred kid at the time), and also it would end any hope I had of pursuing my chosen career.
Now after many years, I still owe in excess of twenty eight thousand pounds (it was up round sixty at one point) and although I am making my payments, its all minimal, I payout about nine hundred pound a month and am only left with about two hundred and fifty to cover fuel and what ever else comes up.
I am still living with my folks, and my only assets are a car that wouldn't be worth the money it would cost to have to crushed and the laptop and currently using to post this.
The stress and strain has been eating at me for years and I've finally given up.
Having chatted with my doctor, been given a prescription, I now need advice as it will be four to five years before am debt free and by that time I’ll be pushing forty. I would realty like to be in a better place before then. What are my options.
I owe 7500 to a friend’s dad
5000 to a bank for a loan
5500 over two different over drafts
And 10400 over four different credit cards.
I also have a student debt of 12000, but I understand this can’t be written off, and the payment comes out of my gross pay, so 1240 is what am left with afterwards.
I earn 18000 gross, 1240 a month net, and I pay 910 on my debts alone.
I the two loans are on low interest and are being paid back but the both have years left to run, the loan with my friends dad will be paid back regardless of what I do moving forward and he knows this.
The credit cards are all 18 to 19%+ APRs.
I have plans to go talk to the citizen’s advice bureau but I want to find out where I stand with my professional bodies.
I live in Northern Ireland if that makes a difference.
Folks I hope you understand that if I had a choice I would pay it all back tomorrow or go back in time to stop me doing it in the first place, don’t want to get in the why or hows, as it would take to long and change nothing, and after years of affecting every aspect of my life am done. I want to move forward from this.
Help and advice needed.
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