Disclaimer - I titled this post small debt of under £10,000 because I have been advised that it is classed as small debt in the financial domain and is the only financial problem I've experienced nothing more than £10,000. If you decide to read this and have debt of more then I advise you only take the advice in principle but expand to a larger and more long term scale. Finally, mods, if this post is in the wrong place, excuse me and please do advise where I can post to spread the advice I took to get through the below.
In 2015 I was with a girl and we got a place together and I mistakenly took out a £7500 loan over five years, repaying at £223 a month, which was roughly 18% of my salary (a lot considering rent etc...) this was all in my name. I became seriously worried, upset and ultimately depressed because my lifestyle was effected as well as any social life and being able to have the nice things in life.
To avoid a long story (so tl;dr) she cheated on me, I ended it, loan was in my name, large chunk of my salary for next 5 years was to repay this loan which paid for deposit on rented flat (not bought) and furniture, I became depressed and never saw the light.
According to the debt support trust 50% of suicides in the UK can be linked (but not necessarily directly related to) to financial difficulty. I nearly fell into this bracket.
If you EVER find yourself in a situation where you have to repay something or someone for a large period of time for a substantial amount of money per month, then this is my personal advice:
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Don't panic and immediately review your finances and budget by a weekly basis. Don't break budget and accept that if you overspend in week 1 of the month that you will have nothing to spend in week 4 of the month for example. Bad at the time, but focus on the long term.
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If you find that repayments are above what you can afford, speak to the creditor. The majority should help you refinance. Especially in the UK.
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Seriously consider a second job, to pay off additional amounts, make a massive dent in the debt and subsequently reduce interest to be paid (interest is what will cause the biggest hit on your money without you really realising).
3a. If you do get a second job and it becomes to much (personally or effects a relationship etc...) then think seriously about if you can withstand the length of any repayments vs relationship or lifestyle. If lifestyle, just remember once your rid yourself of debts you can return to a particular lifestyle.
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If you fear any mental ailments from a financial problem, seek help as soon as possible. The support I recieved was incredible.
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I've used the word debt a lot in this post. If you have never and will never miss a payment, then you are NOT in debt. Only once a payment is missed are you in debt or in arrears. Keep on top of payments even if it means you can't have that night out on the booze or buy something you want but don't need. Be proud of this and use it as motivation.
My list could go on but the above could cover almost everything.
This post is truly just to support anyone with a similar problem. Trust me when I say this, stay true to getting it sorted and I promise you will.
My loan was taken in September 2015 for the amount of £7500. £223 per month for 60 months. Gets to June 2018 and I still have £4000 to pay off, 3 years of feeling terrible. Jump back to August 2017 I got a second job at 11 hours a week which paid roughly £250 a month. Cut back to June 2018, I had £3000 in savings and paid off a large chunk of my loan. By October 2018 I should be debt free (Loan free) and I no longer feel the 'darkness' in my life and I can well and truly see the light. June 2018, 3 years in depression due to financial difficulty, almost 1 year of tiring and feeling hateful toward a second job, I now see the end of my financial worry. My relationship of nearly three years with my new partner is repairing and I'm happy again.
Feel free to ask any questions if I have been vague anywhere. Thank you.
Submitted June 30, 2018 at 10:47PM by theSamau5 https://ift.tt/2lHtRP0
