# Debt



## tom-coupe (Jan 17, 2009)

iv just come clean to my parents about my debt issues. there not that bad but there bad enough for me to realise i need help. im 5K in debt with my car credit cards i was even looking at getting a wonga loan this was my turning point that enough is enough i get paid quite well and have been living like no tommorrow couple of hundred quid on a night out every weekend or 2 nights out wouldn't think twice about spending 200 on a meal out with the girlfriend. im not even sure where my money goes and the kind of money i get i shouldn't be worried about all this stuff anyway iv come clean to my parents and there taking over my money and controling my debt to get it down. going to be a long year or so but will be woth it. 


anyone else done this is there light at the end of the tunnel 


tom


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## Alzak (Aug 31, 2010)

5K in debt and You want to get Type R or Cupra R get something cheap like ibiza fr 1.9tdi and pay Your debt off so You do not have to pay any interest on Your cards and loan...


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## tom-coupe (Jan 17, 2009)

thats what i am doing


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## Alzak (Aug 31, 2010)

there is a lot of fun from 1.9tdi in ibiza as this is 130bhp and full tank will last You looong time


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## bigslippy (Sep 19, 2010)

Yes and Yes Tom , it's a lot of money and you have done the right thing .... I've dealt with people in a lot worse situation and accepting things are getting out of control is the first step, now is time to take action ..... and keep on top of it , trust me ,you will feel better after you have rid yourself of the debt while controlling your finances better you can still have a good lifestyle:thumb:


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## tom-coupe (Jan 17, 2009)

i no my mum has taken my bank account of me and as i get paid cash each week 200 goes into my account to pay of debt whilst im left with 200


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## mattsbmw (Jul 20, 2008)

You have made the right step forward, best bet is to do a budget of what you NEED to spend and stick to it. Its also worth analysing what you spend your money on so you know the problem areas.


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## Mark Chandler (Nov 7, 2011)

A long time ago I ran into trouble, to clear I purchased a £50 car to get about in and sold my valuable car to clear debt, and yes had to visit my father for a loan 

Yes it’s nice to have a good shiny car, but when everything is back to being manageable you can get the baubles back!

Like you I was also wasting money, this is so easy to do but cooking yourself does not mean eating poorly these days and you teach yourself a skill. Rather than go out get a M&S meal for 2 for a £10… 

Things will turn around as you get control, plan for the future. I have always wanted nice cars, since then I have had jags, XJS’s and XK8’s a 928 Porche and this year purchased an old DB7.

As long as you pick a car that will realise its value if you need to resell then you stay on the right side. Spunking money on a new car unless you keep for years is a mistake IMHO.

The most important thing is taking control, you have done that so have a bright future 

NB/ my daily driver is a v40 diesel, cost £1000 and its great.


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## Philb1965 (Jun 29, 2010)

Sign of the times I'm afraid. Want it now generation, worry about it never. Sorry if that's harsh but I have a 23 year old daughter who has given me nothing but grief financially fir the last few years. Didn't have to but decided to pay off some payday loans she couldn't. This was after she had pawned my laptop, camera and other stuff. It's the last time I'll be doing it which she is well aware of.

I applaud that you have owned up to your problems and I hope you genuinely want to sort yourself out. 

If you get tempted to blow your cash again, please take a step back and think of the heartache you could ultimately be offloading onto you family. Good luck in getti g yourself sorted.


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## Mark Chandler (Nov 7, 2011)

Do not be to harsh on the young un's, it is tough out there  even when they have a job!

I was an apprentice on £13,000 at 17, £16,000 by 20 in the 80's my daughter at 19 is on £14,000 so I have to assist her by £200 a month so she can afford to rent anywhere and I pay for her car, £5000 with insurance


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## Derekh929 (Aug 28, 2011)

Tom well done for facing up to your mistake's it is very easy to do and a lot harder to own and and admit you have a spending problem, great step in right direction and hope you get your feet cleared for start 2013 and just change little things re spending and it can make a big difference , im self employed and had to deal with big reduction in business at start of the credit crunch luckily i had good saving to supplement until i changed my budget to meet reduced income act fast but not rash wasting money.


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## Kriminal (Jan 11, 2007)

Tom : it takes a lot of nuts to come on the internet and admit to being in debt. Many people see it as something that only complete idiots would do, but it seems to be a general day-to-day thing for most families/people in this day and age.

It IS time however to take a step back from all that spending, and as somebody else put, take stock on what you actually NEED, rather than what you WANT. You'll be surprised as to what you put back 'onto the shelves'. That's the only way I got through my long-term unemployment.

I've been lucky, where I was born in the age of 'if you haven't got it, you can't spend it' era. However, ONCE I used a store card to buy a telly, as it would get me 10% discount on that day, and I didn't have to pay up until 2 months later. The discount is the only reason I wanted it, but I was shocked at the stupidness it created in me for feeling as though I had invisible never-ending money....okay, okay, again, I was lucky - the only other thing I actually bought on this card was a pointless tie from Next. Once I took a step away from myself and seen what was happening, I cut up the card, and paid of the 'debt'.

Use this moment of inspiration that you had as a life-lesson, and remember to stand back from situations that you 'feel' may not be right for some reason, ie. when you have a hunch about buying something. Money certainly doesn't grow on trees for any of us - we ALL need to start taking control of our finances, and begin saving for things again, rather than relying on the magic plastic card.

Well done mate :thumb:


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## Ravinder (Jul 24, 2009)

Good to see you've owned up to the problem and that you're doing something about it. I was in your position, a bit worse and I let it build up for years. In the end I couldn't take it anymore and owned up to my mum and she helped me get through it. Now, I have a credit card which I use occasionally to get my credit rating up and also for security but I use it sensibly now and pay it off in full each month. Just workout a decent, affordable payment plan and stick to it and you'll do it. Feel free to pm for advise.


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## The Cueball (Feb 8, 2007)

always better to face it head on...

get on the phone to the credit card companies and get the cards cancelled if you haven't done that already, explain the situation to them and ask for frozen or reduced interest to help you out...

I had an ex that ran up big debts on me... I guess being in love makes me f***g blind as well...I had to sell everything I owned to get out of the mess... I have never been in debt since, and pay everything straight away...even when I use my credit card, I pay it off the next day :lol: :wall:

another good thread by someone that has been through it and is now on the other side:

http://www.detailingworld.co.uk/forum/showthread.php?t=179327

Good luck!!

:thumb:


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## Huw (Feb 16, 2007)

Well done for facing upto the debt, better now than later. You mention your credit cards, have you looked into swapping these onto 0% balance transfer so you can concentrate on paying off the 'capital' rather than just interest. You will have to pay a transfer fee, something like 3% of the amount being transferred. Look at sites like moneysupermarket.com to find the best card for you, companies will give something like 12-18 months interest free.


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## griffin1907 (Mar 4, 2006)

Takes a BIG person to face stuff like this head on, well done.

I've been there and done that, and probably most of us have.

I'd never find myself there again thats for sure.


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## Pinky (Feb 15, 2008)

well done for decicing to get your spending in order.
If you were using a credit card did it have ppi on it and if it did I would try and claim it back after you get sorted it may not be much but every little helps .


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