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Living in debt

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This topic contains 8 replies, has 3 voices, and was last updated by  anita 1 week, 4 days ago.

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  • #306625

    Indebt
    Participant

    Hi everyone, I’m not really sure why I’m posting here or what I’m looking for. I am in a substantial amount of debt. I had my “light bulb” moment in February 2018 when I realised I really couldn’t go on living the way I was and things had to change.

    At that point I had £30,322 in debt, I have completely overhauled my finances and since then I have paid off quite a bit, closed credit cards, online credit accounts etc and now have 1 long standing loan left, which was to run for the next 5 years but just this week I have refinanced it with a better interest rate and reduced its term to 4 years. My debt currently stands at £20,383 and will be paid back in 4 years for definite but I’m hoping to over pay it and pay it back earlier.

    What I’m finding is that since I faced the reality that I was in a huge mess and needed to make changes (Feb 2018) I’ve become obsessed with getting rid of this debt. When I had smaller accounts it meant I could focus on paying them down and closing them, but now that I’m only left with my large loan I’m not getting the same feeling of relief from paying something off and closing it seeing it gone forever.

    This is obviously going to be a long road to debt freedom (4 years) and I’m just looking for any advice of how I can cope with the next 4 years. My budget is so tight Ive made savings as many places as I can so what now? I can’t sleep I’m obsessively trying to think of ways to save money or earn more money.

    Any advice welcome

    thank you

    #306641

    Peggy
    Participant

    Hello Indebt,

    RELAX!  You have worked amazingly hard at reducing your debt and you have secured a loan which means you can pay it back over 4 years instead of 5.  This debt will reduce year on year until it disappears.  Four years may sound like a long time but it will pass.  What now?  Accept that in four years time you will be debt free.  Now, put your head down and get some sleep.

    Best Wishes

    Peggy

     

    #306741

    Indebt
    Participant

    Thank you for your kind words Peggy, I think you’re right I need to relax and stop obsessing. I just feel like this huge debt is like a noose around my neck and I want it gone ASAP but it’s going to take time and I need to accept that and stop resisting.

    #306751

    anita
    Participant

    Dear Indebt:

    I want to welcome you to post here on your thread anytime you feel distressed. I am about to get away from the computer and back in about 17 hours. If you post before I return (or anytime afterwards), I will  be glad to read and reply.

    anita

    #306861

    Peggy
    Participant

    Hi Indebt,

    I understand where you are coming from.  You have behaved very responsibly by realising that your debt needed to be faced and now it is under control you can ease up a little bit.  The worst case at the moment is that you know it will be paid off in four years time.  You may have a windfall, family inheritance, gifts, a pay rise, a bonus which may enable you to reduce the term but I believe that the best you can do for the time being is to accept it as it is and not worry overmuch.

    Well done.

    Peggy

     

    #306909

    Indebt
    Participant

    I think you’re right, I’m resisting the fact that it’s going to take 4 years and constantly feeling stressed trying to work out ways that I can bring in more cash/ spend less to over pay the loan and get it paid off faster than 4 years. But I feel like it’s keeping me stuck in a constant state of stress where I’m struggling to sleep and over eating.

    #306929

    anita
    Participant

    Dear Indebt:

    Reading your posts the term,and past reality of  debtor prison comes to mind, people going to prison because of having financial debt. Only in your case, you are in a  mental debtor prison, desperate to set yourself free. Imprisoned, you feel “stuck in a constant state of stress”.

    A short story also comes to mind, paraphrased- a prisoner was asked: how can you possibly get out of here? And he answered: by no longer wanting to get out.

    If you stop wanting so badly to be debt free, I suppose you will no longer be stuck in this constant state of stress. Can you imagine  that while  doing what you practically can to be debt free in 4 years, no  longer wanting to be debt free?

    (I will be back to the computer in 12-16 hours)

    anita

    • This reply was modified 1 week, 5 days ago by  anita.
    #306963

    Indebt
    Participant

    Thank you for the reply this makes so much sense to me!

    #306979

    anita
    Participant

    You are welcome, Indebt.

    anita

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