August 5, 2019 at 6:56 am #306625
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 youAugust 5, 2019 at 8:45 am #306641PeggyParticipant
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.
PeggyAugust 5, 2019 at 1:13 pm #306741
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.August 5, 2019 at 1:24 pm #306751
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.
anitaAugust 6, 2019 at 10:36 am #306861PeggyParticipant
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.
PeggyAugust 6, 2019 at 12:44 pm #306909
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.August 6, 2019 at 6:06 pm #306929
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)
August 7, 2019 at 1:52 am #306963
- This reply was modified 9 months, 3 weeks ago by anita.
Thank you for the reply this makes so much sense to me!August 7, 2019 at 6:04 am #306979
You are welcome, Indebt.