First of all, thanks for stopping by. You are probably intrigued as to what Debt Spot is. Well Debt Spot is a blog about debt, my debt to be exact. It is a place where I will write about my debt which is currently over £40,000 by the way, and share helpful tips and information for others in debt.
I am currently in debt and thought it might be a good idea to: –
- Keep a log of my own debt repayment progress so I keep on track.
- Share useful information about paying debt so you can see how it can be done.
- Help others with their debt problems by providing information that is helpful.
Getting in to Debt
Rather than bore you with a long winded story about how I got into debt, here is the short version. It all began when I turned 18 and the world of credit opened up to me. Having little knowledge of how credit worked I got my first loan from my Bank HSBC. I had good intentions for this loan as I was going to learn to drive and get a car. However that didn’t happen and instead I blew the money on non essential things. Before I knew it, the jar was empty and I was craving my next hit of credit.
Several credit cards later and I was back to the same point, only this time the wolves were knocking at the door demanding repayment. I even got a County Court Judgement* which is pretty bad by the way. Shortly after that I enlisted the help of a company called Payplan who, like a lighthouse in choppy waters, guided me towards solving my debt problems.
After a some time with Payplan I decided to manage my debts on my own and eventually, I paid off the £20,000 I owed. It was a great achievement but I had not learned anything. Three years later I was back in the debt boat and sinking fast. Armed with my previous knowledge I eventually started to sort things out and that brings me to today.
I am now using my own Debt Management Plan*, and so this blog will be a story of all the goings on with my debt. It should serve as a place for others in debt to see that they too can solve their debt problems, no matter how bad they may seem.
The Recipe for Debt
Preparation time: 3 years.
Ingredients: 4 Credit Cards, 6 payday loans, 3 personal loans, 1 car loan and several unpaid mobile phone contracts.
Method: Combine an irresponsible borrower with all of the ingredients above. It doesn’t matter which order you use. Save the payday loans until the last minute to really mess things up. Get as much credit as you can without thinking about the consequences, and allow the problem to simmer for 2 to 3 years. When you can’t get any more ingredients, add a sprinkling of payday loans for extra kick. Wait a further 6 months and you have a debt disaster. Serve immediately and enjoy for the next 8 years.
All joking aside, yes I was very silly with credit and today I am paying the price for that. I owe a lot of money money that I could have used in much better ways. Does this bother me? Not really, you can’t change what has already been done. All you can do is try to make things better for the future. That’s why this blog now exists, to document my progress and also try to help others.