About Debt Advice Blog – My £40,000 Debt Journey

My Real Debt Story

Welcome to Debt Advice Blog.

This is a personal finance blog documenting my real experience of dealing with more than £40,000 of debt in the UK. I write about debt management plans, credit defaults, affordability complaints and the reality of trying to get finances back under control.

Unlike many financial websites, this blog is written by someone actually going through the process.

The original version of Debt Advice Blog started in September 2012, where I regularly wrote about my debts and the process of repaying them. I continued writing until the end of 2014, after which the blog became inactive and eventually disappeared.

In 2022, I managed to reacquire the domain name and restore much of the original content. The blog now continues its original purpose: documenting my experience with debt and sharing what I learn along the way.

My Current Debt Snapshot

For those who prefer the short version:

Total debt: Just over £40,000
Debt types: Credit cards, personal loans and car finance
Credit file status: Multiple defaults
Current solution: Self-managed Debt Management Plan (DMP)
Estimated repayment time: Several years

Most of the debt has already defaulted, which happens when payments are missed over a sustained period and the lender formally closes the account.

A default has a significant impact on your credit file and allows lenders to begin recovery processes, often involving debt collection agencies.

Haven’t You Been Here Before?

Yes.

When I originally started this blog in 2012, I was also in significant debt. At that time I owed around £50,000, which I eventually managed to repay in full.

Unfortunately, over time I found myself back in debt again.

Things began to go wrong in 2020 when I lost my job, and living beyond my means afterwards certainly didn’t help matters. Rising living costs in the following years added further pressure.

By September 2023, the juggling act stopped working and I could no longer keep everything afloat. That was effectively the point where I reached my peak debt again.

Back in 2012 my debts also included payday loans, something that thankfully is far less common today due to tighter regulation.

How I’m Repaying My Debt

I am currently repaying my debts through a self-managed Debt Management Plan (DMP).

This means I have negotiated affordable repayment arrangements directly with creditors and manage the plan myself rather than using a third-party provider.

It will take several years to clear everything, but I have completed debt repayment plans before and know the process works if you stay consistent.

This blog will document that journey.

What You’ll Find on This Blog

Debt Advice Blog covers topics including:

  • Debt Management Plans (DMPs)
  • Credit report defaults
  • Dealing with debt collection agencies
  • Affordability complaints against lenders
  • Rebuilding credit after debt
  • The reality of living with debt in the UK

Some articles are practical guides, while others simply document my own experiences.

For example, you can read about:

  • what my credit file actually looks like after multiple defaults
  • how affordability complaints against lenders work
  • the types of credit cards available for people with bad credit

The “Advice” Part

Most of the advice on this site comes from personal experience.

In many cases it could probably be summarised as:

Don’t do what I did.

I write about the practical side of dealing with debt, such as communicating with creditors, setting up repayment plans and understanding how credit reports work.

However, this blog is not professional financial advice.

If you are struggling with debt in the UK, you should consider seeking help from organisations such as:

  • StepChange Debt Charity
  • Citizens Advice
  • PayPlan

These organisations provide free, independent support.

How Do You End Up in Debt Again?

That’s a fair question.

The honest answer is that I made mistakes. Some circumstances were outside my control, but many were not.

Debt rarely appears overnight. It usually builds slowly over time until one day the numbers simply stop working.

Will this be the last time I end up in debt?

I would like to think so. My track record suggests optimism should be used cautiously.

One way of looking at it is that I make the financial mistakes so hopefully other people don’t have to.

How Debt Affects Me

Everyone experiences debt differently.

For me, the past is the past. The debt exists, and the only sensible thing to do is deal with it.

Yes, there have been consequences and it has affected parts of my life. But dwelling on it endlessly doesn’t change anything.

Debt is a problem that can be solved with time, discipline and patience.

That’s the approach I’m taking.

If You’re Struggling with Debt

If you are currently dealing with debt problems, the biggest lesson I learned the hard way is this:

Ignoring debt usually makes things worse.

Taking action, even small steps, can help you regain control and begin working towards a solution.

There is support available and many people go through similar situations.

About the Author

Rob
Founder of Debt Advice Blog

I work in information technology and have had a long-standing interest in personal finance, mostly driven by my own experiences of getting into and out of debt.

Outside of finance and technology, I have always had an interest in aviation and once wanted to become a pilot. Unfortunately, debt has a habit of grounding plans like that.

This blog is simply a record of trying to fix past financial mistakes and documenting the process along the way.

The Original Blog (2012–2014)

The first version of Debt Advice Blog began in 2012 with a simple goal: to document my journey of repaying a large amount of debt.

At that time my debts had already reached the stage where many accounts had defaulted and been passed to debt collection agencies.

The purpose of the blog was to:

  • Track my own progress in repaying debt
  • Share useful information about dealing with creditors
  • Provide encouragement for others facing similar situations

Eventually I managed to repay the debts in full.

Now, many years later, the journey begins again.

If you’re reading this, you’re welcome to follow along.

It’s going to be a long road, but it’s one I’ve travelled before.