How I paid off my £120,000 debt!
A MAN who worked himself out of £120,000 of debt has set up a free service to help others with their finances.
Richard Hill believes all people need to do to get out of debt and avoid it in the first place is budget – but most people simply do not know how to.
He said: "It's not rocket science, but a lot of people have never actually done it.
Mr Hill, 55, got into debt by spending beyond his means over a number of years, and owed £120,000 by 1996.
"At the time there was nobody who could help me," he said. "I had to do it all myself, working out my budget and negotiating with creditors. I cleared all of my debt in 2005."
Now Mr Hill's Money Matters Team operates from St Jude's Church in Woodborough Road, Mapperley. The confidential service is free to people from all areas, but they need to be able to get to the church. They do not have to be Christian.
Seven trained Personal Budget Coaches are on hand to offer help and advice.
They have already helped three sets of people, including a couple who owe £18,000.
Mr Hill said: "We helped them produce a budget. They renegotiated their mortgage, which saved them £200-300 a month."
The service also holds budgeting classes for people in their 20s, as well as sessions for sixth form students about to start university.
"It's staggering talking to people and realising they have no idea how to handle their money," Mr Hill said.
"Budgeting definitely should be taught in schools."
For more information visit www.stjudeschurch.co.uk, email moneymatters@stjudeschurch.co.uk or call 07530 571 005.
caroline.lowbridge@nottinghameveningpost.co.uk
16 Comments
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by Lesta, Lace Market
Sunday, February 15 2009, 6:58PM
“Come on Mr Hill be honest, how much of that £120k did you pay back in full and how much did you "negotiate" away ? How much are prudent people like myself paying extra to cover you and all the others that borrow and then "negotiate" their debts away for someone else to pay via lower saving rates, increased bank charges or higher borrowing rates ? The banks aren't losing so someone is !”
by Voice of Reason, Notts
Sunday, February 15 2009, 3:41PM
“Yet again someone blames the banks. What about blaming yourselves? Since when did the banks FORCE people to borrow money, since when did the banks come round your house and say that you need to throw away your perfectly good TV in order to buy the latest flat screen HD top of the range TV, since when did the banks FORCE you to go on holiday or buy that new car, since when did the banks FORCE you to spend what you couldn't afford???? the answer is NEVER. The banks gave you an option, it was the MEDIA who advertise constantly that whatever you own is not good enough and you must scrap it to buy the latest model. However it is YOU the GENERAL PUBLIC who have the choice, if you can't afford it, don't buy it. Simple really, (like most of you seem to be). Lets start blaming McDonalds because people are fat, or Nottingham Forest because people have visions of grandeur, or blame the police because the majority of you cannot control your kids and they grow up wanting an ASBO. Its time to start taking responsibility for your own actions and not blame others.”
by T, Notts
Sunday, February 15 2009, 10:58AM
“my tip is; dont gamble, especially playin poker online cuz its rigged. lets u win a bit then makes u lose a lot, its a bad cycle.”
by Lesta, Lace Market
Sunday, February 15 2009, 9:47AM
“Gilberto, the system we have is crazy. The only people that end up paying are the prudent ones who borrow within their means when necessary and save for a rainy day when they've got some money spare. The reckless and feckless, be they lenders or borrowers, get away with it.
El Gordo Brown's "economic miracle" whilst chancellor was built upon the never-never. The decent, hardworking, prudent people will be paying for the excesses of the imprudent for decades to come.”
by Gilberto Schneiffer, Sherwood
Sunday, February 15 2009, 9:21AM
“Stupid banks & lenders faults, shouldn't have allowed this to happen in the first place - AND, outrageous giving huge bonuses to the fools who created this sub prime market that's bringing the economy to its knees. Gordon Brown's fault in fact - just read the serious financial papers. Unsecured debts - just go bankrupt, couldn't be easier, all debts wiped out, up & running again in a year. What a crazy system.”
by Caroline, Cheshire
Sunday, February 15 2009, 9:00AM
“Pete, Cinderhill... dry your eyes mate. Don't be so sanctimonius, it could happen to you one day ;)”
by The Equaliser, The Bunker
Saturday, February 14 2009, 9:45PM
“SO MANY SMARTYPANTS EH!
SOMETIMES PEOPLE NEED HELP . . . FULL STOP!
AND WHAT BETTER FROM SOMEONE WHOSE BEEN THERE?”
by Andrew, notts
Saturday, February 14 2009, 6:01PM
“Pete of Cinderhill, Pity me please as I have debts in excess of £150,000, its due to the mortgage.
I've just looked at consumeractiongroup.co.uk
web site seems interesting”
by Steve, nottm
Saturday, February 14 2009, 5:49PM
“half of the problems with the economy is down to people borrowing and not paying back. banks have made mistakes yes but people not paying back debts has caused so much of the problem”
by Lesta, Lace Market
Saturday, February 14 2009, 5:43PM
“If you borrow it then pay it back. It's time to bring back the debtors' prison and jail people who won't/can't pay what they've had.”