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