David Davensac, from Essex, lost his job before the pandemic and found himself overwhelmed by £50,000 in debt. He shares his story of how he turned his life around and urges others to seek help during challenging times.
A man who racked up £50,000 in debts has said January can be 'the hardest month' for people struggling with their finances. David Davensac, from Rochford in Essex, fell on tough times when he lost his job before the Covid-19 pandemic, meaning he could no longer afford his monthly payments for loans and credit cards. With the help of a debt relief charity, David says he has got his life back on track and has used his experiences to guide others.
'It was quite a precarious position to be in and not one that I would ever allow myself to get into again,' David said.'I got a big thrill out of actually buying something, particularly when it was online,' he told the BBC. 'I could justify it in my mind that I was buying a present for a loved one, or that I deserved it, that it was a treat etc.Getty Images About 7.4 million UK adults are still struggling to pay bills due to the high cost of living, according to a 2024 survey by the Financial Conduct Authority. David could afford to pay his debts of about £2,500 every month, but when he lost his job, things changed instantly. 'It was terrifying, just complete fear, driving home that day thinking 'how am I going to be able to pay these?' and it's my fault.David said that although debt was hard to deal with at any time of the year, January was 'the hardest month' following lots of expenditure for Christmas.David sought the help of debt charity StepChange, which helped him to consolidate his payments and dealt with his creditors on his behalf.'Although people do tend to come to us in the new year, this isn't a seasonal problem,' he told the BBC. 'More than one in three people in the East of England are struggling to keep up with household bills and credit commitments'
DEBT FINANCE JANUARY STRUGGLES HELP
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