Covid left me thousands of pounds in debt – I was suicidal. Here's how I turned things around

Raul Stephenson, 38, lives in Bury St Edmund’s. He has two children, aged four and seven, and works in hospitality. During Covid, things began to spiral and he was in debt by thousands. Here, he tells his story.

Before the Covid pandemic, I was working two jobs – an assistant manager at a pub and a chef. Each week, I’d be putting in over 60 hours a week to put food on the table for my family, and clear outstanding debts. It was really hard, intense, and horrible. 

Things got even worse when the pandemic hit. With the first lockdown, I couldn’t work as my jobs were in hospitality. Because of the way furlough was calculated, I was only getting £400 a month, less than half of what I was making prior to the pandemic. 

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I wasn’t coping, not at all. 

Panicking, I took out a £10,000 loan to help my family get the necessities we needed, while continuing to pay off previous debts. 

The plan was to use the loan to pay off the instalments, and then use whatever was left over to pay for things like food. As much as I thought the loan was helpful at the moment, it was a mistake to take one out. These loans [have] enormous APRs [annual percentage rates] which ultimately make things worse. 

But the money was just disappearing. 

I’d managed to find another job once the first Covid lockdown eased, but then the second lockdown hit in November 2020. 

I ran up multiple overdrafts, and applied for and maxed out credits cards to pay for groceries. Only thinking about feeding my kids, I didn’t think about the mounting interest rates. I really wish these credit products wouldn’t prey on desperate people. The information on their interest rates can be unclear and confusing. 

There were always things to pay for. We needed a new washing machine and then a new dryer as both had packed in. Then there were all the normal bills – gas, electric, rent, council tax, and the rest.  

I found another job as a team lead chef, and was working 68 hours per week, making around £2,500 a month. It was a good salary, but I never saw the money. I was having to meet a £1,000 per month commitment to my creditors, but of this, £650 per month was going on interest, with only £350 per month being paid towards my debts. 

Life was so bleak. All I was doing was working. My girlfriend broke up with me. I had to put on a fake, brave face for my kids, but my mental health was dwindling. 

Through it all, I felt alone. As a man, I didn’t feel I could tell anyone what was going on and how it was impacting me. There is this stigma that men aren’t allowed to be upset, stressed, or depressed – you just have to man up. 

Often, I thought about ending my life to escape it all. The pressure of debts overwhelmed me. It was the lowest point of my life. 

Knowing I needed help, I took out a plan with a private debt management company. They were charging me £100 a month service fees. I used them for about a year, but then realised I had just spent £1,200 on fees that could have gone to paying off my debts. I had hardly made any progress in paying off my debts. 

I confided in my manager about what was happening, and she suggested I get in touch with StepChange, a debt charity. 

I could finally see a light at the end of the dark tunnel I had been in for years. In a matter of two years, I went from being £26,000 in debt to £9,500 in debt. It’s been such a weight off my shoulders, knowing everything was going to be OK. 

Now, instead of walking around with constant anxiety – the kind that sits in your stomach, not letting you think straight – I walk around thinking how good life is. 

My kids are happy. I’m happy. 

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