debt free but have to use credit now

shelovestobuystuff

I am so upset.I managed to re-arrange my finances,paid double payments for a year,finally cleared everything including the overdrafts just a few months ago by cashing in an endowment policy.Being debt free felt wonderfull.I still have be carefull as out money doesnt go far after the mortgage,council tax and utilities are paid.We have strict budgets for groceries etc and I am having a cost neutral xmas by selling old stuff on ebay.
This week our boiler and cooker have broken down.What choice do I have other than use credit and get into debt again.OH will fix the cooker homself but spent £170 on parts on his credit card.Goodness knows how much the boiler will cost to repair and that cannot be done DIY.:eek: .
I am just disappointed that after all our hard work,disasters happen and we have no choice but to use credit again.
All I can do is resolve to pay of off as quickly as possible and to limit the financial damage that way.Its a bad time of year to have expensive repairs to pay for.

Ibex

Hi

sorry to hear about your emergencies that have forced you back into debt. Please don't despair. It sounds like you know how to beat the debt back and this time it won't take so long. I have a suggestion which I hope makes you feel a bit better, imagine how this would have felt a year ago, all this on top of the debts you had then.

Chin up

Ibex

Jesthar

Oh, honey - don't go beating yourself up over this! These things happen, and at least this time you are fully aware of the potential consequences and are already taking steps to limit the damage.

Yes, it's disappointing, but this one is not your fault and can't be helped (if it's any consolation, you should have seen how angry I got with myself last week when I very, VERY stupidly got myself a parking fine :mad: ). It's a shame it happened before you had the chance to build up an 'emergency fund' for such things, true, but remember you will have a full month and a bit to pay off as much as you can before any interest is charged.

Hang in there, and keep smiling - with your excellent attitude towards managing your money, you won't have this debt for very long.

~Jes

Ames

I know if's disappointing, but these situations are what credit's there for. You don't need new shoes or clothes, and if you'd got back into debt for those kinds of things you'd maybe be right to be worried. But approaching November with no boiler or cooker, that's a completely different thing. As long as you've got a plan to pay it off (which I'm sure you have since you've done it before) then there's no real problem.

Silverbird

I agree with all of the above.

You've done so well and this is a real emergency and not a 'silly spend'.

You'll soon have it paid off and then can start saving for an emergency fund to help with situations like this.

Well done indeed x

Sharon87

Ames wrote: »

I know if's disappointing, but these situations are what credit's there for. You don't need new shoes or clothes, and if you'd got back into debt for those kinds of things you'd maybe be right to be worried. But approaching November with no boiler or cooker, that's a completely different thing. As long as you've got a plan to pay it off (which I'm sure you have since you've done it before) then there's no real problem.

That's exactly what I was going to say. Credit's there for a reason, atleast you're more clued up about it now and it won't take much to become debt free again! Just keep control of it and you'll be fine!

shelovestobuystuff

Thanks everyone.I just really didnt want to use credit again at all but do see I have no other option for these repairs.I do feel better at having to use credit now after reading your comments,thank you.I will definately start an emergency fund once these repairs are paid for.
After clearing the debt we worked out a budget for bills and mortgage and all thats left is the grocery/household budget.After christmas,because I cant reduce the grocery budget over christmas,I will have to re-arrange the budget again and put money into an emergency/house fund for repairs etc.

shinyhead

Have you thought about taking out a maintenance agreement for your boiler and heating such as with British Gas? You can pay monthly then you're covered if it breaks down again. Part of the package is an annual service and safety check. I take it it's a gas boiler!

As the others have said don't beat yourself up over this and just think about what it could have been like if it happened a year ago. At least you can sort it all out.

Sharon87

shelovestobuystuff wrote: »

Thanks everyone.I just really didnt want to use credit again at all but do see I have no other option for these repairs.I do feel better at having to use credit now after reading your comments,thank you.I will definately start an emergency fund once these repairs are paid for.
After clearing the debt we worked out a budget for bills and mortgage and all thats left is the grocery/household budget.After christmas,because I cant reduce the grocery budget over christmas,I will have to re-arrange the budget again and put money into an emergency/house fund for repairs etc.

An emergency fund sounds like a good idea, plus you earn interest on it

Good luck with getting your boiler fixed!