Posted a few weeks ago feeling more positive and dealing with debt!

savingcaz

Hi all,

I posted almost 2 months ago with problems with our debt, we managed to survive another 2 months, i applied for some evening jobs and basically was told i wouldn't get a job in a call centre because as soon as a teaching job came up i'd take it. - to be honest they were right! All things came to a head over the weekend, i became very very depressed about it all, and we finally admitted defeat and spoke to my husbands parents.

They were shocked, very shocked at the total of our debts, but have said they will help clear them. In the first instance we were planning on asking them to go guarntee on a loan or something similar, but instead they have said they would rather just help us pay the debt off and take it from our inheritance. They did say they wouldn't just pay it all off (and i'm very glad about that) We both know that it is our debt and we need to pay it back, we never wanted someone to wave a magic wand. We feel so guilty because they are cutting their luxuries which they work hard for, I told them this and they said but your losing out too - 'we were going to pay for you to go on holiday next year'!

They have done a 'dmp' so to speak and suggest we can pay the debt off with their help by christmas 2010! just 15 months. on our own it wouls take years!

Some people may say we are lucky and we know we are, However we are going to live so frugel, we want to be paying more and more off we are not in the next year going to have the 'disposable' income that my inlaws have but our plan is to be paying as much as we possibly can off the debt and then they don't pay as much each month. We know it's not going to happen over night, and this 1st month is the hardest. by Christmas they think we can have knocked 3-5k of our debt - it's amazing, we can really see the light. My Father in law said to us last night, you'll be debt Free before DD is old enough to make her memories that count! - IE next year is going to be very hard but.. the year after we'll be much better off! - They are so right! Every free penny we have is going to go off our debts, they day before our wages go into our accounts from next month, anything spare is going off the debts. We've never felt so positive about getting debt free!!

Sorry it's long and waffling, it's just it's the most positive i've felt in months, 18 of them to be more accurate!

Looking forward to getting to know ppl and to joining in on challanges
Hope i'm ok to join in with us getting some help from to beat our debt!

Caz

Just to add, they said they were happy to help as they know we've not racked up the debt on flash holidays, boozy nights out, posh meals and basically living the life of riley (whoever that is lol). We basically have used it to live for over 3 years. I Graduated and never got a perm job, like a lot of people from my year, we tried to pretend everything was ok and is wasn't, we should of asked for help sooner and we didn't!

Yesterday (monday) i went through our files properly for the first time in ages, the amount of avalible credit we had was scary, 4k on next, 1k on asda store card, 300 on a kwik fit card, 250 on a monsoon card, 2 catalougues that i've used once each to get a good deal and paid before i even got the goods. it came to a total of 6k - that scared me, that we could of actually been a further 6k in debt! - it was hard trying to close them, they kept saying well we'll offer this that and the other - i kept just saying, NO i want to cancel the account. - I don't want credit, i never want to be in this situation again, without credit we could live a good life, with the debts we are / were barely exsisting.

mum2one

Thats absolutely brilliant news, and I'm sure your get it paid back, I'm really plzed for you.
Hope you don't think I'm being cheeky, but I'd get a document drawn up between the four of you, so that it says how much is lent, how much your paying back and when.

Its just to cover all your backs, and if any other family member tried to cause problems, you've got it in writing.
xx

starnac

i agree with mum2one. it can become very messy when family is involved. not just between the four of you but also if there are siblings etc. make sure that the four of you understand how much is being lent, how much needs to be paid back and by when.

other than that. i'm glad that you are feeling more positive now. there will be ups and downs on the road ahead but at least you have made the most important step - the first one

good luck

savingcaz

Hi, Thanks guys,

H's parents are keeping a track on what they are paying, they have said that they will put a 'clause' or whatever it is in the will to say H's brother will get x amount more depending on what they pay out. We've said we will pay them back if they like but they've said it's up to u, but it can just come out of the inheritance. We've decided we are going to open a savings account once we are cleared of debt anyway and then we can either give them the money back or it will be saving up for us. In one way, i don't mind having the 'less' inheritance as hopefully by the time anything happens to them we will be finacially secure anyway. The money will be most use to us now.

My in laws are very fair and what one gets the other tends to get the same. we also will keep a track of what they pay so we know also.

It's a scary journey but fingers crossed by December this year it will be looking much sunnier!