what's the worst that could happen?

dib-dab

I don't think we could cut our own hair, at least not if we wanted to go out in public again! But maybe frequency of haircuts could be decreased.
I don't think anything we can do will make a big enough change to really help us if the worst happened so I guess fingers crossed is about as good as it can get at the moment! I just wish I was someone who could 'cross that bridge when (if) I come to it' rather than worrying constantly about something that might not happen, I hate feeling like this. My biggest worry is that I am so ashamed about the mess that we have got ourselves into. We live in Dubai - a place of ridiculous excess - and all I see is people around us living the high life without a care in the world. I keep telling myself that some of these people will also be in debt but more often than not I think that everyone except us has the perfect life - stupid I know! There is no point in regretting our spending as there is nothing we can do about it now, we need to look forward to being debt free so that we can join the carefree crowds. Although we will not be living the high life - I am so aware now of the need for savings and not wasting money!!

katsu

Where ae all your debts? If they are in the UK that is one thing, but you need to be aware that if they are in a country like Dubai, you can go to prison if you are unable to pay your debts. In the UK they can get county court judgements to force you to make regular payments etc but you would not go to prison.

I don't want to scare you but it is important to take that into account in your planning.

dib-dab

katsu wrote: »

Where ae all your debts? If they are in the UK that is one thing, but you need to be aware that if they are in a country like Dubai, you can go to prison if you are unable to pay your debts. In the UK they can get county court judgements to force you to make regular payments etc but you would not go to prison.

I don't want to scare you but it is important to take that into account in your planning.

Thanks katsu, yes I am aware of that crazy fact unfortunately which is why I am keen to get the credit card here cleared ASAP. All other debt is in the UK. It is an added worry - our rent has to be paid quarterly in post dated cheques and if a cheque bounced (which it won't as long as hubby keeps his job!) then we would also be in trouble.
And in case of redundancy the bank is usually informed soon afterwards by the company and the bank freezes your account so you cannot access your own money - insane! The same would happen in case of death or a serious accident. So if anything at all happened we would have to go straight to the bank and withdraw the money we put aside for rent. They really know how to look after us here! Not!

JamieT1977

Just keep remembering Dubai is built on Debt lol. But as katsu says if your debts are all UK tied then compared to Dubai tied debt its easier

dib-dab

JamieT1977 wrote: »

Just keep remembering Dubai is built on Debt lol. But as katsu says if your debts are all UK tied then compared to Dubai tied debt its easier

Yeah you're right, we should fit right in lol! It's fine for actual Dubai to be in debt, just not anyone who lives here! Double standards or what?

JamieT1977

How about transfering your Dubai based CC to a lower rate UK one???
Yes you will still owe the money, but it will be at a lower rate plus will be UK tied.

dib-dab

JamieT1977 wrote: »

How about transfering your Dubai based CC to a lower rate UK one???
Yes you will still owe the money, but it will be at a lower rate plus will be UK tied.

I did think about this but we have enough extra cash coming in over the next 3 months to clear it by the beginning of April so as long as we can get through the next couple of months unscathed that debt will be gone soon - we would also lose out on the exchange rate by moving the debt to the UK. But thanks for the suggestion

JamieT1977

yeah did not think of the loss due to exchange rate.

Lets hope by April it will be gone, and the hubby remains in employment

gfplux

hello dib-dab.
If your husband is made redundant do you have to buy your own air tickets to get out.
If he does not have a contract does he have to leave with one day's money.
how much do you have saved up today. (What currency is it in)
If you spend all your time in worry about the bad stuff why not activate your mind on making your exit plan waterproof.
Finally have you shared these worries with your husband.

dib-dab

Yeah let's hope. I suppose I should be grateful that as long as he has a job we can keep on top of things without a problem - reading some of the stories on here makes me realise that we are in a good position compared to others despite our huge debt. I really need to stop worrying about what if it all goes wrong and put my energy into ways to save money and look forward to one day when we can start saving!