Frightened about my future

mouseann

Probably me who got it wrong!

And they are still banging on on the telly - never mind, it will all be over in a week's time!

rosiedee

mouseann wrote: »

Hello,

I am new to this discussion board so please forgive me if am not following the correct procedure.

I think I may hold the, very unwanted, record for having the largest debt ever, entirely on credit cards!

I have been in denial of my situation for many years but am gradually trying to face reality, but it is very difficult for me to actually face up to my situation.

I am 65 years old, and am due to retire at the end of March, and will lose my monthly salary. Although I will have a modest pension there is no lump sum. Ever since the break-down of a relationship, I have been living beyond my means, using credit cards to survive. I estimate my credit card debts to be in the region of £120,00 (I am too frightened to calculate the total sum of these). I do not feel I have been living extravagantly – I have really been playing the cards off one against the other, in order to buy food, etc. I have no other luxuries, apart from a small car. Any holidays I take are always staying with family or friends. I have managed to make the minimum repayment on all my cards but, when I need to manage on my pension, I will not be able to sustain this, especially as the interest rates on these have increased exponentially.

I have a house with two outstanding mortgages, which total £40,000. My pension will allow me to keep making these payments, as long as I live in a frugal manner. Unfortunately, house prices my area crashed in 2008 and have not yet recovered, coupled with the fact that houses locally are not selling. I anticipate the value of my house to be somewhat in the region of £130,000. I have considered selling it, but not sure whether I could afford the price of the Home Information Pack. Another option may be Equity Release, but I am a little vague about how this works.

My concern is that, when I retire and am unable to make even the minimum repayments on these cards, that I will be hounded by the providers and I am not sure whether any arrangement I make with them will be sufficient o satisfy them. I am too ashamed to confess my situation to my family and friends and the last thing I want to do is ask them fo help, although I suspect that they wouldn't be able to help, anyway.

So, I am tryint to get over the first hurdle by sharng the experience with people who may have had similar problems.

Hi Mouseann,
I don't post often but am always lurking and have gained so much from this website.
Having been following your thread on and off since the start, it's lovely to hear you sounding so positive now, it just goes to show the wonderful work MSE does and all those great iindividuals who offer good advice and so much support. It's not just a place to come for advice but also friendship and support.
Hope things continue to improve for you and will follow with interest.

God bless
Rosiedee

mouseann

Thank you Rosiedee,

It is always so encouraging to receive messages like that! And, as you so nicely put it, the friendship and support is invaluable.

I will try to stay positive - I am sure you will appreciate that it often isn't easy but I am learning.

Please keep contributing to the thread.

And God bless you, too.

jinny

You see mouseann if you hadnt been so brave enough to post none of us those that post or those that just read them would have got help from Niddy lad and support from all the lovely posters on here be proud of that

mouseann

Thank Jinny,

You are so right!

I am so grateful that I found this web site - really don't know what I would have done without it - and the absolutely wonderful Niddy, of course.

jinny

Well done in now off to bed, wasnt such a bad day for me. I hope it was ok for all of you too.
Start again tomorrow, have a good nights rest and see what tomorrow bringsx

rosiedee

I don't know what it is about your story but it has really gripped me.
I can't really compare our situations apart from OH and I are fast approaching retirement with more debt than I am comfortable with but I think it's just your whole demeanour that I find inspiring, no excuses for your situation just a resolve to sort it out.
We all know with hindsight what we should have/could have done but we can't jog backwards.
Yes, there are bad days as well a good but at least we have all faced up to our problems.
Rosiedee

mouseann

Night Jinny,

Am off to bed myself soon.

The politicians have finally finished - don't really know why I bothered watching it!

mouseann

Thanks Rosiedee,

I did need a rather sharp wake-up call. And, with hindsight (isn't it wonderful?) bitterly regret keeping my head in the sand for so long. I think it is that thing called pride which put me in denial. Now I am well and truly in the open it is really liberating.

And I can't really make excuses for my situation - except a temptation to blame it on a certain man!

jinny

Ive recorded it for tomorrow dont know if i will watch they so annoy me- night night