Felling down. Dmp may be longer than we thought.

bertman

Hey Elsie52,

Just want to add my own words of encouragement to you, we are just starting out on clearing the debts which are similar to what you would have started with.
You have done really well getting to the point you are at now, £40k is a huge sum to pay off so well done...
I can understand your worries but, you know, things do have a habit of sorting themselves out if you keep positive.
I hope you get sorted out especially after getting this far.

jem1276

I have no advice but well done so far, what an amazing achievement! :j

pure_dead_dopey

Hi Elsie

I want to thank you so much, you are an inspiration. We must be a similar age and have run up similar debt piles, although it has taken longer for our LBM, so our pile is bigger. I worry constantly that we can't pay it off in time to retire, but you've whacked it so I feel it can be done. Its good to know that you are able to live some kind of life as well, and like you I wonder what on earth we did with all that money???? I know yours is not all away yet but I feel sure whatever happened to the 40K will happen to the remainder. Well done, just think how you'll feel when its all gone.

planning_ahead_2

Hi again Elsie

I love chatting to you over on diary pages. You are always an inspiration to me and I just love the statement 'positive thinking is free'. I can already tell that you are back on your feet and ready to fight on in the war against the debts:rotfl: You have clearly mentally dealt with this setback and decided you can and will move forward.

Yes - as you say, reprogramme yourself to a revised debt free date - but I bet that you will still be debt free by April 2012 because you are one of the most focussed ladies I know when it comes to this debt busting malarky;)

Right...off to put that virtual kettle back on......anyone else want a cuppa:beer:

churchrat

hi Elsie

we are about the same age as you, and its very depressing to think that once the debts paid we have a poor reirement to look forward to!! I think that I would def save up what I could and NOT over pay any of the debt. I would then offer full and finals where possible.

We have some extra and have used it each month to overpay on the mortgage, although we were very lucky and all interest (so far) has been stopped. We also finish our dmp this yr (self managed), after starting with£61k.

Is there a thread for us oldies?? there are problems which affect each age group, and being in debt at the end of your working life throws up problems which you just don't have when you are 25/45 yrs old. Particularly if you still have children at home/university.

many thanks

churchrat

planning_ahead_2

churchrat wrote: »

Is there a thread for us oldies?? there are problems which affect each age group, and being in debt at the end of your working life throws up problems which you just don't have when you are 25/45 yrs old. Particularly if you still have children at home/university.

Perhaps you and/or Elsie could start a dedicated 'older persons in debt' thread (if there isn't one already - did look but can't find one:o).

Elsie is a regular and much welcomed visitor to me diary and she knows the title of my debt free wannabe diary is 'Wanting to be debt free before retirment'. I am only just approaching my 50s but having seen the worry debt leading up to and in retirement can cause (relatives in debt:() it spurred me on to want to ensure that we clear our debts well before retirement and have some time to make some savings to fall back on.

I totally agree that the issues faced when retirement actually looms or arrives are very different to people in debt who still have the opportunity to go and bring income into the home over and above pension income. I think a dedicated thread/support group is an awesome idea:T

pure_dead_dopey

churchrat wrote: »

hi Elsie

we are about the same age as you, and its very depressing to think that once the debts paid we have a poor reirement to look forward to!! I think that I would def save up what I could and NOT over pay any of the debt. I would then offer full and finals where possible.

We have some extra and have used it each month to overpay on the mortgage, although we were very lucky and all interest (so far) has been stopped. We also finish our dmp this yr (self managed), after starting with£61k.

Is there a thread for us oldies?? there are problems which affect each age group, and being in debt at the end of your working life throws up problems which you just don't have when you are 25/45 yrs old. Particularly if you still have children at home/university.

many thanks

churchrat

I'm with you on that Churchrat, we older DMPers have lots more to lose, I dearly wish we had had a LBM years ago, earning good salaries, it would have been much easier. We are still earning good salaries but it just means its all got to go towards the debt because we've left it nearly too late. My biggest worry is that one of us gets ill and loses out job, then where will we be??? We are still paying university fees for DS, so added outlay every month. Isn't life difficult sometimes?

elsie52

Thanks guys for replying.... I do agree that when you are young, time is on your side and you do have time to repay debts and start again, but as you reach our age its a race to the line.! I know that at "our age" we should have known better than to get into debt, but when you have 3 children and we put all of them through University etc, good holidays, and generally a better life than we had ourselves, the money had to come from somewhere. I was a stay at home mum until my children were in their teens and then only went back to work so we could afford to give our children a good education and a good start in life. We thought that we would start sorting our debts out after they had left home, Then come the weddings to be paid for and contributed to, helping them finance their homes, then the grandchildren........and so it goes. It all came to a head when I developed an illness that prevented me carrying on with my job which was very stressful, and then taking part time work on minimum wage.! We struggled on for a few years like that and then I/we had our LBM, and really havn't looked back.......but why didin't it happen sooner. Like you Pure (Idon't like calling you Dead Dopey it seems disrepectful, so I'll call you Pure) I also worry about one of us falling ill. My OH has a very stressful job, so I take over on the money side, so its one less thing for him to worry about.

Anyway, must go and do the ironing, the sun is shining and the washing is being dried outside as we speak.

BTW, I will start a thread for us older DMP ers and if anyone want's to join me. Please do.

bluebag

elsie52 wrote: »

Thanks guys for replying.... I do agree that when you are young, time is on your side and you do have time to repay debts and start again, but as you reach our age its a race to the line.! I know that at "our age" we should have known better than to get into debt, but when you have 3 children and we put all of them through University etc, good holidays, and generally a better life than we had ourselves, the money had to come from somewhere. I was a stay at home mum until my children were in their teens and then only went back to work so we could afford to give our children a good education and a good start in life. We thought that we would start sorting our debts out after they had left home, Then come the weddings to be paid for and contributed to, helping them finance their homes, then the grandchildren........and so it goes. It all came to a head when I developed an illness that prevented me carrying on with my job which was very stressful, and then taking part time work on minimum wage.! We struggled on for a few years like that and then I/we had our LBM, and really havn't looked back.......but why didin't it happen sooner. Like you Pure (Idon't like calling you Dead Dopey it seems disrepectful, so I'll call you Pure) I also worry about one of us falling ill. My OH has a very stressful job, so I take over on the money side, so its one less thing for him to worry about.

Anyway, must go and do the ironing, the sun is shining and the washing is being dried outside as we speak.

BTW, I will start a thread for us older DMP ers and if anyone want's to join me. Please do.

You are doing everything you can, try not to worry too much about the lightbulb not switching on sooner ... just be happy it did. Never look back, then you won't fall , look where you are going and that's forward.

Sometimes as I get older I have the same concerns as you, my OH just had a heart attack and his return to work is uncertain but I know I am adaptable and can cut to any cloth, getting out of debt teaches us that, the important things become clearer.

You have achieved so much, both for your children and in the long and difficult road to debt free. I look at it this way, every day above the ground is a good one!:)
Much hugs.
bb

churchrat

hi elsie and anyone about 50ish+!!!!

sign me up for the group--- I know there is the silver surfers page, but I think one dedicated to older people with debt would be filling a fairly big need.

The health thing really is a big worry. My oh works away from home all week in a really stressful job but earns loads more than I do. Ill health got us into this hole in the first place, and I would sooo hate to climb back in now we are nearly out of it.

Lokk forward to hearing from you all a lot more.

ps--I know its cheeky to ask but could some kind soul "thank" me?? I'm nearly at 800 and I hate waiting!!!!

thankyou

churchrat