Trust Deed over. Clean slate.

tersus_slate

Hello All

I've been using this site for a while now but don't really post that much on the forums. I've given myself a new user name 'tersus slate' which is latin for 'clean slate'.

I think the diaries and the support offered on these forums is great. Even if you don't take part in the discussions, the advice offered on both the mse site and mse forums is priceless.

So, what's my story? Where did my debt all begin? I think it's important for me to look briefly at this, after all, it's important to know where I went wrong so I don't make the same mistakes again!

I went to university some 500 miles away from home when I was 17 (in 1998). I was lucky enough to be sponsored by my then-future employers for 3 years through an Honours degree at a fairly good university. Grand - set up for life - or so I thought.

In hindsight, had I not moved 500 miles away from home then I really don't think I would've have got into such a pickle with money. And, if I hadn't started university so young then I think I could've concentrated on my studies more, got a better class of degree and been a lot wiser with my money!

I remember being given the £1000 overdraft when I started university. Add to that my first installment of sponsorship money PLUS a student loan - I thought I was LOADED. :rotfl:

I spent beyond my means. Simple as that.

Hopeless at managing money too.

I remember phoning home asking for money. My parents have never had any major disposable income to speak of, yet there I was probably with more money than them but having to sponge off them. My parents would never refuse, only if they literally didn't have any money would they refuse.

This continued for the three years I was at university - why did I kid myself on I was doing okay?

Luckily enough, after graduating in July 01, I started a job straight away with my sponsors. In 2001, I started on £20k and by 2003 I was on £31k so I was earning well.

I still spent beyond my means.

As I was in a job that meant spending most of my working and personal time abroad away from home, I still stayed with my folks. On that good salary and at such a young age, I should've been paying off uni debts and saving money for a property.

Then it all went REALLY wrong. In early 2004, I was sacked for failing my professional exams. £31k to nothing VERY quickly. I still had a fair whack of debts (obviously). I kidded myself on that I would get another well-paying job very quickly.

Did I hell! Ended up working in a call centre on £10k/year. THere for 6 months, got another job for 4 or 5 months on £14k that 'promised lots' but never delivered. Left there to earn £16 - £18k in a reasonably enjoyable job for a couple of years.

Problem was, I was still racking up debts on credit cards and paying back a loan I took out in 2001. So, things weren't good professionally, personally my confidence was all to bits and I was in heavy debt.

Then in early 2007 I had the so called Light Bulb Moment. THing is, when it hit me I was actually quite calm. The 'muddy waters' of my debt were now very clear.

I was sitting there with about £40,000 worth of debt from credit cards, loans and student loan. What on earth was going on??

I looked into my options. A Trust Deed was the best option.

So, in early 2007 I started paying towards a Trust Deed and I've just recently made my last payment.

You know what? The Trust Deed, in some ways, made life SIMPLE.

Yes, the credit history is shot to bits. I do not own property. I am almost 30 and still living with my folks. Not so good! :o

But, after practically 12 years of NOT HAVING A CLUE about my finances, I've been given this opportunity to start afresh. The CLEAN SLATE.

I've learned things the hard way (generally, that's they way for me :cool:).

Luckily for me, I now have no debt* and I am earning a good wage in a job I've been in for about 3 years (started about same time as Trust Deed started!).
apart from £125 that I need to pay off to a phone company but that's in the next pay packet

This summer, I'm doing something BIG in terms of distance and in terms of BIG steps in life. This clean slate helped me do this.

For those thinking there's no light at the end of the tunnel of debt - there is.

niccatw

:T Thank you for posting. It's great to hear the success stories to keep us all motivated!

tersus_slate

In many way niccatq, I feel very lucky as the Trust Deed fell into place just at the right time.

Of course, the situation right now isn't perfect - I'm almost 30, on a good salary and I'm stuck living with my parents. I should have my own place and have money stashed away for a rainy day while still being able to enjoy life!

But, from the end of this month, my salary is basically ALL MINE. For the first time in probably some 10 - 12 years!!

Barry1980

Tersus Slate i just want to congratulate you on doing what you have achieved with regards the Trust Deed. This site is great in that it reminds me that im not the only one who has made mistakes with money.

My background, well its much the same as yourself! Early 20's i managed to accumulate a total debt of nearly £50k through a £20k loan for a convertible car (I know sounds great at the time but why i felt the need who knows) and credit cards. It wasnt until 2006 when my beautiful daughter was born in December that i felt enough was enough and that she wasnt going to suffer for my rash behaviour. Therefore i signed into a Trust Deed and have just received my discharge as the company i went with fell into administration last year Unfortunately i seperated with my daughters mother and i am the same as yourself, 30 and living with my parents but with no debts to my name.

My question would be where are you going to go from here? I know that this has to be a temporary measure as need i my space and to get a bit of self-pride back into my life.

Would love to hear how you are getting on and hope things are all good!!!