Debt v Life

Zulu_Dawn

bobble_hat wrote:

Hi, The figures on the beach are amazing, well worth going to see, I think I've still got photos om my blog. See http://elainesweirdandwonderful.spaces.live.com/

There is a link there for the Anthony Gormley site. Just head to Crosby beach, there are 100 so you will see them straightaway, be warned though Crosby beach is very windy!!

Thanks very much. It's a round trip of 500 miles but I think they look incredible so I will try and get there.

Amazing breakfast BTW!!!

ZD

MET_3

Wow what a response! I know that my view point will not suit everyone...but I still stick by what I'm saying. A few of you ask the question.."what do you mean debt can wait?" Banks and CC companies will try and push you into making payments that you can not afford. Create a manageable DMP and stick by it. Don't be tempted to pay more than you can afford. In the long run you will, as many of you put it "fall off the wagon" and cause yourself more problems. If you are realistic and don't overpay you can stick to a dmp where everyones happy. The bank and CC companies want regular payments..so if you are over stretching and not making regular fixed payments they will hassle you day in day out. Not what you need when you get home from work! I do appreciate that some people here can not afford to take my view point and I appreciate that. As I said my views are not for everyone. My debts will be paid off, yes I have £80k of debt but even on the DMP they will be paid off within 12 years. I just want to make my life as easy as I can within that 12 years! Money does not make you happy - I agree with that but it sure helps. Poor diet and no treats would make life a dull existence. But like you I also enjoy doing things which cost nothing, such as walking my dogs and going to the park with my kids. All I'm saying is don't get obsessed, relax and enjoy life without stretching yourself to far. I hope that all makes sense..I'm not having a go at anyone, as I said everyone has different approaches to debt and if it works for you thats great. m

Zulu_Dawn

MET wrote:

Wow what a response! I know that my view point will not suit everyone...but I still stick by what I'm saying. A few of you ask the question.."what do you mean debt can wait?" Banks and CC companies will try and push you into making payments that you can not afford. Create a manageable DMP and stick by it. Don't be tempted to pay more than you can afford. In the long run you will, as many of you put it "fall off the wagon" and cause yourself more problems. If you are realistic and don't overpay you can stick to a dmp where everyones happy. The bank and CC companies want regular payments..so if you are over stretching and not making regular fixed payments they will hassle you day in day out. Not what you need when you get home from work! I do appreciate that some people here can not afford to take my view point and I appreciate that. As I said my views are not for everyone. My debts will be paid off, yes I have £80k of debt but even on the DMP they will be paid off within 12 years. I just want to make my life as easy as I can within that 12 years! Money does not make you happy - I agree with that but it sure helps. Poor diet and no treats would make life a dull existence. But like you I also enjoy doing things which cost nothing, such as walking my dogs and going to the park with my kids. All I'm saying is don't get obsessed, relax and enjoy life without stretching yourself to far. I hope that all makes sense..I'm not having a go at anyone, as I said everyone has different approaches to debt and if it works for you thats great. m

Hi MET

You mention that you have been on a DMP for four years. I am in the first six months of mine. Im intrigued as to what happens when my six months is up.

Will they contact me automatically or should I contact them?
When did the six months actually start from their point of view - when they froze interest or when I first contacted them?
If I don't contact them, will they start to wack on the interest and charges until I do?
Will they expect an increase as the overall amount or can I simply send them all a letter to say my situation is unchanged and would you extend things for a further six months?

Any advice welcome.

Cheers,

ZD

lil'H

I think this post has raised a really interesting debate, and i'm so glad to see it hasn't dropped into a huge slangging match as has so often happened in the past! :j

From my personal view I have very little debt but would never only pay the minimum. I want to be able to live life, long term, and prior to this board, whilst my debt was relitively small it was incresing, and ultimately would not have been sustainable. No it is going, and going repidly, but that does no in any way mean my son misses out. He has everything he needs, and is not being led into a life of debt himself by being given everything he wants! Next week is half term and we are doing lots of activities with his friends from his old nursery, so I have made the decision to not repay any debt next week. My normal weekly figure on debt repayment will be used for other activities, one week of having lots of fun as I want my son to be able to meet up with his old friends and really enjoy half term as this is his first year at school. That being said, I would not dream of just going back to my old ways, we still will be on a budget, just a looser one than usual, but one that won't put us further into debt.

As a single parent, on a relitively small income (and one that alters as I'm self employed) it is vital that I have some back up savings, and until I'm debt free we will never be able to do that, and so not have any real security. For me being on a debt free mission is about living life to the full, and getting my life back. I have never felt so in control, or so positive about being able to manage what comes our way in the future.

if it works for you to only pay the minimum then great, but for me I would worry about the implications of that in the future, would that still work if someone lost their job, extra expenses came their way etc etc?

Lil'H

MET_3

Hi Zulu, I presume this is a dmp that you set up yourself? Most banks/cc companies will except 12 month dmp plans. The only one I had any issues with is Northern Rock who would only agree to a 6 month rolling dmp. when the 6 months is up they will either contact you or you could send them a letter stating your position. Don't let them bully you into paying more than you can afford. I've stuck with the same dmp for 4 years and at first they try and haggle but soon give up. hope that helps. Look after yourself. thanks. m

Annie_Fanny

lil'H wrote:

As a single parent, on a relitively small income (and one that alters as I'm self employed) it is vital that I have some back up savings, and until I'm debt free we will never be able to do that, and so not have any real security. For me being on a debt free mission is about living life to the full, and getting my life back. I have never felt so in control, or so positive about being able to manage what comes our way in the future.
if it works for you to only pay the minimum then great, but for me I would worry about the implications of that in the future, would that still work if someone lost their job, extra expenses came their way etc etc?

Lil'H

Well said!

Good luck with your future...

Annie

MET_3

Good for you Lil'H. As I said you have to do what works for you. I'm not saying my way is the best way..but it does fit for some. If I lose my job/have extra expense etc I would just create a new DMP paying what I could afford. As I said before they can't take what you don't have! I'm lucky as I tend to always be in work due to working in IT but if I lost my job I'd just re-negotiate. thanks. m

LizEstelle

Life is for living and families are most important.

Great.

So is living within one's means, actually.

Yes, unexpected problems happen - but people always seems to get wise AFTER the event, as if they thought there would never be a reckoning, that the world owed them a living at the cosy level they felt they needed and bad things only happened to others.

Well, sorry but I resent my car insurance being 30% higher than it needs to be because of the irresponsible driving habits of others ... and in just the same way I resent general borrowing rates being pushed higher through the antics of imprudent, !!!!less people who can't budget and default on their debt.

It's no use bleating on about it only hurting the big lenders and financial institutions - unpaid debt and bankruptcies feed through to the rates that the rest of us honest and financially responsible people have to pay. The actuaries make VERY sure of that, never fear.

Rant over.

(for everyone's information, !!!!less = f e c kless, a perfectly normal English word which the designers of this site insist on seeing as foul language!)

Kevicho

Why do people think that having a life means needing to spend money?

Family nights in around the tv, or playing an old board game are free.

Also reading books together from a library, again free

I think if you truly want a great life for your kids, having money to help them through university or buy there first car is probably a better idea than, say, sending them out to the pictures every week.

cazziebo

I'm so glad this thread was started because we do have to keep some sort of perspective.

We all need treats and nowadays a treat for me is a bar of chocolate for 40p, not a night out costing £100!

However, if I'd been a bit more sensible years ago, I wouldn't be having to live like this now. It's taken me a long, long time to learn but I've learned. Balance is what is important, as so many other posters have said.