Sorry old chap, the money has run out!

MrsPorridge

Thanks for the update Tony. Glad things are going on OK and at least its all in the right direction.

dorisday

its great to see how things are working out for you best of luck for the future

triple_choc_chip

Happy new year, Tony.

Your debt total is about the same as mine was 4 yrs ago, speaking from experience I guarantee things will get easier.

You now have a 'can do' attitude that wasn't evident before, good luck.

vintagegirl

hey tony was thinking about you last week. i read this thread a while ago and was wondering how you were getting on. any updates?

hp48910

Hi Tony, I've been off here for about as long as you. I look forward to catching up with your progress. It feels strange posting again after so long but at the same time it's nice to have others around you who understand the situation.
Take care :0)

tony_ack

Hi again!

It's been a while again since I posted, so I thought it was time for an update.

First of all, the ex and I split soon after my last post which wasn't pretty, but that's another story. The bit that is relevant is that she decided that as the debt was in my name, she wasn't obliged to pay anything, and walked away from it. She also decided that as I couldn't prove I owned half of her car, she wasn't going to pay for that either! It was annoying, but I expected it of her so it wasn't a shock, and I certainly hadn't planned on the income that she wasn't going to give me.

The Debt Management Plan is still continuing, although I'm now paying £470 a month. It was a massive struggle earlier this year - I had way under-budgeted for food and fuel (it was costing me almost twice as much). I got by by selling some more stuff that I didn't really want to, and I also ended up borrowing £150 from my dad each month, and paying it back when I got paid. The final straw was when it came to MOT and tax time, and I had no money for either! All the creditors accepted the new plan though, and the bonus was that except for the Halifax, they've all stopped charging interest! (Halifax charge 2%). MBNA registered a default however. Halifax have been good at losing stuff, and I've had to ring them a few times to make sure they got the right paperwork.

On a day-to-day basis, my life has really changed. My food budget is a lot more sensible now (as in I'm not over-spending, nor am I starving), and waste has been getting less and less, to the point where it's almost zero now. I always try to fix something that breaks rather than replacing it. I rarely shop for new stuff at all now, unless I really need it, and even then I look into second hand if possible, or research the cheapest price if new. The days of going out on a Saturday afternoon and buying a piece of technology on a whim are like a distant memory now. The idea of using credit cards or overdrafts is abhorrent now. This month feels like the turning point though. I paid my dad back his £150 and I haven't borrowed it back again. It's going to be a lean week next week, but it'll be worth it. The debt is down to £29k and has never increased since I started on the DMP. I have even budgeted to set aside something next month for Christmas, emergencies and dare I say it... a cheap break away for a couple of days?! Life feels... sustainable. But it's not just money I'm saving. I feel like I'm getting the most out of what I have. It's nice not to be wasteful or whimsical. Kind of more fulfilling too.

I'll make sure I come back and update - even if it is 9 months between updates (whoops!)

tony_ack

Just to say as well... when I started browsing the new posts on here before I posted my update, it brought back some painful memories - seeing people struggle with debts each month and feeling trapped as they creep up each month, pushing against their limits, and then over them too. One post caught my eye where the overdraft was £2500 and the balance was £2950. That was so me. It's like you're using more of your income each month just to get back to where you were the month before.

It seems like it's impossible to escape, but it is. But first you need to let go of your pride, and the misconception that a good credit score is essential to a healthy life. It just doesn't add up.

As far as your pride goes, yes you are in debt, and yes it IS embarrassing. But what's done is done - you can either try to hide it, or you can FACE it and LEARN from it. Getting into debt may be shameful but getting out of it ISN'T! If it's getting on top of you, then it's already time to stop firefighting, and re-assess your relationship with money. I hope my story and every other one on this forum will inspire others to do the same.

Anyway... after reading the posts about people struggling with debts, I got up from the computer and walked to the kitchen, pensively. All I was thinking was that it was so nice not to worry about credit cards and overdrafts any more. I have £10 in my pocket to last me until Friday. But I know that next month, my debt will be less. Yes, the debts are still there. But the stress is not. And that's got to be worth facing up to your debt problems.

Sorry, I kind of went off on one there!

MrsGSR

I'm new to all this thought I would offer my two pennyworth.
ETA- that will teach me for posting before reading the thread fully! Sorry to hear about your spilt from your partner and how she has just left you with the debt, sounds like you are better off without her if that's how she behaves, obviously I can only go by what you have said and don't know the full story.
It sounds like you are certainly getting there and making progress, well done. And yes youstill need little treats so if you have budgetted for it then why not go for a few days away?

Mags_cat

tony_ack wrote: »

Sorry, I kind of went off on one there!

No you didn't. That was brilliant advice from someone who's been there and come out the other side.

I'm glad things are more balanced now. Just keep it up :T

Takeaway_Addict

Great to see you Tony again.

I would hazard a guess that even with money being tight life is surely so much better than 1 year ago or even 2,3 or 4!