My Debt Free Journey starts Today

dimples666

Thanks so much everyone for your support, i am not quite myself yet but definately nearly there, still a bit twitchy and restless yet.

I feel like i am behind on my debt free plan. Mum sorted out all my ebay stuff for me so not really sure how much i made last week but sold quite a bit this weekend too, although auctions not ended yet.

I made another payment off debt, £25, tiny but every penny counts.
Mum spent on my behalf so my NSDs were limited but i believe there were 3 inc today this week.

Hopefuly i am back on track now and my next episode will be a while away.

PS excuse any spelling mistakes my brain is still a bit fuzzy.

B
xx

youareallhelpingme

Welcome back! Under the circumstances just keeping the debt payments going at the agreed level would be enough, so well done on the extra :T

x

dimples666

Thanks
I am on track to make my full payment on 10th Oct which is great but i need to do more, so far 16 items sold on ebay today which will help.
B xx

jennyjj

dimples666 wrote: »

Thanks
I am on track to make my full payment on 10th Oct which is great but i need to do more, so far 16 items sold on ebay today which will help.
B xx

Hi again,
Well done. I still admire your resolve. :T I'm following your diary and really commend your commitment to beating down those debts, especially with health issues on top.

But I'm really growing worried for you from what I read from your diary and your PMs and from what I can only imagine is your situation. Maybe you can put my mind at rest?

Please forgive me for asking some questions, but I sincerely fear for your future, indeed, I fear for the future of so many in your situation as the future creeps up on those with fragile finances, when inflation and interest rates are so unknown..

Firstrly, selling off your 'surplus' posessions on eBay isn't really sustainable if your debt is as great as your signature says. Sooner or later, won't you hit the point where there is no stock to sell? Then what? Are you putting off the inevitable whilst brutally beating yourself up to make payment?

I'm also concerned that you are taking the debt at face value and maybe haven't taken all the advice that may be appropriate, possibly because of a matter of pride or honour, or maybe just because you are pleased to be keeping up repayments for now. I'm not being critical, and I don't want to discourage your courageous efforts to beat the debt mountain. But can you really afford to overlook the possibility that you may be better off being more agressive in striking a better deal, or even getting help to renegotiate or re-finance rather than beating yourself up every day trying to make payments in full?

I don't know enough of your situation to make any judgement, but I can sense the stress in your words.

I now see that the original finance was from the company 'Picture' which had its debts taken over by Webb Resolutions? I used to hate their regular daytime ads where they showed just how easy they could make our lives. I bet Webb paid less than face value for your debt.

What A.P.R are you paying? Does your loan amount include your mortgage? Or maybe do you have some equity in the house? If those loans were secured on your home, I can understand how that would strengthen your resolve to pay them off, but please, not at the price of your health. Owning a house isn't everything. You can't eat and drink from the value of bricks and mortar. Better for many to rent a house and have the money to live on. Homeowners get far less state support than renters, who often get (relatively) lot's of help from housing benefits, which you sound like you might become entitled to.

A house is not an asset if it's a burden that's too great to bear. If you were starting your life today, which would you choose? To suddenly own a house and a huge debt, or to not have either and rent somewhere modest and comfortable?


Feel free to not answer. My questions and statements are quite personal.

I hope that your diary will become a shining example and a road map to others.

Take care,
and I hope you forgive my bluntness.

JJ

dimples666

No worries JJ I am happy to answer.

Firstly Ebay - I have had over a hundred items listed every week for over two years, my friends and family seem to constantly have stuff they want rid of and they know that i enjoy selling it, but i frittered away the money in the past, i am now using the money wisely.
Also i have started a course and am learning how to make piped cushions, napkins, aprons etc and by Dec I will be listing these on Ebay and these are more sustainable. I have done my research on what fabrics to use and how many i can sell/make.

I do not want to renegotiate my debt, the last thing i want to do is pay less. I want to pay more if i can, i want to pay it off before the term.

My mortgage is seperate not included within the debt. Its stands at around £107,000 on a house worth £150,000. Yes the Webb loan is secured.
I see what you mean completely and take your comments on board but my house is my pride and joy and only over my cold dead body would i ever give it up. If it had only been a couple of years then maybe i would but i have been working on my home for 10 years.
Whilst we are not cash flush we are not living hand to mouth, we still have treats, take aways etc, just not as often.

We are lucky in that my parents are very supportive, and in fact they are taking us to Cornwall for a week in a weeks time and they took us to Marbella in the summer for a week.
So our life is not as bleak as you imagine.
Although i have tightened our belts considerably.

I do get financial help with my mortgage so thats up to date and not a worry at all.

My biggest worries are for my health between my mental health and the cancers my life is a challenge day to day but that would be the same if i won the lottery tomorrow and became a millionaire, and in fact i find having something to concentrate on distracts me and gives me focus.
My last job was very high pressure and i am very goal driven, and its in my nature so this at least fulfills that part of me and gives me a goal.

I hope i have eased some of your worries for me and filled in some gaps
B xx

jennyjj

dimples666 wrote: »

No worries JJ I am happy to answer

Thanks for taking my comments so well. Yes you've reassured me. Sounds like you know your own mind and are as strong willed as me.:beer:.

When I said about renogotiating, I wasn't thinking about extending your term, more like telling those *******s at Webb that they would have to reduce your interest and maybe even take your debt elsewhere to get a better rate. I know that's not easy, which is where I re-suggested getting advise (Not from those IVA arranging sharks)

Your parents sound great !

Keep up with the development of your ebay business. It can become quite profitable when built up as a proper small business. You will need to invest a teeny bit. Make sure you treat it as a business and cost in your own time.
Especially when actually making stuff, don't get attached to your produce. Too many peeps spend lots of time carefully making/knitting/sewing stuff and then don't get the hourly rate they deserve.

Take care,
JJ

dimples666

Glad i reassured you JJ

I think i have done lots of investigating my target market, costings, overheads, man hours etc ( i have degree in Management Studies which included accounts, branding and marketing so i am putting it to good use lol)

It was my birthday on 5th so i asked for cash which i have put to good use and bought a new printer (for printing patterns and invoices etc) and a second hand sewing machine to get me started.

Do you have any advice on who i could contact on getting my loan interest rates reduced? Is that actually possible?

My parents are my salvation, i would be lost mentally, physically, emotionally and financially without them.

Keep the advice coming lol

B xx

dimples666

Well I made my second full payment off my loan since my difficulties, and it felt great!!

Also i made £123 off Ebay at the wekend (after fees) but postage needs to come off it yet.

I am definately on the path now it was not just a one off

B xx

dimples666

Well i didnt make it to my weeks holiday to Cornwall as two days before we were due to go my Kidneys started playing up and instead of Cornwall i had a nice little (NOT) sojurn to the local Hospital for 5 days, missing my hol, grr.

I got home from hospital yesterday and the only positive thing i can think of is that i had 5 no spend days LOL.

Tomorrow i make my 3rd payment off the arrears on my loan, bit by bit i am nibbling away at it.

B x

dimples666

Well today i made my third payment off the arrears, i had promised the loan company i will make £50 a month payment towards the arrears but with this payment it will be £75 this month. Am pleased as punch.
Webb however seemed almost reluctant to take the payment and when i asked to schedule some more card payments they refused! Whats that about!?

Sometimes i think everything out there is corrupt, like not wanting a cancer ridden, mental health patient just released from hospital cos her kidneys were bleeding to pay off their debt so they can reap the interest, how low can they go!?
Its dispicable.
There rant over, brave face back in place. lol

B xx