a big thank you

Kate_fixing_it

Hi everyone,

I've been lurking for a while and the threads here have helped me so much.

I completely realise the mess I'm in is my own doing and about 6 weeks ago I had my wake up call.

I'm ashamed to admit I fell into the payday loan trap. I have also managed to rack up nearly 6k in credit card debt after taking a 3k loan to previously clear the cards and climb out of the payday hole.

Thankfully I've not missed any minimum payments yet but the situation cannot go on. I currently owe the best part of 10k.

Thanks to my lurking I've managed to pull back the PDL portion of that to 350 from 1500. I have admitted to those closest to me the problem and have a plan in place to pay at least 400-500 per month off these debts and more as I can with a view to clearing the PDL this month and all the cards within a year. The loan has 16 payments remaining and should the cards be cleared in 12 months the loan can be cleared in month 13.

I just wanted you to know you've all helped me immensely. For the first time in months I am sleeping at night again. I'm not scared to answer the phone and I am no longer bearing the burden alone terrified my nearest and dearest will find out and leave me to sink in my own mess.

I'm on the road to recovery. The cards have been cut up, the plan is in motion and I can see the light at the end of the tunnel.

Thank you again
Kate x

HOK3Y

What a lovely post! Al the very best of luck, Kate. Stay in touch through the journey - the comraderie helps!

*Foolish*

Well done and good luck!

Kate_fixing_it

Thank you xxx I couldn't have gotten this far without the help of this forum. I realise I've barely made a dent yet but I feel really positive about the months ahead and getting rid of the millstone around my neck.

I have even admitted to my older (mid teens) children what I have done in the hope that they can avoid my mistakes (and probably make new spectacular ones of their own!)

In 18 months the eldest is planning to be heading off to university. I want to be debt free before she goes and thanks to this forum I believe I can. I will NEVER let them go without whilst there is life in my body but I feel like such a let down to them for getting myself into this situation.

The posters here are such an inspiration and a comfort that I'm not alone and I CAN fix this.

strandedinaber

What a wonderful post! And I so admire you telling your older children. It doesn't sound to me like you're letting them down at all. You have gotten into debt, but you're facing it head on, and more than that, you're using it as an opportunity to teach them about how to be careful with money. You might wanna even consider getting your oldest involved in the basic food budgeting and so on. That stumped a lot of students (myself included) when I was at university.

Kate_fixing_it

I wasn't entirely sure telling the teens was a good idea and it was far worse than telling hubby. The last thing I want is for them to worry or feel any kind of responsibility but it's a tough lesson they might just be saved from. As hard as it is to admit I could have said no to the spending at any given time but I didn't and it was ME that buried her head in the sand and kept on spending. I've come to the conclusion all my children will benefit more from my time and attention than possessions.

For the first time in months (maybe years?) I'm actually looking forward to pay day this Friday so I can get started on this journey in earnest and not dreading the monthly juggle of who do I have to pay first and can we afford to live on what's left along with "how the hell do I hide this".

The new budget gives me a weekly allowance whilst paying everything and I'm already excitedly (if that's the right word!) planning where I can reduce my spending to get a little more paid off.

All children already help with shopping and meal planning, I think it's a great idea to get them to help with budgeting too, thank you. New ideas already! I'm so glad I finally plucked up the courage to post!

carol1963_2

Well done to. I know that everyone on here will help you along with your journey and many others like you (that includes me). I'm starting my journey too. x

EchoDelta

Great to hear you sounding so positive. Best of luck with your debt free journey.

Chrisblue1962

EchoDelta wrote: »

Great to hear you sounding so positive. Best of luck with your debt free journey.

Here here...Good Luck Kate.