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Life after debt...!
I'd just like to post to tell you my story, and to explain how being stuck with a very very bad credit rating need not be the end......
14 years ago, I split with my 1st husband and went through a very nasty divorce. I came out of our marriage with ALL the debts (as he was paid cash, all our debts were in my name, so I copped for them while he walked away), a huge mortgage, and our son (:D).
For the first 6 months I didn't pay our (joint) mortgage, but managed to pay the debts and live/eat. He eventually found out I wasn't paying the mortgage, and told me to get out of the house.
I moved into a rented house, and because i had to pay my rent, I couldn't pay the debts.
(incedently, I had a full time job so didn't qualify for any financial help, but had to pay for childcare and didn't receive a penny maintenance/CSA from the ex cos of his cash in hand job.....)
As time progressed, I had all manner of debt colloctors after me and ended up with 7 (:eek:) ccj s and a big black mark by my name re the mortgage. (there were times when I couldn't afford to eat, and I honestly did my best to manage - i didn't spend what money I earnt on clothes/going out etc, and I didn't run a car or anything)
Then I met my new hubby. He wasn't well paid, but we decided to make a home together as best we could. He got a mortgage on a small house for us to live in, and we got on with life
.
The birth of DD brought new financial pressures, and a bit of debt (in his name), which went a bit bad, but no new CCJs.....
And along comes DS2....
We stuck it out for 9 years in a tiny house in a not too nice area, before finally feeling brave enough to assess out financial standing and think about moving....
When we moved house, we moved with no debt at all (neither of us had dared to apply for credit for years and years cos we assumed we would get refused cos of our past!). We made a profit of £60k on our little house, and used it to put a good deposit on our lovely new home in a lovely nice area, and furnished it nicely, and bought out first BRAND NEW car!!
We currently don't have any debt (aside from the mortgage), and live within our means.
Getting into so much debt taught us a very useful lesson - NEVER AGAIN - but ultimately, had we been able to get (or try) credit before now, I doubt we would have been where we are now. No way would there have been £60k equity left in the house... we probably would have borrowed against it long before now!!
So, I suppose what i am trying to say, is that there is life after debt.So hang on in there....
14 years ago, I split with my 1st husband and went through a very nasty divorce. I came out of our marriage with ALL the debts (as he was paid cash, all our debts were in my name, so I copped for them while he walked away), a huge mortgage, and our son (:D).
For the first 6 months I didn't pay our (joint) mortgage, but managed to pay the debts and live/eat. He eventually found out I wasn't paying the mortgage, and told me to get out of the house.
I moved into a rented house, and because i had to pay my rent, I couldn't pay the debts.
(incedently, I had a full time job so didn't qualify for any financial help, but had to pay for childcare and didn't receive a penny maintenance/CSA from the ex cos of his cash in hand job.....)
As time progressed, I had all manner of debt colloctors after me and ended up with 7 (:eek:) ccj s and a big black mark by my name re the mortgage. (there were times when I couldn't afford to eat, and I honestly did my best to manage - i didn't spend what money I earnt on clothes/going out etc, and I didn't run a car or anything)
Then I met my new hubby. He wasn't well paid, but we decided to make a home together as best we could. He got a mortgage on a small house for us to live in, and we got on with life
.The birth of DD brought new financial pressures, and a bit of debt (in his name), which went a bit bad, but no new CCJs.....
And along comes DS2....
We stuck it out for 9 years in a tiny house in a not too nice area, before finally feeling brave enough to assess out financial standing and think about moving....
When we moved house, we moved with no debt at all (neither of us had dared to apply for credit for years and years cos we assumed we would get refused cos of our past!). We made a profit of £60k on our little house, and used it to put a good deposit on our lovely new home in a lovely nice area, and furnished it nicely, and bought out first BRAND NEW car!!
We currently don't have any debt (aside from the mortgage), and live within our means.
Getting into so much debt taught us a very useful lesson - NEVER AGAIN - but ultimately, had we been able to get (or try) credit before now, I doubt we would have been where we are now. No way would there have been £60k equity left in the house... we probably would have borrowed against it long before now!!
So, I suppose what i am trying to say, is that there is life after debt.So hang on in there....
0
Comments
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sorry, meant to post this in the Debt-free forum!!0
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well done, its great to hear this
toni0 -
Please post this in the DFW forum.I found your thread whilst having a browse in the other forums but I usually post and sit in the DFW forum.Well done on clearing your debts and congratulations in having a lovely home you are happy in.I am trying to be debt free but things keep getting in the way and sometimes I feel like I will never get there, you have made me smile and showed me there is hope after debt.thanks.0
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