Sort of debt-free but hope to be a super-scrimper in 2019
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[Deleted User]
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Hello everyone. Wishing a happy, healthy and successful New Year to anyone who is reading this:beer:. I've often thought I might start a diary of my own but felt my life is so mundane that I'd be all on my own on it and talking to myself:o. Several people have advised me to start one, I hope not just because I've cluttered up theirs with my ramblings:eek:. If nothing else it will make me accountable even if only to myself once plans and aims are written down for all to see.
Quick-ish back-story. I'm now in my 70s and have been in debt off and on for my whole life:eek:. That despite having a good professional career. I've never been an 'image' type of person needing the latest this and that. The only designer things I ever owned came from charity shops. Somehow though I seemed to have acquired an unbelievable amount of stuff. When I say 'acquired' I meant 'bought'. I took no heed of budgets and just spent money on what I wanted. There was always the walletful of credit cards to use if my salary didn't stretch far enough. The credit card companies were only too happy to have me as a customer:eek: and kept raising my limits without prompting knowing I was frequently only repaying the minimum every month.
It all came to a head in 2012 when, retired but on my state pension and a good final salary employer pension, I was literally searching for coins down the back of the sofa to pay for cat food or a loaf of bread. Every credit card was maxed out and I was desperate. I've lived with my partner in unwedded bliss(;)) since I was in my late 20s and his attitude to money is the total opposite of mine. He is tight with money, watches every penny and has never owed any money in his life apart from the small mortgage which we had. I was unable to tell him about my situation and that put additional stress on me. I know a problem shared is a problem halved but I felt I had no option but to carry the load myself. How was I going to get myself out of this self-imposed mess without him knowing? We have always kept separate bank accounts etc and split household expenses 50/50 with him paying some such as Council Tax and me paying for all food etc etc. . All my debts were in my name, we had no joint/associated accounts thank goodness.
In the new year of 2013 I contacted Stepchange with outstanding unsecured debts of £56804. They were wonderful and I can't thank them enough. After a few years of mighty struggle (and OH being totally unaware as I managed to keep him well fed throughout:rotfl:) I now have only £3427 debt remaining. When I said in my thread title that I'm 'sort of' debt free that's because I have savings put aside to cover the remaining debt balance. I'm now holding out for Full and Final settlement reductions considering the obscene amount of interest I've paid over the years prior to my DMP when it was frozen. So many people have had massive amounts written off and after repaying so much already I just want a small piece of the action too. I'm paying my 2 remaining creditors a token £1 a month now I'm self-managing my DMP in order to hasten the day. A wise person on another thread called my situation 'debt neutral'.
I'm now moving on to the next stage of my life and I've obviously left it rather late:rotfl:. For the first time ever I'm planning on becoming a saver. Apart from the money I've scraped together for the remains of my debt I've never had a savings account. I once started an ISA donkey's years ago but barely added anything to it and had to cash it all in to repay something very pressing. The thought of now being able to have real money that belongs to me and not my creditors is a heady one:j:j:j.
If anyone is still here after reading these ramblings I thank you:T:beer:. Please feel free to offer any advice you may have or just give me a much needed kick up the rear if you think I'm backsliding in my aims which I'll set out in the next post. I'd love your company along the way.
Quick-ish back-story. I'm now in my 70s and have been in debt off and on for my whole life:eek:. That despite having a good professional career. I've never been an 'image' type of person needing the latest this and that. The only designer things I ever owned came from charity shops. Somehow though I seemed to have acquired an unbelievable amount of stuff. When I say 'acquired' I meant 'bought'. I took no heed of budgets and just spent money on what I wanted. There was always the walletful of credit cards to use if my salary didn't stretch far enough. The credit card companies were only too happy to have me as a customer:eek: and kept raising my limits without prompting knowing I was frequently only repaying the minimum every month.
It all came to a head in 2012 when, retired but on my state pension and a good final salary employer pension, I was literally searching for coins down the back of the sofa to pay for cat food or a loaf of bread. Every credit card was maxed out and I was desperate. I've lived with my partner in unwedded bliss(;)) since I was in my late 20s and his attitude to money is the total opposite of mine. He is tight with money, watches every penny and has never owed any money in his life apart from the small mortgage which we had. I was unable to tell him about my situation and that put additional stress on me. I know a problem shared is a problem halved but I felt I had no option but to carry the load myself. How was I going to get myself out of this self-imposed mess without him knowing? We have always kept separate bank accounts etc and split household expenses 50/50 with him paying some such as Council Tax and me paying for all food etc etc. . All my debts were in my name, we had no joint/associated accounts thank goodness.
In the new year of 2013 I contacted Stepchange with outstanding unsecured debts of £56804. They were wonderful and I can't thank them enough. After a few years of mighty struggle (and OH being totally unaware as I managed to keep him well fed throughout:rotfl:) I now have only £3427 debt remaining. When I said in my thread title that I'm 'sort of' debt free that's because I have savings put aside to cover the remaining debt balance. I'm now holding out for Full and Final settlement reductions considering the obscene amount of interest I've paid over the years prior to my DMP when it was frozen. So many people have had massive amounts written off and after repaying so much already I just want a small piece of the action too. I'm paying my 2 remaining creditors a token £1 a month now I'm self-managing my DMP in order to hasten the day. A wise person on another thread called my situation 'debt neutral'.
I'm now moving on to the next stage of my life and I've obviously left it rather late:rotfl:. For the first time ever I'm planning on becoming a saver. Apart from the money I've scraped together for the remains of my debt I've never had a savings account. I once started an ISA donkey's years ago but barely added anything to it and had to cash it all in to repay something very pressing. The thought of now being able to have real money that belongs to me and not my creditors is a heady one:j:j:j.
If anyone is still here after reading these ramblings I thank you:T:beer:. Please feel free to offer any advice you may have or just give me a much needed kick up the rear if you think I'm backsliding in my aims which I'll set out in the next post. I'd love your company along the way.
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Comments
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Glad you decided to start a diary I love reading your posts.
Following
Happy new year
x“Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the way.”0 -
Carboot look forward to reading your diary .0
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Following! Best of luck in your next MoneySaving chapter. And well done on everything you've achieved so far in relation to your debt-busting - seriously impressive! :T0
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WannabeFree wrote: »Glad you decided to start a diary I love reading your posts.
Following
Happy new year
x
Aaaw, thank you:T. I'll try no to disappoint;)0 -
SnuggleBuggles wrote: »Following! Best of luck in your next MoneySaving chapter. And well done on everything you've achieved so far in relation to your debt-busting - seriously impressive! :T
Thank you:j. Nice to meet you and I hope to have your company along the way:)0 -
Cumbria_lass wrote: »Carboot look forward to reading your diary .
Thank you, Cumbria:T. I know we'll probably meet on other diaries and I'll look forward to seeing you on mine too:beer:0 -
I've read many of your posts on other diaries, always so helpful and encouraging to others. Good for you starting your own diary, I am sure you will get lots of support. Just think of being able to choose what to do with all that money that has been going towards your debt. Its going to be a great year for you!0
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Moneywhizz wrote: »I've read many of your posts on other diaries, always so helpful and encouraging to others. Good for you starting your own diary, I am sure you will get lots of support. Just think of being able to choose what to do with all that money that has been going towards your debt. Its going to be a great year for you!
Thank you, what a nice thing to say:T. I hope you'll drop in regularly and keep me company along the way.0 -
Well done on everything paid off so far, and best of luck for some decent Full & Finals
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