Need a Hand Hold…

ashamedjelly

Evening. 

You may remember I posted a thread a few months back whereby I finally faced up to almost £100k of consumer debt, accumulated after years of IVF treatments. 

I’m now in a position where I’m waiting for defaults. Two have been issued and sold on and I’m paying £50 a month into each. Waiting on the rest. 

After months of feeling confident and in control, I’ve this evening plunged back into a pit of despair. I can’t see how on earth I’m going to pay back £100k in full EVER. I know the defaults will drop off my file in 6 years and my credit rating will begin to repair, but the road seems so incredibly long at this point, that h don’t think I’m ever going to be debt free in my lifetime. 

I’m budgeting well and saving into an emergency fund - almost £6k saved now. 

Please give me a hand hold and some confidence that I can do this? It seems a like such an impossible mountain to climb at the moment. 

Thank you 🩵

tigergambit

Hi AJ, well done on starting down the road. 

There is no need for despair. You are on a journey through debt as through life - all that matters is that you progress, not the speed at which you do. What does it matter how long the journey takes?

Look at your life. You have the family you always wanted, a loving and supportive husband, a secure home, a great job that pays well and the tools and ability to sort things out. 

I have said elsewhere that mindset is important. Ultimately your debt is just tiny bits of static charge on a server somewhere. Nothing more. Paying it down is just a game or a series of games. Nothing catastrophic will happen.

So enough of the Zen stuff (although I have plenty more, haha). How are you getting on with your budget and payment planning? Do you have an update?

Keep ignoring those creditors until they default. Remember this takes time and ultimately time is your friend as inflation reduces your debt.

We are all happy to support you. You are never alone in this.

tigergambit

I can’t see how on earth I’m going to pay back £100k in full EVER. 

This is NOT the aim of the game, so do not worry about it.

Your aim is to be debt free.

FlorayG

You've admitted your problem and are attending to it as best as you can. Lots of people never get that far and spend their whole lives in debt or alcoholic or hoarding or one of many other much worse things and denying it. As you have admitted your mistake and set the recovery in process there's no more you can do than you are already doing, so pat yourself on the back. A person can only do their best

Starfish75789

Hi - when Im feeling a bit overwhelmed this discussion below always helps me and provides a bit more focus on my plan. A bit more reading but it just shows what can be achieved and what people are really paying back. I have done this myself...cant wait for the next one. 

Full and Final

ManyWays

I am not sure this is what you want to hear, but there is a change in IVAs called "protocol 2025" going through which will mean from July (not far away) the requirement in an IVA to release equity will be removed in almost all cases.

This now makes this a more plausible option for you; it could be good to talk to StepChange about the possibility of an IVA under these new rules.