Affordable Debt Repayment
Posted on January 2, 2012
Filed Under Debt Relief, Refinancing Solutions | Leave a Comment
Hi Mum, have you got a spare five minutes to have a chat? I always have time for you Pete you should know that – is everything alright? Well I have been a bit of an idiot mum and you may well become a bit angry with me. Why what have you done Pete? I have got myself into a bit of a financial mess and I am now £17,000 in debt!
This was the opening of chat that I had with my mum about six years ago. It was a conversation that I had put off for a number of months before finally plucking up the courage to go round to her house and see her.
So how did she react? Well she was very very shocked as you could probably imagine, but in truth she was very supportive. I could tell that she was quite angry and disappointed which is quite understandable. I had been a fool and had let her, my family and myself down. She asked a lot of searching questions in respect of how I had managed to accumulate such a debt and what I had been spending the money on.
After the initial shock and after the whole situation had been fully explained it was time to work out our next move and to attempt to find a solution. My mum went about making a number of telephone calls to people she believed could help.
I used to sell promotional magic cubes. I earned a fair amount of money but it was the amount that I was spending that was the problem.
A few days later an adviser from a debt management company came round to see me. Together we worked out an affordable repayment plan which was likely to take a number of years to pay off the whole debt. I had to make a number of major cutbacks from my normal monthly spending this though was very much needed.
A few years down the line my debts are now all virtually cleared and my whole attitude to money has changed there are no more credit cards or store cards not that I could probably get them if I tried!
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