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My Way Out Of Debt -- My Story Of Denial, Debt Problems 

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Tags:  debt  business  auto loan  make money  finance 
Views:  31
Published:  January 28, 2012
 
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Slide 1: ==== ==== Thrifty Living Info You Need to See Visit: Thrifty Living ==== ==== By Bhavika Patel We currently live in a world of high expectations. We want so much more for ourselves and that generally means needing, or in most cases just wanting more money. Life can be a struggle financially whether you're a father, mother, husband, wife, single or have a family. Money is always a huge weight in most of our lives, but the majority of us just don't know how to juggle our finances in the right way so we can keep control of it. My Story After leaving sixth form and taking a year out before starting university, life was great. I was happy, I had money (which I earned from a job at a local minimarket) and I had no financial worries or dependents. I was 19 years old when I started my degree program and I had no credit cards, store cards, loans or debts. May be working at a local minimarket didn't really earn me much money, but it was enough then, as I didn't have as many outgoings financially. At 19 years old, most of our money is spent socializing as my student loan was enough to cover my expenses for university with money left over. My life was great and I made sure I enjoyed every minute of it. I passed my driving test and bought a small Nissan Micra at a cost of around £6000. Other than my building student loan debt, this was my second form of debt taken out as car finance. My monthly payments were small and I could afford it using my student loan money. This was the start of my debt and my debt problems. Following this came 2 credit cards, an Argos store card, 3 finance agreements (so I could buy products like a laptop, TV, printer, exercise machine) and a new car. This all came over a period of 4 years after which I graduated with honors in my degree program. Little did I know how much I would struggle in finding a job. I had debt problems, I couldn't pay my bills and this was having an effect on my personal life. Three months on, I found a job in the public sector which paid fairly well (for working long unsocial hours) and I was able to pay monthly towards my debts. This job didn't last long and I was back where I started again. I lost my job due to cuts and I stopped paying all my creditors as I just did not have the money. I started getting bombarded with letters and phone calls. I think I must have been in denial as I began to throw all the letters I received into the drawers and not even open them. I ignored all the phones calls. I only answered the phone to the numbers I knew and recognized. I was in a downward spiral getting deeper and deeper. I saw no way out of this. I was suffering mentally and emotionally and was stressed. I came to the stage when I knew I needed help but I didn't know where to turn. I was still looking for a job at this stage and I finally found a part time position. It must have been fate as I learned in time that a colleague of mine was in the same position as me many years ago. She is almost double my age and I felt I could trust her. I knew I needed help, some debt advice and she was the first person I came across who was so open about her situation. We talked and built a good friendship. She advised me that there was help available and helped me research my options on the internet. I learned that there were many different ways I could deal with my ongoing financial problems. I never knew about debt consolidation loans and debt management loans but I started to research information online. At this point I began to feel better about myself. I hadn't even got close to sorting out any arrangement for my debts but I realized I actually could get help. I realized the importance of having good credit
Slide 2: and that this would take time to rebuild. I clearly knew I had bad credit, after all, I had to open my over piled number of letters eventually and I had default notices, threats for payment and threats of legal action. With the help of my friend, I finally plucked up the courage to contact a debt management company. I was petrified to speak to a professional about my debt so I initially took the first steps online. The debt management company was so helpful, they called me and gave me all the advice I needed, looked through all my options and explained them to me. They were patient and friendly and did not judge me. This was exactly what I needed. It's been a few years now and I couldn't be in a better place than I am now. It took guts, perseverance and a lot of hard work. I cannot sit here and say that it was all easy because it wasn't. There were ups and downs, difficult times and I had to cut back on spending on things which I did not need. This couldn't be more ironic as my debt problems got out of control as I spent money on things that I wanted, without thinking of the consequences of not being able to pay the money back. What I will say is that I made the best decision of my life that day. I have gained back my control over my finances. I know how to budget my money monthly so I do not get into huge amounts of debts. I can safely say that I can take out a payday loan for a period of less than a month and always pay it back. You may think that I am contradicting myself here after everything I have told you but I'm not. I am now trying to build my credit rating and in order for me to do this, I have to show that I am capable of borrowing money and paying it back on time, every time. I can no longer get credit on a credit card so I look at credit options for those who have bad credit. I now regularly check my credit report so I can see my credit history and the positive and negative aspects which make up my credit score. This helps me to see which actions I am taking have a positive effect on my credit history. I still have hopes and dreams and I understand how important ones credit history is. It affects so many aspects of our lives, and it can even affect certain jobs you may want to apply for along with wanting to buy a house or to rent a property. These are some of the basics things we need in life. It is so easy to be care free about money until it really hits you hard. You may be reading this article and be in the same position that I was in. If that person is you, then I will say this again. I made the best decision of my life that day. If you are someone who has been in huge financial difficulties and are working your way out of it, then I would say not to give up, even when things get tough. There is light at the end of the tunnel. If you are a person reading this who has not quite reached the stage of huge debt problems, I urge you to take my story seriously and to not let yourself get that far. I will say this once more. I made the best decision of my life that day. You can do the same. Article Source: http://www.streetarticles.com/debt-relief/my-way-out-of-debt-my-story-of-denialdebt-problems-and-light-at-the-end-of-the-tunnel ==== ==== Everything You Ever Really Need to Know About Personal Finance FREE Info at: Personal Finance on 1 Page ==== ====

   
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