who has lived a life of debt...

[Nem]

What did you do with the £20k? Your debts look like they are the same as if you hadnt been given it?

That's a good question, there's more history with the credit cards than I've posted in reality, but it was basically used to lower all the cards. Not sure if the above is completely in order too.

 

[mbmbmb]

It fine, it's an interesting point actually.

Most people along the way have simply said to sell anything I have to raise money, but I've not. I've still got my car sat outside, got the amazing spec pc on the desk at home, still got the camera, tv, bluray.

Having all this money left to pay off and having nothing to show for it would be in my opinion pretty soul destroying I feel. I had a lot of sleepless nights at the height of the amount I owed, but I really think that to come out of it all with none of those things would have been horrific.

I know that without family help I would be in a different situation totally, most likely would have taken the IVA route and would have lost all of those items in the process. So I know how much a part that has played and how lucky I am to have had that help.

The other part was I kept telling myself that I bought the car for 1k5, but it was only worth 5k now so it wouldn't make that much difference to the overall amount I owed and so made no sense selling it. It's nice to be through the worst of it and seeing things more clearly for a change.

Also I'm now in a position to start looking at getting a house with my partner in 2 years time, something which would have been more difficult with an IVA on record.

I still cant work out what you did with the £20k, but if you family that lent you the ££ are ok with your strategy and you have got yourself 3 years away from being debt clear then i guess it doesnt really matter (Im not criticising, in fact without a similar windfall coming my way at 21 i would have been in serious trouble myself)

If you going to clear £17k and come up with a half a deposit in 3 years that will pretty good going!

 

[Rizo-UK]

UPDATE:

O2 have accepted me for a mobile contract.

Can get off of PAYG as its crap with an iPhone.

This time last year they refused

 

[Redgie]

Am I the only one who doesn't sympathise with people who have had a life of debt that blatantly deserve it?

I understand problems that require money, mortgages, student loans and anything else that's necessary. But people who take out money to buy a Car / PC / Holiday and then can't afford to pay it back so take out more and more till they're screwed? How is that even remotely sensible to begin with?

This isn't really a dig, I'm more confused on the matter. If I desperately needed a car, a loan wouldn't cross my mind, I'd buy something rubbish and work till I could afford it?

 

[ChrisD.]

Am I the only one who doesn't sympathise with people who have had a life of debt that blatantly deserve it?

I understand problems that require money, mortgages, student loans and anything else that's necessary. But people who take out money to buy a Car / PC / Holiday and then can't afford to pay it back so take out more and more till they're screwed? How is that even remotely sensible to begin with?

This isn't really a dig, I'm more confused on the matter. If I desperately needed a car, a loan wouldn't cross my mind, I'd buy something rubbish and work till I could afford it?

I guess it's a bit like an addiction really. Addiction is a strong word, but when you can easily get loans and cards (not so much the case now, but 5+ years ago), it's easy to lose track of reality and borrow more than you can actually afford to repay.

As I posted before, I used to be in a bit of debt, and even now I get tempted now and again to borrow again for all the wrong reasons.

 

[Redgie]

I guess it's a bit like an addiction really. Addiction is a strong word, but when you can easily get loans and cards (not so much the case now, but 5+ years ago), it's easy to lose track of reality and borrow more than you can actually afford to repay.

As I posted before, I used to be in a bit of debt, and even now I get tempted now and again to borrow again for all the wrong reasons.

I see your point, and I definately understand the temptatons between having something now rather than later, but I genuinely appreciate something more when I have worked for it, I feel like I have actually earned it. I think if I loaned the money to buy it, not only would I feel like it's not really mine, but I wouldn't be able to sleep at night till I had paid it off!

 

[Rizo-UK]

I dont need sympathey as its all my own doing, i posted here to share my experience and judging by some of the replies a lot of us arround 2002/2006 had high debt, this is the era i think when you could get lots of credit but now they are very strict.

I have defo learnt the hard way but im ok now, im safe with money

 

[mrbios]

To expand on my previous post, im not exactly never in debt: I'm currently £820 in debt to be exact, that should hopefully be gone in two months...maybe 3 depending on how other spending goes. around £1k is the lowest i've ever been, don't like living in an overdraft but it was a nessesity in order to move home and gain a much better daily life from it

Currently packing 3 credit cards, all for the most vital emergencies only, never to be used for "toys" all sitting at £0

I'm a sucker for a bargain on PCs though and i've been biting my hands not to start a finance deal on a new PC until my overdraft debt is gone, can't wait till it is though lol

 

[ganesh]

I've got a load of student debt, but i don't really count that, Never had a loan or been in any other kind of debt. Though i am surprised at the amount of people that have borrowed so much so young.