Posted: Wed Apr 28, 2010 6:53 pm
Hi all,
I got into debt early - and have lived with a steadily worsening position for 20 years.
At first I could manage paying my first loan - for a computer in the late 80's, without a problem. Then came a car loan, and the costs associated with owning a car. Then came the credit cards - which I used to buy what i wanted, when i wanted, and worry about paying back later.
I consolidated a couple of times, but foolishly kept the cards, which led to more debt still.
It all came to a head in January when i realised i had debts of £60000, with maxed out credit cards and payments of £1000 just to make the minimum payments, which i could only afford by working 6 days a week.
My IVA was approved in March - two payments of £652 made and 58 to go.
I am with Johnson Geddes as my IP and they were great, going through the details of the arrangement with me, and helping with the I & E statement.
I was a little worred at first when I cancelled my direct debits, didn't pay the credit cards, and when the phone calls and letters started.
The IVA was agreed in March, and I can now look forward to a future without debt, and a life without credit to tempt me into spending money I do not have.
I got into debt early - and have lived with a steadily worsening position for 20 years.
At first I could manage paying my first loan - for a computer in the late 80's, without a problem. Then came a car loan, and the costs associated with owning a car. Then came the credit cards - which I used to buy what i wanted, when i wanted, and worry about paying back later.
I consolidated a couple of times, but foolishly kept the cards, which led to more debt still.
It all came to a head in January when i realised i had debts of £60000, with maxed out credit cards and payments of £1000 just to make the minimum payments, which i could only afford by working 6 days a week.
My IVA was approved in March - two payments of £652 made and 58 to go.
I am with Johnson Geddes as my IP and they were great, going through the details of the arrangement with me, and helping with the I & E statement.
I was a little worred at first when I cancelled my direct debits, didn't pay the credit cards, and when the phone calls and letters started.
The IVA was agreed in March, and I can now look forward to a future without debt, and a life without credit to tempt me into spending money I do not have.