I’ve always been quite good with money. I always tried to put a bit aside for a rainy day and I usually saved for the things I wanted to buy, rather than resorting to credit. When I moved house, however, I decided to do a few large jobs in one go, so that I could avoid the repeated inconvenience of tradesmen in the house. Unfortunately, shortly after I had committed to having the work done, my shift work stopped and my hours were cut at work due to business being slow and sometime after that I began to experience money troubles for the first time.
Robbing Peter to pay Paul
At first, I expected business to pick up quickly, so I assumed my shift work would start up again or at least my hours would go back up and I relied on my credit card, even applying for a second one when I saw a special offer on low start interest. One thing led to another and without realising what I was doing, I reached the point where I couldn’t pay my cards off each month and then struggled to pay my bills. Mounting interest charges, penalty charges, too much to repay and then the demands from the companies I owed. It all became too much very quickly. I was losing sleep through worry. There were arguments at home, because we were so stressed and one day, I realised that I could be in danger of losing my home and maybe even my marriage. I knew I had to do something.
It’s good to talk
It was hard for me to admit that I was in so much trouble that I needed help, but when I found a professional debt advisor and made that initial call, before I knew it I was pouring out all the worries that had been hounding me. The advisor talked through my problems in detail and we looked at all the figures together; it was good to know exactly where I stood. Even though the total amount of debt was more than I had realised, I felt hopeful because I was in the hands of an expert. She looked at a number of options and explained them all to me which made it really easy to decide which way to go. That night, I had the best sleep I had enjoyed in more than a year.
Finding the answers
Using the services of a professional debt advisor isn’t turning your future over to somebody else; my advisor gave me several options, while explaining in detail what the implications were of each of them. I felt as though I had regained some control, albeit with expert guidance, and I made some decisions that took a lot of the pressure off me instantly. Because of the amount of debt I had built up my debt advisor told me I was on the edge of being insolvent and talked me through the main options of a protected trust deed and declaring bankruptcy. It’s important to consider all your options and any debt solution proposed must take account of your own personal and financial circumstances. So whilst entering a trust deed would still have protected our home, it wasn’t the route I wanted to take however, and I decided on a Debt Arrangement Scheme. This effectively put all my debts into one and allowed me to make a payment I could afford over a longer period of time. My family life was a lot more relaxed as we were no longer in fear of losing our home.
Get advice as soon as you can
As you can see, it’s easy to get into debt and I’m sure there are thousands more stories that are just like mine. My debt isn’t clear yet, but it’s getting there and I know I can afford the payments that have been negotiated for me, so I no longer feel as though I’m running hard just to stand still. Now, if I hear any friends or family complaining of money problems, I take them to one side and give them the piece of advice I wish somebody had given me. Find a professional debt advisor!