Week 47: Personal Confessions ~ Debt is no small matter part 4

 Hi there and welcome to my week 47 of personal confessions, today will be looking at how I am doing with my “Debt is no small matter” series. This series I started to document my path to a debt free life and how I making this possible, I also mentioned my new motto “if you don’t have it don’t spend it, no more pay later on high purchase items”.
“debt is no small matter

In week 39 I talked about where I was and how I was doing, if you remember I mentioned it’s not been easy breaking old habits but it was also no particularly hard because I had a set goal in mind and I have a certain view of what I want my future to look or at least attempt to look like. Today I will go further and review just much I owed and just how much I owe currently, it may shock some people and others will just shrug because well what I owe to them is nothing.

What I owed
What I owe
What I will owe come January 2015
£11,112.24
£4,817.20
£3,582.97

 So now you know how much debt I incurred in my 4 years at university (this is loans, credit cards and store cards). I will now explain exactly how this came about and this should not be taken as an excuse but the then current situation called for some.

 August 2008 I get my results from college, I have passed and I can actually go to university. I tell my parents we are all very excited and my parents tell me how proud they are of me. Fast forward two weeks later when my parents sit me down and explain how we could not afford for me to go to university this year and how I will have to wait till next year when we become British permanent residents for me to get support to go to university. You can imagine my pain and frustrations but there was nothing I could do even with the scholar I was short £5,500 for Tuition and £5,000 for rent, food and other necessities. I remember crying forever, I remember how G was upset for me and how much we hated the situation but accepted it because there was nothing we could do. My parents just bought a house with a mortgage so we could not apply for loan and I had no credit history so could not apply for loan. Anyway, I decided to become full time social worker and raise money for next academic year (2009).

 Fast forward September 2009, I had raised £4000 for tuition but had to remove £1000 to apply to become British permanent resident (not British just resident). I applied for government support but I was informed I was not eligible, I was gutted but again what can one do. I applied for a loan, got some credit cards and store cards (personal use and ego boasting nothing more) and ladies and gents this is how I slowly got into debt.

 At the start of 2014 I had so many misfortunes happen to me but what I did not know was they were also a blessing in disguise because here I was with almost £12000 in debt and just after 8 months I have been able to reduce this debt to just under £5000. The blessings that the lord has bestowed upon me are just too great I cannot thank him enough and cannot stop praising him.

 What has helped and worked for me (apart from the good lord) is calling each and every single company I owe and explaining my situation and agreeing to what I can pay them on a monthly basis. It was not always easy with some companies but I explained to them I could not give them what I did not have, I did a lot of expense and expenditure forms to come up with amounts that actually worked for me and the them. The important part was to make sure I could afford it after all my normal necessities had come out like rent, transport, utility bills etc. If you found that your debt is too overwhelming, speak to debt counsellors etc. they really help though they were not for me. Another option is debt free agencies which I personally don’t think were helpful to me but have been for other people.

 Have you ever been in debt? How are you/did you deal(ing) with your debt?
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  • Thanks Emma

  • Thank you, I am glad you preparing for it now and have a plan of attack once you have to pay it off

  • It is inevitable but i want to be for things like car or mortgage not credit card debit because I couldnt wait until i had money

  • Thanks hun

  • Debt can be so hard to live with but good for you for coming to terms with it! When I graduate I'll have a lot of student loan debt…preparing for it now!

  • Thank you, it does indeed and can be debilitating

  • It really sucks but one paid off its the best feeling ever (so I am told)

  • I think being conscious of it and when you can avoid it is the first step but I do know and appreciate there are times when its unavoidable.

  • debt form college sucks and thats what I have. Great post.

  • Not being intimidated was probably the hardest part but then i realised only when I start to pay it off will I see chnage

  • I agree what you say about credit cards they are the worst

  • Thank you

  • Thank you Esther and glad you guys got scholarships x

  • Thanks and good luck to yous too

  • Well done you, debt really is awful

  • It is and thank you x

  • Great post. Debt affects so many people. oxox, Amanda

  • Being in debt is such a stressful feeling. I was in debt for most of my 20s and have started to come out of it in my mid 30s. I think credit card companies are predatory and the rules behind lending and borrowing are not always transparent. Thank you for sharing your story to get the word out that it is a situation you can tackle

  • A very good post – helpful to so many people in a similar situation. Good luck with paying everything off.

    #UKBloggers

    http://fashion-mommy.com

  • Wow, congrats on paying all of that off! We try not to carry too much debt, but sometimes stuff just happens and it adds up.

  • You are doing so well! Congrats! That is SUCH a big deal!

  • Debt is such a big part of people's lives and can be soul crushing. Good on you for having a plan in place and following through.
    xoxo
    The Accidental Mama
    http://www.theaccidentalmama.com

  • Ugh my college debt is astronomical; it doesn't seem like such a big deal when you're in school but now it does.

  • Awesome post! Debt is a big issue for a lot of people, especially the younger generation I've seen.

  • Firstly, it is absolutely incredible how far you have come since you came into debt. I can not imagine how hard it must be. I'm pleased to say I've never been in debt, but then again have no savings. I'd love to be able to have a safety net in case of emergencies!

    Katie <3

  • Congratulations! Looks like you put in a lot of hard work to reduce the debt so much. You should be incredibly proud!!

  • You are doing really well on getting out of debt! Great job!

  • Ah I am in major debt right now :/ Trying to figure this all out has left me so stressed and burnt out 🙁

  • Good for you! I am working towards being debt free as well. We paid off $60k in debt in 3 years and now have only a car payment and my student loans left. Can't wait to be done!

  • Fantastic post!
    thanks
    Angie
    PS – Thank you for signing up to cohost the CLIMB (blog hop) – I just sent you an email with information about cohosting (this way you know it's not spam).

  • LOL yes, I have debt. A lot of it. Good for you!!

  • I need your discipline. My debt is the #1 reason for stress in my life as a whole.

  • Dealing with debt is definitely not easy.. and I think student loans are one of the few exceptions I would make for going into debt. Luckily for us we had a scholarship state wide that allowed us to go to university for free if you maintained a 3.0 average. I think you're doing an amazing job so far though! 🙂 And I'm sure you're inspiring others to become debt free also.

  • Debt is almost inevitable isn't it? It just sucks so bad. I try to get out of it as fast as I can (thankfully it's only if I'm buying a car/etc).. I don't have monthly debt/loans or anything of the like.

  • Congrats on getting into college!

  • I hate dealing with debt…and anything money related. It's so stressful! 🙁 We are always working to reduce ours and making progress but I can't wait until it is gone…we as gone as it can be! Good luck!

  • I graduated from College 5 months ago and at the 6 month mark your loans are due! I got my letter in the mail last week and found out my loans are due starting December! Merry Christmas to me? I guess it's just part of being an adult <3

  • Love this, I just made a big payment to my university bill! So liberating!

  • I'm so glad you're seeing light at the end of the "Debt" Tunnel! Good luck with the balance.

  • Oh my God, how awful to have all that debt but it's amazing at how far you've come to pay it off. I was in 2,000 euros worth of debt over an orthodontist bill (EVEN THOUGH MY TEETH AREN'T STRAIGHT!) but come tomorrow I'll only owe 500 euro and I'm so happy that I'm almost debt free.

  • I'm so pleased to see you are the one in control of your debt, the biggest step anyone can take with debts is to acknowledge them and not to be intimidated by the amount. Facing up and tackling the issue puts you back in control. Well done you!

  • Debt is an awful thing but your doing so well at paying it back you should be proud.

    Sophie
    Xx
    http://www.pocockins.co.uk

  • Gosh, debt is a terrifying thing isn't it? You have done incredibly well! #UKbloggers