Wednesday, 15 February 2012

Quiet time

It is quiet here at dub towers at the moment, T has been staying at his nan's for a few days this half term week. As much as I miss him, I cant deny that I have enjoyed the last couple of afternoons and the peace and quiet. Life has just been plodding on at the moment with little in the way of news or excitement. I'm sorry it sounds so boring! I did check out how much I would be paying towards a pension and then facted this into our incomings and outgoings. All this has done has made me realise that at the moment we cant afford to pay into a pension. Beloved would be paying about the same each month as me and with losing that much each month, it would hammer us in terms of how much we are repaying towards the debt. I am due to do my yearly review with CCCS for the debt management plan and I was hoping to increase my payments and reduce the time to below 10 years.

If I do that then perhaps after the debt is repaid, we can then start thinking about a pension. We wont have much when we retire, but this is the consequence of the years of spending and wasting money and getting into debt. I have accepted this and we have to deal with it. We have to make tough decisions at time, but I after the review, I think I might be seeing a chink of light at the end of the debt tunnel.

7 comments:

  1. Hi Becky. This might sound harsh, but have you considered bankruptcy instead? (I know nothing about your situation, so forgive me if this is inappropriate advice). 10 years is a long time - if you are worried about getting a mortgage, you would be well over the credit prejudice by then, and could have saved up a huge deposit instead of paying back the debt? Bankruptcy has such little stigma these days, and is there to stop peoples whole lives being blighted by debt. Its a shame that you shoud put off paying into a pension etc so that you can line the pockets of the greedy banks.

    Just a thought, as I said, apologies if this is not a realistic option for you.

    Good luck with it all,

    Bonnie

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    1. Hi Bonnie, dont apologise. This is something we considered at the start of the debt repayment, but advised not to do. It is the absolute last resort and not what we want. I know we are lining the pockets of the banks but we have to pay the debt back and it will be less than 10 yrs. Each yr the plan is reviewed and each time, we pay back a bit more and the time reduces. I feel positive about this and we have accepted the stupidity of our past ways and as such have to take the consequences x

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  2. Never lose sight of your dream Becky, you will get there in the end and you will have your lovely husband and little boy to share it with you x

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  3. Keep saving those pennies Becky, they will turn into pounds in no time. Watch the figures go down. Come on girl, pecker up, you can do it.

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  4. You are doing the right thing - bankruptcy is definately a final resort - there are so many negatives. This is something I had to consider some time ago because of reasons totally not of my doing (long story), but chose to carry on struggling and paying back as much as I could, it was hard, but I got there in the end with no 'black marks' against me.
    Keep on fighting - it's worth it, and you're not alone like I was.

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  5. I know you will do it - and once its over, you'll be amazed how much you can save. xxxx

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  6. I totally understand your choice to repay, and really admire you for taking responsibility for your own mistakes, if you did ever want to talk about Bankruptcy to someone who has been through it though, I would be happy to help xx

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