Jun 3 2011
I Could Do With Your Help Mum As I Am In Debt
Hi Mum, have you got a spare five minutes to have a chat? Of course Pete are you OK? Well I have been a bit of an idiot mum and you may well become a bit angry with me. Why what have you done Pete? I have got myself into a bit of a financial mess and I am now £17,000 in debt!
This was the opening of chat that I had with my mum about six years ago. It was a conversation that I had put off for a number of months before finally plucking up the courage to go round to her house and see her.
So how did she react? Well she was rather shocked as you could probably imagine but in truth she was very supportive. I could hear in her voice just how frustrated and annoyed she was with me – quite rightly so. Due to my foolishness I had let her, my kids, my wife and also myself down. There were numerous questions about how I had managed to get into this amount of debt and to this end she asked for copies of my recent bank statements.
After the initial shock and after the whole situation had been fully explained it was time to work out our next move and to attempt to find a solution. I then sat and listened to my mum making numerous phone calls to various accociates who she thought may be able to help.
I used to sell patio doors and composite doors. I earned a fair amount of money but it was the amount that I was spending that was the problem.
A few days later an adviser from a debt management company came round to see me. Together we worked out an affordable repayment plan which was likely to take a number of years to pay off the whole debt. There were some big changes to my previous monthly spending budget however this has just proven to me how much money I used to waste.
A few years down the line my debts are now all virtually cleared and my whole attitude to money has changed there are no more credit cards or store cards not that I could probably get them if I tried!
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