Ballooning Debt

My first experience with Debt was way back in 1997, on my first day at university, the Freshers Fair. I like all other new students was offered a FREE shiny inflatable chair, by Barclaycard along with a £500 credit limit. Nearly 20 years on and I’ve had varying levels of debt ever since. Its certainly true that the debt lasted longer than the chair, I think it was purple?

Let the good times roll

Once I left University I got a good job and went from 0% to 0%, without it really concerning me that various charges increased the debt anyway.  For most of the time the Debt was manageable and I had 1 or 2 consolidation loans during that time. But never really struggled for money during this period. Roll on to 2011 and we’ve now bought a house and started a family, and that’s when we started struggling.

Just gotta get out of this place..

I missed a few bills I could have struggled on, but luckily I recognised the issue early and got help early. As with most things the sooner you do something the less of a problem that will have built up. 

I went to a 'free to client' debt management company - Payplan, and ended up with an IVA which is now complete, meaning that I’m free from my historic Debt (though due to the way I’ve finalised the IVA I still have aCredit Unionloan,

Mixed Feelings..

Even today I have mixed feelings about my IVA, but it did successfully get me out of problem debt and the sense of relief when it was started and when it was concluded was immense. But, I’m still not, and don’t think I ever will be, certain that it was the best method out of debt. There were other options that may have been quicker, or less restrictive. Ultimately the IVA was definitely the least risk for me at the time and gave an element of certainty around my situation that was comforting.

For their part Payplan was a great support at the start, a few bumps and complications along the way (but nothing in the grand scheme of things) and they were great at the end working really hard on my behalf. I’ve certainly heard horror stories from other companies and in the scheme of things an IVA worked well form me.

20 years of debt is a long sentence, and I dread to think how much money I’ve paid in interest and charges over that time, and looking back that purple armchair was the most expensive balloon I’ve ever bought.

Light at the end of the tunnel

So now I’m out the other side, what do I have to say? Well the most important thing is that as soon as you realise that you have problem debts that can’t be managed get help, and get help from the* free debt Advice sector, once you do you’re on the right path.

Debt solutions are complex and varied, what is right for one person won’t be right for another and it will be a difficult decision, but do something, otherwise your problems will only grow. The hard work doesn’t stop once you’re on the path to recovery, life goes on and new surprises come and go, so be prepared to adapt and change your plans, as long as you keep moving in the right direction.

From Money Advice Hub: Our thanks to Doug for sharing this very personal debt advice story with us.

*You can contact Money Advice Hub for free, impartial & independent debt advice, Helpline: 0800 103 2828.