When I first left home I went a bit mad with credit cards. I then took out a loan to clear the credit cards. The debt snowballed but I was just about keeping on top of things, making the minimum payment each month.
Then I had to go into hospital for an operation and was off sick for 12 weeks. The company I was working for at the time only paid 3 days sick pay, after that it was SSP only. I went from £1200 per month to just £250 (this was 20 something years ago) and I just couldn’t afford the repayments any more.
I had taken out redundancy and sickness protection on all my cards and loan. Although my GP had been telling me that there was nothing wrong with me for at least 10 years, when I submitted my claim forms suddenly I had a pre-existing condition so my claims were refused. (I was only finally diagnosed because I was passed onto a student medic. She was the first person to take a full family history. Within a few weeks of this appointment I was in hospital have a dermoid cyst the size of a grapefruit removed from one of ovaries, along with the ovary).
So I just stopped paying.
I ignored phone calls. I ignored letters. If people came to the door I didn’t answer it.
This went on for years. Eventually I decided that enough was enough I had to do something.
I wrote to all my creditors explaining the situation. Most of them were really pleasant to deal with, and to be honest, if I had known that this was the case, then I would have it a lot earlier. There were the odd few that were just plain nasty but I guess they don’t get into the debt collection game to make friends.
I was just getting myself straight, I had repayment schedules. I had an end date for my debt.
Then I was made redundant.
All my hard work had been for nothing.
This time I received £65 per week Job Seekers Allowance, this is what the Government felt that I needed to live on.
Once again I found myself contacting all my creditors. Again, some were very helpful, some were less so. And my debts started building again.
When I was back in full-time, permanent employment I took a long hard look at myself and sensible me told the rest of me that I was to get out of debt once and for all and NEVER get back into it.
At the worst point, my debt was about £30,000! I feel sick just thinking about it now. After several years of hard work and willpower I did manage to get it down to about £7,000.
I then had personal issues and was diagnosed as clinically depressed, so far I have had my medication increased twice. I started spending again and my debt went up. And up. And sorting it out by myself just wasn’t going to work this time.
I then came across this book. And it has helped. A lot.
He gives an alternative theory of the history money suggesting it was not created to facilitate trade but as a measurement of debt. Understanding this changes the way you will view money.
Over 2,000 years of history is looked at to discover the timeless strategies the wealthy and rich have used to stay rich over time. Tom provides investment strategies and tactics based on long-term goals.
It’s not a long book, but it doesn’t need to be. It makes you recognise your debt and what it costs you. It tells you how to work within your budget.
There is even information on investing for when you are in a position to do so.
The book costs £14.99 and you can purchase it here
It certainly has changed how I see my debt.
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