Continuing on from where I left off, today is all about getting back on track. A new beginning if you like in the journey towards becoming debt free again.
First of all welcome to Debt Advice Blog, my name is Rob and I will be your guide on this long and arduous journey. You will find out about our debt, I say our debt as my partners debt is now also included here. You will also be able to read about how this debt problem is being tackled along with all the trials and tribulations along the way.
Unfortunately over the last few years our debts haven’t had as much attention as they deserve. Don’t get me wrong, we have been paying them but taking them seriously? No not really only the bare minimum has been done, and that is not going to cut it any more.
I should also confess something. I was thinking about starting over again with a new blog. However having talked it through with some of my friends and work colleagues I have been advised to stick with this one and fix the things I don’t like about it so that’s what is going to happen.
Debt Management Plan 2.0
A few things have happened over the last couple of months which has meant our debts have gone unpaid. I have got older and our debt has not gone away. This means we now need to start setting up new repayment plans with all of the companies we owe money to. With 26 such companies it’s not the easiest task in the world, nor is it the most interesting task, I can think of 100 other things to do which are much more interesting. However it is something that has to be done so done it will be, even if I am still thinking about those 100 other things to do!
Most of our creditors have been contacted and there are a couple more left to sort out. My partner is on Maternity leave at the moment and we are entering the phase where she doesn’t get paid. This means our debt payments are lower than normal but so long as the companies we owe money to get something, they should be content.
In order to set up our Debt Management Plan the following tasks were completed: –
- An Income and Expenditure Form was put together.
- An Offer of Repayment Letter was written for each company we owe money to.
- The above information was sent to the companies by email or snail mail.
The next phase is waiting for confirmation that our offers of repayment have been accepted. Quite a few of the companies we owe money to have come back to use accepting the offer of repayment. For those we can go ahead with setting up the standing order payment with the bank.
The next phase of debt repayment
As mentioned above the whole purpose of getting back on track with both the blog and our debt is to make us accountable to our debt. In short this means making every effort to repay it and properly documenting what goes on. It has also been decided to funnel any earnings from this site into paying back our debts instead of treating it as a second income.
With the debt currently sat at around £59,000 this is going to be one hell of a journey. Getting out of debt won’t happen overnight and only time and patience is going to see us get through to the other side. You are more than welcome to join us on our journey from being in debt to becoming debt free.
Now it’s over to you. Please leave a comment below and share your own debt stories! Thanks for reading and until next time don’t let debt get you down.