Ok, confession time, and this is not coming easy. I've been back and forth on posting this for hours now because I view it as a stain on my character and a strike against my credibility, but, in short, The Stig is spot on and absolutely right about this. Current experience is telling me I should have been "reading and heeding" back when he posted it, and not thinking my own approach was better.Originally Posted by The Stig
It wasn't.
The circumstances of my debt piling up are pretty common experiences (some of it being within my control, some of it not), so I won't belabor those, but will say the bulk of it is almost 10 years old now. The idea that it gets written off and dropped is a myth. Your original creditors will write it off, but only after selling/ passing it to collection agencies. My own debts have been transferred more than I could keep track of.
Between then and now I've made poor money, received unemployment, made crap wages again, and finally started making a decent wage for my area. For a long time I was just happy to pay my monthly bills and have enough left over for beer and skittles. When I first read this though, I felt I was finally able to realistically look at paying my debt off, and resolved to do it without filing bankruptcy (much recommended by my family) - all while balancing retirement savings and making prep expenditures. I seemed to be doing quite well at it too, to the point I financed a car 7 months before when prompted to by the woman then in my life . I won't begrudge that, I did need something larger and more reliable, but it all plays in. Anyway, I'm fast learning that I was maintaining an illusion.
Starting to pay those debts and signing a new loan after so many years of inactivity triggered an avalanche. I've had the current crop of collections agencies aggressively pursuing their money. I finally conceded I'm in over my head and called a bankruptcy attorney earlier this week.
Since The Stig's post I've received two judgments. I was able to make payment arrangements on both, and was still comfortable enough to keep my "balanced" approach to my finances going. I'm finding that mindset is another myth. There is nothing balanced when you owe others money. Anyway, the first came in, and just as I paid it off I got notice of the second. I made payment arrangements with them, made a payment, went to Joplin, and when I got back I couldn't find the paperwork with the address I needed to remit payment to. This gets ugly, but I'll get back to that in a minute. I need to maintain chronology.
That chronology being my decision to end the committed, live-in relationship I was in, and move into my own place. In the process of packing I found the paperwork I needed, but it was already too late. I'm currently saddled with a garnishment and feeling like a total shit bag. The 25% hit on my pay is enough to put a serious pinch on my monthly living expenses. I also got two more notices in the mail this week, each threatening legal action if I don't handle them, and, my car quit running at the start of the garnishment. I'm fast realizing I can't keep up with the demand.
The silver lining so far has been what turned out to be a fortuitous move on my part. I didn't get onto a cooperative farm as I had hoped, but did make it into a farm community instead of a city apartment. That was good. I'm living with my dad, but that's a mutually beneficial, temporary arrangement. He needed another set of hands at his place and it reduced my living expenses vs. maintaining my own place, which I could have done. I've been able to stay afloat due to this, even with everything coming as it is. I'd even venture to say I'm worse off today than I ever was when I was laid off and unemployed.
I couldn't help but think of The Stig's post on this as its happening though, and realized its worth the humiliation of exposing my mess if even one person reads this and can work to avoid it within their own life. Debt is a cancer, and will royally fuck you up if it isn't caught and treated in time. Don't be like me.
Reply With Quote
Bookmarks