5 months later
So it is 5 months since my last post and I should tell you what's been happening.
I'm still on the straight and narrow and haven't taken out more credit since April.
We are in the process of starting an IVA (individual voluntary arrangement) which would agree a repayment schedule with our creditors and see the debt cleared after 60 months of payments. IVAs are legally binding and have to be arranged by an insolvency practitioner, they are one step up from bankrupcy and would nuke our credit rating. Having no credit is probably the best thing for us as a family as we have quite spectacularly proved we can't manage credit :(
I have now sold all of my Mulberry handbags, which felt virtuous at the time but now I just feel like a woman bereft of designer shinies. I should have put the money from their sale back on my CC but it inevitably got swallowed up in day to day expenses. I've also been ebaying other items that I won't miss and might raise some spending money.
Just last night though I proved why I am such a disaster... I had a £75 paypal balance and instead of virtuously transferring it all to the black pit of overdraft hell I spent £30 on ELF cosmetics. Still there was a time when I would have spent £100 on the cc and thought no more of it, so this was my money not credit and I will transfer the remaining £45 to the bank today * crosses heart and promises*
I'm 4 months pregnant! Due in early march 2011 and very excited about the new arrival, though obviously a little worried about how we'll cope with a newborn again after 4 and half years.
I'm still on the straight and narrow and haven't taken out more credit since April.
We are in the process of starting an IVA (individual voluntary arrangement) which would agree a repayment schedule with our creditors and see the debt cleared after 60 months of payments. IVAs are legally binding and have to be arranged by an insolvency practitioner, they are one step up from bankrupcy and would nuke our credit rating. Having no credit is probably the best thing for us as a family as we have quite spectacularly proved we can't manage credit :(
I have now sold all of my Mulberry handbags, which felt virtuous at the time but now I just feel like a woman bereft of designer shinies. I should have put the money from their sale back on my CC but it inevitably got swallowed up in day to day expenses. I've also been ebaying other items that I won't miss and might raise some spending money.
Just last night though I proved why I am such a disaster... I had a £75 paypal balance and instead of virtuously transferring it all to the black pit of overdraft hell I spent £30 on ELF cosmetics. Still there was a time when I would have spent £100 on the cc and thought no more of it, so this was my money not credit and I will transfer the remaining £45 to the bank today * crosses heart and promises*
I'm 4 months pregnant! Due in early march 2011 and very excited about the new arrival, though obviously a little worried about how we'll cope with a newborn again after 4 and half years.
I am v proud of you for not spending the whole paypal balance on make up. £30 was naughty, true but it could have been a lot worse. Good for you on transferring the rest.
ReplyDeleteI've said it already but *squee* for new baby
Also feel free to ebay any of the Beauty Box of Doom if you don't want it - might as well come to some good use and I will only throw it out.
Well done on not spending the whole amount. By the looks of reading your blog you've done well so far in the last 5 months, so a little treat isn't going to hurt.
ReplyDeleteYou've had your lightbulb moment are treading cautiously.
Congrats on the pregnancy.