Expensive price tags, unexpected expenses, IVA, Debt Relief order, bankruptcy
Deciding to buy my first house on my own was an exciting and empowering decision. When I had finally saved up enough of a deposit to move out of my parent’s house that is! I could choose how I decorated, watch what I want on TV, and have my friends round whenever I wanted for dinner parties and drinks.
Whilst I was under no illusion I would have to have a clear budget to stick to and cut back on certain luxuries (popping to the shops whenever I fancied to buy a new outfit without a second thought being the most painful!) it still came as a bit of shock last summer when my household appliances and car seemingly conspired against me when my boiler rudely stopped providing me with hot water, my cooker refused to turn on and cook me my tea and my car’s dashboard starting lighting up like Blackpool illuminations. Suddenly I was facing 3 bills I had not been anticipating in close succession!
I was suddenly thankful I had listened to my dad when he had gone on at me to put a bit of money aside each month for such unforeseen problems. So I didn’t have to spend the month having cold baths and catching the bus to work, all the while panicking about how I would afford to pay for these repairs alongside usual outgoings.
Had it not been for my Dad’s wise words I could have been in a position that all too many people find themselves in, obtaining credit to pay for these unexpected expenses, and then the next and then the next until you have reached a point where your finances have spiralled out of control and rather than your decisions being about what you want to watch on TV, Corrie or Eastenders?, your choices could instead be IVA, Debt Relief order or Bankruptcy?
It is for this reason that even when those shoes in the shop window are calling out my name or my friends invite me to on a great, but expensive, night out that would mean me dipping into the money I should be saving for those rainy days that I resist the urge and stay in . . . in the house that I proudly own!
By Deborah Wing