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Fin42 user HV shares how the illusion of financial power attached to a first job landed her in a pool of debt she can hardly escape. She writes:
I am the perfect example of a person drowning in debt, I don’t even have R50 left of my salary in a month.
In 2009, I went under debt counselling as I couldn’t afford to pay everything anymore, but after two years I received a letter from them, that really scared me.
I then placed myself under administration, and for two years I paid the administration company, which decided to pay my creditors how and when they wanted and with other reference numbers.
Some of my creditors called me constantly and I always referred them back to the admin company.
After another two years, I cancelled my admin order and since November last year, I started paying my debts on my own again, making arrangements all over the place.
Although I'm trying my utter best to give each creditor a small amount at least to show I'm trying to pay, they are very hard on you... they want their money... sometimes they call 3 times a day. It makes a person sick and crazy!
Yes, I know I thought I was so smart - just out of school, got my job, started opening accounts all over, making loans at almost every bank - but today, 7 years later, I look back at the mistake of making all that debt. Now I have to suffer a long and tiring road, because I did not listen to my parents...
I never had the big wedding every lady dreams of and I still can’t take a chance to start a family because I won’t be able to pay my part. Life is real tough, and instead of me feeling 27, I feel 57 because of the stress of debt.
Just to give you an idea of how much my my debt is:
Absa - R35 000
Capitec - R36 000
African Bank - R42 000
Nedbank - R11 000
Joshua Doore – R9 000
Edgars - R8 000
Total of R141 000, give or take.
* Any constructive advice for HV on how to manage her debt? Leave a message in the comments box below or send us an email.
I am the perfect example of a person drowning in debt, I don’t even have R50 left of my salary in a month.
In 2009, I went under debt counselling as I couldn’t afford to pay everything anymore, but after two years I received a letter from them, that really scared me.
I then placed myself under administration, and for two years I paid the administration company, which decided to pay my creditors how and when they wanted and with other reference numbers.
Some of my creditors called me constantly and I always referred them back to the admin company.
After another two years, I cancelled my admin order and since November last year, I started paying my debts on my own again, making arrangements all over the place.
Although I'm trying my utter best to give each creditor a small amount at least to show I'm trying to pay, they are very hard on you... they want their money... sometimes they call 3 times a day. It makes a person sick and crazy!
Yes, I know I thought I was so smart - just out of school, got my job, started opening accounts all over, making loans at almost every bank - but today, 7 years later, I look back at the mistake of making all that debt. Now I have to suffer a long and tiring road, because I did not listen to my parents...
I never had the big wedding every lady dreams of and I still can’t take a chance to start a family because I won’t be able to pay my part. Life is real tough, and instead of me feeling 27, I feel 57 because of the stress of debt.
Just to give you an idea of how much my my debt is:
Absa - R35 000
Capitec - R36 000
African Bank - R42 000
Nedbank - R11 000
Joshua Doore – R9 000
Edgars - R8 000
Total of R141 000, give or take.
* Any constructive advice for HV on how to manage her debt? Leave a message in the comments box below or send us an email.
- Fin24
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