Money Matters and Prepping

[mitunnelrat]

Debt: Debt is a huge cancer that eats up money that can otherwise be funneled into prepping. There are a million resources for getting your finances in order. If you have out-of-control debt focus on getting rid of it as a priority over pepping.

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.

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.

[Twitchy]

Hope your situation works out for you mitunnelrat... Collections agencies are in the same pool of scum that lawyers and politicians belong to... We have dealt with them over minute charges that weren't even linkable to us... Its down right harassment in some cases... I wish you the best of luck to work things out!

[mitunnelrat]

Thanks. It'll all come out in the wash, but in the mean time its definitely a bitch being wrapped around the wringer!

Really this was a wake up call as much as anything, and a good hard knock to help me swallow my pride. I'll have it all corrected in a year's time and chalk it up as a life lesson then.

[Twitchy]

Thanks. It'll all come out in the wash, but in the mean time its definitely a bitch being wrapped around the wringer!

Really this was a wake up call as much as anything, and a good hard knock to help me swallow my pride. I'll have it all corrected in a year's time and chalk it up as a life lesson then.

As long as you get out of it on top, that is all that matters!

[The Stig]

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.

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.

A real man can say, "hey, I fucked up", put his head down, formulate a plan and drive on. Bravo to you sir to reach the breaking point where you realize more focused efforts are needed to deal with a problem.

I can relate to your situation. I went through the same "tinkering" phase before I got serious and me and Mrs Stig got our debts paid off.

It will take some hard work, involve some frustrating moments and likely leave you exasperated, but I assure you Tunnel, the day you write the check to pay off your last closed out/past due creditor, will be one of the happiest of your life. It will be a sense of accomplishment and freedom I simply can't describe.

Please let us know what your online family can do to help.

Again, bravo for your statement.

[mitunnelrat]

Thanks.

I tried editing out the whiny, pity party sections from my blackberry early this morning, but it didn't work. I got a little caught up in it when I was writing that, but even with that I come back this last night, and on again today and see that my online family has once again given the one, best thing they can. Encouragement and support.

The rest is just a matter of time and effort.

Thanks Stig.

[Evolver]

The only thing that I have to add is... Water, Food, Shelter and BBB's (Black Bitches with Bullets) are the musts in life and everything else come second. Sorry just had a High Ball... Or two.

[ladyhk13]

mitunnelrat I do hope that you are able to work through all of these troubles...have you ever read any of Dave Ramsey's books? He is totally awesome when it comes to getting to "Financial Peace" as he puts it. If you go through a bankruptsy or pay everything off, his guidence should be able to help you get to a point where you can become free of debt and get on with your life and future. Good luck and my prayers are with you..take care.

[bacpacker]

I agree with Lady on using the Dave Ramsey stuff. We are going thru that process right now ourselves. It is so easy to get sucked into the debt deal, and it will swallow you up before you realize it.
Rat it sounds like you have a plan for your life and just need the time to work thru it. Best of luck with everything. I'll be prayin for you!

[mitunnelrat]

As a matter of fact, I have. I actually own a couple of his books, and just pulled them out of storage a short time ago. About a year ago I was intent on following his plan, tried to convince my ex to get on board with it, and over time they fell by the wayside and I started working on my own approach as I said above. Good call there, lady

I've already stopped payments to my roth and pared my budget down to nothing but absolute necessities for right now, and I've been going through my "stuff" to see what I can sell, which is also helping me clean out my storage unit.