We were buried in payday loans. The amount coming out of our account on payday was more than what was going in. We were behind in everything, and we felt like we were drowning. We were upset all the time and we didn't see a way out.
We finally asked friends for help. They were upset that we didn't come to them sooner, and they wrote us a cheque for $2700. We will pay back $225/mth starting in January and we'll have it paid in one year. No interest. We're very fortunate.
With this money were were able to get caught up on our bills and pay off our payday loans. This is where we stand now:
- We are still one month behind on rent. We'll get caught up by mid-November. I hate this.
- Our hydro is paid in full
- Our gas is paid in full
- Our phone / internet / wireless is paid in full
- The kids' school fees are paid in full
- Our furniture loan is paid in full
- Our car is paid in full
- Our insurance is up-to-date
We have a plan and we're working toward our goals. We are so thankful to have received a "bail out package" but we're disappointed it came to that. We understand just how lucky we are.
Going forward, we have to stick to our budget but it'll be really hard because Christmas is two months away and we have no plan and two kids to buy for. It's always a stressful time, and we don't want to "fall off the wagon." We also have to get our rent paid before our landlord decides he's had enough.
I'm hopeful. I'm scared to fail again.
