Personal Finance: Cold facts served warm for debt freedom in UAE

In my life, I have experienced ‘vehicle repossession’ for whatever those reasons were, and also had to repay an auction deficit for a car I no longer possessed.

I also had to sacrifice a minimum of four years to repay my debt and it was a tough time, but it was worth every minute.

Did I feel good? Definitely not, but it was a lesson well learnt that I will not repeat again if I can prevent it anytime in the future.
Incidents happen, we are sometimes confronted with misfortune which we try to correct... however, refuting our responsibilities is not an alternative to be sought.

Years ago, after being terminated without my ‘end-of-service-benefits’, I had a loan in arrears for one year whilst attempting to pay a measly 10-20 per cent of the monthly payments only, which is all that I could afford until I was fully employed again.
Although my situation was not self-inflicted, I opted to take responsibility and face the problems head-on.

The outcome was that could I finally manage to meet the monthly payments for a year or more after securing full-time employment.
Later, I could offer a full debt settlement, where I secured a substantial discount to restore my credibility, commitment, also keeping my promises and Integrity displayed over that period.

So if I could do it, so can you!

This lesson teaches us that nothing is impossible and we learn hard lessons in life that we are sure not to repeat again.

In the beginning we must review our complete situation where we could be fortunate with a few options, where scaling down could mean you might have to sell one or two cars if you have three and sacrifice this time until you are in a space where you can comfortably acquire another car, if needed.
Selling expensive furniture although one does not always secure the desired price, is another option and if you are hesitant about this move, remember, every little bit counts towards becoming debt-free.

As humans we refrain as much as possible from relinquishing those comforts that we cling to, where materialism and adopting attitudes of continuing acquiring with money we don’t have, must be severed.
The time of recouping when eradicating debt is not always a pleasant time, but an excellent learning experience.
Irrevocably it teaches us humility and just how to remain humble and also gives us insight to how to best pave the next phase of our lives.

There is no comparison to experiencing anything first-hand because people are attracted to ‘Testimonies of Truth’, as it inspires them that they too can conquer the obstacles they face today.

Some people only learn by harsh lessons after repeatedly falling and rising but it never stops.
Others only need that lesson once and they will never repeat it again, so it varies from person to person.
I have been totally harsh in my books with some points, but it is necessary to jolt the mind of the characters I am portraying here, who actually need those hard lessons.

This is the only way they will learn to respect money and their limitations.

Nobody said it was easy to downscale or lose your possessions, because it never is. It is the most difficult situation to face and there are no short cuts, it’s the long way or the highway.
The latter is not always the solution because principally you should respect that the bank or creditors afforded you the privilege of their funding so by the same token, you should reciprocate.

Running away or avoiding your responsibilities, means looking over your shoulder infinitum and you certainly would not want that to come back to you when you are 70-years old, just managed to retire and must now sell your home that you had planned to live in for the rest of your life.
Then we do not have the will, energy or ability to rebuild, it is just not possible. Taking responsibility now and starting all over again, is the key and I am sure you would always be encouraged by many to take the short cut, because it’s simper, but it is never simple in the long-term.

It is inevitable that at some stage in the future, life normally dictates we pay our dues and perhaps at a time we least expect and it is definitely not in our hands.
We should be mature enough to have a conscience and show the respect and goodwill to our creditors who afforded us the credit we needed at the time.

Sharing is the number one trait you should learn to master, at any given opportunity.

As you progress on this path, learn to identify the signals of an inspirational uplifting need when see it and welcome it with open arms.
Be proud of your accomplishments by displaying an attitude of gratitude, because the other person will be pleasantly surprised at your actions.

Once you experience this recovery path, you will automatically be susceptible to emotional senses, people in need, who need support and simply making someone’s day.
Avoid the ‘Cold-Love’ Factor that has consumed the human species like the plaque.

Learn to make a difference because it will uplift and direct you into the next realm of your life, which is actually where you want to be.

Frankly, this is a personal opinion where some people fail to practice the same ethical values and as they say ‘Different Stokes for Different Folks’ but we should pride ourselves to be better persons, not conform to the norm.

Dreams because they won’t materialse.

These are the cold facts of life.

Theda Muller is a UAE-based author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis.  She also conducts webinars and workshops on debt recovery.
The views expressed are the author’s own and do not reflect in any way, the views of Emirates 24|7. Readers are advised to carry out their own due diligence before taking any decision.

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