Helen’s Creditspring Story: What Does Stability Mean To You?

Being able to build and maintain your financial stability can be a difficult task to achieve, but with perseverance anything is possible. Recently we held a contest asking our members to tell their Creditspring story. We wanted to know what stability meant to them and how have they managed to build that. We're happy to see Creditspring members reaching their financial goals throughout their journey and setting new ones along the way. Check out this inspiring Creditspring story from Helen-

Having made the leap from a secure, stable senior management role in a large organisation to self-funded ‘Bootstrap’ technology company based in New Zealand, financial stability became a whole new challenge! When my Company grew and expanded to Australia, finding payroll each month for our growing team while having enough pennies left over to invest in our technology strategy became even more challenging. 3 years in, we decided to launch in the UK, and I decided to move the whole family along with it. 

Owning a Global company has its perks, but in my case, they didn’t stretch to the financial kind. Living in the UK proved to be expensive, even more so than we’d anticipated. The investment round we successfully completed took us some-way towards our destination, but it didn’t increase our minimum wage status. However, I was in this for the end goal; sell after 10 years and finally be rewarded with the financial stability to be able to own a house, not stress over the milk bill, and choose what I wanted to do for a career from there; Invest in start-ups, help out the struggling teams with great ideas, that type of thing. And then… I brought home a dog. Yup, working every hour God gave us, and in my great wisdom I now had walking and dog duties to try and fit in as well, not to mention the additional costs of having a mouth to feed and nurture. Worse, I didn’t just bring home any old dog, or maybe a cute puppy to train to fetch and sit. I decided to bring home a damaged, super timid, medium sized Romanian Rescue who was on death-row because they couldn’t re-home her due to her ‘issues’. 

Oh dear! So here I am, having brought my husband into the business as part of the move, I’m now a co-owner of a growing Global organisation right in the middle of it’s growth stage; responsible to investors, suppliers and clients and completely focused on the job at hand. Struggling to pay the rent and keep up with credit card payments on minimum wage, a rescue dog and three cats. Oh, did I not mention that I also took on three cats earlier in the piece? To be fair, it was initially one, but he was lonely. I swear! Then… disaster. 4 Months of no salary – times 2 people. How do we feed the family, keep the rental payments up and cover the credit card payments? 

Month one sees any reserve cash disappear. 

Month two sees the Credit Cards maxed out. 

Month three and Four see a series of Payday loans at super high interest.

By Month five we were back to getting enough in salaries to pay our living expenses, but we were slipping. 

Month six, and the payday loans are still not paid off. We can’t afford to clear them once the monthly fee goes to them. 

Month seven was a good month as we got some of our missed salary payments on top of our usual salary, and we paid off the high interest loans. Surfacing from this stressful period and whew, we had no payday loans! Oh joy! However, our credit cards were still maxed out, and we had no way to cover emergency debts like vet visits if they came up. Then we had to be short-paid for another month. Panic!! Thankfully, that’s the point where Creditspring came along. What a relief. The first loan gave us a buffer for the salary short-pay issue, and then allowed us to put extra to our credit cards, so the interest was reduced. With a bit of tightening on the budget, we could start plugging away at the high interest credit card debt hanging over us. 

The biggest relief when Creditspring came into our lives; No need to increase the slide of my credit score by applying to everyone I can find for a loan when I need it. Just as we were starting to restock the wine fridge and eat good quality steak. Disaster struck again, this time in the form of moving costs we didn’t expect and couldn’t afford. However, this time we had no need to panic. Knowing I can call down emergency funds if and when needed, without selling my soul in the process. I simply paid the moving costs, paid back the loan and had no sleepless nights to accompany the transaction.

Now, my idea of financial stability is having no credit card debt. We can focus on the house and the Angel Investor dreams once the Company sale takes place, but having no high interest debt is our dream now. Creditspring allowed me to clear off the last of the nasty debts, and I can easily track my credit score rating as it slowly rises. While this is a bit like watching the scales during a diet, painful and full of anticipation, it comes without the hunger cries of a diet, so I’m watching everyday.

Thank you Creditspring!