Debt free (well, in control)

[oulton]

congrats all!

 

[Valo]

I too have 5 months left before I can enjoy that wonderful feeling of being debt free. I can't wait until June, I'll be significantly better off every month and I can really start to put money away to my ISA

 

[Metalface Mark]

May I ask how that happened? 80 debt is such a lot!

25k of it was car, which i got shot off, i run about now in a 10 year old corsa that I was given free.

The other 50k was just accumulated debt from years, probably 80% of it was interest.

I would never take another personal loan, id urge everyone just to save up for anything you want. The only credit ill use now is credit cards on 0%.

 

[-westy-]

Over the last year or so I've got hold of my finances - I'm the same as agnes in a way - I have 2 accounts - I get paid into my current account, and have a Cardcash account for bills - put my DD's etc into there, then everything left is spending money. I'm opening a joint account with my other half in the next month or so, so will be putting money into that as well towards a deposit for a flat (renting while at uni).

I still have the odd slip, but overall am pleased with myself

 

[meths]

paying old debts off is a wonderfull feeling and we all do silly things when we were younger which have to be sorted sooner or later.
Congrats

Yep. I'll be paying for my silly younger days for another three and a half years.

 

[atomic7431]

Yep. I'll be paying for my silly younger days for another three and a half years.

yeah i was in the same situation and it took me nearly 2 years to pay mine off and now ive got the end of a loan to pay off which im not behind on but paying off early as posible. We are already overpaying on our mortgage and we are going to try and pay it off in another 10 years time so a total time of 13 years fingers crossed, thats an overpayment of 200 quid a month.

 

[Metalface Mark]

I was about 80k in debt 3 years ago when I split with my wife, made it my mission to get debt free, ive got about 23k to go, which should be gone by December (providing i dont buy anything this year.

Its not been nice, ive paid off as much as I can each month and not bought much, but I was fed up paying £1500 a month in loans when 2/3 were old debt so i knuckled down.

Will be lovely when I can say im debt free completely.

Update - less than 6k to go now after paying off another loan early, 3 or 4 months to be debt free

 

[krooton]

Congrats!

4 more monthly payments of £380 and I too will be debt free, woohoo!

 

[Metalface Mark]

Hopefully this can be a wee inspiration to some people starting out on their debt recovery journies, I know it can seem a long way off (mine certainly was 4 years ago).

 

[bertybenno]

Well done and don't let yourself slip back into debt if you can.

 

[Neodite]

2 more months for me (Seems like it's a good year for most lol)

Only downside is, my credit history is bottom of the low, so even being debt free I will still have a crap time..

Damn my stupidity 10 years ago

(Even more damn, didn't notice the age of the thread -_-)

 

[ikillbears]

 

[ElliorR]

Damnit didn't notice it was a bloody necro

 

[lloydsj]

Well done.

Can you upload the spreadsheet you used again? the link in the old thread is now dead.

 

[CREATIVE!11]

Now don't do it again...

 

[Glaucus]

Well done! Now keep it that way.

Congrats and this, I paid it all off a few years ago and am straight back in it. its a manageable amount, but way more than I want/like. now paying it off again.

 

[feriso]

Control is awesome; I remember some years ago I used to worry and lose sleep over how to pay for the bills and had to juggle stuff but a few years ago my hand was forced (in a good way) and I had to focus on what I was spending and start repaying. I've made good progress and each time I look at a statement its a good feeling about how its come down and not worry about what it is now.

Over the next 6 months I have a few loans that will then pay off so I can accelerate the repayment of the rest.

I've been itching to get myself some new toys like a new TV, camera, macbook but I remind myself of how to pay for it and I want to pay for it in cash or 0% and I can't do either atm so I say no......

It can really get me down sometimes, especially when I see a 'friend' of mine who went through a period of a few years spending loads on two houses, laptops, holidays, phones, cars (but then had no job security, pension, savingsetc..) and then it all came crashing down within a period of about 4 months for them and they pretty much had to shuffle it all off - whilst I was jealous at the big time and to some extent pity them, I'm not jealous as I'm the one in a better long term position. I'm not even sure they've learnt as they still appear to be spending monmey they don't have on stuff. I could never balance what they would be getting/earning *cough* with apparent expenditure.

Wow, wall of text but its a big thing in general for me as I made mistakes when I was younger and now I'm 'paying' for them; it'll be OK in the end.

 

[[TW]Fox]

Out of curiosity, how long has it taken you to do this?

The only debt I have at the moment is my student loan and I keep meaning to figure out the best way to get rid of it bearing in mind other things I may need the savings for.

The best way to get rid of it is ignore it and pay it off via PAYE. Doing it any other way will cost you more in realterms.

 

[Mr-White]

I purchased a Macbook some 3 or 4 years ago from PC world.

So much fail in one sentance

MW

 

[No1newts]

We have a mortgage and a car repayment.

We cleared all our extra debt and its a great feeling. We still live on what we had when we had the debt though and just save loads meaning that any future buts are took with no credit or in the case of larger purchases like cars etc with minimum amount.

It's nice to not be haemorrhaging money, though even with general bills you still spend a lot each month!