It took a while...

[TW]Fox;18687470 said:
Is that student loan? If so, dont worry about it.
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Unless they **** one of your loans up and you spend years trying to sort it out. Including having to resort to the financial ombudsman.

I really dislike the Student Loans Company...

Well done OP. I've been there and got the t-shirt. Oddly before uni in my case!
 
I've accumulated a moderate mountain myself, and whilst it pales in comparison to others, I'm really not looking forward to paying it off...

Well done sir :)
 
Nix said:
This will no doubt sound stupid to some, but I've finally reached a particular psychological (and fiscal) benchmark that's been a royal pain in my side for some time. I don't think it's properly sunk in yet, but psychologically I hope it will do wonders. I don't know if anyone else is the same, but at the moment I seem to be very much in the 'head down and get this done first then do that next' mindset and the debt thing was one particularly large thing hanging over my head, so it was - counter-productively I suppose - all things on hold until it was sorted, however slow the progress was.
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Congratulations! :)

The psychological thing struck a cord with me, as it was something that I struggled with. Similar sort of story, I was in debt pretty much from 18, having taken a loan to do some IT qualifications with. The company went under, and I was stuck with the debt and trying to find a job as an IT Junior just after 9/11. The debt snowballed and peaked at over £40k unsecured. After scratching and fighting to pay it back, and then putting a little extra aside for a rainy day, I sort of struggled for direction again. I just couldn't get used to it not risking the house if I lost my job or just didn't get up in the morning.

Try to keep your next goal achievable. My dreams of building a house / buying a business meant so much more saving that they were so very distant, and comparably didn't seem as important as getting out of debt and having a bit of security if I had a setback. Now I'm off on holiday in a few days and have a new contract starting in 6 weeks and I've started to adjust to things not being quite such a desperate struggle...

Good luck with your new career, whatever it is... :)
 
huge congrats, I'm currently in a world of debt, used to never be a problem but contracting has been very hit or miss recently, leaving me with massive overheads (two cars, a house and a flat), I figured I'd always have enough cash to live very comfortably on for a few years if the worst happened,

it did,

and I don't!

So, well done you, I hope you learnt from your experience and continue to live without debt forever! (apart from a mortgage obviously)
 
Thanks for the replies, very kind!

J-FRO said:
Congratz, doesn't make me feel particularly great about my level of student debt though if its taken three years to pay of 4K for you :(
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Try not to think like that, it's not productive. I was unlucky - like many - as I was trying to get on the ladder when the **** really hit the fan. After a massive struggle of getting nowhere, it took a friend to help and I've been stuck in a ~30 hour per week job earning <£1k pcm since. It took so long as I've been paying rent whilst also trying to stand on my own two feet again; all a very long and arduous process with the money I had coming in.

Hopefully, you will avoid that altogether and find better employment early and therefore pay it off sooner. :)

semi-pro waster said:
Congratulations, really pleased to hear this for you. Hopefully this is just the starting point and having this worry removed means you can go on to do what you want to do now. As to what that is - you've probably already given it much thought but is there anything you think you want to do? It may be someone can offer advice/help regarding how to do it.
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I really don't know. That's pretty much 80% of the battle. I'm 25 soon, it's probably safe to suggest that I'm never going to either.

I'm currently deliberating between either: 1. Writing of some form as I've been continuously told I have a 'talent' for it. However, I fear this is putting too many eggs in a basket that might never get me there. 2. Going back to university, doing a masters degree and then having a stab at the graduate market once again. However, this may take some time to save up for! 3. Film production. Again, perhaps silly, but it's one of the few things that really have always appealed to me. Like one however, I fear it may be a cul-de-sac. 4. Training to be a doctor. It will take five years of hard slog, but I think it's a genuine possibility as it will give me one thing I crucially need/want in my work more than anything else: purpose. The issue of course being, that I'm not sure. Like a getting a tattoo, I'd want to be certain before throwing myself behind the idea.
 
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I know it seems like a little amount to most of you but for the past 8months ive been in £1100 worth of debt.

Lost my full time hours and was dropped to part time earning £450 a month.

The bank takes £250 of that straight away every month for my overdraft, leaving with me with £150 for rent, phone bill, car insurance, petrol, eating.

Just an on going cycle of getting into my overdraft, paying it off and having to use it again as i have no money :/
 
Nice work, I read this the other day when you posted but I was banned (MM naughtiness) so couldn't reply!

I'm in a similar boat and I know how it feels to clear your slate. I split with my Mrs last year and moved back home with my Olds temporarily, but they've very kindly let me stay while I clear my debts.

I cleared £5k off my credit card, the remaining £3k of my student loan and in two months I'm paying off my car loan which is about another £4k.

I felt like I'd have it following me around for ages and it did get me down, but it's a great feeling to put the phone down having had it confirmed that you no longer owe someone that amount of money!
 
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