There is light at the end of the tunnel

timeisup
timeisup Posts: 4 Newbie
First Anniversary Combo Breaker
in Debt-free wannabe
Hi All,

Just a messaage to anybody feeling thoroughly dejected facing a load of debt and where to start.

About 10 years ago I was in a hole with over £70k of credit card debt and mortgaged to the hilt with a stupid 2nd mortgage too.

Step-Change really were a MASSIVE help through dealing with all the creditors and taking the barrage of letters and phone calls away.

I've paid into step change without fail (payments going up and down depending on circumstances) and after taking a bit of pension too I've been able to pay the lot off in the last couple of months (the average settlement figure on the outstanding was 48%) and even, shock, horror, checked my credit score yesterday and its a 999!!!

There is a light at the end for everyone, stick with it. Thanks to this board too as it has given hope and inspiration through all the crap.

:beer:

Comments

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,564 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Well done and congratulations.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Ever_the_Optimist
    Ever_the_Optimist Posts: 19 Forumite
    That's really encouraging! I feel like my credit score will be dire forever. I don't want more credit in the future as such, but I do want a mortgage in the next few years.
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Well done. Its nice to hear that someone has clawed their way out of debt. Were any of your creditors difficult to deal with when negotiating full and final settlements?
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
    Well done! Great news. A lot of hard work but worth it in the end. I'll be interested to know how you feel going forward with money though now, after you've invested so much emotionally in your journey.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • timeisup
    timeisup Posts: 4 Newbie
    First Anniversary Combo Breaker
    Hi `HairyHand'
    Most creditors were really helpful. The only really tough ones were Wescot who would only accept full payment. I expected problems with IDEM but on unsecured debt they accepted 59%, they did require 100% on 2nd mortgage which was to be expected.
  • timeisup
    timeisup Posts: 4 Newbie
    First Anniversary Combo Breaker
    Hi `zippy',
    It really is a bit of a different world.
    Rather than looking at where money is coming from (and using payday loans to get through the month sometimes) I'm now fortunate enough to be looking at monthly investments. But the best bit is to be able to treat my 2 year old granddaughter whenever I want!
  • Newstart3
    Newstart3 Posts: 73 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Well done on your massive achievement. Enjoy your debt free life & remember to reward yourself!
  • sile001
    sile001 Posts: 94 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
    Well done timeisup Good feeling isn't it? I fully paid off my DMP on the 12th September. What a relief.

    Good luck to everyone who is trying to get to DFD
    Debt-Free as of 12th September 2017

    £[STRIKE]12,000[/STRIKE] > £0

    :beer::j
  • dirtycredit
    dirtycredit Posts: 179 Forumite
    First Anniversary Debt-free and Proud!
    :beer:Well done!!:beer:
    LBM-November 2019 - Total Debt £28,000/now £1500 1 more payment left!!!
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