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  • FIRST POST
    • DFB35
    • By DFB35 13th Feb 15, 1:19 PM
    • 348Posts
    • 658Thanks
    DFB35
    DFB35 Diary
    • #1
    • 13th Feb 15, 1:19 PM
    DFB35 Diary 13th Feb 15 at 1:19 PM
    Dear Diary, I have been reading this forum for the last few days and found it very inspiring! I am in debt and have been since getting my first credit card at 21.. so have been in various degrees of debt for 10 years now.

    My aim is to become debt free by 35! I had a few light bulb moments over the years but feel like I have finally woken up and faced the facts in August 2014. I am pleased to say I have not accumulated any further debt since then. Fingers crossed this is how it will stay, however its still very early days and before becoming so sensible i had one last spend on a holiday we had in August - so the real test will be no holiday this year (or for foreseeable future atm).

    I will post a little bit more about me and my debt situation later on today, just wanted to finally take the plunge and create a diary.

    Total debt exc mortgage 19,337 (according to Noddle so a month or so behind)
Page 21
    • DFB35
    • By DFB35 21st Sep 16, 11:20 AM
    • 348 Posts
    • 658 Thanks
    DFB35
    I am days away from being DEBT FREEEEEEE
    OMG!!! I have the most exciting news ever and it still not sinking in to be honest! But in just 3 days time when the money goes clear I will be debt free!

    This is how its all happened! I have called up to enquire about my loan balance to see how much I could save if I did a balance transfer on 0% credit card and my outstanding balance was 4,841.39p - however if I pay it off before 30th September I would save over 870 in interest and therefore my closing balance is 3,966.70p.

    I have 1,000 in savings, so would need to find 2,966.70p to settle the loan - however when we were planning the extension I have saved up and paid roughtly 2k to the architect and planning fees so me and my husband agreed that I could take this money out of our remortgage fund (which we have sitting in a separate account for the upcoming extension!) AND the remaining 966 - which I would "borrow" out of the house remortgage..

    To be honest, I was reluctant to use the remortgage money to pay off this loan as essentially "you'd be turning the unsecured loan in to secured borrowing", but in my particualr case feel that this is the right move as the amount is not large and we would save so much in interest. Plus I KNOW that I will put this back within 2 months!

    And once this debt is paid off I will truly concentrate on savings, rather than trying to save some and pay off the loan at the same time!

    I am very happy but also in Shock! I will come back once my loan is closed to confirm and to get the badge just to make it my last post on here

    And I hope you guys will follow me on my "Building my Dream home and then paying it off" diary - as I do have a huge mortgage to tackle next!!
    Total debt - Feb 15 19,338 Sep 16 - 0
    Large Mortgage is next!
    Never give up - Keep going
    • AspiringButAnxious
    • By AspiringButAnxious 21st Sep 16, 2:54 PM
    • 569 Posts
    • 2,187 Thanks
    AspiringButAnxious
    Congratulations!
    Rainy day fund 3.16/500 Emergency fund target 500/1000 Nest egg circa 40
    Loan 2481/15,487 = 16% Fun fund: 0.05 Savings pot 0
    • lcc86
    • By lcc86 21st Sep 16, 6:35 PM
    • 652 Posts
    • 994 Thanks
    lcc86
    Congrats DFB35!!!
    1/12/14 total 9,140 Today 5,255 42.5% paid

    1011 saved towards 'The Move' as of September 2016 82 saved towards citizenship 100 saved towards Xmas 2016
    • stepuptothepl8
    • By stepuptothepl8 21st Sep 16, 10:25 PM
    • 650 Posts
    • 3,076 Thanks
    stepuptothepl8
    Fantastic news!! Well done!! xxxx
    LBM 1st Feb 2015
    10680 to go
    my diary: time to step up to the plate. SPC#503

    Training for the Bristol half marathon in 4 days!!
    • DFB35
    • By DFB35 22nd Sep 16, 1:12 PM
    • 348 Posts
    • 658 Thanks
    DFB35
    Thank you everyone! Still my frugal journey is not over yet as now I will be saving as much as I can each month, so will be even more frugal than ever! Then when the house is done I will start on my mortgage overpayments

    But I am so happy right now and I have learned so much and genuinely believe that I have some very good habits formed now (thanks to this board) and will continue to keep myself in check, I really really dont want to be in debt ever again!

    And as my loan repayment money has gone out of the account this monring - I am now OFFICIALLY debt free woohooooo
    Total debt - Feb 15 19,338 Sep 16 - 0
    Large Mortgage is next!
    Never give up - Keep going
    • crunch_time
    • By crunch_time 22nd Sep 16, 1:34 PM
    • 666 Posts
    • 1,147 Thanks
    crunch_time
    Well done!!
    xx
    June 2014 23,555 vs Now 11,875 (Loan)
    Chairs and table 1142/1142
    Mortgage August 2016 155,122 vs Now 154,817
    Equity August 2016 44,878 vs now 45,183 Goal = 70,000 Left to go = 24,187 by August 2019.
    Xmas Stocking Filler Challenge 40 items for 1 each 4/40
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