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  • FIRST POST
    • Debtfreein5yrs
    • By Debtfreein5yrs 11th Mar 17, 2:31 PM
    • 62Posts
    • 187Thanks
    Debtfreein5yrs
    Determined to be debt free in five years!
    • #1
    • 11th Mar 17, 2:31 PM
    Determined to be debt free in five years! 11th Mar 17 at 2:31 PM
    Hi everyone
    I'm guessing the title of this thread and my user name says it all.
    After nearly 10 yrs of fighting debt I'm now determined that we will be debt free within 5 yrs from now.
    Over the past 10 yrs we have had taken out a huge secured consolidation loan (massive mistake) and been in a DMP with Payplan.
    We are now self managing our DMP and at last I hope there is some light at the end of the tunnel!

    Currently we owe around £21,000 on the mortgage, £52,0000 on a second mortgage (used for consolidation) and around £25,000 on unsecured debt. That's a massive total of around £98,000 of debt. I'm just in the process of establishing the exact figures for each which I will post in a signature when I have all the info.

    Now for the positives
    We both now earn really good incomes so the debt should be manageable.
    Our son finishes Uni in June so we will no longer have to support him financially which means we will have even more to throw at our debts.
    Most of our unsecured debt is interest free as it has been sold on to debt companies many years ago.

    By my calculations we will be able to clear all the debts, including the mortgage and secured loan within the five years and still have a reasonable standard of living.
    Once the debt is paid we then intend investing the money we've been using to pay into a retirement fund.

    Decided to start this diary to chart our progress. Hoping it will inspire me to keep going to achieve our goals.

    I have been a 'lurker' on these forums for a long time so it's definitely time to say a big 'HELLO' to everyone
Page 4
    • Debtfreein5yrs
    • By Debtfreein5yrs 18th May 17, 12:13 AM
    • 62 Posts
    • 187 Thanks
    Debtfreein5yrs
    Had a really busy few days so not had time to post. Debt busting still going well. Had a NSD yesterday and another one today. In addition I cashed out £21.36 from a survey site which has been paid to OD1 which was a nice boost
    Total Debt April 2017 = £98086.93 May 2017 paid back £678.63/£97943.93 or 0.69%
    Short term financial goal :-
    Clear £7107.78 of high interest debt (includes clearing overdrafts)
    April 2017 £0/£7107.78 paid. May 2017 £678.63/£7107.78 paid (9.54%)
    Weight loss goal:- Lose 30lbs by Christmas 2017 April 2017 1/30 lbs lost
    • Debtfreein5yrs
    • By Debtfreein5yrs 20th May 17, 11:47 AM
    • 62 Posts
    • 187 Thanks
    Debtfreein5yrs
    My busy week has continued so still not had a lot of time to post on here.
    The debt busting news continues to be good though Had 5 NSD's this week which is one benefit of being so busy at work
    OH gets paid weekly so after budgeting for everything that we will need this next week I've paid this morning £114.44 to a high interest loan and £6.58 off OD1. With the survey payout of £21.36 that went towards OD1 and a further £9.19 that I paid to it earlier in the week we have paid a grand total of £151.57 towards our debts this week. This means that we've now cleared 9.54% of our high interest unsecured debt and 0.69% of our overall debt (including mortgage) since the beginning of May.
    Really happy with that!
    Now off to update my signature

    Wishing everyone a lovely weekend
    Total Debt April 2017 = £98086.93 May 2017 paid back £678.63/£97943.93 or 0.69%
    Short term financial goal :-
    Clear £7107.78 of high interest debt (includes clearing overdrafts)
    April 2017 £0/£7107.78 paid. May 2017 £678.63/£7107.78 paid (9.54%)
    Weight loss goal:- Lose 30lbs by Christmas 2017 April 2017 1/30 lbs lost
    • Hiddenidenity
    • By Hiddenidenity 20th May 17, 12:11 PM
    • 4,230 Posts
    • 26,404 Thanks
    Hiddenidenity
    Brilliant progress!

    Amazing amount of nsd''s too x
    • Lumanous
    • By Lumanous 19th Oct 17, 10:02 PM
    • 128 Posts
    • 323 Thanks
    Lumanous
    Hope your journey is going well

    No, my username is not a typo
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