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  • FIRST POST
    • loken152
    • By loken152 13th Jun 17, 8:46 PM
    • 33Posts
    • 60Thanks
    loken152
    Were debt FREE!!!
    • #1
    • 13th Jun 17, 8:46 PM
    Were debt FREE!!! 13th Jun 17 at 8:46 PM
    I just feel the need to shout from the roof top that we are now debt free. Its taking two years but we have done it, we had few times when we were tempted to use some form of credit but we managed it get through. I feel the need to share our story.
    We where like any other normal family, we had credit cards, personal loans and car finance all were manageable. We had just got married what we paid for with savings and we had our second child. I wanted to change my car and we wanted to have a big family holiday to Disney world. I had planned to take a large loan out 25k to pay for the car, holiday and consolidate some of the rest. I had been to the bank and been approved and had the money in the bank. We sat down that night, looked at the paper work and looked at the monthly payments what didn't seem to be an issue for me. But my wife got upset and said that she would really like us to be debt free and went to bed.
    Anyway that night i sat down with the computer, found myself on youtube and stumbled onto Dave Ramsey. I watched hours of his videos and i found it very straight talking to the point. When to bed hours later and couldnt sleep due to conflicting idea i had running round my head. When i got up for work i i was still thinking about it. Luckily for me it was a very quiet day at work and i was the only person in my department and had very little work. I made a spread sheet and worked out when we would be debt free if i followed the Dave Ramsey plan what is basicly a debt snowball.
    I worked out it would take two and half years. i Spent that night watching and reading more about the Dave Ramsey plan, I was sold. The next night i talked to my wife about the whole situation and this plan. She was happy that i had chosen to get us out of debt. She was happy to give it a go, knowing it was going to hard but it would be for the greater good.
    The next day i contacted the bank and told them that i changed my mind. Luckily for me it was the same provider that the original loan was with.
    After that we sat down and worked out all of debts in total was 18k. We had some saving nothing massive but we kept 1k for emergencies what was needed and used the rest to clear one of the smaller debts straight away. We started to right a food plan once a week and only brought the food we needed to make each meal instead of buying what we wanted. We wrote out a written budget each month and stuck to it. God we had become weird and boring..........
    The first few debt's tumbled away and it felt like we had made good progress. During this time my wife lost her job whilst on maternity leave. So down to just the one wage, time to tighten that belt a more. Down to the last three debts, one credit card, car finance and a old loan. Around this time our fridge freezer gave up and we needed a new one . Thank god we had an emergency fund. After topping the fund back up we continued with the plan. A few months later one of my neighbour reversed into my car and it become a insurance write off. So after clearing the remaining car finance i was left with X and i brought a cheap car to run around in until we finished this plan and saved to buy a replacement.
    So that clear one of those three, so back onto that credit card and knocked that one out of the park. One left, i started to save money into a saving account to pay off the loan, it recently came to point we where 1k sort of clearing the debt and we talked about using the emergence fund to help clear it. I wasnt happy with this at first. But the wife just found a new job that worked nicely around us all as a family so we knew we had a second income. Two months later, after she brought a couple of wage slips in and i added a bit more to the pot we used the emergency fund to help clear that last final debt!!.
    So now we plan to build the emergency fund up to six months worth of house hold bills and then we plan to change our world and families by saving and never going back into debt. I feel like i needed to share this with you all, as we had a couple of bumps in the road and we still managed to get to the end. So if anyone else is on this journey too, chin up and keep plucking away at those debts end will come and it will feel great. As Dave Ramsey would say, it's your money and its up to you to tell it what you want it to do for you. Not for your money to tell you! Well something along those lines.
Page 1
    • dizzybee
    • By dizzybee 13th Jun 17, 9:31 PM
    • 1,269 Posts
    • 7,002 Thanks
    dizzybee
    • #2
    • 13th Jun 17, 9:31 PM
    • #2
    • 13th Jun 17, 9:31 PM
    well done.x



    • dcouponzzzz
    • By dcouponzzzz 13th Jun 17, 9:37 PM
    • 389 Posts
    • 165 Thanks
    dcouponzzzz
    • #3
    • 13th Jun 17, 9:37 PM
    • #3
    • 13th Jun 17, 9:37 PM
    Well done for reprogramming capitalist society out of your habits! As difficult as kicking an addiction Congratulations and long may it continue
    Started 07/15. Car finance reduced 9.4k to 0 , Mortgage: 52.5k - Savings: 0
    • tori.k
    • By tori.k 13th Jun 17, 10:34 PM
    • 2,730 Posts
    • 6,076 Thanks
    tori.k
    • #4
    • 13th Jun 17, 10:34 PM
    • #4
    • 13th Jun 17, 10:34 PM
    Congratulations, well done
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,386
    • parsniphead
    • By parsniphead 14th Jun 17, 7:10 AM
    • 1,997 Posts
    • 12,785 Thanks
    parsniphead
    • #5
    • 14th Jun 17, 7:10 AM
    • #5
    • 14th Jun 17, 7:10 AM
    Fantastic story. Well done. You must feel so good this morning.

    I'm another Dave Ramsey fan.

    YOURE DEBT FREEEEEEEEEEEE.
    Debts as of 08/07/17 Credit cards 7811 majority on 0%. Car loan 1500 my half. Mortgage 36272 remaining balance (10 yrs 2 mnths remaining - i think not). Emergency fund 500/500
    GAZELLE INTENSE AND GAINING TRACTION
    • Ilona
    • By Ilona 14th Jun 17, 7:32 AM
    • 1,823 Posts
    • 6,365 Thanks
    Ilona
    • #6
    • 14th Jun 17, 7:32 AM
    • #6
    • 14th Jun 17, 7:32 AM
    Great story, a source of inspiration to others. Thanks for posting, onwards and upwards from now on. well done.
    Ilona
    I love skip diving
    • whattodo1967
    • By whattodo1967 14th Jun 17, 8:51 AM
    • 72 Posts
    • 92 Thanks
    whattodo1967
    • #7
    • 14th Jun 17, 8:51 AM
    • #7
    • 14th Jun 17, 8:51 AM
    Congratulations well done, cannot wait till I can post that I am debt free. Enjoy it
    LBM April 2012, started Dmp with CCCS June 2012 47k debt April 2013 39,825. Proud to finally be dealing with our debts Aug 2016 18555. Next goal 15k, can see light at the end of the tunnel
    5 paid off 6 more to go May 2017 12,500 to go
    • EssexHebridean
    • By EssexHebridean 14th Jun 17, 10:54 AM
    • 7,439 Posts
    • 39,050 Thanks
    EssexHebridean
    • #8
    • 14th Jun 17, 10:54 AM
    • #8
    • 14th Jun 17, 10:54 AM
    Brilliant post! Congratulations and well done for taking your destiny into your own hands, taking control, and improving your future.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/412.21
    • 12months
    • By 12months 14th Jun 17, 11:13 AM
    • 41 Posts
    • 533 Thanks
    12months
    • #9
    • 14th Jun 17, 11:13 AM
    • #9
    • 14th Jun 17, 11:13 AM
    Well done loken152, that's fantastic I haven't heard of Dave Ramsey so I'm away to look him up - I need all the help I can get as I start my own debt free journey.

    All the best
    • tealady
    • By tealady 14th Jun 17, 2:17 PM
    • 2,687 Posts
    • 3,166 Thanks
    tealady
    Congratulations.
    Now dont forget to put yourself on the roll of honour
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
    • bugslet
    • By bugslet 14th Jun 17, 2:38 PM
    • 5,185 Posts
    • 26,038 Thanks
    bugslet
    Auto correct it's a nightmare

    God we had become weird and boring..........

    I think that was meant to say we had become exceptional and organised

    Well done
    • loken152
    • By loken152 14th Jun 17, 4:28 PM
    • 33 Posts
    • 60 Thanks
    loken152
    Well done loken152, that's fantastic I haven't heard of Dave Ramsey so I'm away to look him up - I need all the help I can get as I start my own debt free journey.

    All the best
    Originally posted by 12months
    I found Dave Ramsey very straight talking and to the point. There is loads of stuff on Youtube, he has his own channel what are recorded parts of his radio show and i highly recommend listening to him. When you here some other peoples stories on the show it is very scary how much debt some people are in. I am glad we complete this journey before i added more debt into our life.

    PS thanks for all the nice comments everyone.
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 15th Jun 17, 7:04 AM
    • 39 Posts
    • 76 Thanks
    thegirlinthegreenscarf
    That sounds great! Well done! I haven't heard of Dave Ramsey and unfortunately I have to go to work now so I won;t have time to google. Will check later.
    B/Card (0% til 08/18) 2,365.27.
    • MSE Andrea
    • By MSE Andrea 15th Jun 17, 10:55 AM
    • 8,325 Posts
    • 20,421 Thanks
    MSE Andrea
    Huge congratulations!!!

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    • clearmydebts
    • By clearmydebts 15th Jun 17, 10:45 PM
    • 6,046 Posts
    • 17,451 Thanks
    clearmydebts
    Brilliant post. Well done!
    Total debt (starting September 2016): 23,499/27,000
    BOI credit card: 6,000/7,000
    Loan:17,499/
    Savings: 400/1000
    • StopIt
    • By StopIt 16th Jun 17, 7:58 AM
    • 670 Posts
    • 614 Thanks
    StopIt
    Congratulations for getting debt free. I bet it feels amazing doesn't it?


    I will say this though, as it certainly not just you who will say it.


    We where like any other normal family, we had credit cards, personal loans and car finance all were manageable
    You were living beyond your means, but because it is so easy to see a monthly payment figure and forget not only that you're throwing money down the drain (interest payments) but if you're already borrowing to live, you're likely to continue borrowing as your expenditure is constantly above your income. The outcome of course hit you hard but I'm glad you sorted it.


    Too many people don't see "manageable" debt as debt at all, and certainly don't take the time to calculate how much money they're paying to borrow, on top of the initial amount lent to them.


    Once you have that 6 month safety net, you'll be confident that you can take any hit without hassle. And of course, with savings, you get paid for your money, not the other way around!
    • sunshinegirl66
    • By sunshinegirl66 21st Jun 17, 2:11 PM
    • 25 Posts
    • 48 Thanks
    sunshinegirl66
    Debt Free
    We got into 37,000 worth of debt by December 2007.
    There were various reasons this happened but my husband couldn't work since 2004 and I could only work part time.
    But through sheer determination we have paid it all off since October 2016 and sacrificed all holidays,only weekends away to family.


    It is such an amazing feeling and the worry is gone.
    Never want to be in debt again.
    Well done to everyone who sees it through to the end,it's not easy.
    • carlislelass
    • By carlislelass 21st Jun 17, 3:33 PM
    • 1,547 Posts
    • 3,758 Thanks
    carlislelass
    Congratulations, worth all the worry and tears
    • debbie_debt
    • By debbie_debt 22nd Jun 17, 1:37 PM
    • 274 Posts
    • 796 Thanks
    debbie_debt
    Congratulations!

    I can't wait to add myself to the debt free roll of honour, hopefully by the end of 2018
    Emergency fund 435.09/1000
    L.B.M. 21/09/2016 DEBTS = 30,854.38 28.06.2017 DEBTS = 13,880.68
    • fermi
    • By fermi 22nd Jun 17, 2:08 PM
    • 39,210 Posts
    • 47,039 Thanks
    fermi
    Congratulations.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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