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  • FIRST POST
    • timeisup
    • By timeisup 28th Jul 17, 12:19 PM
    • 4Posts
    • 7Thanks
    timeisup
    There is light at the end of the tunnel
    • #1
    • 28th Jul 17, 12:19 PM
    There is light at the end of the tunnel 28th Jul 17 at 12:19 PM
    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.

Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 28th Jul 17, 12:34 PM
    • 4,679 Posts
    • 8,865 Thanks
    enthusiasticsaver
    • #2
    • 28th Jul 17, 12:34 PM
    • #2
    • 28th Jul 17, 12:34 PM
    Well done and congratulations.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Ever the Optimist
    • By Ever the Optimist 28th Jul 17, 12:47 PM
    • 16 Posts
    • 17 Thanks
    Ever the Optimist
    • #3
    • 28th Jul 17, 12:47 PM
    • #3
    • 28th Jul 17, 12:47 PM
    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
    • By HairyHandofDartmoor 1st Sep 17, 9:14 PM
    • 1,918 Posts
    • 8,309 Thanks
    HairyHandofDartmoor
    • #4
    • 1st Sep 17, 9:14 PM
    • #4
    • 1st Sep 17, 9:14 PM
    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?
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £678/Emergency Fund 2 = £140
    • zippygeorgeandben
    • By zippygeorgeandben 2nd Sep 17, 1:59 AM
    • 709 Posts
    • 888 Thanks
    zippygeorgeandben
    • #5
    • 2nd Sep 17, 1:59 AM
    • #5
    • 2nd Sep 17, 1:59 AM
    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.
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • timeisup
    • By timeisup 15th Sep 17, 12:15 PM
    • 4 Posts
    • 7 Thanks
    timeisup
    • #6
    • 15th Sep 17, 12:15 PM
    • #6
    • 15th Sep 17, 12:15 PM
    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
    • By timeisup 15th Sep 17, 12:18 PM
    • 4 Posts
    • 7 Thanks
    timeisup
    • #7
    • 15th Sep 17, 12:18 PM
    • #7
    • 15th Sep 17, 12:18 PM
    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
    • By Newstart3 15th Sep 17, 1:08 PM
    • 25 Posts
    • 32 Thanks
    Newstart3
    • #8
    • 15th Sep 17, 1:08 PM
    • #8
    • 15th Sep 17, 1:08 PM
    Well done on your massive achievement. Enjoy your debt free life & remember to reward yourself!
    TSB £3,303, MBMA £4,315, Barclays £4,463, Argos £1,260, Mortimer Clarke CCJ £2,174, Lloyds CC £1534, Littlewoods £796, Next £510, Wonga £123, , Lending Stream 1 £130.87, Bensons for beds £1509, Lending Stream 2 £255.96, Lloyds CC £1,534, Total Jan £21,908, Feb £20,412 Sept £15,515 Debt repaid in 2017 = £6,393 TARGET DFD APRIL 2018
    • sile001
    • By sile001 15th Sep 17, 1:45 PM
    • 89 Posts
    • 83 Thanks
    sile001
    • #9
    • 15th Sep 17, 1:45 PM
    • #9
    • 15th Sep 17, 1:45 PM
    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

    £12,000 > £0

    • dirtycredit
    • By dirtycredit 15th Sep 17, 1:47 PM
    • 142 Posts
    • 237 Thanks
    dirtycredit
    Well done!!
    LBM-May 2015 DFD-Dec 2017 Total debt £27077/5681(77% Paid)
    Halifax-3124/2690 Lloyds-4326/2991
    StudentLoan-1173/
    PAID Tesco-4616/PAID Home improvements- 11000/PAID
    MBNA-4014/PAID


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