Has any1 been 30k in debt and cleared??????

kathrynrobson1011

Evening All,

Has any1 been 30k in debt and cleared it, or made some good headway towards clearing it. I don't want to do this via a DMP or IVA.

Any advice any1 has would be great.

Thanks Kat x

ineedhelp2008

Well I hope it can be done, with time, commitment and perserverance, as we are in similar circumstances.

Who do you owe? Post an SOA so we can see the damage and hopefully offer advice

Buffythedebtslayer

yes they have, read some of the stories on the Debt free roll of honour

I am off out for bit but will be back later with more of an answer!

(I am going to get out of my 25,000 odd - down to 17, 465 now)

it can be done

xx

RAS

http://forums.moneysavingexpert.com/showthread.html?t=291326

Compingirl

We had nearly £39k debt last year and are now down to sub 30k. We hope to be sub £20k by the end of this year and have it all paid off in 2010. With careful budgeting and throwing every spare penny at the debt it can be done.

Check out Hypno and Working Hard DFW diaries for inspiration.
Good luck compingirl

Pippilongstocking

I started with over £30k something last spring/summer when I had my moment of OMG.

Looked at an IVA then read about them and whilst they suit some folk (not knocking anyone) I thought long and hard and by chance stumbled across threads on here posted SOA and decided to try and do it myself. I started looking long and hard at the OS board and took loads of great advice from here. I am sinngle mum with two kids (who now take pack lunches and save US over £60 a month) etc, took in a lodger, did a part time job for a bit and am now on my new SOA about 24k - working hard to get that down to under 20k by 2010.

It can be done I think - goodluck whatever you decide to do - loads of things on here have helped me to save pennies and to shift things around so that I can reduce all the interest etc - and pay more to my actual debts.

Good luck - its hard work but it makes you think very differently about money!!xx

Deep_In_Debt

Yep. I've read stories on here with people with the same amount or more debt. I',m on my own - started with 27k debt and now reduced it in a year to 20k. However, going on my dmp with CCCS (and this forum, of course!) helped me to reduce this by 7k in a year. I didn't want to do a dmp originally because of my credit rating but now I've realised I can live without credit and still have a life and not go without. Hopefully will be debt free by the time I clear my mortgage in 5 years.

Good luck in whatever you decide to do.

meerkat2007

Started off with around £91k of debt round 2001/2002, currently down to £59.4k (or will be when I get paid on Friday). I still have around 5 years to go, but as you can see, I've paid off over £30k in that time.

Actually, now I come to think of it, I had paid off considerably more, but I had to replace my car, and I've had some other unavoidable expenses that have bumped my level of debt back up - had that not happened, I would have paid off about £7k more.

It can be done, but it's a long slog. I'm looking forward to the day when I can call all my salary my own.

Good luck!

milliejon

My original debt was just over £30k when I started my own DMP 5 years ago. We're nearly there, with just under £10k to pay, which is due to gone by 2010. It's been a long hard journey, and I still get things thrown in the path now and again which I still am unsure about how to deal with, but there is a little glimmer at the end of the tunnel!

Best of luck to you.

milliemonster

meerkat2007 wrote: »

Started off with around £91k of debt round 2001/2002, currently down to £59.4k (or will be when I get paid on Friday). I still have around 5 years to go, but as you can see, I've paid off over £30k in that time.

Actually, now I come to think of it, I had paid off considerably more, but I had to replace my car, and I've had some other unavoidable expenses that have bumped my level of debt back up - had that not happened, I would have paid off about £7k more.

It can be done, but it's a long slog. I'm looking forward to the day when I can call all my salary my own.

Good luck!

This is the key when you have a fair whack to pay off, don't expect it to happen overnight (so to speak), we have paid off £12k since last June but to be honest it's probably been a couple of k more but things have cropped up during that time that we have needed to use CC for (a new oven when mine blew up on xmas day!) etc

It is a long slog and you also have to not expect miracles, by this I mean I am still not perfect and occasionally have a bit of a spending spree! but I don't rely on cc's anymore like I used to and we budget much better for things.

I also think you need to try and find room in your budget for a few luxuries if you can afford it, otherwise life becomes unbearable and you see no end to it.

Just be prepared to be flexible in how long it may take to pay off, try and overpay your highest interest bearing debt first and it's amazing how quick the totals come down when you put your mind to it

hypno06

It certainly can be done - 4 years ago, my debt was over £100k but it is now down to £36.5k and I haven't had to go on a DMP or anything - just sheer hard work and determination, and remembering that it is a long slog, but one that is worth it.

good luck - mooch around the boards and you will get loads of inspiration.