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Atkins Debt Diet!!!!

edited 30 November -1 at 1:00AM in Loans
14 replies 2.2K views
Legacy_userLegacy_user
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MoneySaving Newbie
edited 30 November -1 at 1:00AM in Loans
Just thought I would post on here. Found the board about 12 months ago & absolutely love it, find the posts inspirational & if I hadnt have found it, god knows that situation id be in now :'(

Im 23 now, between the ages of 18 & 22 I just spent spent spent, some of the time not working, just enjoying life & going out a lot!! So in those four years I managed to rack up a debt of (at the highest) almost £17,000!!!!! Woke up after I turned 22, when I had no job, living with my parents, no money, no car, nothing - ended up finding a job in London & moving here, its taken me a good year to get myself straight & be in a position to pay off any money.

So for the past 12 months I have worked full time in London & with a part time job to bring in some extra cash, and at times been pretty depressing :'(

Up until a few months ago my debt stood at £15,000, now I have created a repayment plan of £350 a month into my 3 credit cards and £200 a month into my loan, so by December 2004 I will have paid of my 3 credit cards (£4,000) and a bit of my loan (thankfully on the low APR of 2.3%!!) ;D and be left with a loan of £10,030.01 (to the penny). ;D ;D ;D ;D ;D

By December next year, 2005, I hope to have paid off all of my debts - this means making a payment of £745.03 a month into my loan but with my two jobs I can just about manage. (things will be tight though, so not much of a life for me next year!!)

The thought of being debt free at 25, rather than 29 when my loan should expire is an amazing thought & motivating me enough to do this, although I know it will be a struggle next year - arrghhhhhhhhhh!!!

Just so happy that I woke up to my debt & have learnt my lesson early on!! Never want to see another credit card or anything in my life!!! So happy & positive that things will soon be over, 17 months isnt long & will fly by, roll on December 2005!!!!

Thank you for your help everybody, & good luck with your situations!! Thank you Martin, I love you!!!! :-[
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Replies

  • Sub_2Sub_2 Forumite
    113 posts
    Well that's just fantastic :D

    Sounds like you've got right on top of a situation that could have caused you many years of heartache. That's a great reason to be cheerful and happy about the future.

    You know that the next year will be a bit tight but what the heck, it's only 12 months and then you are scot free! Woohoo!!

    Keep at it ;)
  • DiggingOutDiggingOut Forumite
    770 posts
    Great post. ;D
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • At last someone who knows what they are doing!

    XXXXX
  • DiggingOutDiggingOut Forumite
    770 posts
    Why thank you, Talking_Sense, I appreciate the vote of confidence! ;D

    But really, it looks like Ms_London has some idea of what she is doing, too. ;)

    I'm glad that those who don't know what they are doing can feel free to post here for help, though. That, and the fact that others are willing to help, is what makes this a great site.
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • I know exactly where you're coming from on this!!!

    I went through a similar experience myself about 2 years ago when both myself & my fiance (now husband) were made redundant at the the same time. Between us we had almost £17k in personal debt. We consolidated the loan and literally threw every single penny at the loan & paid it off in 12 months. I'm not saying we're anything special but just to give you hope during the tough times (& there will be some) that you can do it too. I really admire your level headedness, it takes guts to make a decision the way you have. Go girl :D
  • PalPal Forumite
    2.1K posts
    I'm glad that those who don't know what they are doing can feel free to post here to help, though.  That, and the fact that others are willing to correct my errors, is what makes this a great site.

    ;D
  • DiggingOutDiggingOut Forumite
    770 posts
    "I'm glad that those who don't know what they are doing can feel free to post here to help, though. That, and the fact that others are willing to correct my errors, is what makes this a great site."

    ;D

    I suppose another thing that makes it a great site is that people realise that I never make errors, :o so if they want to be egotistical about correcting them, they have to change what I say first. :D
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • sezdavsezdav Forumite
    125 posts
    Hi Ms_London!!

    I just thought i woul let you know that i found your post so inspirational that i have been and bought the money diet book, ploued through this site and am slowly seeing a way out of my cc debt..... wont go into it all now but just wanted to say thank you, and let us know how youre getting on.
  • Robert_Sterling_3Robert_Sterling_3 Forumite
    7.1K posts
    ✭✭✭✭
    Paying off a 2.3% loan sooner then you have to does not strike me as being a good idea.
    Make the requred payments by all means then put any spare money into a minicash ISA which would accommodate £3000 before April next year and a further £3000 after April next year.  You should be able to get an ISA paying about 5% tax free without much difficulty. Put money into it monthly.
    I am not suggesting that you should spend the money you would have paid off early on your debt but borrowing at 2.3% and saving at 5% is a trick not many of us can pull off.
    ...............................I have put my clock back....... Kcolc ym
  • sezdavsezdav Forumite
    125 posts
    Robert Im so glad you said that. I thought i was getting the hang of this mooney diet lark!! :-/

    Certainly food for thought. and something that i myself will consider from now on.

    Thats made my day! It really does please me to learn the best ways of saving/making money.... im getting there, slowly but surely. Ill be debt free in no time!!!! (I hope!!) ;D
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