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Good news! The debt is gone!
fairylights_2
Posts: 851 Forumite
Well, I've been thinking about how to post this thread for a few weeks now, and I can't quite believe I am doing. Finally today, after eleven years of owing to all comers (or so it felt) I am debt free :j . My overdraft facility is going to be gone the next time I go to the bank to talk to them and the cards are all clear. The same can be said for OH, who I know at times has been railroaded to give up more of his wages than he might have chosen to give in the last few years to paying things off.
I know ours is a lucky story, really, but just in case you're interested, here goes (apologies for the length!).
I left home to go to University in 1995. I wasn't in debt before I went but got into it quite quick. Not very wealthy parents and a lot of outgoings (yes, some frivolous I know) meant that life was not cheap. I did work throughout uni - I also joined the TA which meant I got paid for going away weekends and having a ball - but incomings never covered outgoings. After graduation I moved home, worked part time and put myself through an MA, again not cheap, but at least I wasn't having to pay rent. Then the foolish decision started. Still struggling to stay within OD, I decided to move up to Nottingham where I was doing my MA and live with friends - sadly wasn't earning enough to manage. I didn't get much furhter into debt - thankfully every time Barclaycard offered to up my limit I rang and said no thank you - but I was bouncing over my limit most months and I shudder to think what my charges were (must see if I can get any of that back now ...). Then I met OH, who was living with his parents after he had graduated. I always thought he was good with money - he'd paid off his student OD and had no debts, which I was amazed by, but I think my bad habits rubbed off on him. He got a credit card to help in emergencies (yes, I know what you're thinking) and slowly slowly the balance went up. My son was born in 2002, and we thought we could manage, but of course on my mat pay there just wasn't enough to pay the bills. I started doing a little work from home job selling children's books to bring in a bit more money.
When we decided we wanted more than one child, we sat down and did our sums. We worked out that we needed x amount to be able to get debt free and be able to cope with life's emergencies rather than use the cc as a crutch. I think that was our turning point. I don't think we ever really had a lightbulb moment because I think we've always known we couldn't live the way we did, it was just then that we acknowledged we had some control over it. I wish I had something to show for all that debt, but it went on council tax, water bills, really mundane stuff. When we got windfalls (like 1k inheritance from my grandmother) we treated ourselves to "things" like a sofa rather than paying off the debt using the excuse of "she'd be mortified if we didn't have something nice to show for it" I wish I'd thought she'd have been happier for me to get a good night's sleep :rolleyes: .
We've been incredibly lucky because my father in law had a massive windfall and bought us a house and a car, so no loans and no mortgage, and I genuinely think without that we'd be even worse off now - our rent used to eat almost half of our monthly income - but even with that, OH doesn't earn a vast amount and it has been serious graft to clear that £14k.
I shudder to think how much those debts have cost us over the last ten years, and I'm never going to make that mistake again. I now have - and use - one credit card. A Tesco card which will give us points when we use it. That way I know exactly what's being spent and where we are in relation to our budget.
Martin's budget planner and the snowball sites have both been a real help in this, and we also opened a joint bills account last year where all our bills were coming from so we didn't have to worry about any of those bouncing any more. Most of all, though, this board and all its members (nerds and all) have been of immense help and I really don't think we'd have kept going through the bad times without you all (sniff!) Each day a few pennies clearer felt like a massive achievement since I'd not been able to clear much without it. I often wonder if we tallied up how much we all paid off our debts in one month what that total would be.
To the debt-free already, I'm happy to join you, and to those slogging at the debts, keep going, because I cannot tell you how amazing you will feel the day you are clear.
:beer: on me (virtual - and debt free ones, of course!)
I know ours is a lucky story, really, but just in case you're interested, here goes (apologies for the length!).
I left home to go to University in 1995. I wasn't in debt before I went but got into it quite quick. Not very wealthy parents and a lot of outgoings (yes, some frivolous I know) meant that life was not cheap. I did work throughout uni - I also joined the TA which meant I got paid for going away weekends and having a ball - but incomings never covered outgoings. After graduation I moved home, worked part time and put myself through an MA, again not cheap, but at least I wasn't having to pay rent. Then the foolish decision started. Still struggling to stay within OD, I decided to move up to Nottingham where I was doing my MA and live with friends - sadly wasn't earning enough to manage. I didn't get much furhter into debt - thankfully every time Barclaycard offered to up my limit I rang and said no thank you - but I was bouncing over my limit most months and I shudder to think what my charges were (must see if I can get any of that back now ...). Then I met OH, who was living with his parents after he had graduated. I always thought he was good with money - he'd paid off his student OD and had no debts, which I was amazed by, but I think my bad habits rubbed off on him. He got a credit card to help in emergencies (yes, I know what you're thinking) and slowly slowly the balance went up. My son was born in 2002, and we thought we could manage, but of course on my mat pay there just wasn't enough to pay the bills. I started doing a little work from home job selling children's books to bring in a bit more money.
When we decided we wanted more than one child, we sat down and did our sums. We worked out that we needed x amount to be able to get debt free and be able to cope with life's emergencies rather than use the cc as a crutch. I think that was our turning point. I don't think we ever really had a lightbulb moment because I think we've always known we couldn't live the way we did, it was just then that we acknowledged we had some control over it. I wish I had something to show for all that debt, but it went on council tax, water bills, really mundane stuff. When we got windfalls (like 1k inheritance from my grandmother) we treated ourselves to "things" like a sofa rather than paying off the debt using the excuse of "she'd be mortified if we didn't have something nice to show for it" I wish I'd thought she'd have been happier for me to get a good night's sleep :rolleyes: .
We've been incredibly lucky because my father in law had a massive windfall and bought us a house and a car, so no loans and no mortgage, and I genuinely think without that we'd be even worse off now - our rent used to eat almost half of our monthly income - but even with that, OH doesn't earn a vast amount and it has been serious graft to clear that £14k.
I shudder to think how much those debts have cost us over the last ten years, and I'm never going to make that mistake again. I now have - and use - one credit card. A Tesco card which will give us points when we use it. That way I know exactly what's being spent and where we are in relation to our budget.
Martin's budget planner and the snowball sites have both been a real help in this, and we also opened a joint bills account last year where all our bills were coming from so we didn't have to worry about any of those bouncing any more. Most of all, though, this board and all its members (nerds and all) have been of immense help and I really don't think we'd have kept going through the bad times without you all (sniff!) Each day a few pennies clearer felt like a massive achievement since I'd not been able to clear much without it. I often wonder if we tallied up how much we all paid off our debts in one month what that total would be.
To the debt-free already, I'm happy to join you, and to those slogging at the debts, keep going, because I cannot tell you how amazing you will feel the day you are clear.
:beer: on me (virtual - and debt free ones, of course!)
Official DFW Nerd Club - Member no. 002 :rotfl:
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Comments
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well done...Barclaycard 3800
Nothing to do but hibernate till spring
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Congratulations!!!!!! :T :T :T :T :T :T0
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Fantastic news fairylights, I've been watching your sig and waiting for this post
I hope you enjoy Montreal, it'll be a fantastic reward for all your hard work.
well done, it must feel great.0 -
wow - congratulations!!! well done you! :j0
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well done!!! you've spurred me on!0
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Good news
Keep the same habits for saving for the rainy day fund0 -
excellent news :j well done!! :T
CONGRATULATIONS i bet you feel fantastic :beer:Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0 -
Fantastic news, Fairylights! I've been watching your total come down and waiting for you to let us know your debtfree day. Have a wonderful time in Montreal, you deserve it and I hope you'll keep popping in to see us DFW's here! :T :j :T :j :T :j :T :j :T :j :T :j :TDebtfree JUNE 2008 - Thank you MSE:T0
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Hi fairylights,
So so pleased for you - sitting here with tears in my eyes!
I've been waiting for your story and this post and your story is so familiar to me (mirrors mine!). Good luck with everything and looking forward to hearing how everything went last weekend and the potential move?
scottishspendaholic xMBNA = £4,000 / Next = £925 (approx. tbc on 19/8)
Tesco = £2,910.11 / Smile overdraft = £500
Bank of Scotland = £2,782.830 -
excellent news! :beer:
Like the others, I've been waiting for your post, its so nice to hear how people have acheived debt-free status, and its great to know that it can be done!
You must feel elated, I can't wait until I can join you!Highest Debt (Sept 04) -> £41,300
Debt Free - August 2006!!
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