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Loan paid off!

brian.wainwright_2
brian.wainwright_2 Posts: 18 Forumite
in Debt-free wannabe
Hi guys,

I know I'm in a better position than a lot of DFW's on this board, but I just needed to tell someone!

I've just made a lump sum payment to finally clear my £10,000 (flexible) loan that I've had hanging over me for almost 10 years!

Considering that roughly this time last year I made the decision to clear my debts so that my girlfriend and I could look to buy a house, and in that time I've cleared (and cancelled) two credit cards totally approx. £4,000 and my loan of £10,000, I'm pretty happy with myself!

It's taken virtually all of my monthly salary (after essential bills) every month - which I admit is a pretty drastic approach, but I wanted this debt cleared as fast as possible!

I'm not totally debt free yet as I have one final credit card that I need to clear, but I have to use that for business expenses, so I'm happy to have a 'manageable' amount of debt on that for the moment.

Saying that, I've got every intention of pushing on and getting that cleared too!

Again, sorry to 'brag', but I was just so pleased with myself!!! ;)
«1

Comments

  • pir
    pir Posts: 152 Forumite
    well done! That's great news. You're entitled to brag about that.
  • savingholmes
    savingholmes Posts: 29,049 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Feel free to brag Brian - I think you have done amazingly well - congratulations!
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
  • gilligansyle
    gilligansyle Posts: 4,124 Forumite
    Well done:beer:
    Debts at LBM - Mortgages £128497 - non mortgage £27497 Debt now £[STRIKE]114150[/STRIKE][STRIKE]109032[/STRIKE] 64300 (mortgage) Credit cards left 0



    "The days pass so fast, let's try to make each one better than the last"
  • GVP_2
    GVP_2 Posts: 50 Forumite
    Congratulations :)

    Don't blame you for being pleased with yourself, that's a great amount to clear in a year.
    Debt at LBM (28/08/09) = £43000 / Current Debt = £39800
    Wannabee debt free date 28/08/12
    The 20K challenge £0/£20000 (0%)
  • Lula-Hula
    Lula-Hula Posts: 7,868 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Fantastic achievement,

    You should be pleased with yourself

    Well done & happy DF future to you

    lula
    xx
  • di3004
    di3004 Posts: 42,579 Forumite
    A Big well done.:beer:

    This will give hope to many others and shows it can be done.

    So happy for you.

    Congratulations and I agree, you deserve to brag :D, well done.:beer:
    The one and only "Dizzy Di" :D
  • mummum2
    mummum2 Posts: 617 Forumite
    Part of the Furniture Combo Breaker
    Well done! and brag away, fantastic amount to shift in one year. Here to a very happy DF life and good luck with your mortgage.:beer::j:T
    Long Hauler No: 51
    DMP Mutal Support Thread No: 207
    Proud to be dealing with my debts
    DFD - June '13, aiming for December '12
  • Jazzie99
    Jazzie99 Posts: 289 Forumite
    I''m on a similar mission; to pay my £10k loan by Dec09 and I know how hard it can be when you throw everything at it.... no new clothes, no meals out, no treats.... so REALLY WELL DONE !
    Friend Debt: 5,000/3,850
    2013 Start Mortgage: 306,585/306,585
    Overpayments: 0
    ISA Saver:     £10
  • gargrave50
    gargrave50 Posts: 3,011 Forumite
    What an achievement - well done :)
    LBM 30/6/9 Unsecured debts [STRIKE]£25,323.48[/STRIKE] £0 :T Debt free
    Left for life Down Under 4th August 2012 - living frugally and have learned my lessons :j:j:j:j
  • roxiepie_2
    roxiepie_2 Posts: 229 Forumite
    Debt-free and Proud!
    Well done - shout about it all you like!

    Don't forget it is really nice for the rest of us to hear of other people getting there. Gives everyone a lift!

    Don't forget to treat yourself! :)
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
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