Mola makes it to Debt Freedom at last!

Billy-no-Money

Well done Mola - quite an inspiration for me as I'm two years down the road on a very similar journey (only £52 difference). I don't think I'll finish the job in four years though!

Justicenpeace

Congratulations!

I'm fairly new around here too, but your post is inspirational. Thank you! :T

:xmassign: And have a wonderful debt-free new year!

Molanole

Seaxwyn wrote: »

Well done Molanole, that is incredible! nearly 50k in 4 years, awesome.

Billy-no-Money wrote:

Well done Mola - quite an inspiration for me as I'm two years down the road on a very similar journey (only £52 difference). I don't think I'll finish the job in four years though!

Ooooh I'm so sorry. I had a rather unfortunate typo in my original post which artificially inflated my debt from 40K to 49K!!:eek::D

Billy - Keep at it but keep your eyes firmly on the end goal. When you've got sums like this to deal with it's the only thing you can do to keep yourself motivated. Oh, and reaching the half way point is a massive bonus. Things start to move so much faster and your payments go that much further when you get to that point. It doesn't matter how long it takes, just make sure you get there in a way which is manageable to you. You will get there, I know it.

brokemedic wrote:

How did you manage to pay off such a large amount over 4 years?

Oh, how I wish I had a magic answer for this. It was looking for magic answers back in 2006 that brought me here in the first place!!:rolleyes: I'm afraid however that it was all just down to sheer hard work and a bit of being in the right place at the right time - something which never normally happens to me! At work, I'm a hard worker anyway but I have put in some phenomenally long hours and efforts over the last few years, securing myself a promotion late in 2006 which put me onto a comfortable salary meaning that large debt repayments were possible – having said that, I was paying back £800 a month in minimums at one point so overpaying was a real challenge at the start!

I will say though that the one thing which kept me on track was checking my bank account every single day and updating the monthly spending budget. And cutting up the credit cards, this wasn’t something I did straight away and I found they were there, too tempting to ignore, so cutting them up into tiny pieces so that you can’t put them back together to buy things on the internet!! :doh:

I will never go back to those dark days of not knowing what is in my bank account – I used to ignore it for months on end, now I’m checking at least twice a day!

Molanole

lynzpower wrote: »

Whats next for you then? Any plans for all this spare dosh

Hey Lynz! How’s things? Next for me is to just try and stay calm about all my cash being my cash and not the banks! Otherwise I will just spend it . Seriously though, Hubby is being made redundant on January 5th so we won’t have any spare cash to spend until he finds himself another job. So I’m planning to keep on as though I’m still a DFW as we’ll need all my spare cash to pay for his outgoings. I am going to treat myself to a new PC though, this laptop has kept me going with MSE for years but is now getting slow and tired!! I’m also going to have a day in a spa being pampered and proper chilling out!

Once hubby gets another job, the next plan of action is to save for a house deposit, and kick of with Project Get Mola’s Hubby to have a LBM” :rotfl:

Molanole

Can I just say how fab it is to see so many of the old faces, together with the newbies on this thread. That's the beauty of this place, so many inspirational stories to keep you going. It's a long old slog, but one which is made so much more bearable by the lovely people on DFW.

Thanks for all of the kind wishes and lovely words everyone. I hope you all have a fabulous Christmas and (as someone wished me recently) an "econimically viable" New Year :rotfl:

Billy-no-Money

Thanks Mola - I've already noticed the rate the debt comes down accelerating - not only does the amount of interest drop, but you get better at budgeting so there are fewer surprises.

I'm sitting here on Christmas Day with the lovely feeling of knowing I've not borrowed a penny to buy presents, everybody's pleased with what they've got as I've had to think really hard to get the right present in my budget, and I've got a small bonus coming in January which will go straight to paying down more debt!

Happy Christmas to all :beer:

DVardysShadow

Billy-no-Money wrote: »

... I'm sitting here on Christmas Day with the lovely feeling of knowing I've not borrowed a penny to buy presents, everybody's pleased with what they've got as I've had to think really hard to get the right present in my budget,

Billy, that's great! It shows 'It's the thought that counts" is more than a cliche! In a lot of ways, I think you are already enjoying a Debt free Christmas, because a large part of being debt free is an attitude of mind, rather than just a sum greater than £0.00.