How much debt were and are you in?

Billy-no-Money

As you'll see from my signature I owed about £50k in Autumn 2007 - down to around £38k at the time of writing so I've got further than you to go!

For my first year I hardly paid anything back - it was enough of a struggle stabilising the situation but I'm now in the position of having a surplus and just need to keep my job until it's paid off - looks like the back end of 2013 the way I'm going though I've got a daughter likely to go to University in 2011 so that'll probably slow me down a bit.

What's worked for me so far is:

• Spreadsheets and charts, including a projected repayment graph
• Stability - I managed to move my credit card debt onto Life-of-balance transfers so there's very little of my debt vulnerable to interest rate rises.
• Rainy-day fund - £500 put to one side to smooth things out from month to month

I could pay it all off faster but I'm in a reasonably secure job and I do have a life to live - it's easier now I can put some money aside to enjoy myself a bit, even if it's only a small amount.

Good luck!

gmags

November 2005 - £32k.
January 2010 - £3.5k

With a DMP with payplan. Best thing I ever did. 2010 seemed so far away when I started but its amazing how quick the time flies by. Looking forward to being debt free in a few months time. And at 33 - have (hopefully) a long time ahead of me to enjoy only spending what is mine and not borrowing. A hard but valuable lesson learned.
good luck!

domesticgoddess

kiwikaz wrote: »

Good luck with your quest to become debt free.

Me and my OH had our LBM thank heavens last September.
With the help of the CCCS we're now on a DMP.

Our DFD currently stands at December 2030 so many moons to go. ( hoping this will be well before this ! )

Not paid off too much as yet but better than it was at the start !

Take a look at our signature:eek::eek::eek:

Ours is a bit more than this not sure when our DFD is yet I think we have another 8 yrs to go. The long haul is makes it hard sometimes as it feels like a mountain to climb. Not sure when I joined here but it help me confront my Dh about his debt and together we are working on it. We are with the CCCS and they are fab, how great it must be to work for an organisation which has a big impact on peoples lives.

kiwikaz

DomesticGoddess I totally agree with you. CCCS have been excellent with us and, I for one for the first time in a long time feel relieved that we're now tackling our debts and, I don't think for one minute we could've done this without their help. They are a wonderful organisation .

thewad

Billy no money
You say you are able to put some money to one side.
Don't they check you out regularly regarding wether your income has gone up.
Check your bank statements or something like that.
Take it your on a DMP.
I'm just starting out with mine and getting my phone call on the 19th.
It's good news if they don't check up on your earnings though.

John

Oneday77

I must admit I am still in denial over admitting my amount of debt out loud but I have had my LBM and with the help of the CCCS I am a recovering Debt'o'holic.

My DFD is ages away but hook or by legal 'crook' I will get there and it will be shortened I aim to get 25% of the time reduced by adding more to the pot every so often, either by saving some spare cash or earning extra

psychopathbabble

24yrs old here.... I think my flickering lbm was beginning of november last year? (in sig) I was at just under 13k... can't remember exactly as I've managed to delete the figure from wherever I had it! I am now at £11500 and feeling positive at the moment. I have just cleared a debt to a friend, hoping to clear the smaller OD this month and one CC when I get my rental deposit back in March. Ok so they are the lesser of the evils but I'm hoping it will just feel good and motivational to be able to say I have cleared 3 debts!

I haven't figured out a debt free date as my wages change from month to month depending on how much I have worked but I'm slowly learning that it won't happen overnight, patience is the key and every penny really does make a big difference.

SkintGypsy

I have been in debt since I was 18, so nearly 11 years. My husband and I have never been debt free since we met, despite both earning very good salaries at various points in our life together.

There was nothing in particular that caused my LBM in early 2008, and husband's enforced LBM, except me stumbling across this site one day. At that point the debt was around £28K :eek:. Since then we have had some very low points with job losses and very reduced salaries, but even then, with knowing how and where to cut back we have managed to get ourselves in the position where we can (hopefully) pay off all debts except the mortgage by the middle of this year, and drop a salary to have a second child.

I have no doubt that we would not be in this excellent position were it not for the fantastic motivation and tips from this site. :money:I read the forums every day, and it spurs me on. Not much longer now....

clarab_3

When i joined 3 years ago i was in £33k of debt, on my own, 3 cards and 3 loans. I couldnt afford to eat one week a month.

It's down to £10k, I had my first holiday in 4 years and I WILL be debt free within 2 years.

I couldn't have done it without this sites help.

thewad

Can you really put money to one side if you start earning more.
Thought they would check on you.

re the original thread.
When I rang CCCS the guy there said the biggest CC debt he'd had to deal with was £350k

John