Paid off £30K, about £6k more to go!

muffin74

Thank you so much for the kind words!!

I have not been on here for a while because I have been busy working away, trying to sort out my life and my money. I am still waiting for that £172 cheque from Nat West. They told me it has been ordered but I have to wait for it. They will do anything to hang onto your money for as long as they can.

I am still waiting for a final decision from the ombudsman. The complaint was upheld by an adjudicator then passed to the ombudsman but due to a large backlog I have to wait for a final outcome. I got a letter the other day saying it is still waiting to be seen by the ombudsman and they can't predict when it will be settled. At least they are keeping me informed.

I have been doing my private tuition and have been saving it in the credit union as I would like to use it to buy some things for my house. So far I have got £280 which is not bad. I am going to keep going.

I called up Nat West today and I only owe £680 on my last personal loan!!! This means I will make my last payment at the end of March. That won't officially be my DFD however because I have been dipping into my overdraft each month so I think it will take me until May to stop using my overdraft. Then I will be debt free!!!

I can't wait to move on and start enjoying my money, putting it to good use in savings and investments and living life as a debt free woman!

wantabetterlife

Hi Muffin, cant believe you are so close to debt freedom, i am sure the feeing will be amazing. Well done:j

muffin74

Good news, my £172 cheque (refunded credit card late payment charges) arrived on Saturday morning so I put it in the credit union to add to my private tuition money. That is over £400 in total. It feels good to have sorted that out! Still no final ombudsman decision, hope I will hear something soon.

I feel that being careful with money has been worthwhile and I am glad I am nearly at the end of the journey but it has been really hard work and a real strain at times. I have spent years worrying over money, it has made my stomach churn countless times. So sad.

I feel that the last few years have been really tough on me in terms of my looks and image, I haven't really bought too many non essentials in terms of clothes or make up and apart from special nights out have been looking a bit drab and old fashioned at times. It has made me sad that when I go into the shops, the clothes all seem so expensive and I can't buy them. I have bought some clothes, of course, but I have been quite careful.

I also put on weight in 2009 and have not been able to lose it. I think it is linked to stress and money. I feel being debt free will be a real weight off my mind and I hope that will translate into a weight off my waistline!

One of the things I want to do when I pay off my debts is join a gym, get healthy and buy a few modest treats in terms of clothes and make up. I can't wait to be able to do that when my DFD arrives!

muffin74

Still plugging away, being careful with money and working towards my DFD. My final ever loan repayment goes out at the end of this month. After about 13 years of various loans etc it will be great to say goodbye to all that! I have been using my overdraft so in April and May I will pay that off and will be officially debt free!

Still no news from the ombudsman, hope I get a refund soon.

muffin74

Ok, big news. I HAVE PAID OFF MY LAST EVER PERSONAL LOAN!!! I made my last payment at the end of March. It was due to be paid off in September 2011 but due to overpayments, I paid it off early.

I have an overdraft and am about £400 overdrawn but apart from that am totally debt free. No credit cards or loans at all. That is big news as I have had some form of loan or credit card since I was 20, 16 years ago.

It feels good. I am now going to spend the next few months putting the £400 I was using to pay off my loan to good use. I am going to split it between paying off my overdraft (limit £900) and saving up. When the overdraft is totally paid off, I am going to put £400 a month towards savings. This is amazing, I have been working towards this for years!!

Once the overdraft is paid off I am going to save up as much as possible. At the moment I have only £300 in savings which is not that great for a 36 year old woman who has been working all her life. I am aiming to save up six months net salary.

I feel good that I am (almost) a debt free woman and am on my way to being a savvy saver!!!

wantabetterlife

WooooHoooo Muffin......absolutely delighted for you. I have been following your diary for a good while now and admire how you have been so disciplined in reaching your goal......massive well done :j:j

muffin74

Thank you so much wabl, hope your finances are making good progress too!

The only other thing I have to report is my issue with the ombudsman. I made a complaint last April re PPI on my Nat West loan and although it was upheld by the adjudicator I have not had a final conclusion. In fact, I got a letter telling me it could take another year! I will just have to wait and see.

Another thing, today I closed my Nat West account. I had only kept it open because I had a loan with them and they said I needed to keep a current account with them. Closing it felt good, the end of a long and difficult financial chapter.

Onwards and upwards to a debt free life!

u_r

well done muffin-very happy to know that you have done this and that you are happy in doing so!

enjoy being debt free and never ever go back to the old days.you have good plans for saving so wish u luck!!!

well done

muffin74

Amazing day today, got paid (my salary came in a bit early due to bank hols etc) and for the first time I know that 20% (at one point it was 50%) will NOT be taken out to pay a loan. That money can now be used to build up savings or buy essential stuff for my house. I do have a £900 overdraft facility and I will be dipping into that for a month or two but I plan to not use it after that. I hope that I will be able to start a savings diary soon!! Feels good finally at the age of 36 to say I am finally sorting it all out.

wantabetterlife

That must feel sooooo good. Well done :j:j