Just hit a milestone. Everything is 0%

Percy1983

Just done the last few transfers and got everything on 0% deals and the best bit is we can clear them all before interest is charged again!

£13040 left to pay

and we are clearing at a rate of £1372 a month (minimum)

The only big expenditure coming is car insurance really so at this rate in 9-10 months we will be Debt FREE!

The other good news is at that rate of paying we will be saving for a deposit on a house, which won't take long.

So nearly there, keep going everybody we can all do it, the light at the end of the tunnel just keeps getting bigger.

bottleofred

Hi Percy,

Well done on the journey to becoming debt free. With any luck, other people who are struggling will get some inspiration from you.

babes21

Great news Percy!!

facing_up_to_it

So very, very well done! A marvellous achievement and an inspiration! Enjoy!

Percy1983

It is a great feeling knowing every penny paid is actually reducing a balance.

Its been achieved my shuffling cards between me and my fiancee, at the starting point more debt was in my name, so she got a couple of 0% cards and balance transferred from my highest rate cards (one of which was at 29%). That then freed up some room on my credit file so I got a few 0% cards. The biggest final move was clearing my Halifax card (£11800 limit) They gave me 9 month 0% deal which swallow the rest of the interest charging cards.

The main issue was pulling away from my limits, I made about £2000 selling on ebay (listed of 400 items). It just seemed the more I paid the less interest I paid so the further my payments went, I was in gridlock 2 years ago always meeting payments but most of it was swallowed in interest, how the tables have turned.

Luckily I got to my limit and only looked over the edge but never fell off, so have a perfect credit file with no missed payments etc, its seems I was lucky enough to have an early LBM.

Overall now I have learnt some excellent budgeting and money saving skills on here so I will keep up the good habits and never be in the same situation again.

Moglet

Well done Percy on clearing your debt and what a lovely partner you have that you were able to work together as a team.

DVardysShadow

Percy1983 wrote: »

.... It just seemed the more I paid the less interest I paid so the further my payments went, I was in gridlock 2 years ago always meeting payments but most of it was swallowed in interest, how the tables have turned.

Luckily I got to my limit and only looked over the edge but never fell off, so have a perfect credit file with no missed payments etc, its seems I was lucky enough to have an early LBM.

Overall now I have learnt some excellent budgeting and money saving skills on here so I will keep up the good habits and never be in the same situation again.

Well done! Once you are truly debt free, you will have some excellent budgetting skills for living a debt free life - and as you will not be living in debt, you will only be spending for yourself, not feeding a greedy lender.

Beencounting

That's great news Percy, thanks for posting .

I know what you mean by the 'grid lock' scenario as we're only just beginning to see any headway being made, with extra payments to the target CC starting to bring down the balance. Still have a long way to go though.

Your post helps us see that there is light at the end of the tunnel.

Beencounting

stassy23

great news

t4mof

I recently just managed to do the same thing and when this month's payments are made, my CC debt will be under 15k. The end is now in sight... well done!

Percy1983

I will say my fiancee is mostly to thank, as it is we both had debts but I had the higher balance, as it is we just combined all debts and paid them together nd as mentioned used the power of 2 separate credit files to abuse the balance transfer system.

As it is if we where picky by definition she has paid a chunk of my debt, but she also sees how the biggest part of the debt payments is me and when it comes to saving for a house and then paying bills etc I will be paying more. As you may guess we are not the type of couple who think of mine and hers, just ours.

Basically if we kept everything separate she would get debt free a lot quicker and it would have taken me a lot longer to break the initial gridlock and clear everything, but we share the same dream (house/marriage/children) and as she said she could either leave me to it and then blame me when its not happening or she could help. Basically our finances where going to combine sooner or later anyway.