A success story.. *almost*

Crown

Hi, and well done on your achievment.

I wouldsay that you can class yourself as Debt Free as the books now balance and even though you do have the loan as you have pointed out you are actually making more money by keeping outstanding balance in the ISA.

As long as you are sensible and dont run up big debts again on CC or loans the future looks very rosy

Whats you next plan? Mortgage would be my choice

AJolly

Dude you have just opened my eyes, if you can clear £32k in 2 years i should have no problem sorting out my small £10k in a 1/3 of that time.

Congratulations too you.

K-Lye

Crown wrote: »

Hi, and well done on your achievment.

I wouldsay that you can class yourself as Debt Free as the books now balance and even though you do have the loan as you have pointed out you are actually making more money by keeping outstanding balance in the ISA.

As long as you are sensible and dont run up big debts again on CC or loans the future looks very rosy

Whats you next plan? Mortgage would be my choice

Heh.. thanks.. it certainly does! Mortgage would be nice and we're already overpaying every month. However, my next focus is going to be a couple of other 'secret' things. I need to save up some money for them so I'm putting the money aside for now

AJolly wrote: »

Dude you have just opened my eyes, if you can clear £32k in 2 years i should have no problem sorting out my small £10k in a 1/3 of that time.

Congratulations too you.

Hey AJolly.. you sure can. Just remain focused and keep track of the decreasing debt. MSE is a wonderful forum for help and ideas so keep checking. Above all, don't get disheartened - if you have a bad month, just pick yourself back up and saver harder the following month :beer:

clarab_3

First time I've seen your post and I want to say what an inspiration it is. I started with a similar anount of debt and have been faltering with "getting comfortable" recently - Thank you for a much needed gentle kick up the b*m!!

K-Lye

clarab wrote: »

First time I've seen your post and I want to say what an inspiration it is. I started with a similar anount of debt and have been faltering with "getting comfortable" recently - Thank you for a much needed gentle kick up the b*m!!

Great.. glad it helped! :cool:

brainfreeze

Hi

Just read your post - HUGE congratulations to you. As everyone says - it really is an inspiring post.

I'm sitting here today with £64k of unsecured debt - lightbulb moment was only two days ago so a long way to go. BUT - and importantly to me - I have worked out that we (DH and I) can be debt free in four years. At first glance this seems a huge task but reading your post shows it can be done.

Thank you so much for sharing and giving inspiration to the rest of us DFWs.

K-Lye

brainfreeze wrote: »

Hi

Just read your post - HUGE congratulations to you. As everyone says - it really is an inspiring post.

I'm sitting here today with £64k of unsecured debt - lightbulb moment was only two days ago so a long way to go. BUT - and importantly to me - I have worked out that we (DH and I) can be debt free in four years. At first glance this seems a huge task but reading your post shows it can be done.

Thank you so much for sharing and giving inspiration to the rest of us DFWs.

You're most welcome. You've had your lightbulb moment so you've taken a big step is already! Good Luck! :T

Jo4

CONGRATULATIONS! I am intrigued as to how you managed to pay off so much debt in so little time!

Spendi

Wow
Truly inspiring story well done and congrats !!

K-Lye

Jo4 wrote: »

CONGRATULATIONS! I am intrigued as to how you managed to pay off so much debt in so little time!

Hiya, there's nothing really intriguing about it. I owe a lot of it to the tips and tricks on MSE. Specifically, here are a few things I did - bearing in mind everyones situation is unique:

* I consolidated debts and bullied my bank into giving me a better interest rate (10 years with the same bank will count for something!)

* Where I needed to spend I made sure I kept the debt on an interest free credit cards - then paid it all off before the time ran out.

* I worked hard and when I got a payrise I put it straight into my debt and not treating myself at the time.

* I got smart with my mobile phone contracts, telewest subscription, utility supplier, etc. and kept these low.

* I earned extra money from doing overtime, working a second job for a while & Ebay'ing.

* I made sure all my spending was done via Rpoints & my cashback cards thus earning me more money.

* I budgeted and tracked all my income and outcome on a spreadsheet.

* And I think most importantly I cut out the stuff I really couldn't afford in my life - magazine subscriptions, charity contributions, and even my car!

So that's it really. Other than that, I just didn't give up - even on those months where I could only save a few pounds, I kept pounding away and here I am.

Now I've achieved it and seeing as it's my birthday this month, I'm going to have a doubly-big celebration!

Spendi wrote: »

Wow
Truly inspiring story well done and congrats !!

Thanks!