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So, finally. It's done.

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So, finally. It's done.

edited 25 January 2011 at 10:02PM in Debt-Free Wannabe
47 replies 13.3K views
Mister_aaaMister_aaa Forumite
141 posts
Mortgage-free Glee!
edited 25 January 2011 at 10:02PM in Debt-Free Wannabe
Strange time for me. I never posted a diary but was an avid reader / lurker here.

I paid off my last credit card on Friday. :j

It all stems back to 2005ish, i had been made redundant, and had mortgage and credit card debts, and the redundancy money was enough to live off while i looked for another job for about 5 months.

4 months later, and not having found a job i was starting to panic, when just in the nick of time i found a job.

The fear and uncertainty around that "what will happen if i dont find a job and run out of money" was quite an eye opener, i guess my proper light bulb moment.

So i started my new job already in a position, due to having been unemployed for 4 months, to not expand my spending. I kept my spending at the same as if i was unemployed, and started saving. I never wanted to feel that powerless over something like money again.

Slowly but surely, much like chipping away at a mountain with a fork, i started taking responsibility.

First to go was the mortgage. I was in a lucky position because my morgage wasn't that big as i had bought a house off the council. Many nights out were missed. Holidays were skipped, treats were left unpurchased. Until finally 18 months ago my final mortgage payment was sent through.

Obviously then the snowball effect took place, but in my favour this time. One by one, my 3 credit cards were worked on. Consolidating into 0% offers, and chipped away until Friday came and i logged onto barclaycard and sent through the balance of my last card.

A PPI reclaim (in my sig) paid off my car loan and a fair chuck of my outstanding mortgage (thanks MSE for that one!).

So, here i am. 4 months from 40, paid off house and no debt, car that i own outright and in a position finally to start doing stuff that i want to do. It's weird, like i said at the start "Strange time for me".

Now i'm so used to living in my means, now that my wages are more than my means, what do i do? It's unfamiliar territory for me.

I think the overall message is that it is possible to overcome the mountain, even with a fork! :rotfl: And to all of you dfw's out there, realise this, every time you think that it is impossible. It isn't, it's doable, it just takes time, commitment and discipline. Sadly in our "now now now" society, all of the above are very difficult. But the feeling of pride in actually doing it surpasses any high from a shopping fix * 10000000.

Hang in there, and good luck :) (and thanks for reading - if you made it this far) :beer:

Mister_aaa.

Sig to be updated :)


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:grin: PPI Reclaimed £15,500 - between 2008 & 2014 :grin:
:grin:Mortgage Free - 15th July 2009 :grin:
:grin: Debt Free - 14th Jan 2011 :grin:
It's possible.
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Replies

  • jen245jen245 Forumite
    1.6K posts
    Congratulations to you and your mighty fork! :beer:

    Now you can start saving your spare cash, so if you do want to have a little shopping trip, its your money, and not the credit card companies!
    Debt free and staying that way! :beer:
  • Nero51Nero51 Forumite
    17 posts
    Congrats on becoming not only debt free but morgage free too :D
    Debt @ January 2010 :: £5,500
    July 2011 £0.00 :)
    Debt Free as of 1st July
  • Well done Mr-aaa - what a wonderful achievement! I thoroughly admire your tenacity and commitment.
  • littleowl wrote: »
    Well done Mr-aaa - what a wonderful achievement! I thoroughly admire your tenacity and commitment.

    A friend who has been through the same kind of challenge as me told me: be careful right now, it's a dangerous time. You will turn up at work on monday, sit down and think "i don't really need to do this anymore" lol
    :grin: PPI Reclaimed £15,500 - between 2008 & 2014 :grin:
    :grin:Mortgage Free - 15th July 2009 :grin:
    :grin: Debt Free - 14th Jan 2011 :grin:
    It's possible.
  • Oh yes! Dangerous. But somehow I don't think you will throw away years of dedication to be sucked in to that point of view. Perhaps you need another challenge?
  • littleowl wrote: »
    Oh yes! Dangerous. But somehow I don't think you will throw away years of dedication to be sucked in to that point of view. Perhaps you need another challenge?

    I have some plans, i.e. my house needs decorating, and i think saving an emergency fund are two of the things on the cards.
    :grin: PPI Reclaimed £15,500 - between 2008 & 2014 :grin:
    :grin:Mortgage Free - 15th July 2009 :grin:
    :grin: Debt Free - 14th Jan 2011 :grin:
    It's possible.
  • ..and perhaps save for something you would really like? A new car, a holiday?
  • I settled my last 3 debts in full yesterday - don't think it's quite sunk in yet but like you my income now exceeds my expenditure - my financial mindset has changed completely. Very, very well done to you - congratulations and enjoy now doing what you want to do, not what repayments dictate that you must do.
    DF :grin:
  • littleowl wrote: »
    ..and perhaps save for something you would really like? A new car, a holiday?

    Oo, a holiday? what is this thing you speak of :)

    I'm looking already lol
    :grin: PPI Reclaimed £15,500 - between 2008 & 2014 :grin:
    :grin:Mortgage Free - 15th July 2009 :grin:
    :grin: Debt Free - 14th Jan 2011 :grin:
    It's possible.
  • I settled my last 3 debts in full yesterday - don't think it's quite sunk in yet but like you my income now exceeds my expenditure - my financial mindset has changed completely. Very, very well done to you - congratulations and enjoy now doing what you want to do, not what repayments dictate that you must do.

    Well done to you too! Its all a bit surreal at the mo. Waiting like you for it to sink in.
    :grin: PPI Reclaimed £15,500 - between 2008 & 2014 :grin:
    :grin:Mortgage Free - 15th July 2009 :grin:
    :grin: Debt Free - 14th Jan 2011 :grin:
    It's possible.
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