One Last Hurdle to GO!!!!!

FatJock

Hi Guy's,

I just want to post this as a way of saying thanks for all the helpful tips and insightful pointers I've picked up from this board.

As of yesterday I've cleared approx. 24K of outstanding debt. I have now cleared all my credit cards, overdraft, bank loans, store cards and various other bits and bobs. My current debt committments are 3 student loans which I intend to get to grips with before xmas. They have been outstanding since 1995 and to be honest I really want to bury my head in the sand about them because I'm dreading what they will say to me but I know I cant do that.

My LBM came in early 2004 when my gf sat me down and explained that if I wanted to start a family then I'd need to sort my life out and get to grips with the debt. I was living a champagne lifestyle on lemonade wages and I knew it couldn't last forever. She borrowed an Alvin Hall book and made me read it. (before I found this website through an article in one of the sunday papers) and put theory into practice.

I took a better paid job in another part of the country and started to throw all spare cash at my debt. It meant I had to move away during the week and live out of a suitcase but its been worth it. My relationship survived and grew stronger, I learnt to budget and became a rate tart, became less afraid of the DCA's and learned to plan in advance for birthdays, holidays, parties, weddings etc. In my old ways I've have just slung it on the CC or extended the O/D. There have been setbacks (e.g. car became a money pit, washing machine broke down, fell off the wagon etc) but I've overcome them and kept focused (although not 100% all the time).

I feel a major chapter in my life has closed and another one is begining. I would like to think that I won't ever get into that sort of debt again but life throws curve balls sometimes and I know I'll be in a better position to deal with financial matters in the future if such things do arise.

Sorry if this sounds long winded but without the support of GF, mates and the useful posts on this site I dont think I would be so determined to achieve my goals. I would like to say to anyone that is reading this and feeling a bit deflated about their progress on clearing their debts - DON'T lose site of your goals, remember why you started this difficult journey, a baby has to learn to crawl before it can learn to walk and for many people in financial difficulties it must seem that they are just crawling. Keep chipping away at the debt. You do get a real buzz when you've closed a debt and know you can move onto the next one. Remember to budget and remember that you are human after all. Setbacks might arise but with determination and support you can over come them.

Take care and good luck.

Regards,
FatJock

Serialdieter

Well done. Great to hear your good progress.

Jx

Hobsch

Very nice to hear. Well done. I cant wait until mine is clear. Although a long way to go its always nice to hear of success from others, and gives you an incentive to keep going.

Thanks

in_over_my_head_2

:T Hi FatJock,

WOW, that's an amazing achievement in under 3 years!! It's stories like this that keep me optimistic about a situation that had me rock bottom not even a month ago :T

Regarding the Student Loan Co - they've been great with me; my salary dropped mid-year when I had to go part-time at work, the payments started bouncing, so they send a man from a solicitors round to look at my payslips... it wasn't a nice situation, but the man was very reasonable, and it was my fault that I'd tried to ignore the problem.
After sorting out 24k, this will be a breeze

Valentina2

I am so pleased you have managed to clear so much debt. I know that moving away in order to get better paid employment must have been quite a sacrifice but you must have such a sense of relief now.
As for the student loans, I am sure that with the budgeting skills you have learned and put to good use, you will be able to cope pretty well with the repayments.
Keep up the good work!

LookingAhead

Well done! I agree with Valentina...the moving away must have been very hard.

Best of luck for the remaining student debts...I am more than sure you will be fine!

Verbatim

Great to hear such a positive story. Well done on all you've achieved.

Imelda

Well done FatJock! What are your top 5 tips for fellow DFW's???

Regarding the SLC, what repayment type are you on? Does it come out of your wages via PAYE?

Ozzyfan

Amazing achievement FatJock, many congratulations & really well done :j

All the best to you & your gf for your new beginning & thank you for posting your story, it has been really motivating to read :T

saubryn

Wow, great going! Thats an amazing achievement.

In my experience the SLC can be a bit dense at first, but they're not too bad - I'm sure you'll get that bit sorted out!

oops_a_daisy

well done fatjock and good luck in clearing those student loans. It is really good of you to tell your story here.