"Net" debt free day - well, sort of.

anh1904

After "some" years of sorting my debts very slowly, 3 yrs ago I decided on a change of tack when I signed up to an SAYE scheme at work, this sort of caused issues, as I was £250 a month worse off, but through chipping away at savings here there and everywhere, the extent to which my debt increases each month is minimal.
However, on checking the share price this weekend, and doing the calculations, the SAYE when it matures in two years time will pay off the entire debt (including my estimated increases through monthly cashflow), and indeed leave a little left over.
So "net" I am debt free, subject to a few provisos, namely...
1) That the shares don't crash in the next two years
2) that I can keep from going backrupt in the next two years
3) that I can get at the money tax efficiently (CGT) and in large chunks
4) any other job related issues!

Over £60,000 from the peak a year or so after my divorce, to very much the home straight.

It is a strange feeling, as I am "almost" there, and with just two years in September to go to a freedom which would have taken many years by any other means.

Seems I was very lucky to have the opportunity, very lucky the share price has appreciated considerably, and lucky to have found the savings in my monthly outgoings to at least partially offset the loss of £250 each month.

Hovel_lady

That's great news - really pleased for you :j
Can't wait 'til I'm debt free as well

jellybean39

anh1904 wrote: »

After "some" years of sorting my debts very slowly, 3 yrs ago I decided on a change of tack when I signed up to an SAYE scheme at work, this sort of caused issues, as I was £250 a month worse off, but through chipping away at savings here there and everywhere, the extent to which my debt increases each month is minimal.
However, on checking the share price this weekend, and doing the calculations, the SAYE when it matures in two years time will pay off the entire debt (including my estimated increases through monthly cashflow), and indeed leave a little left over.
So "net" I am debt free, subject to a few provisos, namely...
1) That the shares don't crash in the next two years
2) that I can keep from going backrupt in the next two years
3) that I can get at the money tax efficiently (CGT) and in large chunks

4) any other job related issues!

Over £60,000 from the peak a year or so after my divorce, to very much the home straight.

It is a strange feeling, as I am "almost" there, and with just two years in September to go to a freedom which would have taken many years by any other means.

Seems I was very lucky to have the opportunity, very lucky the share price has appreciated considerably, and lucky to have found the savings in my monthly outgoings to at least partially offset the loss of £250 each month.

Nice to hear some good news for a change wd x