Stock take....

The_Drowner

No questions or issues here but I've spent this morning running through one of my regular financial reviews (what a great way to spend a bank holiday!) and for the first time in I don't know how long it's made me realise how far I've managed to go down the road of clearing debts etc. When I first joined this site/forum about 4 years back I had debts (apart from my mortgage) of just under £80k. I'd spent years hiding from the problem and borrowing yet more money to pay debts that just got me into more debt.... a familiar story on here I guess. But biting the bullet and actually (a) admitting I had a problem (coming clean to my wife was the real big hurdle initially) and then (b) slugging it out to come to a settlement arrangement with my creditors was the real starting point. But as of today I was really pleased to see that:

£7k GE Money car loan - now completely paid off
£5k Abbey overdraft - now completely paid off
£8k Egg loan - now completely paid off
£12k Lombard loan - now completely paid off
£11k MBNA credit card - now down to £6k
£6k Nat West credit card - now down to £2k
£9k Egg credit card - now down to £2k
£2k Goldfish loan - now completely paid off
£12k Abbey credit card - now down to £6k
£7k Egg credit card - now down to £4k

So that's £20k still to go but I can't tell you how good it feels to have got all that weight off my shoulders. And as a result of the discpline it's taken to get to this position the £20k still to be paid off no longer feels like an effort to clear.

I know I was an idiot to get into that position to start with, but with what really did feel like a mountain of debt to start with, I feel really good now that I have properly cleared £60k so far and and the rest will go eventually as well.

If all of this sounds a bit smug, I really don't want it to - I just wanted to (a) have a little bit of a celebration that I'd got this far and (b) encourage others - it doesn't matter how much debt you're in, there is a way forward, you just need to face up to the problem and then deal with it in as disciplined a way as posible and fight your corner with the creditors.


I have to say I've found Nat West very good to deal with over the whole course of this - they have been by far the most understanding and helpful. Abbey/Santander have been the most sh**ty/difficult. And Lloyds TSB in their various forms, the most incompetent/unhelpful.

sheilds

When you put in all down on paper like that it looks (and I'm sure feels) really good-what an achievement to date...well done.

The_Drowner

Thanks - I remember when I first registered on here I really though I would never, ever recover from the position I was in.... but a few of the stories on here really encouraged me and it made it look like I wasn't on my own. The MSE fora were a real life-saver for me and I hope my story now can do the same for someone else....

Barbeduk

Thanks Drowner, what a massive achievement. It's amazing what you can do when you put your mind to it. Good luck with that last £20k.

CashRequired

Well done, that's a lot of debt shifted, you should be proud of yourself.

dorisday

bet you get to sleep better at nights well done you!! x

Time_to_face_the_music

The_Drowner wrote: »

If all of this sounds a bit smug, I really don't want it to - I just wanted to (a) have a little bit of a celebration that I'd got this far and (b) encourage others - it doesn't matter how much debt you're in, there is a way forward, you just need to face up to the problem and then deal with it in as disciplined a way as posible and fight your corner with the creditors.

I just wanted to say well done :T

Your post isn't in the least bit smug and I find it enormously encouraging and inspiring

Googlewhacker

Your post is awesome, specially due to the large amount.

Well done

Googlewhacker

I think you should give some hints and tips for people about how you have changed over the last 4 years with your attitude to money.

seriousDFW

Wow, thanks for posting!

£80k is one of the biggest I've seen, and when big amounts like that are mentioned, I always find it hard to conceive that it can be tackled, but I know it can be, and you are proof of that and I'm sure you will encourage many others in a similar position.

I would also request that you share some pearls of wisdom that have got you to where you are now!

please-let-me-be-lucky

Wow well done you!!:T:T:T

The_Drowner wrote: »

I have to say I've found Nat West very good to deal with over the whole course of this - they have been by far the most understanding and helpful. Abbey/Santander have been the most sh**ty/difficult. And Lloyds TSB in their various forms, the most incompetent/unhelpful.

Couldn't agree more re Santander. Can't wait to get shot of them!

Googlewhacker wrote: »

I think you should give some hints and tips for people about how you have changed over the last 4 years with your attitude to money.

Totally agree!

seriousDFW wrote: »

I would also request that you share some pearls of wisdom that have got you to where you are now!

Ditto!