DebtClearer's Diary to Freedom

AlexLK

DebtClearer wrote: »

You only have to look at my signature to see the progress I'm making. Thing are really looking up and I'm ahead of the targets I set myself a few months ago. The new job is going so well....I love it!

I'm a bit worried about two 0% deals on large balances ending at the start of next year but after being rejected a balance transfer next month I am going to wait at least 6 months now before trying again.

Hope everyone is getting on well!

What's the new job?

And, you are doing fantastically re. clearing your debts. As far as the 0% deals go, is it worth asking for an interest freeze?

DebtClearer

Hi Alex,

It has been an ambition of mine for years but after an extensive recruitment freeze I was able to move from being a Special Police Constable to a full time PC. The money initially isn't great but the amount I am able to throw at my debts now being back home is far greater.

All is good at the moment so I'm savouring it!:beer:

ps..I don't think I'll be asking for any freeze, I've never missed a payment or defaulted so I don't think they would welcome it and plus I want to be in best shape for mortgage apps in a few years. I'll have a read of your diary

AlexLK

Well done, all sounding very positive! I am led to believe it is fairly difficult to get into the Police these days.

I see, regarding the interest it probably isn't the best move to make. My credit history was shot to pieces by the time I owned up to the debt, so a completely different scenario. I also know I am basically tied into my current mortgage for reasons not just including the debt. Make sure you're squeaky clean for the next few years and you'll get the best mortgage rates!

DebtClearer

Thanks Alex,

I'm quite annoyed as my car has had to have some key repairs, this has set me back again but chin up.

Also, I'm decreasing my credit limits as I go, I know it might not be the "best" thing to do but I know this way I can't get at credit even if I want to...

DebtClearer

All is going well, Christmas should not be a particularly expensive one this year presents wise but nights out will do me! Need to pick them wisely!

Have identified what I want to buy myself for Christmas and have funded it through ebay sales .

laurag89

Well done on your progress, Im nearly 25 and in a very similar situation, Im living at home until this debt is gone and trying to save for a mortgage deposit too. I will be checking in regularly to see how your doing

Great news about your job

[Deleted User]

Well done on the new job & you are doin amazing with paying off the debts too.

I am in the same situation with the debts & also wanting to buy a house.

I am 30 so will be around 35ish by the time I am in a position to get a mortgage.

Will be debt free by Jan 2014 due to being laid off a couple of weeks ago so need to get back on the job hunt too.

Dxxx

DebtClearer

Looking back on the last 6 months and even the last year really I havn't achieved what I wanted though my legal debt (meaning my total minus family debts) is now down to £16,300ish.

Mostly my lack of achievement has been down to car bills and a holiday which in hindsight I shouldn't have taken. I could and should be doing much better!

Interest is starting to really grip me now though at around £200 a month . I'm not going to even try applying for any cheaper credit until around christmas time though as I know I wont be accepted.

5 more payments on a loan of £95 though so things should improve.

DebtClearer

Well, it has been an eventful few months.

I finally realise how to make progress and hammer down this debt and I saw my credit rating on noodle go from a 1 back up to 3.

My family also offered to take out a substantial loan to pay off nearly all my CC debt minus a few thoasand. This means no more paying ridiculous amounts of interest, I just have to pay family back and it will be nice knowing the interest is just a reasonable amount.

Everything is looking so much brighter now and the cards are cut up and cancelled, bank accounts are being closed and overdrafts cancelled. Loans nearly paid off too.

I know not everyone is as fortunate as me in being able to get a loan off family but I'm glad I was able to knuckle down and prove to them I was serious about getting it down.