We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
I've done it!
LightbulbFlashing
Posts: 35 Forumite
I originally posted around a year ago about my situation (just over 4k in debt through CC and Overdraft debt), and my resolve to pay it back.
I originally had to repay a 36 month loan (which was started last October) to clear the above amounts, as well as adjust my spending so I did not drop back in more debt with the OD.
I am pleased today to announce that I have made my last payment to my loan - 24 months earlier than planned. I paid off an additional 2800k on top of the usual amounts, so any overtime, money leftover was thrown towards it as well as better budgeting and money management. Open receiving my annual statement I also estimated that by paying it off earlier, I have saved hundreds of £s from this year alone in interest, not to mention what I would have needed to have paid off in the next 24 months in interest.
Not one to brag, just thought I would post this to show it can get done, and the advice from these forums help no end!!!
I originally had to repay a 36 month loan (which was started last October) to clear the above amounts, as well as adjust my spending so I did not drop back in more debt with the OD.
I am pleased today to announce that I have made my last payment to my loan - 24 months earlier than planned. I paid off an additional 2800k on top of the usual amounts, so any overtime, money leftover was thrown towards it as well as better budgeting and money management. Open receiving my annual statement I also estimated that by paying it off earlier, I have saved hundreds of £s from this year alone in interest, not to mention what I would have needed to have paid off in the next 24 months in interest.
Not one to brag, just thought I would post this to show it can get done, and the advice from these forums help no end!!!
0
Comments
-
Well done! Great news.0
-
Congratulations, must be such a relief.Sealed Pot Challenge #0160
-
Congratulations and best wishes for a debt free future.
Wisdom comes from experience. Experience is often a result of lack of wisdom.0 -
Congrats!! Very pleased for you & gives me hope that one day I can do the same :beer:Xmas 2016 #67 £0/£365
LBM £29,598 :shocked: (29.05.15) DFD June 2021
29.12.15 - B/card 1 £6813 B/card 2 £3575 Virgin CC £13658 Loan £5842 Next £0 OD £200
20.06.15 - B/card 1 £4139 B/card 2 £4025 Virgin CC £13100 Loan £7303 Next £58 OD £200
Diary http://forums.moneysavingexpert.com/showthread.php?t=52565480 -
That's brilliant!
Really well done :TLife gets in the way...PADding is addictive...Saving's better than spending...My savings diary - Now for a healthier, wealthier me2025 1p challenge #41 | Cash envelope challenge #01 | SPC #017EF £1000/£1000 | Sabbatical £3677/£60000 -
Woo-hoo - excellent news!
:T0 -
Congratulations!!!!!!!!0
-
Very well done friend, :beer: the trick now is not to get back into debt again, very easy to do believe me :mad: .
I have recently ended an IVA and its such a relief to know the debt has gone !!
congrats again :TI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards