When's your Debt Free Date?

Getting_There_Slowly_2

15th Feb 2017 for me. However, I turn 40 in November 2016 so I am pulling a plan together to shave three months off... Debt free by 40 would be great.

partridge_pie

jeanlucb wrote: »

I feel worse and worse when I realise all the money I squandered over the years by just not having a budget!! If being careful, I could have saved £1K a month, by being VERY careful, I could have saved £1.5K!! Unbelievable!

Just the realisation that there is a debt problem and willing to do something about it is a good start. It's going to take me 21 months to decapitate the debt monster, so be it. I just hope I stay long enough in that fab job to allow me to repay it all by then.

Target set for December 2014: have £11K left to pay out of £24.7K!

I know exactly what you mean and how you feel. If I was 18 again I would have started saving there and then but at that age we are daft and live for today. Trying to drum into my little one in subtle ways the importance of saving and he is 6! Got him a little savings tin for £1 coins and he is enjoying it as he is saving for something - £60 when full.

Even £10 a month for years and years would have been something.

However, now at age 49 I have belatedly seen the light and am approaching finance totally differently. Save save save! and no needless spending. Need not want unless there is an great bargain to be had.

£5300 owed on interest free so at a comfy pay off rate of say £200 per month thats an approx debt free date of April 2016. However, if I want to be more prudent Christmas 2015 would be better. Some months I will pay more.

xJOJOx_2

Aiming for June this year x

Sinhanada

Mine is March 2015. I'm hoping I can find a few extra pounds to make settlement offers shortly and reduce this further.

Which brings me to another point - if I have defaults in 2010\11 - would making a settlement offer now be worse overall or would be better to pay the full amounts?

nextyeartina

Think I'd better go find the 'long haul' thread


Tina xxx

Sinhanada

Hey, it's not that bad Tina - it always seems hard when you're just starting, but I've been doing this now since 2010. During this time I've paid most of my debt off (approximately £10,000) and am now left with just over £2500.

At first I was bitter that the banks wouldn't lend me money to get out of my payday loan cycle, but after I've spent a few years being frugal and actually enjoying it I can see why.

It's a long haul for sure, but the more you head down it and the more you see how well you can live while saving and paying off the debts, the better you fell :-)

nextyeartina

Thank you Sinhanada & well done on your amazing debt busting journey . It just feels so far away but guess it did to you at the start of your journey


Tina xxx

pickle_me

June 2015 for us. Cannot wait :j

Taadaa

Mine will be early 2020. In theory it could be 9 years away though. I am bound to have a wobble here and there. I always do.

Growurown

Mine was November 2015 but have just received some good news that Halifax are refunding charges and interest for the past year after we made a complaint to the FOS. So I am waiting for the letter with the new balance so I can change it on my Step Change DMP and hopefully it will shave a few months off.