debts all paid off....nearly

wiltsguy_2

Just checked my bank statement online and my last big loan payment(£390) has left my bank this morning! I now have a total of less than £500 debt(owed between 3 creditors) which i can clear in one next payday.

It has taken me two years to reduce my debts from £38k(i only earn £40k, wife £25k), I down sized my new range rover to a used one, sold my BMW which i didnt use and with much advice that i read on here i have cleared £37,500 worth of debts.

My advice to anyone in debt is to gather as much info and help from this site as you can, it's full of great people that will offer you the right advice, although it may seem harsh-it damn well helps!
And just be determined, i thought that the only way out of debt was to borrow more money-HOW WRONG WAS I.

Thankyou to everyone on this site:beer:

f0nz

Well done! Feels good doesn't it?! We have a bit more than you left about £1100 but it should be gone in 2 months and I can't wait. Will be the First time we've been debt free in 10 years

Well done again, you've done very well on such a short space of time!

GandalsStaff

Nice one, that feeling of having no debt is excellent, also having all that extra disposable income each month will make you feel rich.

wiltsguy_2

Thanks,yeah it does feel good, I wont feel the benefit of the extra income this month though as i also have to make my final holiday payment to TC, but roll on June....

GandalsStaff

wiltsguy wrote: »

Thanks,yeah it does feel good, I wont feel the benefit of the extra income this month though as i also have to make my final holiday payment to TC, but roll on June....

I dont think you should be allowed to fully feel it in June either as i think you should invite all your friends and family round for a big BBQ to celebrate the start of the freedom.

wiltsguy_2

GandalsStaff wrote: »

I dont think you should be allowed to fully feel it in June either as i think you should invite all your friends and family round for a big BBQ.

The OH and I did mention having a celebration, but I have also recently given up smoking and drinking, i only drank once a week (saves me £400 pm!!) so maybe a BBQ with some fizzy pop!!

andyfromotley

Way to go wilts guy.

Impressive stuff and you are very generous with your time and advice to others on here.

Lizze

Congratulations! I am a little way behind you but I am in the last 6 months of paying mine off now. I cant imagine how good it must feel, cant wait to have that feeling myself!!

MrJester

Congrats on realising to make better use of your money.

But I bet it made it a lot easier when you have a spare BMW you can sell.. I'm glad for you that you've seen sense, though, to remove the desire of unecessary luxuries.

Pollygarter

This is great news, well done you.

I'm new to the get out of debt game and feel like I have a mountain to move at the moment, one rock at a time.

Can barely remember my thrifty saving days, but they were there and I'm enjoying rediscovering old ways.

Ridiculous and academic coming from me, but I have been reading a lot on here,and have seen a number of threads where people have had epic battles to get out of debt, done it and then gone back to their old ways either over night or more usually the slow inch here and the extra £ there and found themselves back where they started. A bit like my first efforts to give up smoking donkeys years ago when I would get to a few months smoke free and then think...well I don't smoke now so I will just have the odd fag with a drink with friends. Like all non smokers think. It never ended well and I'd be back on a pack a day within weeks.

I think financial sobriety is a bit like that. Hopefully others who have walked that line already have more to say as, like Manuel...I know nothing!

jodles16

That's some amazing paying back you have done! Congratulations! :j:beer: