Debt Free by 'Cheating'

[Deleted User]

I'm £116,000 if that makes it easier cake - my parents brought me a home in another county, after selling what was the family home, I'll pay rent reduced until such a time when/if I can ever
buy them out so something to aim for?


Wasn't so happy at first because it is so far from the conventional way to obtain your own keys though my folks don't want me asking for any more help quite understandably, which was what they envisaged happening with not being able to afford to rent any longer and 10 years to old to move back in with them! they wanted to help me and me siblings in the way they couldn't by their parents, by downsizing themselves, I can't explain the many arguments we've had as in a way they even make it to easy


Oh how do you ever say thank you? and, can you?

Red-Squirrel_2

I'm in the process of moving house, and I'll be paying off my credit card dents (about 10K) with the proceeds of the sale.

It feels a little bit like cheating, because I've done absolutely nothing to earn the increase in value of my flat, I've just lived here and its happened, and I'm incredibly fortunate that its increased enough to clear the debt, put a 25% deposit down on my new house and still have plenty left over for the work that needs doing on the new place.

I think setting a new goal, like buying a house, is a really good idea to keep you on the 'straight and narrow' and help keep up the good budgeting habits. I've been hooked on YNAB since coming on here after my LBM and I fully intend to cary on using that but with savings pots rather than debt repayments as my main goal.

Pollygarter

What a lovely gift your husband's parents have been able to give you from the prudence they showed in caring for what they had so it was sufficient and more than sufficient for them and could help you too.

I've recently had a small.but exactly the right sized gift from my past self to my future self. In the shape of a small but long term savings plan which matured last week giving me enough to pay for all the costs of a house move. This was the only savings I managed in a long high income financially disastrous spendthrift marriage. And was defended from my ex who was furious about it, small as it was.

So be delighted with your gift. You have done a load of work on managing your money already. I'd echo what others say about carrying on in the same way. And also ditch some of your lines of credit. From what I have read it had led others back into debt time and again.

Hoping this fresh start gets you going so that you will be in a position perhaps to have spare to help your own kids as and when they need. I'd love to think I might be able to do that. Can't see how currently but never say never!

tealady

Hi
T echo what others have said no it's not cheating, but it does give you a funny feeling though doesn't it. I had a modest legacy from a relative whic I used to pay off a few months mortgage, it feld really odd seeing that larger sum amongs the ones I scraped to pay each month.
Now I accept that that is the way things were meant to be and the best way I can pay my relation back (well I can't really as they have passed on!) is to try and not get into debt ever again

Cat_Addict

Yes me!! And I am put to shame by all the folks on here who diligently work for years to be debt free and I wish them every success.

When my partner left in 2010 I had a credit card with £600 on it. Over the past five years it grew and grew. I fought with it and threw money at it and it would go down and then a crisis would happen and it would grow again. Then it would go down and I'd stupidly celebrate by buying myself something - hate clothes and shoes but I love nice bedding... it was a horrible circle never ending.

Anyway, in March my Mum announced that she wanted to give me my inheritance whilst she had the pleasure of seeing me get the benefit of it. My credit card with by then £8,800 and growing, so with Mum's money I paid off my card in one fell swoop, hands shaking like mad and I also bought a new car as mine was dying and she really wanted me to have a new one as I rely so heavily on it. The remainder of the money is in my ISA and now I am petrified of ever being in debt again.

I get a thrill every single day that I wake up and remember that I am debt free (even though not cleared by me) and I thank the gods (literally) for my good fortune. It is a source of constant joy to me and I am now obsessed with saving money and building a cushion of savings so that I never have the need to use a credit card.

I have not used a credit card for three full months and that is amazing for me. I'm haunting these forums and making it my new hobby to be a fantastic budgeter - not buying it!! I've also signed up for CAPUK's Money seminars to see if that will also help (can't hurt).

So yes I do feel guilty, but so so free

maria3104

Congratulations and what a lovely MIL.

I hope everything goes well with your financial future and you can enjoy your debt free world.

I would buy MIL a bunch of flowers with a card explaining how much this gift has changed your lives.

Enjoy this happy time.

Maria

moohound

I had a very kind relative pay off my £35000 of debt with £24000 in full and final payments 2 years ago, this was on the understanding that I managed my budget and saved, and I have

ReadingTim

I think the main thing is to remember that it's simply a case of good luck that brought you the money - it's not something you "deserve", not something you "worked hard for" or are "entitled to" - you just got lucky. Stay thankful and humble for that.

And make sure that you don't squander that good fortune by getting back into the same situation as you were before that windfall, obviously!

andys15

I am currently going through a remortgage which will then make me debt free. I am keeping the term the same, and my interest rate is going up by about 1% as fixing it. Not sure if I will feel debt free though. It will take me 3 years to get my mortgage down to what it currently is. Maybe then I will feel debt free. The debt was all house related( extension, garage conversion. So maybe the house should have took the brunt anyway. I don't know if that is cheating.

ReadingTim

andys15 wrote: »

I am currently going through a remortgage which will then make me debt free. I am keeping the term the same, and my interest rate is going up by about 1% as fixing it. Not sure if I will feel debt free though. It will take me 3 years to get my mortgage down to what it currently is. Maybe then I will feel debt free. The debt was all house related( extension, garage conversion. So maybe the house should have took the brunt anyway. I don't know if that is cheating.

Errr....that's not becoming debt free - that's swapping an unsecured loan for a secured one. You can't borrow your way out of debt.

(but if the value that the improvements to the house have added are greater than their cost, then the debt could possibly be seen as an investment, although you'll only realise the value when you come to sell the place - assuming their not cancelled out by the interest charge on said debt that is!)