The relief when you pay a debt!

LolStevo

Does anyone else feel immense relief when a debt is paid, even small ones!


I stupidly let an old council tax bill go to Equita bailiffs and when they came out I challenged the legality of their fees. The council sided with me and set up a payment plan of £30 per week, the debt was around £600.


Even when the equita bullies kept sending me letters that they were coming to visit to add charges even though I stuck to the plan I ignored them.


And I have just made my final payment Yayyyyyyyyyyyyyy


A default has also dropped off my report today so I'm feeling less stress today!

Sanctioned_Parts_List

Of course! And double congrats for sticking one to the sharks...

Debt_free_by_2020

I completely agree that it's the best feeling ever.

I felt soooo relieved when I paid off a £500 credit card that had been casting a shadow over me for years.

Well done on your final payment!

Jo3y83

It is an amazing feeling - so liberating!
Congrats for paying it off

katy_ann

It's a great feeling isn't it!

northerner999

There is no greater sign of progress - reducing debts, transferring etc. All pales into insignificance compared to when you can cross that one off your list. Well done.

Samsonite1

Nice one, lots of positive outcomes!

I finally paid of my student loan which started in the 90s - in real terms, it is the equivalent of an £8k pay rise! Also, they don't tell you if you have paid it off and the data is always out of date, so they end up owing you until you phone them. Got about £2k rebate from them

Sanctioned_Parts_List

Student Loans Company are good at this - and it can sometimes take 2 or 3 years before they notice.

When I figured I had about a year left, I phoned the SLC and demanded to know how they were planning to handle this. For people who phone and ask nicely, instead of taking an extra year's payments from you and owing it you back, they will stop collecting through payroll and take a DD from you instead. Then when it's paid off, it stops... immediately.

Samsonite1

Sanctioned_Parts_List wrote: »

Student Loans Company are good at this - and it can sometimes take 2 or 3 years before they notice.

When I figured I had about a year left, I phoned the SLC and demanded to know how they were planning to handle this. For people who phone and ask nicely, instead of taking an extra year's payments from you and owing it you back, they will stop collecting through payroll and take a DD from you instead. Then when it's paid off, it stops... immediately.

I thought I was fairly on the ball with this and knew about the DD, but somehow I could not sort it out. I had 2 years where the IR took my student loan contributions, but the SLC did not receive the money. This was a widespread clerical error in various locations. So much stress was caused by this, but then it caught up last year and I also got a large bonus which went well over the debt and I had to get a rebate. SLC were bad - the worst part was that after 2 years, they doubled the interest rate which seems to conflict with the terms of the agreement. Wish I had time to investigate...

bacono

Good work! The feeling is just as good as that of any purchase, imo.

Sanctioned_Parts_List

Samsonite1 wrote: »

I had 2 years where the IR took my student loan contributions, but the SLC did not receive the money.

Hmm, I had this problem briefly. Very unpleasant. In fact the SLC informs the IR that you owe a student loan, and the IR informs your company through the same process as giving them your tax code.

Your company deducts tax PAYE from your salary but pays it on a slightly different schedule. My (then) employer paid annually. They deducted the student loans but "forgot" to hand it over. Cue much embarrassment.

They paid, extra interest cancelled (after much wailing and gnashing of teeth) and I don't work there now.