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Debt free at last!!
mailmannz
Posts: 314 Forumite
All my life I've struggled with debt but today I can finally say I owe no one anything!!
I owed tens of thousands of pounds to numerous creditors with no way of actually clearing my debt. At times I was just barely able to service my debt, it had gotten that bad!! However the one thing in my favour though was the fact I owned a house!
But even then that asset had a second charge on it!!! Because of this second charge, which was due next year, I couldn't remortgage or use the house as collateral to raise money to clear my debts.
Anyway, long story short the house finally completed on Tuesday and from the proceeds I was able to clear every penny of debt against my name AND still have enough left over for a sizeable deposit for a new home!
Let this be a lesson though, only by shear good luck did I have an asset I could use to clear debt that was sinking me!
I'm now determined to never go in to debt again!!
So now my problems have morphed to what I do to my nest egg to grow it over the next 6 to 12 months for a new home deposit!!! First world problems!!
Regards
Mailman
I owed tens of thousands of pounds to numerous creditors with no way of actually clearing my debt. At times I was just barely able to service my debt, it had gotten that bad!! However the one thing in my favour though was the fact I owned a house!
But even then that asset had a second charge on it!!! Because of this second charge, which was due next year, I couldn't remortgage or use the house as collateral to raise money to clear my debts.
Anyway, long story short the house finally completed on Tuesday and from the proceeds I was able to clear every penny of debt against my name AND still have enough left over for a sizeable deposit for a new home!
Let this be a lesson though, only by shear good luck did I have an asset I could use to clear debt that was sinking me!
I'm now determined to never go in to debt again!!
So now my problems have morphed to what I do to my nest egg to grow it over the next 6 to 12 months for a new home deposit!!! First world problems!!
Regards
Mailman
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Comments
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Congratulations!!! :T0
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Well done! :j0
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Fantastic! Well done you!Loan [STRIKE]£5000[/STRIKE] £0; Overdraft [STRIKE] £700[/STRIKE] £0
Savings [STRIKE]£0[/STRIKE] +£1500; Share Portfolio [STRIKE]£0[/STRIKE] +£4000
£0 Credit Card [STRIKE]£6800[/STRIKE] £17000 -
Well done you.
Don't forget to add your name to the "debt free roll of honour".I’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 -
:j:j:beer:0
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Well done! :j0
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Fantastic news! Congratulations!Could you do with a Money Makeover?
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That must feel amazing! Well done !0
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Congrats! :TDebt free as of 28/03/2017 (just don't ask about the mortgage :rotfl:)
Lover of sewing and biscuits, hater of traffic jams and credit cards
3-6 Month Emergency Fund Challenge #78 £0/£5,6700 -
Well done! Must be a great feeling.LBM Oct'16 at [STRIKE]£51,264[/STRIKE]
Jan '17 [STRIKE]£25,059[/STRIKE] (Sold car)
May '17 £19,349
DFD Projection [STRIKE]Dec '18[/STRIKE] Aug '18
Gazelle Intensity!
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