On a Mission

Mummy_bear

PurpleFairy26 said:

That debts coming down swiftly. You’ll have no CC debt in no time. Will you be able to over pay the loans? 

I know. The last credit card will be paid off September. 

The Tesco loan allows me to overpay via bank transfer when ever I like. The other two I'm not so sure. I'm hoping to call and get a final settlement figure and pay off in full, if not in a couple of big chunks. 

Mummy_bear

Update following the loan payments. 

This is getting exciting. The end is in sight. 
So glad we've made these changes and stopped spending so frivolously. 


Tesco Loan £2266.72 £230 paid off

Santander Loan £932.7 £155.45 paid off 

M&S Loan £2171.2 £155.12 paid off 

DH MBNA CC £300

Total debt paid off so far in August £1725.42

That figure makes me wince to be honest. That's more than DHs furloughed pay at the moment 🙈

Total debt as of 20th February £13465.89

Total debt as of 30th July £7396.04
Total debt as of 4th August £7136.04
Total debt as of 16th August £6211.19
Total debt as of 17th August £5670.62 😎 shrinking ever so quickly now

Mummy_bear

Latest signature reads as

£40773.61 /£46444.23       87.8% paid

Mummy_bear

Wow, in just over 3 years we've paid off over 40k....and this included 13 months off on mat leave with twins. We've achieved so much 😁

Kitten868

Wow! I don't know where this money is coming from half way through but I'm amazed by it! You're pulverising the debt. £40k in 3 years is amazing. I would never think you could save that amount in 3 years so to pay it off with everything else you've had to tackle is awe inspiring! Well done you - so close! X

DancingInTheRain

That is just fabulous, you're on fire 🔥

Moneywhizz

Your journey to debt freedom is absolutely amazing especially since you were off on maternity leave and are now a family of 6. At this rate you will be in a new home before you know it. Such an example to others of how it can be done. Looking forward to your debt free date. 

enthusiasticsaver

You are a wonderful example of what can be done if you remain disciplined.  It puts you in a great place to save towards your move once the loans are gone too.  You should be under £5k next month presumably? 

Mummy_bear

Thanks @Kitten868 @DancingInTheRain @Moneywhizz and @enthusiasticsaver, really appreciate your support. 

It can be so easy to slip away quietly from this anonymous forum and not feel accountable. I mean no one really knows you right. No one will now if you slip back into destructive spending habits. That's why I'm so happy with my (although DH has been hugely on board too!) achievement. It really highlights how amazing everyone in this forum is airing their debt free journey. It is all about personal self discipline. There will always be bumps on the way but we no longer use that as a excuse to not be debt free, just another challenge overcome. 

I honestly feel like we can achieve anything we want financially. As long as we know it can be a long process the end goal is ever more sweet. 

@enthusiasticsaver I should drop a 1k bracket every month now (an average of £1220 is scheduled to be paid off each month).

Dfd so far is 15th Jan 2021. I'm really hoping to bring that forward a month. However, that dream will depend how much interest I can save on the loans being paid off early as well as where else I can get spare cash from. I'm thinking if I have anything left out of the Christmas savings pot that can be used. 🤔 Also due a little pay rise in September so I could put the extra too it. 

Even so, Jan is definitely looking like the latest we will be debt free 😁

MB

Kitten868

Make sure to check how you pay the loans. I saved a lot of interest paying most of the loan, letting a payment go out then 'settling' the last £20. If I'd have paid it all in one go I'd have been charged an early redemption fee on all of it rather than just the £20. X