Just wanted to share...

Fortheloveofmoney

Kevicho wrote: »

Just out of interest how have you managed to clear 22K in 18 Months?

Congrats btw

A number of things really. I originally had an overdraft, 2 credit cards maxed out and a previous consolidation loan. The loan was for £18,000 so this was most of the £30,000.

I consolidated the first £9,000 onto my mortgage (i know ) this was before I found MSE of course. This was used to pay off 1 of the cards.

This gave me some breathing room, freed up some income and stopped loads of bank charges.

Most of the debt was the big loan so I just ignored this one and just kept paying the fixed monthly repayment (£428.77).

I then slowly began to make inroads by not over spending and paying more than the minimum payments on the CC. Switched the card to 0% as soon as I could and carried on paying.

I receive an annual bonus of around 8% so this took a lump of the OD which in turn allowed me to open an A&L account (0% OD). I couldn't do this previously as I was never in credit in my other current account.

After doing this for a while, I realised I still hadn't budgeted properly so i sat down and did an SOA and realised what I could cut out/reduce to throw more money at the debt.

My original DFD was somewhere around September 2009 and now I've reduced that to May 2008.

Oh and I also moved in with my boyfriend (now fiance) so my household costs have halved. So that was a big help too.

Sorry what a ramble! But as you can see lots of changes have made a big difference to the overall debt.

I do still feel guilty about the 9k on the mortgage though, so will work on that after the OD and the big loan have gone.

jo1972

That's fantastic, what an inspiration!!

Well done :D:D

Make sure you keep that spending diary up though!

MissKJ

Fantastic news!!! I am sure it will spur you on to continue and really make the most of your money.

xx

kizzykizzywizzy

Fantastic for you, you've done so well.
Can't wait until I can say the same, though I may post when I get rid of my overdraft as that will be an achievement, I've just let it sit there at £2000 for years:mad: just because thay don't ask you to pay any off, well of course they don't they're getting loads of interest! Will have to knuckle down paying more on the credit cards then, although they are both 0%
Before joining this site I had the attitude that I'd never pay it all off, so might as well keep spending, seeing someone like you pay so much off is an inspiration, so very pleased for you:T

hypno06

Well done!! Keep up the good work x

skintscotslass

Well done!!!! xxx

Jacks_xxx

:j :beer: :T :dance: Blinding news cherub!

You've just given lots of hope to people who don't know how they're going to sort their debt problems out - yet.

But circumstances and attitudes change. Throw in a few creative solutions and some circus performer worthy juggling and wahey... bob's your uncle and fanny's your aunt! (WHO says that???:o )

Love Jacks xxx

meyore

Well done thats a real achievement I can't wait for the day I can say that too!:rotfl:

Seaxwyn

Thanks for the link fortheloveofmoney - really interesting and encouraging read. Well done you and good luck with the last little bit!

In_Search_Of_Me

Well done you! What a fantastic achievement; keep up the good work & whatever you do DONT do what I did and ut your CC back in your purse - it's lethal!!