End in sight!!!

moneymartha Forumite Posts: 1 Newbie
edited 16 October 2017 at 6:49PM in Debt-free wannabe challenges
So excited! We had 11 credit cards totalling £50,000 debt in 2010 all defaulted except 2 and 8 Months of mortage arrears giving us a total debt of £64k. We are self-employed so we couldn't use StepChange. I handled all the debts myself to let my partner concentrate on work. Got repayment plans with all creditors. Got the mortgage arrears integrated into the capital again so that dealt with that. Kept up with the mortgage repayments as a priority. Revamped all our outgoings to cut them to a minimum. Sometimes it was sooooo difficult and we felt as if we could not keep our heads above water. A few sleepless nights and stress. But we persevered. Made part settlements when we could, mostly between 25% - 40% of total and a few at 50% -75%. Our debt now stands at £5,500 and we are continuing to pay that off interest free. The debts are starting to drop of our credit file as 6 years has passed. Got a new deal on our mortgage, saving us £100 a month and just about to start an ISA for savings. It is possible! Thank you Money Saving Expert for the support and knowledge to tackle this.


  • datlex
    datlex Forumite Posts: 2,226
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Well done you. Keep up the good work and look forward to seeing you on the debt free list.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • SamSam17
    SamSam17 Forumite Posts: 92
    Third Anniversary 10 Posts
    Wow that's amazing. Well done. Not long to go now for you.
  • beanielou
    beanielou Forumite, Ambassador Posts: 86,574
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Great result :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.Lou~ Debt free Wanabe No 55 DF 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 2021**** "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.***Fall down seven times,stand up eight*** ~~Japanese proverb.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 7 lbs.***
  • Cherryjack
    Cherryjack Forumite Posts: 1,125
    Tenth Anniversary 1,000 Posts Combo Breaker
    wow!! inspirational :)
  • Captain_Bluebear
    Captain_Bluebear Forumite Posts: 213
    Part of the Furniture Debt-free and Proud!

    You've worked so hard to rid yourself of your debt. well done!

    All the best for the future.

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