£180,000 debt - done!
lozzam
Posts: 73 Forumite
MoneySavingExpert Insert:
Hi folks, I'm sure Lozzam won't mind up updating her post with a link to her news story
''I cleared £180,000 of debt in 12 years''
Back to her original post...
----
Yes. £180k was a ridiculous amount of debt, and nothing much to show for it. Only one of us working and living the lifestyle of our Singleton and Two income friends
The lightbulb moment was August 2005. All debt was being serviced but I realised I was taking out new debt every other month to keep it under control and that was not going to work any longer.
CCCS (now Step Change) were brilliant and helped us put together a tough but just about manageable repayment plan.
It took 12 years, but we are finally debt free - all paid in full!!! We are now working on our mortgage and making sure I have a decent pension pot.
My recommendations?
Learn to cook healthy good food, so staying in is better than going out. Go running or walking and really appreciate the outdoors. Do your own thing and don’t try and keep up with what others are doing. Find ways to treat yourself that doesn’t cost too much - a couple of days holidaying out of season is brilliant!
We have just got a new credit card and are using it for supermarket shopping and paying off in full each month. Hoping it will help build our credit rating .... but also not planning to use credit in future.
The moral of my story? The debt may be huge but the process is the same. One bite of the elephant at a time and it will get eaten.
Hi folks, I'm sure Lozzam won't mind up updating her post with a link to her news story
''I cleared £180,000 of debt in 12 years''
Back to her original post...
----
Yes. £180k was a ridiculous amount of debt, and nothing much to show for it. Only one of us working and living the lifestyle of our Singleton and Two income friends
The lightbulb moment was August 2005. All debt was being serviced but I realised I was taking out new debt every other month to keep it under control and that was not going to work any longer.
CCCS (now Step Change) were brilliant and helped us put together a tough but just about manageable repayment plan.
It took 12 years, but we are finally debt free - all paid in full!!! We are now working on our mortgage and making sure I have a decent pension pot.
My recommendations?
Learn to cook healthy good food, so staying in is better than going out. Go running or walking and really appreciate the outdoors. Do your own thing and don’t try and keep up with what others are doing. Find ways to treat yourself that doesn’t cost too much - a couple of days holidaying out of season is brilliant!
We have just got a new credit card and are using it for supermarket shopping and paying off in full each month. Hoping it will help build our credit rating .... but also not planning to use credit in future.
The moral of my story? The debt may be huge but the process is the same. One bite of the elephant at a time and it will get eaten.
DMP mutual support thread member 373
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Comments
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Well done on your achievement.
It just goes to show that if you work at it, a debt can be conquered no matter how large it is.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
That is truly inspirational and congratulations I am sure it must be a massive weight off your shouldersDebt Free - done
Mortgage Free - done
Building up the pension pot0 -
Congratulations!It will all be ok in the end - if it's not ok, then it's not the end!
Saving for Christmas 2019 #27 total £62.00
Sealed pot challenge 12 #32 total £67.50
Mortgage paid off.0 -
Well done!
Fantastic achievementOn a mission!
2018 & 2019 MFW #138
On babystep2 (#DR)0 -
Wow that’s amazing- congratulations. It must be such a weight off your shoulders.Competition wins £13,987.090
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Huge congratulations lozzam, what an inspiration!
Could you do with a Money Makeover?
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Amazing, you must be so happy, well done xxx Virtual Sealed Pot No.070
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Lozzam kindly agreed to share her story with our news team in the hope it would help others...Read the full story:
''I cleared £180,000 of debt in 12 years''
Click reply below to discuss. If you haven’t already, join the forum to reply.Read the latest MSE News
Flag up a news story: news@moneysavingexpert.com
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WOW that's amazing! we'll done.
I'm glad you've stuck with it.0 -
Wow... It gives me hope reading your post. Have you put it on the debt free honour roll?Penny wise pound foolish. 366 days 1p challenge 2020 ✓ 2021 2022 2023 completed.
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