Did it - debt free at last but watching the pennies

notmy1sttime · 13 October 2018 at 9:39AM

Just posting to say I am finally debt free. I had a business asset I sold and used the money to pay off my debt, I made full and final offers on all my debts and most creditors accepted reduced lump sums in settlements, some as much as 78% below!
At my worst, debt was around £25,000, I wasn't making any sort of payment for the last 2 years and prior to that, I had severe health issues which is in hindsight the cause of the debt.
I have had sleepless nights, depression so bad I couldn't see a way out but I just want to say to everyone that if you are struggling, keep going as there will be a brighter day.
I am now focusing on building my business, keeping an emergency fund for both myself and my business expenses, investing and never getting into bad debt again.
I feel I need somewhere to keep me on track, so I will be posting to this diary to record progress.
My top tips are:
- do not ignore debts, they won't go away
- talk to creditors - they are just humans doing a job at the end of the day
- if you have mental health problems then please speak out and get help

SnuggleBuggles · 13 October 2018 at 10:04AM

Congratulations! You can breathe easily again. The relief must be immense x

notmy1sttime · 14 October 2018 at 12:11AM

Yes, it feels good knowing in future all my money is mine. I will put a post on about my F&F's and also a post on my SOA. I am planning a day where I go through my bank statements and cancel what isn't needed, negotiate better deals etc as haven't done that for about a year.