Starting my mission to become debt free - Snowballing advice

flipflopflo

Fair enough 😀

Andyjflet

Have you tried following Dave Ramsey, google the Ramsey show on You Tube and podcasts, helped me get my attitude to debt and my financial matters in order. Especially snowballing etc

swampduck

The Lemonfool and What's the cost.com have snowball calculators you may like to try.

KeysMcK

In a fortunate turn of events, I am now completely debt free (aside from a £273,000 debt I'm about to embark on!). 

From a peak of c£25,000 debt and £0 savings I'd got my debts down to £11,000 and my LISA savings up to £20,000. Paid off with snowballing, and putting any commission payments I received into either debts or our LISAs. 

For c4 years I'd been entering the Planet Radio (Hits, Kiss, RockFM etc) free to enter Cash Register/Make me a Winner competition. A few weeks ago I won! 

New balance - £0 debt, £60,000+ savings. 

My 'bad debt' all fell off my report a few months ago, and my disciplined approach to my credit file over the past few years has left us with a near-perfect credit rating, which meant we were accepted for a mortgage without question. We're hoping to exchange on a beautiful first home in the next few weeks!

This forum helped me a lot with actually getting into the right mindset, understanding my situation and how to get out of it. Thank you very much. 

Now I only wish this had all happened a few weeks earlier so I wasn't on a 5.29% interest rate with my mortgage! 

Thanks to all, and anyone who is looking to get out of debt, just stay positive and trust the system (also, enter free comps!). 

Andyjflet

wow what a turnaround

BDeluxe

This is inspirational stuff, I'm at around 28k and struggling to deal with it.

My main issue is we have kids and my wife doesn't want my stupidity interfering with their childhood (understandable), I'm lucky she didn't kick me out and she is supportive but the mental toll of not being able to contribute towards holidays and meals out is very real.

IainHL

Congratulations!

MargateAdam

@KeysMcK Congratulations! And thank you for sharing your story, it's hugely inspiring. We've been on quite a similar path - and soon it will be my turn to win the Planet Radio comp. Best of luck with your new home. 

Abbafan1972

Thank you for sharing! We have approx £52k left on our mortgage and have an action plan to get it cleared, but of course winning WWAW would change things dramatically! 

jacknutter

Amazing, thank you so much for sharing, I am delighted for you!