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Road to debt free life

2

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  • mamamu
    mamamu Posts: 57 Forumite
    10 Posts Name Dropper
    Just had a good rethink of my debt repayment plan. 

    I can request to pay off the loan early and pay it in full and save on interested. It is not massive saving but I should save about 60-70£ by paying off loan by 01/12/2020. I can they pay off my CC on 24/12/2020 and be debt free Xmas 2020!!!! 

    That what I am going to do. 

    I was snowballing and was planing to pay my CC end of October, but it is 0% card and I can pay it end of December and clear loan in next 2 month then and save a bit of interest. 

    So my estimated DFD is 24/12/2020. Should have abojt 2500£ in savings by Xmas too. Very happy!

    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • alt80
    alt80 Posts: 4,657 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Well done great news must be a good feeling. 
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,088 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Fantastic result. Debt free by Christmas and no more interest paid to banks. Hope you have some nice savings goals to tackle next year. Well done. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
    Save £12k in 2025 #1 £12000/£11000
  • joedenise
    joedenise Posts: 17,833 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Debt free by Christmas sounds amazing.  Will be great to start the new year with no debt.

  • mamamu
    mamamu Posts: 57 Forumite
    10 Posts Name Dropper
    The day has come!!!!
    I am debt free!!!  :D

    so so happy and pleased with myself.

    Time for some savings to build up. 



    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • Four_Seasons
    Four_Seasons Posts: 919 Forumite
    Fifth Anniversary 500 Posts
    well done!! virtual cheers and hugs!! x
  • rugbymadfamily
    rugbymadfamily Posts: 505 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    Congratulations! Great news!!!
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,088 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Wonderful news. Congratulations. o:):) Do you have any savings targets? 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
    Save £12k in 2025 #1 £12000/£11000
  • mamamu
    mamamu Posts: 57 Forumite
    10 Posts Name Dropper
    enthusiasticsaver said:
    Wonderful news. Congratulations. o:):) Do you have any savings targets? 
     Now want to have 3-4 month savings as emergency fund, then start overpaying mortgage to repay it within next 15 years, at the same time saving for our son university or adult life start sum - about 50k we got 13 years to do that. And also hoping to have enough to retire early in 16years at 58. 
    So those are the goals. 

    At the moment got sinking funds already running for all yearly expenses, well working budget stable for last 5month and already max contributions to pension. 

    Just need to think were to keep savings. Planing Mixture of S&S ISA, PB and Regular saver account to max out that every year. Haven’t decided on that yet. Advice is very welcome. 


    Debt free!!!! 27/11/2020
    Largest Debt 19000£ 03/2020

    Savings 259£
    Saving goal  25000£ by 
    31/12/2021
  • MB148
    MB148 Posts: 27 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Well done!! That must feel incredible
    If you save up as quickly as you have paid off your debt then you should easily achieve your goal, serious progress!
    £0/£9000 remaining - Halifax CC paid off 29/01/21
    £2666/£3000 - Tesco CC
    £6924/£16k - Halifax personal loan  

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