When will you be debt free? 🎉

A_Random_Man

July 2024 I only have a loan for a car which is at a really low rate of interest, not currently making overpayments because I am savings for a house but once I have reached my target savings I will start making overpayments to it, I have also started an emergency fund and will hope to build this up quite quickly once debt has been paid off 

papper00

Started the DMP July 2014.
Due to be debt free December 2022. 
Was £24,500, currently just over £6,000 left to pay.
We can finally see the light at the end of the tunnel after 6+ very difficult years. The experience of getting into the debt and having to fight to recover is all the guidance I need to keep me debt free in the future. But like others, learning to really monitor spending, budget, and saying 'no' are the main things. That last one is probably the most important.

BlueJ94

papper00 said:

Started the DMP July 2014.
Due to be debt free December 2022. 
Was £24,500, currently just over £6,000 left to pay.
We can finally see the light at the end of the tunnel after 6+ very difficult years. The experience of getting into the debt and having to fight to recover is all the guidance I need to keep me debt free in the future. But like others, learning to really monitor spending, budget, and saying 'no' are the main things. That last one is probably the most important.

Thanks for the tips! I agree, once I am debt free next year I will be saying to myself "Do you really want to put yourself through the situation again, feeling crappy and feeling like I have to live wage to wage" I have a budget spreadsheet downloaded and I will update asap! 

JessyRM

jadewest94 said:

JessyRM said:

Sept 2020 - May be sooner if I can increase my income. My daughter gets her funded nursery hours this year so could potentially  save some money there  

Do you mean 2021? 

Good luck!

Haha yes! 

BlueJ94

JessyRM said:

jadewest94 said:

JessyRM said:

Sept 2020 - May be sooner if I can increase my income. My daughter gets her funded nursery hours this year so could potentially  save some money there  

Do you mean 2021? 

Good luck!

Haha yes! 

Good luck!

BlueJ94

Thank you, everyone, so far for all your advice and tips! I'm looking forward to becoming debt free after many years! I'm 26 now and been in debt since I was 17/18. 2021 is going to be the year I motivate myself to be debt-free sooner than my current date (March 2022) 

Good Luck everyone on your debt-free journeys! 

papper00

papper00 said:

Started the DMP July 2014.
Due to be debt free December 2022. 
Was £24,500, currently just over £6,000 left to pay.
We can finally see the light at the end of the tunnel after 6+ very difficult years. The experience of getting into the debt and having to fight to recover is all the guidance I need to keep me debt free in the future. But like others, learning to really monitor spending, budget, and saying 'no' are the main things. That last one is probably the most important.

I just upped my monthly DMP payment by £20 - so now it's November 2022! Woo!

BlueJ94

papper00 said:

papper00 said:

Started the DMP July 2014.
Due to be debt free December 2022. 
Was £24,500, currently just over £6,000 left to pay.
We can finally see the light at the end of the tunnel after 6+ very difficult years. The experience of getting into the debt and having to fight to recover is all the guidance I need to keep me debt free in the future. But like others, learning to really monitor spending, budget, and saying 'no' are the main things. That last one is probably the most important.

I just upped my monthly DMP payment by £20 - so now it's November 2022! Woo!

oh well done! Can you just tell DMP you want to pay extra?

Agentmomo

I would say between January and March 2022 for me but a couple of things have happened recently. I have two credit cards both at 0%. The largest outstanding balance is with Mr Branson's company who are switching off online services at the end of this month. This is a shame as I cannot download the app as I do not know the security code at the back of my card as that card has long gone. (Not used for spending, just clearing the balance whilst on 0% which luckily is until March 2022). I've recently upped my DD on this so it will lower, quicker, even if I can't see it.  My other card with a low balance is due to end March 2021 and this will be cleared by then. I would prefer to leave Mr Branson and get another 0% card where I can physically log on and see what is happening. However a recent application was rejected. After some research it would seem that it is better to close unused accounts (I used to have a lot of open credit cards, even tho now most of them have £0 balances), so I started that job today and closed 2 of them. I will leave it 3 months before I apply for another 0% card. Then as soon as I can move away from Mr Branson, I will

kimwp

Agentmomo said:

I would say between January and March 2022 for me but a couple of things have happened recently. I have two credit cards both at 0%. The largest outstanding balance is with Mr Branson's company who are switching off online services at the end of this month. This is a shame as I cannot download the app as I do not know the security code at the back of my card as that card has long gone. 

You could ask them to send you a new card to get the number.