The Final Furlong...

Another_UK_Emigrant

Hi everyone,

I just wanted to share my debt story so far. I moved abroad around 8 years ago for a year and decided to stick around. Unfortunately, I moved with debt which steadily went up as I had and still have a variable income. I used debt to cover the lean months.

This peaked in September 2018 at around £11k across credit cards and overdraft. That on an income of around £8k per annum. I was using money transfers to clear the overdraft to be able to pay the credit cards.

Enough was enough,
I got a second job and started to hit the debt hard paying the overdraft first and then £300 a month off the credit cards, with occasional extra payments when I could afford them. Thankfully I never missed a payment and so the CC companies have kept offering interest free deals with the usual 3-4% fee.

It's been up and down and I've since lost that second job, taken on a mortgage and taken on some debt for renovations in euros.

The mortgage and renovations were both taken on when I had the second job and could afford it, as well as my wife who helps out with that and the bills. It's currently a real struggle to make ends meet but I'm treading water and getting everything paid (I'm not losing money).

Anyway, onto the good news. I calculate that in around 10 months I should have the worst of it cleared, the dreaded credit card debt. I'm currently paying around £120 and have £1200 left to pay.

The renovation loan will finish around the same time. Hopefully 2022 is the year I become debt free! (not counting the mortgage which is a manageable €200 between two or the student loan which I'm not eligible to pay off).

Good luck to all on a similar path. There may be no end in sight now but stick at it and you will get there