The end is in sight for me now, never again...

[Deleted User] · 14 October 2022 at 9:44AM

Just starting to feel so good about paying off my debt, I have to say and agree with others on here, when you see that debt number decreasing over time what a feeling it gives you.

Me personally, following a divorce in 2015/16 I ended up in a really stupid position, wanting everything immediately for my home whilst completely renovating it.

So in August 2018 my debt was something like:

Credit cards and Paypal credit total was : £15834.
Loan was : £11,445.62.

Total debt (not including mortgage) was : £27,279.62!!!

Now I have a decent paying job but back then I can remember adding everything up and just sitting there thinking 'how the hell has this happened'. It was then I made a decision to sort my finances out, but not to the point of starving myself every month and still being able to enjoy my life with my daughter but to get this debt reduced.

As of today, I have just paid off my loan so the only debt I have now is on my CC which is £4796.79, it will be down to £4346.79 when the next payment comes out on the 25th of the month, its on a 0% balance transfer which runs until July 2023 and I've set my monthly payments at £450 a month. If I get any extra overtime then i'll be putting it towards the debt. Ideally and I think I can do it I reckon I can have this down to £0 by the end of Mar 2023.

After all that the only debt I have is the mortgage, then I'm going to really concentrate on overpaying that (maybe doubling the monthly payment every month).

What a relief its been today to actually sit down and write this up, anyone going through this keep smiling and honestly believe there is an end in sight...

Andyjflet · 14 October 2022 at 10:20AM

Well done, I'm not far behind you myself. I no longer crave material things just a peaceful and worry free life, getting my outgoings to below £1000 was a big plus for me. I am now hoping to have everything done in 12 months time.

gd55 · 14 October 2022 at 10:45AM

Fantastic progress, well done!

enthusiasticsaver · 15 October 2022 at 1:19PM

It is so nice to read these stories of those who have managed to turn their finances around. Roll on next year when you will hopefully be debt free and looking to overpay the mortgage. Well done.