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The end is in sight for me now, never again...
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![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
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...
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...
12
Comments
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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.Baby Step 6/7 . £16000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!
Currently Negotiating with HMRC !3 -
Fantastic progress, well done!
My debt-free diary: Go your own way
Save £6k in 2025 #19 £902.69/£6,000
Save £10k in 2024 #10 £12,013.63/£10,000
Save £12k in 2023 #20 £7,040.55/£12,0001 -
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.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/£162.90
Save £12k in 2025 #1 £12000/£70001 -
Brilliant work @Deleted_User!3-month emergency fund (Cash ISA & PBs): £4744/ £6,000
Stocks and shares ISA: £1497
Additional pension contributions £0
Overpayment on mortgage: £0
Big Renno..£01 -
Very well done. All done with your determination to turn things around. Great achievement
1
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