Themaccas Are.......debtfree!!!!!!!!!!!

Triker

Yey well done the macca's.

Whew what a journey eh, I'm sooooo pleased for you all.:j:j:j:j:j:T:T:T:T:T:T:T:T:T:T:T

Having just very recently become debt free myself its an amazing feeling.

Every day I remind myself that its for real.

I'm also very open to people that we are debt free, letting them know that we were in debt and came through.

We too still have the white board, still oldstyle, still everything dfw really.;)

We have not gone mad, we really think about everything that we have to spend money.

I'm so happy for you all. xxxxx

JAMIEDODGER

fantastic news hun:D i am so pleased for you!! xx

Snaggles

Wooooohooooo, I am soooo pleased to hear this, you have worked so hard for this and been through so many ups and downs to get there, so you really deserve it! :T :T :T

themaccas

andys15 wrote: »

so basically on average you paid of £1500 per month towards your debt, have you downsized your house, or bought a more expensive one. I am just finding it hard to understand about the sheer amount of debt you paid off and still managed to get a house, new york etc etc etc. Did some equity in your house pay off the debt. What is your salaries.

Hi
Yes in the first year it was almost £2000 per month paid off towards our debt. In our first 18 months we were renting out our house and living in a married quarter. The income from the rent received after our mortgage was paid and the taxman took his cut was £600 which went straight to debt repayment, also in the first year we recieved a refund of bank charges which was a few thousand, embarassingly it was £5000 - (that's how bad our finances had been). We paid only £150 per month for rent for our married quarter so we managed to use a lot of our income to service our debt and we lived extremely frugally. Our joint salaries were around £75K per year but overtime bumped this up a bit more. After the first year we had halved our debt and it was then we decided to keep some back to go to NY. We booked everything ourselves and saved a fortune. By the time we put our house up for sale in January this year we only had around £3000 worth of debt. We sold quickly by undercutting the competition and have not downsized but bought quite a bit bigger. So we have a bigger mortgage and have it fixed for 5 years. With no extra debt we are better off than we've ever been and we have found it easy to save and squirrel money away. I know it might look easy but I can promise you it has been anything but. We have though, been totally focused and motivated and having OH just as motivated as me has been what has made it so successful. I really couldn't have done this alone.

Good luck to everyone on the DF path, keep going the end of the rainbow is so bloomin' fantastic!

edited to say: We did not use any equity to pay off debts, every penny of our equity went into the house we purchased to keep our mortgage as low as possible. We were fortunate to get £5K refund of legal fees and disturbance allowance of around £1300 from OH's employers because we had to move house on his works posting and that has mostly paid for the current house improvements together with our savings.

Jo4

Well done. that is amazing!! :j :money:

sparky0107

Congratulations themaccas,
All I can say is well done & you must be very proud of yourselves, what an inspiration to us all
Good Luck for the future

Mudbath

Well done, fabulous to hear someone else is debt free xx

skint_spice

Well done, and a lovely inspirational post. Thanks!

piglet6

Congratulations, themaccas - great news! Well done to all of you!!! :T

:j :j :j :j :j

Piglet

gbatey

Well done; truly inspirational!