The final steps to being debt free

in Debt-Free Wannabe
6 replies 582 views
This is my first ever post on MSE, although I have followed for a couple of years for motivation and thought it was time to share my debt free journey. Me and the hubby have been paying down debt from our peak 3 years ago. 

We basically went a little too hard and too fast with spending when we first bought our house - none of the money was wasted as it was on renovations, repairs and furniture etc but we had definitely learned our lesson to take it slower. Essentially, we ended up with some hefty debt in June 2018:
Halifax credit card: £4000 @ 0% APR
Tesco loan: £12,800 @ 10.9% APR
Tesco credit card (£4700 @ 0% and 3200 @ 0%)
Creation finance: £1750 @ 0%
Creation finance: £1050 @ 0%
Barclays credit card: £4100 @ 0%

Looking back, it was a very risky thing to do. Luckily, I’ve had a couple of promotions in the last couple of years and my income has doubled and hubby was able to work overtime because otherwise I can see we would have struggled massively to service all of the debt. We are now on to the final strait and, all being well, should be debt free by September:

Take home Income monthly: £4100

Mortgage: £421.35
home insurance: £28.28
Tv: £13.20
car insurance: £46.02
Gas and electric: £70
water: £42.82
Car (PCP): £316.78
council tax: £94
Car tax: 12.68
Internet: £36.99
Mobile phones: £50
Travel and fuel: £260
Groceries: £300
Other (date night,incidentals): £200
Total: £1892
Remaining to service debt: ~£2200

Remaining debt as of 29/06/2020
Halifax credit card: £1600 @ 4.9% APR
Tesco loan: £4500 @ 10.9% APR Currently pay £213.49 per month
Creation finance: £315 @ 0% Currently pay £28.70 per month
Barclays credit card: £250 @ 0%
Total remaining: £6665
Mortgage £263,589
Loan: £2,775
EF: £1000
CS for car: £16,300


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