11 years a slave - end of my journey from £103,500 in debt

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  • s1n25
    s1n25 Posts: 113 Forumite
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    Fantastic post! really inspiring and gives me the motivation to keep going!!
    Debt Free Diary..."Start of a new chapter"
    Nov: Unsecured Debt : £2,900.. Bring your lunch to work 1/18..NSD challenge 5/20

  • Sassers
    Sassers Posts: 1,303 Forumite
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    Well done OP - for the doubters look at my signature. You can do it!
    Current debt and mortgage: £25, 820.35 Debt/Mortgage at start: £92,598 (27/09/2010)
    DEBT FREE!
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
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    I cannot believe I haven't read this OP until now (it was recommend to read on another post) and I just want to say a huge congratulations to the OP. Amazing news, I don't know you but I'm proud of you!
    Fantastic stuff indeed!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    AndyPix wrote: »
    I would suggest feeding your kids takes priority over servicing any loans
    Working_Mum wrote: »
    nsomnia
    there are loads of diaries of people who are in exactly your situation and are taking practical steps out.


    Hi nsommia,


    I have just seen your post, and although its over two months old, and you have not been back since, i hope you get to read this message.


    If you are caught in the payday loan trap, and cannot afford to pay them off without further borrowing, there is only one way to get out of it, and that is to default on the loans completely.


    Draw up a budget to live on, and the disposable income that is left, you use to make an offer of payment with to the lenders.


    Initially you write and tell them all you are in financial trouble, and cancel all the methods they use to take the monthly payment from you, once you have a budget outlined, you can make your offers, and hopefully stick to them, do not forget to ask them to stop interest and charges.


    I hope you get to read this post, good luck.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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