Debt Free by 60 Goal

socks_uk · 21 August 2019 at 12:54PM

I've just had my 55th birthday and have made a promise to myself to be debt-free by the time I'm 60 so hopefully, I can join the Debt-Free Wannabee Club and make it happen. :beer:

My own personal debts consist of a loan and a credit card. My loan still has 45 months to run on it and the balance is currently £7682 (3.2%) and today I have applied for an M&S credit card with 0% balance transfer for 28 months to transfer my Nationwide credit card balance which is currently £2466.

I currently pay the credit card minimum payment via Direct Debit but also overpay by £40a month (but not every month - especially just before Christmas) and now I've been accepted for the balance transfer I plan to pay minimum Direct Debit and again, overpay up to a total of £100 a month. This is what I'm hoping!

I am planning to let the loan deal with itself via Direct Debit without overpayments UNTIL the credit card balance is paid off and then I'll overpay the loan by £100 a month.

If I can stick to this plan, I can be free of personal debts before my 60th birthday! :bdaycake:

Unicorn_cottage · 22 August 2019 at 11:05AM

Hey Socks

Good luck with the debt free push. I was just reading some of your old threads and was wondering what happened with your mortgage in the end?

Cheers

Bankruptski · 22 August 2019 at 4:09PM

Good luck!

I'd like to be debt free by 60 too, but I am 40 with £20,000 and can't see that going down any time soon.

clearmydebts · 22 August 2019 at 9:00PM

Wishing you the very best of luck!

PurpleUnicorn · 25 August 2019 at 3:30PM

Good luck.

socks_uk · 26 August 2019 at 2:13PM

Unicorn_cottage wrote: »

Hey Socks

Good luck with the debt free push. I was just reading some of your old threads and was wondering what happened with your mortgage in the end?

Cheers

Hi Unicorn, Thankfully it went through smoothly. We had an appointment with Nationwide and laid our cards on the table and we were offered a 10 year fixed rate at 2.79%. Our monthly mortgage payments went down to £439.80 but, when we can, we still pay what we were paying before (£527). Since January we have overpaid by £842 and our current balance is £48,924. In these first 8 months we have paid off £4006.40 but paid out £917.68 in interest. I'm hoping the mortgage will be paid off within the 10 year fixed rate period.

It's hard talking about my personal debts around my husband (as you might have read in my previous posts, he is in debt management with Stepchange) so I just want to sort out my personal debt and, hopefully, I'm on track. I find it hard that as a couple we are in this hard place with his debt because of his mental health but I'm pleased his credit rating is so low he can't make it any worse.

The forms for my M&S 0% for 28 months balance transfer credit card application which I was approved, for came in the post on
Saturday and went back in the post on Saturday. I don't see my personal debt as 'bad' as such, but any debt I/we have means it feels wrong to have money to spend on 'us'.

Saying all that, I have booked us on a coach holiday with Shearings! :j

jools1985 · 26 August 2019 at 4:35PM

Good luck. it sounds like you have a good plan in place.

Unicorn_cottage · 27 August 2019 at 9:24PM

Hey Socks

Am so glad your mortgage got sorted out. One less big thing to worry about! I hope the DMP hasn't got too long to go.

Enjoy you coach holiday

Debt Free by 60 Goal

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