41 days to debt freedom!

Ogden
Ogden Posts: 32 Forumite
in Debt-free wannabe
I’ve had a credit card balance hanging round my neck for about 18 years.

In 41 days the last of it will be paid off.

It seems unreal, just wanted to share.

Thank you
Nearly debt free
«13

Comments

  • mama4321
    mama4321 Posts: 66 Forumite
    Name Dropper First Post First Anniversary
    Well Done!:)
  • gwynfil
    gwynfil Posts: 99 Forumite
    First Anniversary Combo Breaker First Post
    Well done. What a relief. I've just paid off a final payment on an £11,000 pound loan last week.



    I still have my £2250 worth of credit card debt to pay off. But that is my last debt. I'm trying to get rid of it by August 2019.



    Thanks for the inspiration to stick with it.
  • mitch2509
    mitch2509 Posts: 50 Forumite
    First Post First Anniversary Combo Breaker
    Well done, can't wait till it's my turn!
  • pennystretcher
    pennystretcher Posts: 458 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    :) Well done! :T

    After it has been paid off, have you set yourself target for house/savings etc?
  • rockabillygirl
    rockabillygirl Posts: 197 Forumite
    Xmas Saver! Mortgage-free Glee!
    Congratulations!
    It will all be ok in the end - if it's not ok, then it's not the end!
    Saving for Christmas 2019 #27 total £62.00
    Sealed pot challenge 12 #32 total £67.50
    Mortgage paid off.
  • Debtfreeforever
    Debtfreeforever Posts: 64 Forumite
    Name Dropper First Anniversary First Post
    Hi Ogden

    I'm in the same boat, feels super weird, doesn't it?

    I have been in debt for 15years.

    If I'm lucky, it may even be next Friday, if I manage to get some money for the stuff I'm selling.

    What are you going to do to celebrate?
  • Choccygirl123
    Choccygirl123 Posts: 1,033 Forumite
    Name Dropper First Post First Anniversary
    That's amazing...well done!
    Finally Debt Free 24/4/2023 
  • Ogden
    Ogden Posts: 32 Forumite
    I hadn’t even really thought about what to do to celebrate!!

    I guess next stage is pay off the mortgage. That should be cleared in 6 years
    Nearly debt free
  • Hopeless_Case
    Hopeless_Case Posts: 949 Forumite
    First Anniversary First Post Combo Breaker Rampant Recycler
    Well done, must be a great feeling, something to aspire to :)
  • Ogden
    Ogden Posts: 32 Forumite
    I do find that I am really looking forward to being able to make my final payment!

    For post debt free, I have a statement of affairs. The trick is going to be to still stick to it, and fight the idea that as I am debt free I can go ahead and splurge more often......

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 2
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2960
    Other income............................ 1000
    Total monthly income.................... 3960

    Monthly Expense Details
    Mortgage................................ 1176
    Council tax............................. 225
    Electricity............................. 35
    Gas..................................... 35
    Water rates............................. 29.06
    TV Licence.............................. 12
    Landline/Internet/Cable TV...................... 45
    Groceries etc. ......................... 180
    Clothing/dry cleaning................................ 15
    Petrol...................................... 10
    Road tax................................ 27
    Car Insurance........................... 21
    Car maintenance (including MOT)......... 13
    Car parking............................. 0
    Other travel............................ 225
    Medical (prescriptions, dentist etc).... 11
    Buildings insurance..................... 10
    Contents insurance...................... 12
    Haircuts................................ 10
    Total monthly expenses.................. 2091.06

    Assets
    Cash.................................... 560
    House value (Gross)..................... 420000
    Car(s).................................. 1500
    Other assets............................ 10000
    Total Assets............................ 432060


    Secured & HP Debts
    Description
    Mortgage...................... 186000
    Total secured & HP debts...... 186000

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Natwest........................1700......30........0
    Barclaycard ...................1684......30........0
    Total unsecured debts..........3384......60

    Monthly Budget Summary
    Total monthly income.................... 3,960
    Expenses (including secured debts)... 2,091.06
    Available for debt repayments........... 1,868.94

    Monthly unsecured debt repayments....... 60
    Amount left after debt repayments....... 1,808.94

    Personal Balance Sheet Summary
    Total assets............................... 432,060
    Total secured debt.................... -186,000
    Total unsecured debt.................... -3,384
    Net Assets.............................. 242,676
    Nearly debt free
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