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  • FIRST POST
    K-Lye
    A success story.. *almost*
    • #1
    • 4th Nov 06, 1:18 PM
    A success story.. *almost* 4th Nov 06 at 1:18 PM
    Hi, I've been a regular on MSE for some time now. I've rarely posted but have done a fair amount of soaking up valuable ideas and techniques. As most of us are probably all too aware, debt is something that is so easy to fall into but oh so challenging to get out of :rolleyes:

    For those fresh into this battle, it can seem quite daunting. I should know as I had a serious amount of debt and I'm now tantalisingly close to winning my own personal war against the £35,000 thorn in my side.

    The reasons for most of my debt, like most, are varied but ultimately due to my failure to face up to my financial situation. Things changed when on a day in October 2004 I faced reality. I'd just taken on my first mortgage with my partner and knew that if we were going to make it, I was going to have to deal with this debt.

    I resolved to do what was necessary and went about seeking advice from friends, professionals & sites like this. For the next two years, I did everything I could to earn as much money as possible and plough it all into the debt. I worked hard and got a pay rise, Ebay'd till the cows came home, did ovetime & even worked a second job.

    I got rid of all non-essential items (do you *really* need Sky?) and cancelled all outgoings bar my phone, gym & home costs (mortgage, gas, etc). I learned to live off £300 a month for all food and expenses - which is honestly sufficient to enjoy yourself and still have a good social life!

    I sold my car and used public transport for all my commuting. This alone saved me a small fortune in insurance, tax, petrol & running costs. Lets face it - a car is a luxury.

    I got savvy with my money and renegotiated absolutely everything. Credit cards moved to 0% interest, phone bills were cut in half, utility bills were slashed, I even moved my loan on to a lower interest rate with the same bank. Most of the ideas came from MSE!

    During all this, I still managed to go on a couple of short holidays. Burnout is counterproductive and when you're pushing this hard, you need to take a break. I did, and didn't feel guilty about it because even my holiday was a bargain!

    I planned and monitored every penny and kept it all listed on an excel spreadsheet. The exact figure when I started was £35,061.64. At this very point in time, I owe a grand total of £2,276.58. I managed my money regularly and even started looking forward to checking my statements just so I could confirm how much I paid off each month!

    If I continue, I will be debt free within the next 8 weeks. I am however planning a short break as as my father will be visiting from overseas so I'll be taking him around on a bit of a tour. Ultimately, I know that by the 1st January 2007 I will have achieved the goal I set myself 2 years ago. I expect a bottle of bubbly will be in order!

    Anyway, It's certainly not my intention to brag about this (I considered not posting this at all). It is my hope that to those curently embroiled or just embarking on this fight, that they can draw some inspriation and courage from my story and to do what needs to be done because there is definitely light at the end of the tunnel


    Last edited by MSE Andrea; 07-11-2006 at 5:24 PM.
    I imagine bugs and girls have a dim suspicion that nature played a cruel trick on them, but they lack the intelligence to really comprehend the magnitude of it. -- Calvin & Hobbes
Page 1
    • loneranger
    • By loneranger 4th Nov 06, 1:26 PM
    • 256 Posts
    • 107 Thanks
    loneranger
    • #2
    • 4th Nov 06, 1:26 PM
    • #2
    • 4th Nov 06, 1:26 PM
    K-Lye, you brag as much as you want, well done you.I am just at the beginning and fairly daunted at the prospect. It helps to hear success stories and any tips on how you got there.Enjoy your bubbly in January and raise a glass to those of us that are still on the trail of being debt free.
  • mykidsmum
    • #3
    • 4th Nov 06, 1:27 PM
    • #3
    • 4th Nov 06, 1:27 PM
    wow! congratulations!!!!!!!
    As I am having a day from h*ll it cheers me up to read of people like you!
    it can be done!
    s
    • Catseyez
    • By Catseyez 4th Nov 06, 1:31 PM
    • 935 Posts
    • 716 Thanks
    Catseyez
    • #4
    • 4th Nov 06, 1:31 PM
    • #4
    • 4th Nov 06, 1:31 PM
    Wow, that's brilliant!

    Thank you for posting as I'm sure this will help to inspire others who are in a similar situation.

    This is a classic example of how steely determination and perseverance can really pay off!

    CONGRATULATIONS!!!!
    • MustStopSpending
    • By MustStopSpending 4th Nov 06, 1:32 PM
    • 302 Posts
    • 145 Thanks
    MustStopSpending
    • #5
    • 4th Nov 06, 1:32 PM
    • #5
    • 4th Nov 06, 1:32 PM
    Your post is an inspiration that those of us still working on debt need to keep us going. One day I will do the same!

    CONGRATULATIONS!!!
    • itsarichmansworld
    • By itsarichmansworld 4th Nov 06, 1:35 PM
    • 1,409 Posts
    • 879 Thanks
    itsarichmansworld
    • #6
    • 4th Nov 06, 1:35 PM
    • #6
    • 4th Nov 06, 1:35 PM
    Thats brill K well done!

    Cant wait for that day to come!
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
    • richardvc
    • By richardvc 4th Nov 06, 1:36 PM
    • 1,098 Posts
    • 1,454 Thanks
    richardvc
    • #7
    • 4th Nov 06, 1:36 PM
    • #7
    • 4th Nov 06, 1:36 PM
    Top story - I hope to be where you are in the next couple of years.

    I am sure that it will either get someone to pull their head out of the sand and face the debt demon or further encourage those of us in debt to tackle it that little bit harder.

    Well done to you and thanks !!
    Thanks to MSE I cleared 37k of debt in five years. I was lucky enough to meet Martin and thank him personally
    • saubryn
    • By saubryn 4th Nov 06, 3:00 PM
    • 600 Posts
    • 264 Thanks
    saubryn
    • #8
    • 4th Nov 06, 3:00 PM
    • #8
    • 4th Nov 06, 3:00 PM
    Wow, you've done really well! Enjoy that break, and look forward to January!

    Congratulations!
    DFW Nerd No. 140
    Status as of 30/11/12
    Rent 2500 Council Tax 800 NlPower - 800 IF - 8000 British Gas - 112 - 102 Lloyds - 1123
    Barclays - 306 Barclaycard 1,123 HSBC - 200 Capital 1- 400 Barclayloan - 4500
    • Rachie B
    • By Rachie B 4th Nov 06, 3:29 PM
    • 8,719 Posts
    • 5,329 Thanks
    Rachie B
    • #9
    • 4th Nov 06, 3:29 PM
    • #9
    • 4th Nov 06, 3:29 PM
    well done and enjoy your break
  • Headintheclouds
    Brilliant - that's cheered up my day no end...congrats! Have a wonderful holiday with your dad
  • Mrs Sparkle
    Well if I were you I'd be bragging loudly to anyone who'd listen!!!

    Huge congratulations to you- I find stories like yours very inspiring and encouraging. There are a lot of us who've found ourselves in a similar position with considerable debt and it's nice to think that all the hard work will eventually pay off. Enjoy your break- you deserve it!
    Debt at highest May 2006: 27,472.24
    currently: 13,353.25
    DFW Nerd 178
    Proud to be dealing with my debts
    • lil_me
    • By lil_me 4th Nov 06, 3:59 PM
    • 13,109 Posts
    • 115,329 Thanks
    lil_me
    thanks for sharing that, inspiring
    One day I might be more organised...........:confused:
    GC: 250.00
    Slinkies target 2018 - another 70lb off (half way to what the NHS says) so far 25lb
    • beverleyhills
    • By beverleyhills 4th Nov 06, 4:10 PM
    • 735 Posts
    • 559 Thanks
    beverleyhills
    Thank you for sharing your story. Congratulations on your achievement. Hope that you will hang out on this board to help others.
    'You can't change the past, you can only change the future' Gary Boulet.

    'Show me the person who never makes a mistake and I'll show you the person who never makes anything'. Anon
  • K-Lye
    Thanks everyone. I'm so glad my story has given people some positive vibes. I know that there were times when things were depressinly tough and I'd ask myself whheter I'd *ever* be debt free. Now though, being so close, it's just such an exhilarting feeling. I can't wait and I'll definitely be back to let everyone know when the day arrives!

    What's really funny though, is that whilst I'm planning easing off the gas a tad and allow myself a luxury or two when I get there, my focus hasn't really changed! I'm already thinking of ways that I can tackle my mortgage and starting to apply what I've learnt so I can actually start making money!
    I imagine bugs and girls have a dim suspicion that nature played a cruel trick on them, but they lack the intelligence to really comprehend the magnitude of it. -- Calvin & Hobbes
  • Seaxwyn
    thanks
    Thank you K-Lye. Your post has given me a huge boost as I owe 35,000 like you did, and had been feeling it was completely impossible ever to pay it off. That you have paid that amount off in such a short time is a huge inspiration. Thanks for posting.
    • oops a daisy
    • By oops a daisy 4th Nov 06, 10:17 PM
    • 2,427 Posts
    • 3,467 Thanks
    oops a daisy
    Well done K-Lye . Thankyou for posting your inspiring story
    Official DFW Nerd Club Member #37 Debt free Feb 07
    • MascaraMinx
    • By MascaraMinx 4th Nov 06, 10:29 PM
    • 339 Posts
    • 234 Thanks
    MascaraMinx
    Brilliant! That's a great story, I'm glad you posted. I owe less than you did but still feel like it will never go away. But also like you I'm aspiring to the mortgage-free wannabe board too
  • oakdale_minx
    Wow - well done - you deserve the applause, and you deserve the holidays.

    i'm tryin to be be free in just under 4 years and your story is an inspiration.
  • charlotte3
    WOW! I'm so glad you did post your story! It's great to hear the positive things in regards to managing debt. I'm sure your post will be a great inspiration and incentive to many fellow MSE'ers!
    Sexkitten

    Good things come to those who wait......... but the best will be taken by those who got there first


  • rarele
    Well done - what a fantastic acheivement

    It's exactly this sort of post I need at the moment to keep me going. So thanks K-Lye & many congratulations

    R
    Proud to be dealing with my debts
    Debt Free by "sometime" in 2010
    2 Coin Savers Club 22 Started again after saving and spending 96 for Xmas
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