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  • FIRST POST
    • Ridmeofdebt
    • By Ridmeofdebt 18th Apr 11, 1:19 PM
    • 14Posts
    • 5Thanks
    Ridmeofdebt
    I want the world to know what I have done today.
    • #1
    • 18th Apr 11, 1:19 PM
    I want the world to know what I have done today. 18th Apr 11 at 1:19 PM
    I have transferred my notes from another forum as I wanted to keep this as a diary.
    Plan to get rid of debt but nervous - need some support
    This morning I woke up and decided that this is the week to do it.
    I have totalled up all my debts
    Credit card 1 - 1462.18
    Credit card 2 - 301.97
    Loan settlement figure 16,171.25
    Car loan settlement figure 2571.88
    Total debt 20,507.28

    Total savings 19,035.64

    If I pay off the debt with my savings then I will be 621.23 better off as well as the original 1000 that I also put away so will be 1620.00 better off per month to start my real savings. In a year I will have real savings of 19,000. I am ready to take the plunge and clear the debts but am really nervous about it.

    Other than this I have a mortgage on my property and 2 mortgages on buy to let properties. The buy to let properties are fully covered by the rental income and I have an emergency fund of 3700 to cover any emergencies on the buy to let properties which I have not included in my total saving above.
    There is one other credit card debt which was run up by an ex- boyfriend 5600 which he pays me 100 per month to cover.

    Am I doing the right thing or am I going to leave myself open to worry with no savings. By the 1st of May I will have 1600 to put into savings so why am I worrying or is it normal to think that I am doing the wrong thing even though I know it will be better for me in the long run.

    I gave up meat for lent and for some reason see off loading my debt as a good way to celebrate Easter.




    Well I have started the ball rolling.



    I have just cleared my loan of 16,171.25 with my savings



    Total debt left is now 4336.03


    Total savings is now 2864.39



    I am now going to raid another of my accounts to pay off the car loan. Watch this space.



    I have just been to the bank and cleared the Car loan. I am now on a roll.


    Total debt left is now 1764.15


    Total savings is now 292.51



    Still feel weird that I have done this but I know I am doing the right thing.



    Just did the final calculations
    The total debt left is 1728.10
    Payday next week.
    Debts you are finally going DOWN!!!!!

    I am more than happy to have a mortgage as my only debt. Good riddance to the debt. I will sleep easier now. As for holidays I am more than happy to holiday in the UK. I have a nice garden so I am going to take up gardening.


Page 1
  • life in termoil
    • #2
    • 18th Apr 11, 2:43 PM
    • #2
    • 18th Apr 11, 2:43 PM
    You seem to be on a roll. Your doing FANTASTIC. Keep up the good work x
    Sealed Pot Challenge member #982
    In 2012 I pledge to:- Save 1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.
    • Ridmeofdebt
    • By Ridmeofdebt 18th Apr 11, 7:58 PM
    • 14 Posts
    • 5 Thanks
    Ridmeofdebt
    • #3
    • 18th Apr 11, 7:58 PM
    Thank you for you kind words.
    • #3
    • 18th Apr 11, 7:58 PM
    Thank you for you kind words. A part of me feels that I should have used the money for something else. Why does trying to get rid of debt make me feel a bit sad at times. It is a comfort blanket that is hard to get out of. I need to find the strength not to go down that road again. It was all for good reasons but reading all the posts of this forum made me realise that I am not alone. Now the work needs to start on the mortgage. That's going to be a big challenge.
  • life in termoil
    • #4
    • 19th Apr 11, 12:06 AM
    • #4
    • 19th Apr 11, 12:06 AM
    Keep chipping away, you'll get there
    Sealed Pot Challenge member #982
    In 2012 I pledge to:- Save 1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.
  • redbull5
    • #5
    • 19th Apr 11, 1:10 AM
    • #5
    • 19th Apr 11, 1:10 AM
    well done, you have done great so far, keep going and itl get easier
    From England - Live in Edinburgh and work as a bus driver
    • Ridmeofdebt
    • By Ridmeofdebt 16th Apr 18, 9:33 PM
    • 14 Posts
    • 5 Thanks
    Ridmeofdebt
    • #6
    • 16th Apr 18, 9:33 PM
    • #6
    • 16th Apr 18, 9:33 PM
    Wow just checked up on this post of mine. Wow that was 7 years ago.
    Since then I have 10 years left to pay on my mortgage and them boom I was made redundant so have taken a year off to retrain for another career, finish my MA and get my mojo back. Savings are dwindling and I need to find a job soon. I only have my mortgages left and have no other debts so I am really pleased with that. I only spend what I have and don't intend to go down the route of the kind of debt I had 7 years ago again. I could have put a dent into my mortgage with some of my redundancy money but thought it would be better to spend it on retraining, whilst still keeping some for savings. When I get another job I can start to overpay again.

    Reading my original post has put a smile on my face.
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