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    • Beatle Ray
    • By Beatle Ray 5th Feb 18, 3:46 PM
    • 150Posts
    • 38Thanks
    Beatle Ray
    Debt Free after 30 years
    • #1
    • 5th Feb 18, 3:46 PM
    Debt Free after 30 years 5th Feb 18 at 3:46 PM
    Dear All,

    Just wanted to put here that I'm now debt free, been 30 years since I first took out my first credit card and at my worse was six years ago when I owed 81,000, which was all on credit cards, the business took a hit with a bad debt so all the salaries were reduced by about 25% so that made the situation even worse, took the decision to pay the majority of it off with my inheritance which cleared all but approx. 17K and finally just spoke to Lloyds after paying off the 7K I owed them on Friday, incidentally when I said this was the end of my debt and explained the reasons I got into debt they let me off this months interest, approx. 105 and two overspending limit charges of 12 each, that was a nice bonus, I still have my overdraft to pay which is about 300 but have 600 in my savings account so not too bothered, have cut up all the cards so no temptation to go down that route ever again, on Friday when the payment went through it felt quite liberating and a sense of freedom, going to look at all my standing orders and cancel anything I don't need, silly things like washing machine insurance etc. so when I get paid this month I should be about 700 better off, I paid off 9K on one other card in December, that was 400 a month payment, the LLoyds one was about 200 a month and with the other bits and pieces gone then I should be 700 in the pocket to save and treat myself to a meal out or something just so show that I can have a life and not just go to work and pay bills which is all it has seemed to be for the past decade, the Lloyds card was about 1200 a year in interest, what a waste of money that has been, thanks for all the guidance from everyone with my previous posts, didn't think I would get to this point,
Page 1
    • Smevchenko
    • By Smevchenko 5th Feb 18, 3:54 PM
    • 68 Posts
    • 22 Thanks
    • #2
    • 5th Feb 18, 3:54 PM
    • #2
    • 5th Feb 18, 3:54 PM

    I think a meal out is the least you deserve!
    • sourcrates
    • By sourcrates 5th Feb 18, 3:55 PM
    • 14,021 Posts
    • 13,278 Thanks
    • #3
    • 5th Feb 18, 3:55 PM
    • #3
    • 5th Feb 18, 3:55 PM
    Congratulations on becoming debt free, enjoy that meal out !!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see :
  • National Debtline
    • #4
    • 5th Feb 18, 4:40 PM
    • #4
    • 5th Feb 18, 4:40 PM
    Congrats Beatle Ray, all the best for your debt-free future.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • enjoyyourshoes
    • By enjoyyourshoes 5th Feb 18, 4:49 PM
    • 1,061 Posts
    • 1,300 Thanks
    • #5
    • 5th Feb 18, 4:49 PM
    • #5
    • 5th Feb 18, 4:49 PM
    Hey. well done for the hard work and perseverance.

    I would sort out the OD as ap as I think you may be surprised on how much it costs you.

    have a bottle of beer on me with the meal out ! you deserve it.

    Get into saving with the monies you paid out to the lenders. Regular savers are great way to start accumulating and benefiting from compound interest (year 2 onwards) instead of being a slave to it.
    Debt is a symptom, solve the problem.
    • EssexHebridean
    • By EssexHebridean 6th Feb 18, 12:12 PM
    • 8,680 Posts
    • 45,738 Thanks
    • #6
    • 6th Feb 18, 12:12 PM
    • #6
    • 6th Feb 18, 12:12 PM
    Well done - epic achievement!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/944.19 (15/05/18)
    SOA Calculator for DFW newbies: SOA Calculator
    • purpleheir
    • By purpleheir 9th Feb 18, 1:59 PM
    • 8 Posts
    • 17 Thanks
    • #7
    • 9th Feb 18, 1:59 PM
    • #7
    • 9th Feb 18, 1:59 PM
    Wow congratulations! I bet you are able to breathe much better now!! I hope you will never have to go back to being indebted again. Go celebrate!
    • January2015
    • By January2015 9th Feb 18, 2:04 PM
    • 2,066 Posts
    • 5,145 Thanks
    • #8
    • 9th Feb 18, 2:04 PM
    • #8
    • 9th Feb 18, 2:04 PM
    Congratulations - enjoy being debt free
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    • Purplemumof2
    • By Purplemumof2 13th Feb 18, 6:27 AM
    • 6,070 Posts
    • 22,304 Thanks
    • #9
    • 13th Feb 18, 6:27 AM
    • #9
    • 13th Feb 18, 6:27 AM
    Congratulations on being debt free x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6350.00 Cap 1: 407.72 BC: 6224.59
    AFD xxx LTW 4/17
    POAMAYC 2018 #041 PD 5970.32/7000
    Savings for Christmas 161.42/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
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