PH Debt-free wannabe thread!
Discussion
Ecosseven said:
I had over £180k mortgage debt when I bought my house in 2006. I also had a £7k car loan. When the recession hit in 2008 I was fortunately working out in the middle east on a decent tax free salary. I made the decision to put in a few years hard graft to reduce my debt. I now have a mortgage balance of less than £50k and no other debt. It's an absolutely fantastic feeling having the debt under control. The best thing is having the opportunity to take a lower paid job if I wanted to and still manage to pay the bills. After the hard graft in the middle east I find that achieving a good work / life balance is very rewarding.
My plan too. From January, I will be able to overpay/save £1600-£2000PCM. Can't wait to take huge chunks out of this mortgage. Office_Monkey said:
I have a pushbike that I no longer use if you like? Isn't anything fancy, but have moved too far to commute on it (got the motorbike for that). Have a trackday at Donington on the 7th Aug so won't be too far for you to come, let me know.
Rat_Fink, this is a sincere offer, I won't want any payment for it. Let me know as I'll have to arrange to collect it (have left it at the parent's)Might seem like small fry to you guys, but thought I'd contribute as well after also deciding to sort myself out and have a solid drive at reducing the debt I'm in. At 24 I've been incredibly childish when it comes to managing money, a borderline addiction to Ebay and car/bike related toys combined with a few expensive hobbies (mountain biking, road cycling, off roading trials in my Land Rover and car and motorbike track days) have resulted in me owing a bit more than I'd like to.
Luckily my Dad shares the Land Rover bug our family has so I managed to sell him my off road prepared Defender 90 that I'd completed a ground up rebuild on, which was tough but he gave me a reasonable price on it and it was sold on the condition that if he ever wants to sell it on I want first refusal and I'll do everything in my power to get the funds to buy it back.
That took a big chunk out of my debt (£3k or so) leaving me now with approx £5600 left to pay off, a £1500 overdraft and £1300 credit card, and £2800 left on a £5k personal loan.
Living with my partner and her two children in a rented property means that chipping away at owed money is a slow and painful process, but in terms of petrol powered toys I've got a 2001 Suzuki GSXR 600 and a 1999 Kawasaki Ninja in the garage at my parents, and now my only car is a 97 Impreza Turbo. I'm sure I can reduce that to a more affordable fleet somehow while still being able to have some fun
Plan is the Ninja and the Scooby I hope should net me about £2500 between them once sold, which would all but clear my overdraft and credit card as they're the higher interest rates leaving just the loan to go. Wish me luck!
Luckily my Dad shares the Land Rover bug our family has so I managed to sell him my off road prepared Defender 90 that I'd completed a ground up rebuild on, which was tough but he gave me a reasonable price on it and it was sold on the condition that if he ever wants to sell it on I want first refusal and I'll do everything in my power to get the funds to buy it back.
That took a big chunk out of my debt (£3k or so) leaving me now with approx £5600 left to pay off, a £1500 overdraft and £1300 credit card, and £2800 left on a £5k personal loan.
Living with my partner and her two children in a rented property means that chipping away at owed money is a slow and painful process, but in terms of petrol powered toys I've got a 2001 Suzuki GSXR 600 and a 1999 Kawasaki Ninja in the garage at my parents, and now my only car is a 97 Impreza Turbo. I'm sure I can reduce that to a more affordable fleet somehow while still being able to have some fun
Plan is the Ninja and the Scooby I hope should net me about £2500 between them once sold, which would all but clear my overdraft and credit card as they're the higher interest rates leaving just the loan to go. Wish me luck!Have previously been very silly with car finance, overdrafts and loans to pay off the above. Currently owe about £10k, am chipping away at it. Can't wait to get fully into the black, without spending £300-odd a month on my previous (admittedly car-based) fannying about.
Just have to resist the urge to buy more cars... I'm currently doing without while I get myself back on my feet after some job-related issues. I will get there.
Just have to resist the urge to buy more cars... I'm currently doing without while I get myself back on my feet after some job-related issues. I will get there.
ShampooEfficient said:
have to resist the urge to buy more cars... I'm currently doing without while I get myself back on my feet after some job-related issues. I will get there.
That's my problem. I've got dosh in the bank, and I quite like my current car, but I don't love it and keep thinking I want something else. It needs a few quid spending on it and I keep using that fact to try and justify something else. Must resist.TameRacingDriver said:
That's my problem. I've got dosh in the bank, and I quite like my current car, but I don't love it and keep thinking I want something else. It needs a few quid spending on it and I keep using that fact to try and justify something else. Must resist.
I'm the same, I'm thinking of replacing the Subaru with something like a diesel Golf GTI, but I'm already looking at my options for bigger intercoolers and remaps before I've even got the car I have spent over 3 years following the Arsenal everywhere home and away and ran up over 12k's worth of debts,
I have now took on shift at work at work which earns me alot more money and means i work 1 in 2 weekends so i dont spend as much money and only go to about 2 games a month, It kills me not going but i have to be sensible and cant keep going when i cant afford it.
The best thing i have done is created a spreadsheet with all my debts on that i update every monday after the weekend This really keeps my mind on it as i can keep track of my debts going down and i have knocked off over 2k since march this year,
I have now took on shift at work at work which earns me alot more money and means i work 1 in 2 weekends so i dont spend as much money and only go to about 2 games a month, It kills me not going but i have to be sensible and cant keep going when i cant afford it.
The best thing i have done is created a spreadsheet with all my debts on that i update every monday after the weekend This really keeps my mind on it as i can keep track of my debts going down and i have knocked off over 2k since march this year,
arsenalmorris said:
I have spent over 3 years following the Arsenal everywhere home and away and ran up over 12k's worth of debts,
I have now took on shift at work at work which earns me alot more money and means i work 1 in 2 weekends so i dont spend as much money and only go to about 2 games a month, It kills me not going but i have to be sensible and cant keep going when i cant afford it.
The best thing i have done is created a spreadsheet with all my debts on that i update every monday after the weekend This really keeps my mind on it as i can keep track of my debts going down and i have knocked off over 2k since march this year,
Have you gone through the fixed costs (utilities,Internet landline house ins annual holiday ins car ins mot etc etc) get the costs all down in a list then use uswitch compare the market etc I have now took on shift at work at work which earns me alot more money and means i work 1 in 2 weekends so i dont spend as much money and only go to about 2 games a month, It kills me not going but i have to be sensible and cant keep going when i cant afford it.
The best thing i have done is created a spreadsheet with all my debts on that i update every monday after the weekend This really keeps my mind on it as i can keep track of my debts going down and i have knocked off over 2k since march this year,
This should save you a decent whack on your current situation. Also another thing to consider is IF you have sky and lets say you cancel it or just have the free sat channels after a year you'll likely be saving up to £1k worth doing until the debt is clear.
Write down a shopping list don't shop without - also shop for food online it keeps you mindful of what your spending.
If your mobile contract is up switch to a sim only for a year maybe stretch to two years sim only by that time your phone will be 4 years old so past if however you'll have saved maybe £500-800.
Try the use your existing clothes for an extra year maybe not fashionable but you'll probably save a good £500-1.5k depending on war you usually spend on clothing.
Welshbeef said:
Have you gone through the fixed costs (utilities,Internet landline house ins annual holiday ins car ins mot etc etc) get the costs all down in a list then use uswitch compare the market etc
This should save you a decent whack on your current situation. Also another thing to consider is IF you have sky and lets say you cancel it or just have the free sat channels after a year you'll likely be saving up to £1k worth doing until the debt is clear.
Write down a shopping list don't shop without - also shop for food online it keeps you mindful of what your spending.
If your mobile contract is up switch to a sim only for a year maybe stretch to two years sim only by that time your phone will be 4 years old so past if however you'll have saved maybe £500-800.
Try the use your existing clothes for an extra year maybe not fashionable but you'll probably save a good £500-1.5k depending on war you usually spend on clothing.
That's all great advice. When I shifted my car loan, phone contract and so on, I ended up feeling like a big weight had been lifted from my shoulders. The knowledge that you actually own the things, and you have a load more cash, is a very nice sensation.This should save you a decent whack on your current situation. Also another thing to consider is IF you have sky and lets say you cancel it or just have the free sat channels after a year you'll likely be saving up to £1k worth doing until the debt is clear.
Write down a shopping list don't shop without - also shop for food online it keeps you mindful of what your spending.
If your mobile contract is up switch to a sim only for a year maybe stretch to two years sim only by that time your phone will be 4 years old so past if however you'll have saved maybe £500-800.
Try the use your existing clothes for an extra year maybe not fashionable but you'll probably save a good £500-1.5k depending on war you usually spend on clothing.
Gwagon111 said:
That's all great advice. When I shifted my car loan, phone contract and so on, I ended up feeling like a big weight had been lifted from my shoulders. The knowledge that you actually own the things, and you have a load more cash, is a very nice sensation.
With what I had posted above its a free payrise really. So unless your getting promoted or changing jobs you may see 1-3% but sorting out the list in my pot will give you far more than that. Hope it works out for you guys.
Debt free or debt under control means stress reduction
hadenough! said:
Welshbeef and g wagon, are you one and the same? Just noticed the mars bar connection in the titles of your closed threads...
No, we're not the same person. You're right about the 'mars bar' thing though. Apparently it's a word on a list, that the mods can use to change a NSFW word, in a thread title.Welshbeef said:
Have you gone through the fixed costs (utilities,Internet landline house ins annual holiday ins car ins mot etc etc) get the costs all down in a list then use uswitch compare the market etc
This should save you a decent whack on your current situation. Also another thing to consider is IF you have sky and lets say you cancel it or just have the free sat channels after a year you'll likely be saving up to £1k worth doing until the debt is clear.
Write down a shopping list don't shop without - also shop for food online it keeps you mindful of what your spending.
If your mobile contract is up switch to a sim only for a year maybe stretch to two years sim only by that time your phone will be 4 years old so past if however you'll have saved maybe £500-800.
Try the use your existing clothes for an extra year maybe not fashionable but you'll probably save a good £500-1.5k depending on war you usually spend on clothing.
Great advice, with ref to all the above I only moved out about 3 months ago for the first time and it is with a mate, the house is my dads and is rent free for me, all my bills including my phone bill come to roughly £250 a month for my so isnt bad at all, as a friend works for sky I got that and all the internet and phone half price,This should save you a decent whack on your current situation. Also another thing to consider is IF you have sky and lets say you cancel it or just have the free sat channels after a year you'll likely be saving up to £1k worth doing until the debt is clear.
Write down a shopping list don't shop without - also shop for food online it keeps you mindful of what your spending.
If your mobile contract is up switch to a sim only for a year maybe stretch to two years sim only by that time your phone will be 4 years old so past if however you'll have saved maybe £500-800.
Try the use your existing clothes for an extra year maybe not fashionable but you'll probably save a good £500-1.5k depending on war you usually spend on clothing.
This is an interesting thread, I had a similar debt issue 1.5 years ago where my business went pop and unfortunately the personal guaranteed o/d's with the bank and a few of the debts didn't go quite as quick as the work and cash did!
Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
HandsomeBob said:
This is an interesting thread, I had a similar debt issue 1.5 years ago where my business went pop and unfortunately the personal guaranteed o/d's with the bank and a few of the debts didn't go quite as quick as the work and cash did!
Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
This sounds like a positive to story however, working 8am to 2am every day doesn't sound like freedom to me?Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
skahigh said:
HandsomeBob said:
This is an interesting thread, I had a similar debt issue 1.5 years ago where my business went pop and unfortunately the personal guaranteed o/d's with the bank and a few of the debts didn't go quite as quick as the work and cash did!
Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
This sounds like a positive to story however, working 8am to 2am every day doesn't sound like freedom to me?Horrid experience with over £60k debt, I put together a realistic strategy to overcome this problem with timeframes (very important for checking progress) and over the year I increased my work load (setting up 3 businesses) and working every hour god sent. Today I am debt free, own a property with my gf and all the assets and work ethic I had developed is still with me now and working 8am - 2am every day is the norm and allows me to continue the amount of money I was earning to pay off the huge debt, instead I am able to save/invest and have freedom that I didn't have 1.5 years ago.
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