Three fifths down

I love blogging.  I don't do it anywhere near enough as I would like to, but I'm trying to change this.  As hobbies go, it's relatively safe and inexpensive.

Which brings me to this latest update.  I have now successfully paid off 3/5 of my total debt.  This has not been without it's challenges, as I recently had to get a new car.  I would have preferred not to, but my old one was dead - literally dead.  It had reached the end of it's life, and there was no hope for it.

I still have £22000 to go, and that should be paid off in the coming years.  A good thing for me to remember is that three accounts will be paid off by the end of this year.  That means more money for the bigger accounts.  I know it's not much, but psychologically it makes a difference to me.  £10000 of this is part of my mortgage which had to be separated in my debt management plan, so not really unsecured debt in a round-about kind of way.

I also had to get work done on the roof recently.  This cost £1000, which took a lot of hard saving and a visit to the bank of mum and dad.  A few years ago I would have, and in fact did, put it off again and again as I didn't have the money.  Now though, I can see the light at the end of the tunnel and had the confidence to get the job done, especially as it rains here a lot!!

One thing which has helped me a lot is saving my change in a jar.  It's simple,and sounds too simple, but for me it really works.  Whatever I withdraw from the bank, I save what I don't use in my jar.  That way, it can build up and lets me put money back into my account or use as needed.  I tend to lose track of debit card or contactless transactions, so a physical withdrawal is important in my mind.  It allows for easier counting and budgeting as it comes off the account straight away, not after a few days like card transactions.  But it's worth remembering that not everything works for everyone.

So, this is a wee updated as to where I am, and I don't want it to turn into a rambling mess.  More will follow soon, maybe even some actual advice from what has helped me!!

Halfway there

I don't post an awful lot on this blog, simply because from month to month I often don't have a lot to say, or things haven't really changed.  But next month I hit a very significant milestone, as I pass the halfway point in getting rid of our family's debt mountain.

It has been a long time coming, nearly six years exactly, but there is even better news - I've managed to up my payments, meaning that the next half of the debt should be paid even faster!!

To put this into perspective, I've not suddenly come into money, nor have I been cutting back wildly.  It's been a long slog, and patience has paid a massive part in getting here.  It has been a long six years, but they have been good in terms of debt reduction.

The phrase "it's all downhill from here" is in my mind as I type this, and I hope that it can be an encouragement to anyone who reads this and finds themselves in the predicament I was in six years ago - heavily indebted and almost at the point where I had to give up.  I had spent too much that I didn't have for too long, and it nearly killed me.

I took on the services of a debt charity, who created a debt management plan, which I have stuck to rigidly.  If I wanted something, I had to learn to budget for it properly.  It was very hard at the beginning, but it's second nature now.  I have learned what is and is not worth it.

So please, if you find yourself in a similar situation, get advice, get a plan and get out of debt, however long it takes. 

Still going strong

Just a short and sweet update tonight.

Things continue to go in the right direction, and I'm only a few short months away from crossing the total debt halfway point.

This is going to be a milestone worth shouting from the rooftops, I literally cannot wait as the worst is behind me and the end will be firmly in my sights.

It hasn't been easy getting here. Five years of cutting, scrimping and saving have taken their toll, but it has been worth it.

No more debt again, I promise! And if anyone is in a similar problem and is reading my blog for the first time, be assured with hard work and patience you will get there!!

Onwards

Again, it's been a while since I lost blogged about my debt. I really do need to keep at it, but real life can be so distracting!

The debt continues to fall, no new additions for some time now, but it has been a long slog to get here.

One of the hardest things I have found is getting used to being stuck in a bit of a rut, whilst seeing others moving on and making changes.  The days of spending and worrying about it at an unspecified later time are gone.

I would love to be able to buy things like the old days, but it can't happen.  We now have to save or do without. It can be difficult,  but it's the only sensible option.

If anybody reading this is going through someting similar,  then I can say it does get better. The change in lifestyle hurts, but it's worth it.

Long time coming

It's been over a year since my last post. I have lots going on, and this has been the last thing in my mind. That said, the debt continues to fall. 

Since last September, unsecured debt has reduced by a further £3500. It has been difficult living with reduced spending power, but it is most definitely worth it. 

I can't wait for the day we are completely free from the scourge of using money. I don't ever want debt in the future, I don't want to feel the way I did when I first got help, and I don't want my kids to grow up seeing that debt and struggles are the norm. 

Hope for the future

I am about to cross a wonderful point in our family's fight against a mountain of debt.  Unsecured debt that is.  The type of mortgage I have means that some of it shows as unsecured, however I don't count that in my "true" unsecured, because ultimately it is part of the secured loan (in a round about way).

When I was young and silly, I took put a loan for £25000 to "consolidate" all of my outstanding loans, credit cards, car loans and overdrafts.  Stupidly, I didn't learn the lesson at that time and stop spending.  I continued to use my credit cards, because let's face it, they were empty and begging to be maxed!!

I have now crossed the threshold of £25000, meaning that the huge loan will now be slashed, and the additional purchases are gone.  This has been a long journey and a very tough lesson, the proverbial bitter pill to swallow, but it feels good.  So good.

If I can give any advice to rewards with money problems, it is this:  Don't give up hope, get a payment agreement and stick to it.  You will find it to be the bets thing you ever did, knowing that you are on the track to freedom from debt.

Bleeding Chancers

While I was at work today, my wife received a phone call from someone claiming to be "Freedom Finance", asking to speak to me about a bond we took out a few years ago.

Now, I have never used the services of any such company, and wouldn't pay any company to do something which can be achieved for free with more reputable organisations.

It is the barefaced cheek of it that really annoys me. How dare anybody make a phone all claiming to be from such a company to speak about an imaginary loan or bond?  

At the time of this post, they have yet to call back. If they do, I'll be ready - they will not be getting one over on me, or anyone else if I can help it. 

Whilst I have no sympathy for the financial sector, companies like this give it an even worse name. We must stand our ground against all forms of fraud and financial trickery, whether it is a call from a bunch of chancers or our friendly local bank manager.