I thought it was good timing to bring you an update on my current debt situation. We have spoken often about what has happened but I have never produced my results. For anyone else in severe debt who has been following this debt, my hope is that it will serve as an inspiration.
What you need to remember is that however much pressure you are under, from fear and creditors, it is important to still pay what you can. I have managed to do this all year, even if it meant a week of eating beans on toast! Anyway, I digress, here below is the progress report.
Debt/Loan Start of 2014 End of 2014
Car loan £3800 £1700
Personal Loan £1000 £150
Personal Loan £1200 £740
Tax Debt £39,400 £3850 (this is non company tax debt, as in not what was written off)
H/owner Loan £1800 £0
Total cleared this year: £39,780
I think you will agree that is a superb effort, and it has left me with hardly anything but I am confident that 2015 will see me debt free. Obviously I had to give up and go insolvent for the company debt, which is a separate £24,000 but I cannot take credit for clearing that.
Added on the debt is £1700, which is the amount left to pay for the insolvency. This is not a debt currently, more of a bill to pay within the next 2 months.
When I read my own figures, it pleases me. It is a hell of a struggle, getting out of debt. It involves tears, stress, discipline, admin, shame etc. The point is, I will get there. I hope you all will too.