Tag Archives: payments

March brings a major milestone

Hello again all

Once more I have spent weeks being busy with work and home, all good again.  Work is going very well but I have been chasing endless paperwork to bring extra money in.   I have finally been successful in closing down an old policy which was deducting a minor amount from my account each month.  This was the fabled PPI claim, I have been successful before but not on this one however I have now been able to stop the money coming out.  No refund sadly but no more payments, so still a victory.

So then, onto big news.  The March payday (26th) brings exciting news for me!   Avid readers of the blog (although the blog has been somewhat quiet recently) will know how huge this debt was and what lengths I have gone to to get rid of it.   Well, on this payday, 2 amounts of money go out of my bank account which are the FINAL payments on TWO loans.   Yes yes yes…2 loans both finish on March 26th.

This means spare income of £375 a month.  That is huge to me, and justifies the decision I made NOT to lower my payments or move to a weaker payment plan.   I cannot tell you the joy I feel but there is more…so read on.

I qualified for my bonus, which also pays out in March.  Readers will recall I was leant some money by family members which I have paid back all bar £1500.   I can now pay that back in one go, yes in one payment.

I am in the unusual position of having a large payment coming to me in March but using my debt management experience I am paying it straight out.  No nice treats for me, they will come later I hope.  It is better to pay things when you get extra funds.

So, 2 loans finish and a family debt completed returned.  That family loan was £6500 by the way.

I am getting there my friends, slowly the clouds are clearing.   I read so many other blogs around this subject of debt, mine was made worse by the affair and divorce and other issues, but if you fight hard enough you can make it.

Always chase every penny, sell what you can, win what you can, be savvy and you can make it.  I am so very close, so close in fact that I can tell you that by the end of the year I should only owe £9000.   That’s still a lot you say?  Is it though, my debt was over £100K.

I honestly cannot wait for payday, so see those final amounts go out and the direct debits drop to ‘finished’ state.

The path to financial freedom is almost available my friends, and when it is, I will step onto it and help whoever I can.

Debt update

Hi all

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.