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Original poster

Finally debt free!

55 replies

BarclaycardBosh · 19/10/2023 10:45

A few years ago I got into a major mess with money through my own stupidity and lack of income exacerbated by the pandemic. Long story short I ran up £17,000 on my credit card and was struggling to keep up with repayments. I never missed one, just was utterly skint every single month. Total head in the sand situation, and I didn’t tell anyone including my husband (he knew I had some debt but not to that extent - I have since confessed!).

Barclaycard were brilliant and put me on a 4 year Paydown Plan with a much lower interest rate and manageable repayments. I cried on the phone.

Today, 3 years later (so 1 year early) I have finally PAID IT OFF and am totally debt free apart from our mortgage for the first time in many many years.

I’m so happy this morning but can’t share with my real life people as I’m ashamed I got into such a pickle. But I just wanted to say to those out there with debt to speak to their creditors and make a sensible plan, they will be able to help you.

Celebratory cup of tea and some posh shortbread for me this morning!

OP posts:
LuckyOrMaybe · 19/10/2023 11:22

Well done!

Original poster
BarclaycardBosh · 19/10/2023 11:31

LuckyOrMaybe · 19/10/2023 11:22

Well done!

Thank you, it’s such a huge relief! My income has increased in the last year or so, so now I can focus on saving for other things. Boring things like new carpets and windows, but things nonetheless.

OP posts:
NoSquirrels · 19/10/2023 16:22

That’s brilliant- enjoy the feeling of your savings going up by the amount the debt was going down.

overthinkersanonnymus · 19/10/2023 19:16

Amazing op! Well done you. I'm hoping to be in the same position in around 6 months

Original poster
BarclaycardBosh · 19/10/2023 20:20

Thank you so much @NoSquirrels and @overthinkersanonnymus its going to make a nice difference to us, can’t wait to get a few treats when I do the next supermarket shop! We’ve decided to enjoy the run up to Christmas and spoil the family a bit for once, and focus on the house jobs in the new year.

I will never get into such a mess again, I feel extreme grateful and relieved I’ve been able to drag myself out of this.

Thanks again!

OP posts:
Original poster
BarclaycardBosh · 19/10/2023 20:25

Oh, and I’ll top up the gas/elec direct debit so I’m not as cold this winter. Exciting times 😂

OP posts:
LoudSnoringDog · 19/10/2023 20:28

I did this about 7 years ago. Racked up lots of CC debt. Managed to clear it all down and now only have the debt of our mortgage. The relief was immense
well done x

Original poster
BarclaycardBosh · 19/10/2023 20:42

LoudSnoringDog · 19/10/2023 20:28

I did this about 7 years ago. Racked up lots of CC debt. Managed to clear it all down and now only have the debt of our mortgage. The relief was immense
well done x

Well done to you too and thanks! I do feel slightly annoyed that B’card kept increasing my limit and enabling my spending but I guess that’s why they slashed the interest and helped me sort it out. I was going to work out how much interest it had cost me, but… what’s done is done… so I’m going to shred all my statements and forget about it now!

OP posts:
Bowbobobo · 20/10/2023 10:08

amazing job, well done!

Original poster
BarclaycardBosh · 20/10/2023 13:01

Cheers @Bowbobobo tucking into some more nice shortbread for lunch pudding. Get me, living it up on lunch pudding. Ha.

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anon2022anon · 20/10/2023 13:02

Well done! Thats absolutely fab news

j1307 · 20/10/2023 13:15

Congrats! Maybe consider switching to a debit card to not be tempted into taking on any CC debt in the future ever again. So often they suck people in from initially smoothing things over into bad situations down the line

Original poster
BarclaycardBosh · 20/10/2023 13:21

Cheers @anon2022anon
@j1307 they are giving me the card back. I’ve had the account for over 25 years and never defaulted, unbelievably the limit was still £17k so I have requested it be dropped to £2k just in case I ever need it. It’s also better to pay for some things by credit card from a section 75 point of view. I’m really confident that if I ever use it it’ll be paid off within the month.

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menopausalmare · 20/10/2023 21:16

That's bloody brilliant 🎉

OllyBJolly · 20/10/2023 21:25

Well done! I was suicidal with the amount of debt I had. Fell into the trap of not opening bills and making minimum payments. Thankfully found MoneySavingExpert and the support on there helped me come up with a plan.

That feeling when I realised I was debt free was just amazing. I’ll never be in debt again- even managed to pay off mortgage early (having defaulted previously).

I know how hard it is. Phenomenal achievement, OP.

Moogoopixie · 21/10/2023 03:48

I owe about 4 thousand pounds debt i pay minimum payment off them I don't work so can't afford to pay it all off in one and also I'm stuck in a 3 bed house I can't afford social housing yes trying to move but easier said than done hopefully in the near future I'll be back in work but my rents £700pcm so won't be much better off

Badbadbunny · 21/10/2023 12:22

Well done, that's amazing. You should feel extremely proud of yourself to tackle it and get rid.

I was in a similar position many, many years ago with my parent's business that was forever in overdraft (steady amount, not rising) and the bank charges/interest meant they could never get out of the overdraft. I found a few ways to chip away at the overdraft, little and often, and some ways to reduce the bank charges. It was one hell of a feeling when we started to make progress and see the overdraft coming down a bit at first, then the interest/charges started to come down a bit too, which caused the snowball effect, and as the months (and years) passed, the reduction in overdraft started to accelerate. A very proud moment when we were finally overdraft free and the shackles were off and they could start to use the money saved in not paying bank charges and interest inyo growing the business!

Little and often is the way! Add in a little patience. Once you start to see the snowball effect you've won the battle!

Original poster
BarclaycardBosh · 21/10/2023 13:48

Thank you so much everyone! I’m still on cloud nine to be honest. Little and often and lots of patience is definitely the way @Badbadbunny . Again, I’m thankful to Barclaycard for essentially marking it as “persistent debt” and forcing me to address it, I can’t tell you how lovely and reasonable they were.

@Moogoopixie you’ve got this. I can only suggest that every little you can manage above your minimum payments will help, even if it’s only a few quid here and there. Keep at it, slowly slowly.

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Original poster
BarclaycardBosh · 28/10/2023 23:34

Got my new card today, happy to have it back. It’s nice and shiny. My account is actually in credit and I have to use the card to activate it, but I PROMISE I will not run up any debt on this. Never again.

Thank you all for your lovely words, and if anyone else is in the same sort of mess, please be strong and make steps sort it all out 😘

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HerbalTeal · 28/10/2023 23:47

That’s brilliant @BarclaycardBosh super well done!! I’ve been in crushing debt most of my adult life but am finally on the path out. I also didn’t tell anyone and it’s such a crushing weight that is never out of my thoughts. Well done again :)

determinedtomakethiswork · 28/10/2023 23:49

That's brilliant. Congratulations. How much will you be saving per month that you used to pay off on your card?

Original poster
BarclaycardBosh · 29/10/2023 00:14

HerbalTeal · 28/10/2023 23:47

That’s brilliant @BarclaycardBosh super well done!! I’ve been in crushing debt most of my adult life but am finally on the path out. I also didn’t tell anyone and it’s such a crushing weight that is never out of my thoughts. Well done again :)

You’ll get there before you know it. The last three years have gone pretty fast. I’ve learned I definitely did not need most of the stuff I’ve bought over the years!

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Original poster
BarclaycardBosh · 29/10/2023 00:27

determinedtomakethiswork · 28/10/2023 23:49

That's brilliant. Congratulations. How much will you be saving per month that you used to pay off on your card?

At least £500-£600 a month from me, more after Xmas. My husband will also be able to save more as I pick up more of the supermarket and petrol costs every week. We’ve already paid off the council tax for 23/24 (I have always tried to pay that in full by December so just cleared what was left). Also need to look at overpaying the mortgage and adding to the kids’ savings accounts. Going to enjoy the run up to Christmas first, though 😁

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Outnumbered99 · 30/10/2023 09:33

OP this is such a brilliant post- well done you! (and everyone else that has done the same). You should very rightly be proud of yourself 😍

SeaToSki · 30/10/2023 09:39

Well done OP. I wish that educating kids on credit card debt and how it works was compulsory at every school. So many people slip into crushing debt situations without quite realising it as it happens and a little more knowledge ahead of time might have prevented or minimized it