How much debt you in ?

[sparkie]

Well done chap! Impressive! How on earth you’ve achieved that though is beyond me. Remarkable! New you is as smart as old you is dumb for getting into that situation in the first place. Could easily have been me or anyone else at what I’m assume was a young/naive age. Well done.

A remorgage years ago got rid of about 40K. ~10K in bonuses all going to the debt over the years, and painful regular payments.

The target is now to pay off the overdraft, and the 3 loans by the end of summer, and then close 2-3 credit cards before year end. After that see where I am with continuing to run 2 credit cards each with limits around £500.

 

[BNthree]

I've got £266k left on the mortgage but I've been listening to some older folks that know their onions and I've decided to cancel Netflix so I can repay the mortgage in no time at all.

Don't forget you also need to skip the lattes and avocado toast to be truly rolling in it.

 

[WATFORD zero]

No debt but everything I own is falling apart.

Could be worse. I have no debt and I own quite a lot of nice stuff but I'm falling apart

 

[rool]

Not easy for sure. You really have to be determined to make a new life for yourself to do this. And fill it with a lot of other things, Otherwise retirement would be a long time to be bored

Boredom is a big issue for me as I had no kind of hobbies or interests, other than the Albion, outside of work before moving away from the UK. I have found it difficult to find remote accounting work despite being an FC in various businesses for around 25 years.
I am just starting a TEFL course to see if I can fill some time and earn a bit to top up the pension.
We have a small mortgage on a new build home here but have more than enough in land and property investments to cover it if need be.
No other debts.

 

[Insel affe]

A remorgage years ago got rid of about 40K. ~10K in bonuses all going to the debt over the years, and painful regular payments.

The target is now to pay off the overdraft, and the 3 loans by the end of summer, and then close 2-3 credit cards before year end. After that see where I am with continuing to run 2 credit cards each with limits around £500.

Well done and good luck, horrible using bonuses to pay off things, rather than treating yourself.
Good luck anyway

 

[Live by the sea]

Not sure I can manage that ! Lol

 

[mikeyjh]

This describes a very high proportion of the people I worked with……..hence most of them are still working and I was able to comfortably bail at 54, debt free and just ahead of pension freedom time. We overpaid on our mortgage (modest house we stretched ourselves to buy 25 years ago) for years so cleared about 10 years early that when I was 46, which meant several years of excess income over expenditure, which in turn allowed us to save quite a bit…….and hence stop work early.

The somewhat competitive need to have the best (new) car and the biggest house never really appealed. Not working is massively more fun.

Similar - I was a few years ahead of you but it's not a competition eh But yeah, that's pretty much what we did, obsessed about getting the mortgage done, made sure we have investments in place and here we are. Finished 3 years ago at 47, now spend time doing fun volunteering, projects on our home and land, certainly don't miss working!

 

[raymondo]

Never say never buy I can’t see myself going back to the UK. I have lived away for a long time now and I’m not sure I fit in any more.

Many of us who've lived here all our lives don't feel we fit in any more either

 

[BLOCK F]

Could be worse. I have no debt and I own quite a lot of nice stuff but I'm falling apart

If you aren’t joking, I can sympathise.
Fine materially, but health is a concern for me.

 

[raymondo]

About £1,500 on my credit card which I’ll clear on payday.

Is that the pattern every month? or a one off

 

[BLOCK F]

Don't forget you also need to skip the lattes and avocado toast to be truly rolling in it.

Doh, I do quite like Avo toast, but I could never give up my coffee.
Americano for me, I can’t be doing with soppy Lattes.

 

[Insel affe]

Is that the pattern every month? or a one off

Hmmm

I forgot, most people get paid monthly don't they.
I get paid weekly, prefer it, to be honest.

 

[DarrenFreemansPerm]

£150k on the mortgage, zero other debt. Probably the greatest strength of my relationship with Mrs DFP is that we see eye to eye on finances, we are very low earners, but through (what we believe to be) smart decisions and a touch of frugality we live a relatively comfortable life.

 

[Harry Wilson's tackle]

Sure was

Happily mortgaged now thanks to @Uncle Spielberg

Only 27 years to go

Awesome. Delighted for you

 

[Tim Over Whelmed]

I'm fortunate to be retired without any debt, I do fear for people over the next few years with limited income and extended life expectancy. Many people have looked at their property as their pension but downsizing doesn't always make economic sense it depends where the market and demand is.

 

[Pevenseagull]

Three minutes ago, £43.

Just paid it off, thanks for the prompt.

 

[jamie (not that one)]

I don't know, I'm still out of the country!

It's been over 20 years so it should have done.

My, er, friend, is about 10 years out and they tried to chase him for it then seemed to give up.

 

[ozzygull]

No credit or store Cards
No Bank loans
PCP on vehicles Car and Monkey bike not sure if that counts as I can give them back. Not that I will with the Monkey as I will only need to pay £800 to own in the end.
Vehicle finance on other motorbike, which I will own right out in a year. bought on a 0% deal

 

[Official Old Man]

Fair enough. Family I understand…..but Carl Cox is now 60.

Ha ha. I did carry on in this country, but big paying weddings once a week rather than 7 nights a week in a high energy night club.

 

[worthingseagull123]

Is that the pattern every month? or a one off

One off thankfully.