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Soon to be debt free!!

Discussion in 'The Lounge - Off Topic' started by noelg24, Oct 20, 2007.

  1. noelg24

    noelg24 Terabyte Poster

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    I had a phone conversation with my mother last nite. we had been mentioning my debt and how much I owed but I couldnt calculate exactly how much until recently when I rang all my creditors and asked them to send me correspondents of how much i owe.

    I originally was going to go thru another debt management company (as the last one has now ceased...go figure!!). But their acceptance to take u has to be a minimum of £5000.

    When I got the letters from the creditors, I added them up and the total came to £4500+. I was very surprised as I thought I owed alot more than this, say £6000+.

    Anyway, I spoke with my mother and I have told her if she gives me £4500 I can pay her back within 2yrs of £200 a month...however being the lovely son that I am :twisted: I asked her for £6000 (I havent been on a holiday for years and I deserve one hehe) and I can that back within 3yrs of £200 a month. She loves me so I think she will go for the £6K. :biggrin

    The reason my mother has offered me this help is cos both my parents have sold our family home for a whopping £590,000 :eek: Now, bearing in mind the house was bought for about £60K roughly back in 1998 or 99 so the huge price jump is certainly something. The house itself is 30min from central london, but the reason it was sold for this amount is cos they are extending the london underground to the area where my parents live. Yet they have bought a new house about 2 streets away for £200K so thats been bought outright. The rest of the money will be used to pay off debts my parents owe from over the years and that.

    So, my mother says I should be getting the money from her sometime in November then its bye bye debt and hello freedom at last :biggrin

    You see...there is always light at the end of the tunnel no matter how long it is or what route u take to get there. :biggrin
     
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  2. simongrahamuk
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    simongrahamuk Hmmmmmmm?

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    Ahh parents! Where would we be without 'em! :biggrin

    Now you just make sure you keep up them repayments to your mother or she'll smack your rear end! :lolbang
     
  3. onoski

    onoski Terabyte Poster

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    Lucky you Noel:biggrin but make sure to keep discipline in the near future.
     
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  4. Boycie
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    Boycie Senior Beer Tester

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    Nice one, Noel! Beer? :D
     
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  5. noelg24

    noelg24 Terabyte Poster

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    Haha...thanks guys...my mother and have an understanding so I dont keep up the payments she will have me for breakfast...hehe :biggrin

    Boyce, keep the beer and get me a Smirnoff Black Ice instead please hehe
     
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  6. Boycie
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    Boycie Senior Beer Tester

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    pleased to hear it. that is something i have chilling at this very moment! :)
     
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  7. noelg24

    noelg24 Terabyte Poster

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    Are you serious? where did u get it from? the bars and clubs up here dont sell them anymore and I am not best pleased.

    Do they still sell them in shops or not?
     
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  8. greenbrucelee
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    greenbrucelee Zettabyte Poster

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    Thats cool

    I will be debt free by the end of March, mine was 3 times your debt.

    I might take a holiday too. :D
     
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  9. Boycie
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    Boycie Senior Beer Tester

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    Noel,

    The shop near me sells everything, mate. :D
     
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  10. tripwire45
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    tripwire45 Zettabyte Poster

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    Great news, Noel and GBL. I had the good fortune to marry a woman who has a lot of sense about money and hates debt. It was because of her that those times I've been laid off suddenly, that we didn't go into debt or just go under financially as a family because I wasn't earning a steady paycheck. Of course, I complain sometimes because it means I can't always buy what I want, but on the other hand, I don't have to worry about a roof over our heads or where our next meal is coming from. The missus has even helped other people developed plans to help get them out of debt. Glad you guys have, too. Cheers. :D
     
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  11. greenbrucelee
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    greenbrucelee Zettabyte Poster

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    Cheers Trip, I just went a bit awry at University but have learned my lessons now.
     
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  12. BosonMichael
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    BosonMichael Yottabyte Poster

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    Congrats! Just be sure to stay away from building any further debt in the future, or you'll compound your problem... you'll owe them AND your mom! :)
     
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  13. Theprof

    Theprof Petabyte Poster Forum Leader

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    That sounds like good news. I too have a debt I have to pay off, since I bought a car, so right now I am doing my best pay it off by next summer of 2008.
     
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  14. tripwire45
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    tripwire45 Zettabyte Poster

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    I know you didn't mean it Michael, but when I read your post, the first thought that popped into my head was that you were making some bad pun about "compound" interest. :oops:

    Actually my son did exactly that...defaulted on my parents. He spent his first year at a uni in Northern Idaho. It's a terribly depressing place and he in fact became depressed. So much so that his grades went to hell in a handbasket. My wife and I said that if he wasn't going to keep his grades up, we wouldn't foot the bill for school and he'd have to return home and attend the local uni...or just quit and go to work. He swore he'd do much better and my parents offered to help him with the tuition. He didn't do well and now owes my parents and my wife and I the money we paid out.

    My parents aren't worried about being paid back, but it's important for my son to learn that you can't default on commitments without consequences. I know it seems harsh, but if he can't learn that lesson now when he's "flying with a net", he'll crash and burn big time later in life. He has had to submit a budget to us, showing us his plan for paying my parents back and addressing his other debts. He is working full-time and taking just one uni class now. He really is having a tough time making a commitment to a degree program.

    We've given him until January to do a full investigation of his options. We'll help in any way we can but if he can't make a commitment to an educational plan, then we'll ask him to move out and keep working until such time as he can make up his mind.

    He's working in the print center for one of those "Office" type megastores. He's quite good at what he does but he's capable of so much more. If this was his chosen career path, I'd be disappointed but I'd support him as long as he was happy and productive. Thing is, I know he doesn't want to do this for the rest of his life. He's smarter than most of the people around him at the store including most of the supervisors. I really think he could do just about anything if he had the drive but while he's got a lot of intelligence, discipline and focus aren't really his top traits.

    I remind myself that I didn't achieve a tight focus until much later in life. His *real* problem is that his mother has *always* been disciplined and focused. :wink:

    Hopefully, the "school of hard knocks" will teach him more than a more "traditional" classroom.
     
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  15. Arroryn
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    Arroryn we're all dooooooomed

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    Congratulations, Noel.

    It's a cracking feeling, isn't it?

    I've been in debt since I was 19, so cracking on to 4 years now. I started off managing it really badly. I was in a well-paying job when I split up with my fiance, and as I hadn't really 'lived' I went off the wires, and only paid lip service to the debt I was in by paying off the minimum.

    So, due to my own bad judgement and management, and due to by bad credit score, 17/18K quickly spiralled to 24/25K. When I turned 22, I took the bull by the horns, and basically thought, f**k this, this is no way to carry on.

    So, despite my (relatively) good wage packet, after I give myself £120 spending money for the month and £200 rent to my parents, the rest goes on debt.

    It's been tough, damn tough, seeing what some of my friends get to go out and do. I've been lucky in having a boyfriend that's still treated me to some fun times and cool gifts, to keep me somewhere vaguely near the lifestyle a 23 year old woman would expect :rolleyes: ya know, buying me Cisco books... that kind of thing :rolleyes:

    But the first debt is dead in 9 months. The largest debt I pay is dead in 12 months. I. Feel. Great.

    So well done, Noel. If you've been living with debt for long, I know exactly how you feel. And yes, you definitely deserve a holiday. If you were coming to CFTG3.1, I'd buy you a Smirnoff Black Ice. :biggrin
     
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  16. Raffaz

    Raffaz Kebab Lover Gold Member

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    So whats your excuse Noel? You cant say your skint now :D
     
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  17. wizard

    wizard Petabyte Poster

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    I will hopefully be joining all this time next year. :D
     
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  18. Sparky
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    Sparky Zettabyte Poster Moderator

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    I take it your folks are moving to a smaller house since you have moved out, remember *all* house prices have gone up so if they want to buy a similar size property in the same area then that will eat the cash! :biggrin
     
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  19. Raffaz

    Raffaz Kebab Lover Gold Member

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    They have bought a new house for £200k mate:)
     
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  20. Mitzs
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    Mitzs Ducktape Goddess

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    way to go noelg. You have a very sweet mommy. Now take her out to dinner so she knows how much you appricate her. Mothers like things like that. Does not have to be anything special or fancy just time alone togather.
     
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