Debt position – March 2016

DMP summary March 16So here’s my latest summary statement. As you can see, I’m still almost £7k away from being debt free. However, as you can also see, I have managed to increase my monthly payment by around £70 to just over £200. This brings forward my debt free date to March 2019 from July 2020, so progress!

I’ve been able to make this change by shifting my utility providers to take advantage of the much better offers that are out there. I have switched from shopping at the big orange supermarket and now shop at one of the German ones. The biggest and most satisfying saving though is my dumping of the great television company in the wild blue yonder. Yes, I am officially satellite TV less.DMP statement March 16

You may ask why I’ve left it so long to make this move – especially in my position. Truth is, I’ve had a relationship with this broadcaster since first setting up home on my own in the mid 1990s. I probably didn’t need it then, and I certainly don’t need it now. So it’s gone and not before time!

I’m still challenging myself to have the debt cleared by Christmas 2017. This would require my monthly payment for the last 9 months to increase to around £500! Clearly this is quite a leap, so watch this space!

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Debt position – July 2015

This is my first post on my debt, although I have held the debt for five years now.
Stepchange statement Jul 15 - creditor names hidden

Initially I was able to pay a considerable amount towards the debt, but after about twelve months this became virtually impossible so I moved to making minimum payments each month. This situation persisted until April 2015 when I was at last able to increase my monthly payment to an amount which would see me paying the debt off more quickly.

Step Change are estimating that I will pay down my debt by 2020. This is just too long, so I will be looking to increase the monthly amount and also to make additional payments so that my debt free date will be Christmas 2017, i.e. just two and a half years from now. This will enable me to get on with my life again without having my ins and outs monitored by a third party.

Please visit me from time to time to see how I’m getting on.

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