Stu - Debt free journey

30 Years old | £20K debt to £0 by age 32

Follow my debt free journey

Weekly updates

[Stu - Debt free journey @DebtFreeGoalsUK]

First update:

Debts..
Overdraft: £2,000
Virgin Money 1: £5,720
Virgin Money 2: £3,690
Lloyds: £2,405
Capital one: £2,641
HSBC: £245
Family £1,000
House repairs £1,000

Total: £18,701

Aiming to be debt free by my 32nd birthday which is February 2028.

First payday of my journey is Tuesday and I’ll update on my debt payments, budgets and plans then!

[Stu - Debt free journey @DebtFreeGoalsUK]

@OnceABobby You know it! ✅

[Stu - Debt free journey @DebtFreeGoalsUK]

HMRC has just paid my tax refund: £1,088 💰

This is being put straight towards debts:

✅ £1,000 to pay off my family member
✅ £88 towards my Lloyds credit card

Total debt now down to £17,266 (starting debt of £18,701) 📉

I am glad I did my 25/26 tax return early now!

[Stu - Debt free journey @DebtFreeGoalsUK]

@PedroInvests92 Nice one mate, I’m thinking about least trying to get an emergency fund sorted once I have only interest free debt left but that will be some time yet! Definitely a marathon, best of luck!

[Stu - Debt free journey @DebtFreeGoalsUK]

@PedroInvests92 Thanks Pedro, what’s your strategy in deciding whether to invest or pay off your debts? I see you are doing both at the same time

[Stu - Debt free journey @DebtFreeGoalsUK]

@mig4ng If you have never have any taxable income above the threshold, you are not required to repay. The debts are eventually forgiven after 30 years-ish.

[Stu - Debt free journey @DebtFreeGoalsUK]

@mig4ng We have student loans as well that operate like a tax - ie, I’m paying 9% of my gross income above the threshold (around £30k) and it is deducted from my paycheque. Generally the size of the loans are much lower but so are our earnings

[Stu - Debt free journey @DebtFreeGoalsUK]

@Floatymcfloater I had to follow up since April to finally get the refund! You have to keep chasing them

[Stu - Debt free journey @DebtFreeGoalsUK]

@GrahamCompton Thank you!

[Stu - Debt free journey @DebtFreeGoalsUK]

@DebtFreeBy30UK Thanks! Good luck on your debt free journey!

[Stu - Debt free journey @DebtFreeGoalsUK]

@JS_Invests If only it was a monthly refund I would be laughing!

[Stu - Debt free journey @DebtFreeGoalsUK]

@TFInvests Hi mate, yes I have looked but all want significant interest charges to do so. Currently incurring a small amount of interest relative to the debts.

It would certainly make it easier to track though! 😂

[Stu - Debt free journey @DebtFreeGoalsUK]

An update on breakdown of my debts

Virgin money 1: £5,626. Interest is accruing on balance of £1,513. Rest is 0% balance transfer until November of this year.

Virgin money 2: £3,616. 0% balance transfer until January. No interest accruing.

Lloyds: £2,305. Interest accruing as of this month. Might need to use a balance transfer to minimise the cost on this one.

Capital one: £2,562. 0% balance transfer until February 2028. No interest accruing.

Overdraft: £2,000. Interest charges of about £30 a month.

HSBC: £245. Interest accruing. Will pay this off soon for a quick win.

Family: £1,000 - to be repaid by end of the year, no interest accruing.

Repairs: £1,000 - owed on service charges for flat, these are overdue and I’ve told them I’ll pay when I can but no repayment plan agreed. No interest accruing.

Total debt: £18,354

[Stu - Debt free journey @DebtFreeGoalsUK]

@TheShineyBoy Thanks and congratulations to you! Looking to join you in being debt free ASAP!

[Stu - Debt free journey @DebtFreeGoalsUK]

Week 1 Debt Update

Weekly budget: £265
Spent: £120

The remaining £145 paid straight to my Lloyds credit card balance ✅

Debt Summary
•Starting debt: £18,701
•Minimum payments: £300
•Monthly interest: £98
•Extra payment: £145

Current debt: £18,354.

[Stu - Debt free journey @DebtFreeGoalsUK]

@Joey38381 Thanks mate

[Stu - Debt free journey @DebtFreeGoalsUK]

@Mike_p_1969_ Thanks. I do not, the plan is to never spend on a credit card again!

[Stu - Debt free journey @DebtFreeGoalsUK]

@CelticRB22 Working on getting my fixed costs down ASAP. Majority is housing unfortunately but got plans to help with the coming over next few months to get my fixed costs closer to £1k a month

[Stu - Debt free journey @DebtFreeGoalsUK]

💷 June Payday

Net pay: £3,950

Fixed costs this month : £1,850

Minimum credit card payments: £300

One-off car repair booked in: £475

That leaves me with £1,325 for everything else over the next 5 weeks.

That's around £265 per week.

My plan is simple:

✅ Keep spending as low as I can each week.
✅ Every Sunday, whatever I haven't spent goes straight towards my debts.

[Stu - Debt free journey @DebtFreeGoalsUK]

@Chris1014Lee The majority is credit cards, please see my last post for the breakdown. There is very little interest being charged at the moment as I’ve used balance transfers so I think this method remains best although more complicated than just paying one loan!