Today I settled my TXTLoan Debt with Fredrickson International. It was a small debt, originally I owed £249 for a loan of £100. There was only £25.25 outstanding when I paid it off but it is still progress.
As I have mentioned previously, I should really have just paid the TXTLoan back, instead of letting it get to the point where I owed a lot more money. Of course when looking back it is always easy to say you should have done something else.
I was going to let the TXTLoan debt run it’s course and it would have been paid off in January 2013. However I thought I may as well get it out of the way whilst I could.
Settling a debt gives a small boost that you will emerge debt free at some point. Still a long way to get yet though.
Making use of the Extra Money
I will now increase the payment to my other debt with Fredrickson International. My other debt is to the Co-operative Bank. I will increase the payment to £20 per month instead of £10 but it will still be a while before that particular debt is paid off. I am using the £10 I no longer have to pay to my TXTLoan to do this.
In terms of what happened with the TXTLoan account, I ignored it until the account was passed to Fredrickson International. I then set up an arrangement to pay and haven’t experienced any problems.
The next debt to be settled will happen next month and is another small debt. It is the debt I have with British Gas. Once this has been paid off, the next smallest debt is my Wageday Advance account. I think I will tackle that one next.
It does feel good to have one less debt on my back, but there is still a very long way to go until I am debt free. I will continue posting updates to this blog so you can see how things are going. Feel free to talk about your own debt as well, and share your own stories.