I cleared £60,000 debt in FIVE years and there’s three tips I used to fix my finances


A woman who has paid off £60,000 in debt in five years swears by three tips that helped her finance her finances.

Dr Nikki Ramskill pulls out her first credit card at the age of 18 and launches herself medical School – And his bank balance in debt.


Nikki opted to take a debt consolidation loan to settle her debts into one monthly payment

Through loans, overdrafts, a hefty tax cost and credit card bills he quickly accumulated money that he would need to pay back.

But when she decided to take some time off to travel to Australia, New Zealand and Thailand, the five-month break made her realize how bad it was, Mirror informed of.

Nikki, who is now 37 and lives in Milton Keynes, panicked while trying to pay her bills and was traveling after realizing there was no money coming in.

Soon the doom and gloom of some bad decisions were overshadowed by real trouble which prompted him to change his habits.

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She said: “That was the point where I thought ‘Oh my god, this is terrible’. I was on the sidelines of the trip of a lifetime that I’ll never get to do again.”

When she came back to the UK at the age of 31, she promised to work to settle herself – but getting out of debt just got tougher when you started looking like a bad investment from a bank’s perspective.

Zero percent balance transfer credit cards were no longer an option as their credit ratings began to decline.

He adopted the snowball method – by first paying the smallest of the dues and dues.

Nikki finds that as soon as she has paid off a loan, it prompts her to move on to the next highest amount.

But even after the pay cut, she struggled to make it all work.

After exhausting all her options, Nikki opted to take a debt consolidation loan to settle her debts into one monthly payment.

She said: “I cut all my credit cards and didn’t use them because I didn’t trust myself. I had to go cold turkey.”

“The good thing was that it halved my payment. The other good thing was that the interest rate I was paying was very low.”

Within five years, Nikki – who now runs The Female Money Doctor – Able to pay £60,000 while earning around £2,600 per month.

She credits the Snowball method for about £10,000, £40,000 through consolidation loans, and has inherited £10,000 after losing her father.

Although the debt consolidation loan was the right move for Nikki, she believes she got “lucky” by agreeing on good rates with the bank manager.

She said: “Some debt consolidation loans will be secured against your home, so if you miss payments, your home could be at risk. Loan advisors would never suggest taking out a secured loan to pay off an unsecured loan.

“You should also investigate any fees for getting out of an existing loan deal — and whether there are any early repayment fees. This may not be an option if you have a bad credit history.”

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For anyone struggling with money problems, Nikki has three important pieces of advice.

She says to tell someone as soon as possible, talk to a loan advisor for free and decide how to get help and come up with a plan quickly.

Within five years, Nikki was able to pay off £60,000, while earning around £2,600 a month


Within five years, Nikki was able to pay off £60,000, while earning around £2,600 a monthcredit: Nikki Ramskill / Livick


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