The Debt Free Roll Of Honour

LexieLou · 12 May 2013 at 2:52PM

Thank you for a very inspiring post, you give me hope.

Enjoy your new life xx

pumpkinlife wrote: »

Date of lightbulb moment - Early 2008, we found out we were expecting. We were living in a studio flat, working long hours in rubbish jobs; and knew that we wanted better for our family. The flickering bulbs of the previous few months turned into flashing neon hazard signs. I found MSE and we set to it.

Debts at their highest - over £8000.

Debt-Free Date - Today! We could have done it years ago, but have had a final credit card sat at 0% for years now and have been ploughing money into an ISA instead. Today we had enough and just paid it off. It wasn't costing us anything in interest, but it feels amazing that finally all of our money going forward is our own!

Our Pearl of wisdom - Pay off debt little and often, even if that means taking a couple of bags of coppers to the bank each week. Have a tally on your wall of your balance going down. Psychologically it spurs you on to make savings wherever you can and pay off more and more.

Congratulations everyone; and best of luck to all the DFW, you will get there! And thank you Martin and your team, I hope you realize what a difference you make to people's lives :beer:

katy_ann · 12 May 2013 at 3:14PM

Well done you

x

mustang1 · 17 May 2013 at 10:55PM

I never thought I would be posting on this thread.

I don't think I've had one single light bulb moment but more several over the last 4 or 5 years so it's been a long slog.

Debt at its highest was circa £15,000 - most of which has been all on 0% credit cards for years and years.

If I have one tip it is to make transfers to your debt little and often. I made regular small payments here and there pretty much twice or three times a week and it all makes a massive difference.

Today is my Debt Free Day - I have paid off the last of my zero % credit card (2 weeks before it expires) and I am a little bit in shock! It's going to be quite tight until pay day but I just wanted to settle up.

Thank you to each and every one of you MSErs as I would never have made it here without this place.

gothrockchic1 · 17 May 2013 at 11:53PM

Well Done Mustang1 enjoy your new found wealth x

moohound · 20 May 2013 at 4:38PM

Light Bulb Moment 06/06/2012 called Payplan, realised I couldn't go on like this anymore. Should have done it 18 months earlier.:(

Debts at Highest £39000 5 credit cards, 3 loans and an overdraft.:o

Debt Free Day 20/05/2013

Pearl of Wisdom Don't be tempted to think a high salary will protect you from debts going out of control, its easy to think,"I work hard, I earn good money I can have this on credit it will be fine" the rug can be pulled out from under just about anybody, start saving for the things you want as soon as you can, 10% from your very first pay-packet is a good start. Savings help protect you from life's financial ups and downs, especially the all important emergency fund.

EDIT - well chuffed with badge

bhoy1976 · 23 May 2013 at 10:33AM

a. The date of your lightbulb moment
Late 2008, with the influence of a former girlfriend, I decided to take the bull by the horns with my vicious circle of debt. I should never have been allowed to obtain such finance or allow myself to let it get worse. StepChange (CCCS) helped me inmensely.
b. Debts at their highest
At its height, I was staring down the barrell of a £17,000 gun.
c. Debt-Free Date
I have made my final payment today 23rd May 2013 but yet to have this all confirmed. I was lucky enough, or unlucky depending on how you look at it, to receive an insurance settlement after being hit by a car. That enabled me to pay off a large amount of my debt. Now all I need is to rid myself of these defaults and I might be in with a chance of getting a mortage!
d. Your one perl of wisdom.
If you're going to borrow, ensure you have a plan in place to pay it back and stick to this before committing elsewhere.
e. And if you had a debt diary on DFW, a link to it
I didn't keep one, but I did make several visits for advice on how to pay off my DMP as fast as possible.

Aaand breathe.....

moohound · 23 May 2013 at 10:56AM

well done bhoy1976 welcome to the debt free club

acheekymunky · 27 May 2013 at 10:35PM

Moohound that is amazing well done. We probably have a similar figure of debt (I'm yet to sit down & tally up our joint debts) but you've given me hope. Can I ask how you cleared the debt in 13 months?? Any suggestions on how I can generate extra funds to clear??

Thank you x

ohohoh_2 · 28 May 2013 at 7:32PM

Lightbulb moment: October 2008
Debts at their highest: £22,280
Debt-Free Date: 24th May 2013
Your one pearl of wisdom: It might be a bit of a cliche but get on top of your debts before your debts get on top of you, it only gets worse.

gothrockchic1 · 28 May 2013 at 8:40PM

ohohoh wrote: »

Lightbulb moment: October 2008
Debts at their highest: £22,280
Debt-Free Date: 24th May 2013
Your one pearl of wisdom: It might be a bit of a cliche but get on top of your debts before your debts get on top of you, it only gets worse.

Well Done! :T

The Debt Free Roll Of Honour

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