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    • sentientpoet
    • By sentientpoet 20th Dec 16, 8:19 PM
    • 49Posts
    • 373Thanks
    11 years a slave - end of my journey from £103,500 in debt
    • #1
    • 20th Dec 16, 8:19 PM
    11 years a slave - end of my journey from £103,500 in debt 20th Dec 16 at 8:19 PM
    Hello fellow DFWs. It has been a long time since I posted here, but today has been such a momentous day that I felt compelled to write something. Apologies in advance for the long post.

    Today I made the very last payment to the very last of my creditors. Itís the culmination of an 11-year debt management plan journey, during which I have paid back £103,500 of unsecured personal debt. Just looking at that figure now shocks me to the core.

    There is no smugness in this post. It was my own blindness and stupidity that led me into one gigantic spasm of a mess in the first place. This is simply a post to say that no matter how hard it seems, no matter how big a mountain you think you have to climb, no matter how far away your goal appears to be, you will get there if you stick with it. I am living proof.

    Itís also a post to say thank you to the people running my DMP all these years, and in particular to the members of the DFW forum for the words of wisdom, advice and encouragement so often posted here. Itís sometimes not expressed just how much of an impact your advice has on the more silent forumites among us, but Iím here today to say my journey would have been so much harder without you all.

    I wonít recap in detail the circumstances that led to my debt, but it basically it involved living in London beyond my means on a modest salary, a misguided attempt to work for myself, and an awful lot of easy credit. At the end of 2005, having sold my flat, car and nearly everything I owned, this was my statement of affairs:

    Income: £0
    Net assets: £0
    Unsecured personal debt: £103,500 across credit cards, personal loans and overdrafts.
    Ten accounts in default.
    Three CCJs.
    One complete idiot.

    Oh <insert expletives here>! It was the mother of all wake-up calls.

    PayPlan (who have been unfailingly non-judgemental and supportive throughout) quickly put me at ease and calmly presented me with the options. IVA? Bankruptcy? DMP?

    I vowed I would do whatever it took to pay back every penny owed (frozen interest notwithstanding) and opted for the DMP, so I went out and talked my way into a new job. It wasnít ideal and the salary was awful, but it had to be done. My DMP started, with modest monthly payments, in February 2006. The original debt-free date was something like October 2021. I thought I would never, ever, ever get there Ė it felt like a lifetime away.

    But I never took my eyes of that goal and I stuck with it, battling through a decade of seeing my income stripped to the bone, month in, month out, year in, year out. I worked hard, and managed to land a job I actually wanted. I worked my way up the ladder, and took on any extra work as I was able.

    The years ticked by and yes, I had some major hiccups along the way. I got divorced very amicably, for reasons other than my debt, and then nearly fell into a hellish payday loan spiral while trying to Ďlive a littleí after so long on the DMP. It took a wake-up-in-a-cold-sweat night and the realisation that I had just pointlessly added nine months to my DMP to get me back on track.

    Finally I just accepted the monthly routine, found ways to save money here and there, and sought out ways to live a little that cost a little less. I learnt how to say Ďnoí a little more often. I got to know myself a little better. I invested in a copy of You Need A Budget on the advice of these forums, and found that made things a little easier. If I wanted something, I started saving what little I could for it rather than trying to borrow. And little by little my Debt Free Date crawled nearer.

    Which brings me to today. At 7:48pm I paid off the last of the debt in full, and for the first time in my adult life I owe absolutely nothing to anyone. The CCJs are gone and my credit file is clean. I own outright a nice car and a few other bits Ė all carefully budgeted for Ė and not much else except a small, positive bank balance and a sudden, overwhelming sense of freedom.

    If youíve read this far, then hopefully you will be able to take something from my journey that may help you with your own. It has been ***ing hard at times, make no mistake. But here are a few words of advice from two decades of debt and more than a decade of DMP slavery:

    - Donít hide from your debt. It will only get worse. Talk to your creditors, talk to a specialist or ask on these forums for advice. You will also find that just taking control will make you feel 100 per cent better.

    - No matter how bad you think your situation is, there is always a way out.

    - Donít pay someone to manage your debt. Do it yourself, or talk to one of the excellent free organisations like PayPlan or National Debtline.

    - Budget, budget, budget. Make a realistic budget and try to stick to it. That doesnít mean you canít have money for lifeís little luxuries Ė just budget for them.

    - Donít let creditors bully you into making larger payments at the expense of being able to survive. If you are realistic with your DMP budget no one will force you to pay back more than you can afford - not even the courts.

    - Starting your debt-free journey can feel like someone has asked you to empty a lake with a teaspoon. Just focus on the teaspoon. You wonít notice the lake going down from one month to the next, but one day you will look up and see thereís just a pond left, then a puddle, and then suddenly nothing but dust.

    - Bookmark MSE and the DFW forum. Actually, this should be number one on the list

    - If you feel yourself slipping, remember the goal and donít give in to temptation. Play the long game and learn to say no. One day youíll be so glad you did.

    - And finally, when journeyís end seems so far away that you just want to sit down and give up, remember the idiot on MSE who ran up £103,500 of unsecured debt and spent 11 years of his life paying it back. Heís smiling as he writes this. Youíll be smiling again one day too and it will be the best feeling in the world.

    Merry Christmas


    Apologies for any mixed metaphors. Iím finding it hard to concentrate this evening for some reason
Page 1
    • Grumpyoldmoo
    • By Grumpyoldmoo 20th Dec 16, 8:25 PM
    • 298 Posts
    • 534 Thanks
    • #2
    • 20th Dec 16, 8:25 PM
    • #2
    • 20th Dec 16, 8:25 PM
    Wow, fantastic, well done
    Mortgage @ Feb '15 £118411.00 Jan '16 £112665.10
    £2.00 Savers Club 2015 no.112 total £332
    £2.00 Savers Club 2016 #06, £356 (£250)
    £2 Savers Club for 2017 #2, £68 (275)

    Emergency Fund £1125/£1000
    • FatVonD
    • By FatVonD 20th Dec 16, 8:26 PM
    • 4,282 Posts
    • 15,410 Thanks
    • #3
    • 20th Dec 16, 8:26 PM
    • #3
    • 20th Dec 16, 8:26 PM
    That is one hell of an achievement, well done, and a very (very!) happy Christmas to you too!
    • swimminginaseaofdebt
    • By swimminginaseaofdebt 20th Dec 16, 8:34 PM
    • 465 Posts
    • 2,513 Thanks
    • #4
    • 20th Dec 16, 8:34 PM
    • #4
    • 20th Dec 16, 8:34 PM
    Congratulations, a well deserved early Christmas present for you!
    NSD Apr - 4/12
    Pay all debt off by Christmas 2017 #150 - £1111.84/£3729.05
    6 month challenge #65 - £35.41/£9000
    SPC10 #564
    • Ilona
    • By Ilona 20th Dec 16, 8:36 PM
    • 1,745 Posts
    • 6,140 Thanks
    • #5
    • 20th Dec 16, 8:36 PM
    • #5
    • 20th Dec 16, 8:36 PM
    That's amazing, you deserve a medal. Well done. Lots of inspiration there for others in a debt hell hole. Thanks for sharing, and the best of luck for the future.
    I love skip diving
    • dirtycredit
    • By dirtycredit 20th Dec 16, 8:37 PM
    • 121 Posts
    • 214 Thanks
    • #6
    • 20th Dec 16, 8:37 PM
    • #6
    • 20th Dec 16, 8:37 PM
    You must feel amazing! Well done you! Massive congratulations.

    DC x
    LBM-May 2015 DFD-Oct 2017 Total debt £27077/8863 (67% Paid)
    MBNA-4014/2534 Halifax-3124/2835 Lloyds-4326/3494
    PAID Tesco-4616/PAID Home improvements- 11000/PAID

    • sourcrates
    • By sourcrates 20th Dec 16, 8:39 PM
    • 10,260 Posts
    • 10,009 Thanks
    • #7
    • 20th Dec 16, 8:39 PM
    • #7
    • 20th Dec 16, 8:39 PM
    Well I will congratulate you on your tenacity if nothing else.

    That's a lot of money to repay, and 11 years must of seemed like a lifetime.

    Certainly not something I'd do, but congratulations on your achievement !!!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see :
    • Houseplant26
    • By Houseplant26 20th Dec 16, 8:39 PM
    • 424 Posts
    • 1,963 Thanks
    • #8
    • 20th Dec 16, 8:39 PM
    • #8
    • 20th Dec 16, 8:39 PM
    Incredible well done!!! Here's to a bright future with many adventures.
    • crunch_time
    • By crunch_time 20th Dec 16, 9:46 PM
    • 885 Posts
    • 1,927 Thanks
    • #9
    • 20th Dec 16, 9:46 PM
    • #9
    • 20th Dec 16, 9:46 PM
    massive well done! I feel very inspired to smash the rest of my £10k after reading this!

    What are you going to do next?
    LBM June 2014 £23,555 vs Now £487 (Just Loan left out of original debt)
    0% Credit card £2000/£2588
    Dresser (0%) £600/£600
    PAYDBX 2017 - #85 £12,675/£3675
    71% Paid!!
    • dprovan
    • By dprovan 20th Dec 16, 9:47 PM
    • 324 Posts
    • 753 Thanks
    Fantastic, well done and thanks for sharing
    • CP2016
    • By CP2016 20th Dec 16, 9:47 PM
    • 73 Posts
    • 143 Thanks
    Wow, congratulations. Good luck for your debt free future.
    ďHave nothing in your house that you do not know to be useful, or believe to be beautiful.Ē
    Wiliam Morris
    • beanielou
    • By beanielou 20th Dec 16, 9:48 PM
    • 45,919 Posts
    • 161,487 Thanks
    Fanastic~~so pleased for you
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Upsidedown Bear
    • By Upsidedown Bear 20th Dec 16, 9:52 PM
    • 17,390 Posts
    • 76,022 Thanks
    Upsidedown Bear
    Fantastic - well done

    You are an inspiration to everyone on here.
    Enjoy the rest of your debt free life

    Happy Christmas
    The Devil whispered in my ear "You are not strong enough to withstand the storm".
    Today I whispered in the Devil's ear "I am the storm".
    Das ist der beste tag meines lebens
    Cheap Coffee Lover

    • wallace7
    • By wallace7 20th Dec 16, 9:54 PM
    • 61 Posts
    • 35 Thanks
    Thank you for sharing your inspiring journey. Makes my debts seem small compared to what you had but I can see them spiralling out of control if I don't get a grip. Yes it does feel like trying to empty a lake with a teaspoon your right but its encouraging to know it can be done. Well done with your massive achievement you must feel liberated.
    • enthusiasticsaver
    • By enthusiasticsaver 21st Dec 16, 12:11 AM
    • 3,195 Posts
    • 5,293 Thanks
    Inspiring post. Massive congratulations.

    What are you aiming for now you are debt free?
    Debt and mortgage free and saving for early retirement
    • Biker*Chick
    • By Biker*Chick 21st Dec 16, 12:12 AM
    • 9,461 Posts
    • 1,086,448 Thanks
    A fantastic post! Very well done on your amazing debt-free achievement, sentientpoet
    Contessa Biker*Chick of the Alphabetty thread

    =^._.^= ∫
    • LionessInWinter
    • By LionessInWinter 21st Dec 16, 3:44 AM
    • 346 Posts
    • 2,206 Thanks
    Congratulations and well done

    What a fantastic achievement and a great way to enjoy the holidays and 2017
    Second 1% challenge for car and loan - 30% (rounding) paid. Each 1% is £130
    First 1% challenge - paid off credit card
    PAYDBX17 - #9 £5300/ £14000 Paid £1000/£1000 credit card , £1000/ £8000 car, £3300/£5000 loan
    • tealady
    • By tealady 21st Dec 16, 5:06 AM
    • 2,636 Posts
    • 3,085 Thanks
    What a great post.
    The words well done or congratulations seem so inadequate.
    However I hope you enjoy today, it is a wondrful feeling being debt free.
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
    • January2015
    • By January2015 21st Dec 16, 6:34 AM
    • 1,600 Posts
    • 4,469 Thanks
    Awesome achievement, well done

    I love the emptying the lake with a teaspoon analogy - absolutely brilliant
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k DMP now 26.58% paid. That means our debt is in the £60k's
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • lessonlearned
    • By lessonlearned 21st Dec 16, 9:15 AM
    • 9,363 Posts
    • 52,776 Thanks
    Thank you for such an uplifiting and inspiring post.

    What a journey.

    Well done and congratulations. A massive achievement.

    What's next?? .

    All the best for 2017 and your new debt free life.
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