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  • FIRST POST
    • backinbusiness
    • By backinbusiness 3rd Nov 11, 1:09 PM
    • 737Posts
    • 1,117Thanks
    backinbusiness
    A Thread for After Debt?
    • #1
    • 3rd Nov 11, 1:09 PM
    A Thread for After Debt? 3rd Nov 11 at 1:09 PM
    Hello all,

    I sometimes wonder if this Forum might benefit from a life after or survivor of debt thread?

    I reached my DFD in January but having embraced the MSE way of life completely, still sometimes have queries re the best way forward.

    Any thoughts?

    BiB

    If you haven’t already, join the forum to reply!

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    Last edited by Former MSE Zorica; 18-08-2015 at 5:20 PM.
    DF
Page 85
    • 166million
    • By 166million 8th Jan 16, 3:57 PM
    • 1,110 Posts
    • 4,654 Thanks
    166million
    Just changed my current account to one that pays cashback on some bills when you pay by direct debit.
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • -Selene
    • By -Selene 10th Jan 16, 7:02 PM
    • 158 Posts
    • 934 Thanks
    -Selene
    Hi, hope I can join in here I'm debt-free now but as it wasn't very much debt I was initially in, I haven't really gotten into a good money routine. I did an SOA this afternoon and apparently have over £500 a month spare... I moved house last month so no longer paying extortionate amounts of rent, and one of my incomes is paid four-weekly instead of monthly so that always skews the results slightly... but where the blimming heck did £500 a month go?!

    I'm going to start a spending diary tomorrow and hopefully keep my spending in check. And find out when I get paid. I really shouldn't be clueless about when my money's coming in...
    • seasideDreamer
    • By seasideDreamer 10th Jan 16, 10:07 PM
    • 1,357 Posts
    • 10,329 Thanks
    seasideDreamer
    I'm just not spending my leftover money...nicely building up in my current account and I've been saving Planning on spending most of January in the gym so hopefully it will stay that way. Transfer £450 to your savings when you get paid or something...its there if you really need it but you wont spend it on little bits.
    Debt free and busy treating myself

    No more toiletries/make up until I've used what I've got stashed since Jan 2011, graduated October 2012. Restocked Dec 13..damn those sales
    • 166million
    • By 166million 22nd Jan 16, 2:42 PM
    • 1,110 Posts
    • 4,654 Thanks
    166million
    Oh God I need to STOP spending.
    Blimming Amazon giving £10 on a £50 order. At least I used it to stock up on some birthday presents I will need throughout the year. And I got 5% cashback on Tob cash back, and 5% on my works rewards thingy.
    But its still next months money!
    STOP IT
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • leebo87
    • By leebo87 22nd Jan 16, 7:18 PM
    • 25 Posts
    • 33 Thanks
    leebo87
    What about a goal of saving as much as you had when your debt was at its highest in the same time that it took you to pay it all off?
    • backinbusiness
    • By backinbusiness 24th Jan 16, 11:01 AM
    • 737 Posts
    • 1,117 Thanks
    backinbusiness
    Good morning all,

    It's now 5 years since I became debt-free, changed my ways completely and embraced MSE, so I thought I would update this thread to confirm that there IS life after debt.

    My debts arose due to a marital breakdown, and the one thing I wish I had known back then was that dreaded defaults stay on your file for 6 years - I would have moved heaven and earth to stay out of default (if I could have). Anyway, hindsight is a wonderful thing, and my last default of 3 fell off my credit file at the end of Sept '15.

    I have two teenage daughters, one at University, both of whom have benefited from our family's experience and are frugal, with a good work ethic, (part-time/summer jobs).

    From being super-obsessed with checking online banking and updating spreadsheets, (which actually I sometimes miss!), I keep a close eye on everything still, but not obsessively.

    I run a main current account for all income and dd's, a second account where any surplus goes which is available for spending. The main account has a decent balance and pays credit interest which is better than any isa, hence I've no isa at present.

    I hold 4 credit cards, (2 of which I've had since the bad old days - "Bad-credit cards"), and contrary to MSE mindset I do feel loyalty towards the companies that gave me a start again. However, 3 out of the 4 cards are only used for petrol (to tick them over) and cleared in full.

    The 4th card (and this is where I feel like I've really made it!), is a 0%, 21 month interest free card from my own bank. This is a major, major milestone for me - at times I thought I'd never qualify for 0% ever again!

    I've been lucky in that my hours at work have increased to full-time, and a major stumbling block - spending on non-essentials - has eased a bit. I've been lucky enough to holiday abroad the last two years, (although still surf the internet for the cheapest deals), and treats and trips to the theatre, etc don't cause me too much stress any more.

    I really hope this post doesn't come across as gloating, I'm by no means affluent, however the process of becoming debt-free and then moving forward thereafter HAS taught me the value of things other than material possessions and I just wanted to encourage those who are perhaps overwhelmed by their situation, that there is a future.

    Happy 2015 all,

    BiB x
    DF
    • backinbusiness
    • By backinbusiness 24th Jan 16, 11:03 AM
    • 737 Posts
    • 1,117 Thanks
    backinbusiness
    Lol 2016 even!
    DF
    • Mort
    • By Mort 5th Feb 16, 7:14 PM
    • 542 Posts
    • 1,034 Thanks
    Mort

    I really hope this post doesn't come across as gloating

    BiB x
    Originally posted by backinbusiness
    It's a statement of facts so not gloating at all.

    My last default drops off at the end of this year. I have a credit card which is kept on a very tight leach and I buying a car at a very reasonable monthly rate. Modest overpayments are being made on the mortgage as well.

    I agree that there is life after debt.
    Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
    Debt Free Roll Of Honour #504
    £2 Savers Club 2016 #200 = £78/150
    • Mort
    • By Mort 27th Oct 16, 1:57 PM
    • 542 Posts
    • 1,034 Thanks
    Mort
    In September I said goodbye to my basic bank account with the Co-op that I had been using since 2006. The new account is a "proper" or standard offering current account. There's no overdraft though, one wasn't offered probably as the last default didn't fall of my report until this month. The lack of an overdraft is of no concern as I’ve not had one for ten years.
    With the default finally gone from my credit report my credit score with the big three is now looking much much better.
    Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
    Debt Free Roll Of Honour #504
    £2 Savers Club 2016 #200 = £78/150
    • The Only Girl
    • By The Only Girl 26th Feb 17, 1:58 AM
    • 850 Posts
    • 7,212 Thanks
    The Only Girl
    Hi all just discovered this thread and would love to join in. I've been debt free for nearly 2 years now and still on and off post in NST challenges. Though the community is very welcoming and supportive, I feel somewhat like a gate crasher and a gloater when I declare my savings going towards the emergency fund. I have yet to read all the posts but I agree on some of the points from the posts I've read so far. Firstly, it is easy to slide back down to the path of debts again. I didn't learn to properly budget (and stick to it) until a few months before our DFD but after learning to do it, I feel at a loss without it now. The moment I take my eyes off the ball, few little expenses here and there, that I don't account for or budget for, add up to hundreds of pounds that I now feel is a wasted opportunity for savings. Shopping used to be a hobby and a passion for me but now fills me with anxiety and discomfort. I am looking forward to sharing and receiving inspirational stuff from this forum, if you'll have me.
    [CENTER][B]"There is Life AFTER DEBT."
    LBM 2009 Total Debt £49046.24 Debt Free as of 27/08/2015
    • CapricornLass
    • By CapricornLass 26th Feb 17, 5:27 PM
    • 76 Posts
    • 232 Thanks
    CapricornLass
    Oh yes, please, I would like to join too - there is definitely a need for this sort of thread!

    I got debt-free last year after I was able to pay everything off thanks to a redundancy payment, but I still find it a challenge to remain debt-free, and there are have been some very close calls! I've taken my pensions now, and I'm also juggling handling the lump sum scenario too, but hopefully the lessons I've painfully learnt since 2007 will now be put to good use.

    Like you, The Only Girl, I don't go shopping very much anymore - although I have to be careful with shoes, as I have large, rather funny shaped feet and if I find a pair that fits I'm inclined to buy it because its so hard for me to find a pair in the first place, and I find the various no spend challenges useful too. I'm trying to follow the Frugal challenge too as well as keeping a monthly spreadsheet of spends - interesting to see how money is spent from a different angle!
    Sealed Pot Challenge no 265.
    • 166million
    • By 166million 6th Dec 17, 12:13 PM
    • 1,110 Posts
    • 4,654 Thanks
    166million
    I've been approved for a 5% interest current account wooh!
    Just shows how far we can progress from 'rock bottom'

    Where is everybody?
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 6th Dec 17, 8:39 PM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    This is a great idea for a thread. I have only been debt free for just over a month and am terrified of slipping back into debt.

    As a result I'm trying to save as much as I can to provide a safety buffer for emergencies and for my peace of mind.

    I'm used to living frugally and am happy to carry on living that. Not that I have much choice because we are on a low income . We were only making our creditors token payments and so becoming debt free hasn't raised our disposable income by very much.

    However by doing surveys etc and being very frugal we have managed to start building our emergency funds . I want to use the skills I learnt when I was in debt to save up for our retirement, for peace of mind, and to avoid the danger of ever falling back into debt again.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
    • 166million
    • By 166million 7th Dec 17, 11:54 AM
    • 1,110 Posts
    • 4,654 Thanks
    166million
    How did you manage to go from 58k debt to debt free in such a short amount of time

    Just had a peek at your diary and educated myself
    well done!
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 9th Dec 17, 9:57 PM
    • 2,196 Posts
    • 10,446 Thanks
    HairyHandofDartmoor
    Thanks . The trick now is to live frugally and never get into debt again, which is why I'm still on this forum. Also I like to help other people avoid the traps I fell into.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £181.63
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