what gave you your lightbulb moment



  • foxgloves
    foxgloves Posts: 11,103 Forumite
    First Post Name Dropper First Anniversary
    About 3 years ago or so. We were both frivolous spenders & no history of saving, just borrowing. LBM came when I added up every monthly payment we were making into paying off debts & just thinking what a total waste of our income this was. Only one winner really, from our previous lifestyle & that was the bankers. That wasn't a good feeling. Even paying for something essential like a car repair bill would have been slapped straight onto credit as we never had any money at all put by for emergencies. As soon as my debts were paid off, I started paying a bit of money into an emergency fund. Then we tackled partner's debts.....just the last bit of that still to go. The feeling when I took my car in for service & repair and I could pay for it myself without putting it on a card was fantastic. I know that might sound a bit tragic, but I think it was what really showed me how important it is just to have a little bit ready to make an unexpected bill payable instead of an additional stress. I know we'll never go back to how we were. Being in control is so much better than having yet more dvds, boots, gadget upgrades, etc. 10 years ago, I wouldn't have thought I'd ever be budgetting properly. There's hope for everyone.
    "For each of our actions there are only consequences" (James Lovelock)"For in the true nature of things......every green tree is far more glorious than if it were made of gold & silver" (Martin Luther King Jnr)
  • Hiya!

    For me it was realising that my heart was in my mouth whenever the phone rang or the postman walked down my drive! Also I rang my OH one day and asked him if he had managed to sort something out as we were in arrears with Gas and Electric and Council Tax and had received reminders etc, he was crying down the phone saying he couldn't do it and it was awful! I had never in my life seen him that way, so that day I took over everything to do with money and bit the bullet and rang the companies that we owed money too. After I rang the first company it got easier and easier to ring the rest! Although we have a long way to go, we were only saying yesterday how our quality of life had improved in the past year!

    MSE really saved us :D xxxx
    :j6 debts cleared since joining MSE:j
    :eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek:
    :smileyheaGetting Married 04.12.10 - The MSE way :smileyhea
    :dance: Making this house a home :dance:
  • Deep_In_Debt
    Deep_In_Debt Posts: 8,579 Forumite
    Photogenic First Post First Anniversary Mortgage-free Glee!
    Mine was a comibination of things but having all my credit cards and debit card being rejected in Tescos when I did a small weekly shop just made me realise the real mess I was in. I also needed petrol in the car to get me to work but had no money and couldn't afford a rail ticket either. Really brought it home to me that I needed to sort things out and not just carry on living in my little bubble.
    Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free :)
    Mortgage free since 2014 :)
  • Buffythedebtslayer
    Buffythedebtslayer Posts: 18,921 Forumite
    Name Dropper Photogenic First Anniversary First Post
    edited 11 October 2010 at 8:09PM
    I came here in sept 2007, having taken out a 20,000 loan to "sort myself out". I remember standing in the car park getting the loan agreed and my my poor friend waiting for me to get off the phone. I felt sick, how could they be lending me 20,000 that was mental.

    Any how after an awful summer I found this place, lots happened, I had to dental work done and the car fixed (totalled about 4 grand on the CC). I hated my job and realised that unlike before I couldn't just up and leave how the hell would I pay the loan?

    I did not like that feeling and vowed never stitch myself up like it again.

    This place actually gave me a future without debt and some utterly brilliant friends. I am about 6 months away from being Debtfree. I am so excited about it! And very grateful.

    Nevertheless she persisted.
  • My lightbulb moment came when I realised that I never went straight into any shops to buy things - I'd always go to the cashpoint first to pull out money so I wouldn't be embarrassed by my card being refused. If I didn't have the money, I wouldn't buy whatever I needed. I also used to ignore my post as I knew I couldn't afford the payments that I was being asked for.

    I'm now paying off my debts in a fairly sensible way - this month I have set up a standing order to clear ~£750 final balance off my most expensive credit card as I received some money that was owed to me by a friend. The money that was going on that credit card each month (between £75 and £100) is now going to be diverted to my Barclaycard which is my next most expensive debt.

    In approx 4-5 months, my MBNA card is clear (currently on 0%), so the £46 payment from that will also go towards my Barclaycard.

    That will mean that in approx 10 months or so, that card will also be paid off - then the money will go towards overpayments on my car loan (due to finish in March 2012), which will pay that off that much more quickly...then it's just my student loan to finish paying off!

    Phew, think that's the first time I've actually worked out roughly when my debts will be gone...it's a nice feeling! :j Next step...putting money towards a house...and more debt lol!
    MBNA £0/3200 Capital One £0/£1500 Overdraft £0/£1650 Barclaycard £0/£5000 Natwest £0/£3500 Goldfish £0/£6500 RBS £0/£7000 Car loan £0/£6800 Student loan ~£8200
    Debt-free: end of November 2011 (excluding student loan)
    Sealed Pot number:
    Virtual Sealed Pot 2012: 31
  • This is a lovely thread, nice to see so many successes. The road ahead may be long, & not paved with gold as we were lead to believe, but its our road afterall! x
    DF as at 30/12/16
    Womblng 2020:
    NSD Jan 2/18 YTD: 2
  • JES_F1
    JES_F1 Posts: 753 Forumite
    First Post First Anniversary Photogenic Debt-free and Proud!
    My lightbulb moment was realising that I'd pretty much maxed out my credit cards, which I was relying on to get me through the rest of the month. Direct debits were bouncing, which led to charges, etc.

    If I'm honest, I'd known things were going a bit pearshaped for quite a long time but choose to ignore it.

    I've never liked shopping but I could spend stacks of cash on takeaway coffees (about £50 a month!), going on holiday/weekend breaks, and eating out.

    I've been on my DMP with the CCCS for over two and a half years now. It's going really well - and though things are tight, I'm actually better off now than I was at the time of my LBM. I love seeing money in my bank account!

    Despite going well, I did recently get fed up with the whole 'being in debt' thing but am now back to feeling far more positive again!

    I'm looking forward to being debt free. I know I'll be able to enjoy a really good life without the need for credit.
    Debt Jan 2008: £45,566. *** June 2013: DEBT FREE! ***
    Paid back just under £50,000 due to some interest added.

    Dealt with my debt through a Step Change
    (CCCS) DMP.
    DMP Mutual Support Thread Member #240.
  • my lbm came for real a couple of weeks ago, when i had no money or anything despite only just being paid. it was a freezing cold day, and i was wearing summer clothes for work because i didnt have anything for winter. my feet were wet from walking between two offices because i had a hole in my shoe, and my boss was leaving and had invited us out to lunch as his last lunch. i had to dream up an excuse to go, saying i wasnt really hungry although i was starving, and when i got home and vented on my OH, annoyed that in January although i was still in debt, we could actually afford to live. we'd just moved in together in January, and now we were literally spending every night in front of the telly with no money. it annoyed me that my treat was buying myself a book every couple of months. i'm not into shopping either, but i couldnt believe that i was 26, earning just over £34k and couldnt afford to replace my shoes. we sat down together and went through my budget planner which i used each month but couldnt stick to. i was on a dmp but they charged me every month for doing diddly squat and missing payments, and i realised i'd taken next to nothing off my debts despite being with them for 3 years.

    i've since cancelled my dmp and have set up an account just for my debts which a standing order will go into, and i've already vowed to myself that i'll give the card to my OH to keep safe, since i need the card number for one of the monthly repayments, otherwise i'd just cut it up.

    I've also re-hashed my budget planner to show the totals of what i owe and how much they'll go down each month. it will take a long time, but i'll be damned if i ever get into a situation where i cant even pay for a pair of cheap shoes!
    Savings Fund - £0 :( | Funding Corporation Feb 2012 £4,121.67 | Provident Feb 2012 £2789.20 | Very Feb 2012 £300| PTP Feb 2012 £515.00 | HSBC Feb 2012 £1044
  • Mine was having a fancy holiday, getting home and adding up the credit cards and Next Directory and realising that we owed £11.5k. £2k of the holiday had been paid for on cards :eek:
    It made me feel sick and ashamed, luckily we are in a very fortunate position to be able to pay this all off by the end of next year at the latest.
    We hardly save any money despite both of us having well paid jobs, the attitude was stick it on a credit card and pay it off later.
    Not anymore, I have cut up my cards and are now debt busting, I had a clothes shopping day at the weekend and had saved up for it and the thrill of paying cash for everything far outweighed handing over my piece of plastic and then dreading the bill at the end of the month. I even went home when I had spent all my money. :j
    I never want to feel the way I felt when I added up the balances ever again.
    I am going to clear these balances and work on saving more and reducing the mortgage.
    Thanks for reading and good luck debt busting xx
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    just wondered, whats happened to make you think, enough is enough, i need to get out of this situation.

    mine was when i had arrears on scottish power and didnt know what to do. i came home one day and they had yellow tape over the door as they had forced their way in while i was work and i came home with my son to find they had changed my locks.
    spent 3 hours wandering round asda in tears as it was pouring, bought my son a 79p sandwich while we sat there waiting for them to come back down to give us the new keys

    absolutely horrific, i swear i will never be in that stupid situation again.

    My God, I must admit your few sentences stopped me in my tracks....

    I really hope it's worked out for you :o

    All the best to you and your son from Elvis
    "We want the finest wines available to humanity, we want them here, and we want them now!"
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