what gave you your lightbulb moment

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  • mummum2
    mummum2 Posts: 617 Forumite
    First Anniversary Combo Breaker
    Watalie wrote: »
    debtdesperado - Thats an amazing journey! Well Done!! :)

    Ditto that! well done great achievement:T

    MM2
    Long Hauler No: 51
    DMP Mutal Support Thread No: 207
    Proud to be dealing with my debts
    DFD - June '13, aiming for December '12
  • Thanks Watalie - but I could never have done it without this site, and the help, advice, cajoling, suggestions, cheering up, laughter and downright common sense of all the posters here.

    :T:T:T:T:T:T:T:TThank you!

    It really is the most brilliant resource :money:
  • dreamdreamer
    dreamdreamer Posts: 619 Forumite
    Debt-free and Proud!
    edited 11 November 2010 at 12:21AM
    You're an inspiration debtdesperado! I hope to be in your position one day!

    My lightbulb moment came in Nov 2009. My OH had left me in a house I couldn't afford and was tied into a contract with in 2006, I'd lost my job a couple of months after through redundancy, and had no savings. My outgoings were £1200 a month by 2007 (thanks to loan and card repayments!) and I had no income whatsoever (too proud to claim benefits, something I sorely regret now!).

    Fast forward 3 years, I had a job, but paying £1000 a month, so still not exactly adding up, I'd maxed out all my cards, had a 2.5k overdraft I was at the limit of, and several loans. I hadn't paid any utilities in months because I couldn't afford them, when a red envelope came through the door I added it to my secret stash of unopened mail. I had payday loans to pay payday loans, meaning £800 of my salary was paying them every month!

    Mid november I was sitting on the couch and all the electric went out. I'd been cut off, I couldn't afford to pay the bill (months outstanding), and I had two weeks until pay day with no food in the house. I just sat in the dark and cried, all night.

    The next day I confessed all to my new partner (we'd been together 2 weeks!). He bailed me out the first month, and never again at my request. I appreciate his intial helping hand when I was at rock bottom but I got myself into the mess and I want to get myself out. We're still together. We now own a house. I spent 6 months catching up on repayments and the last 18 months paying debt off. I'm down from nearly 16k to 8k. And life has never been better, can't wait to be debt free! :)
    :D DEBT FREE 3rd Sept 2011 :D
    (Debts at highest £15.8k Nov '08)
    Student Loan paid off July 2014
    First Direct Regular Saver #2: £2700 ** Santander 123: £13,106
    Car Insurance/Tax Fund: £305 ** Present Savings: £525 ** Disneyworld Fund £100
  • I haven't really had a lightbulb moment as such, it was more a culmination of getting stressed out about my debt every now and then but never really doing anything about it. Realising that it's not going to go away on it's own and I need to do something about it.

    More recently, needing some work done on my car and realising I had NO safety net to pay for it was humiliating. Having to ask a friend to borrow money was not a good place to be in.
    Became Mrs Scotland 16.01.16 :heart:Became homeowners 26.02.16 :heart:Baby girl arrived 27.10.16 :heart:Baby boy arrived 16.09.2018
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    First Anniversary Combo Breaker PPI Party Pooper Debt-free and Proud!
    Mine was Christmas 2008/Jan 2009.

    It was coming to the end of the year and I was about to go overdrawn for the first time in years. I had and still do have a well paid job and always had a couple of thousand in the bank. This would mean I would always pay my credit cards/loans but I was between £15k and £18 in debt.

    Most of my debt was as a result of being a terrible gambler for 20 years. I looked at how much I was earning and how much I was gambling and thought hold on I could save £400 - £600 a month easily if I put my mind to it.

    I knew my January paypacket would be a decent one, so I decided to see just how much I could save if I stopped gambling.

    So in January 2009, I didn't gamble at all. At the end of the month, I had managed to actually save £800. This followed by another £600 in Feb and another £600 in March. So basically £2000 in 3 months.

    This just spurred me on so much and I started to look as many cuts as I could. Luckily my credit rating was good, so I managed to transfer most credit card debt to 0% interest for 16 months.

    I continued to save throughout 2009 and suddenly I had enough money in the bank to cover 75% of the outstanding debt.

    Come July 2010, taking into account everything I had in the bank and everything I owed, I actually had money to my name.

    I have continued to save throughout this year and to continue paying off my debt.

    As for the gambling well I have to be honest and I do still gamble I probably always will, but it is now down to £40 a month, instead of £400 - £600 +

    Good luck everybody, we can do it.
  • I had 1 lbm a few years ago due to credit cards being maxed out and taking on a second job to pay the debts. I then had another 1 back in 2008 because I moved to a new area, had extra outgoings due to council tax etc and had to survive on a reduced wage. I then set up my own DMP. I had yet another when I was made redundant in Dec 2008 so had to reduce payments on the DMP. I have one problem debt with the management company who maintain our block of flats and am querying this as they now claim it is over £5k due to interest which they have not worked out correctly!!!

    My son arrived on 10th Oct and as I am now on benefits and want to sort myself out so that I can enjoy him growing up (and maybe have another baby but better not break that news to hubby yet he is just getting use to this little bundle of joy).

    This site has really helped me. I may have fallen off the wagon a little bit along the way but my son arriving has now given me the kick up the bum I need and am addicted to this site!!!
    DFW Nerd No: 758 :cool: Proud to be dealing with my debts!:T Proud mum to Bon-Scott my amazing 10/10/10 baby :p
  • Sassers
    Sassers Posts: 1,303 Forumite
    First Post First Anniversary Photogenic
    Just giving this thread a little bump - especially for some of the newbies who've joined and are panicking....there is light at the end of the tunnel....
    Love Sassers x
    Current debt and mortgage: £25, 820.35 Debt/Mortgage at start: £92,598 (27/09/2010)
    DEBT FREE!
  • kdenty
    kdenty Posts: 250 Forumite
    Mortgage-free Glee! First Post First Anniversary Combo Breaker
    January last year my Mum leant me £10,000 to help consolidate the debts and pay for a car. About 4 months later I looked at the spreadsheed of figures I was maintaining and realised it had had no impact on our debt - in fact the debt was just going up and up. Having kept a monthly figure of what the debt was each month I then calculated how long it might take me to pay it all off - the figure, based on the rate I was paying it back at, 15 years!! My Mum then announced that her and my Dad are retiring in 3 years and would love to move to live closer to me (we are currently 400 miles apart). Now I was feeling guilty and terrible about the whole situation realising that I might be stopping their retirement dreams. It hasn't really been until the last month and finding this board that I have found productive ways to reduce the debt. I think I was just flailing around before, not really knowing how to go anywhere with it.
  • k30lly
    k30lly Posts: 118 Forumite
    d3mon4ngel wrote: »
    I'm not in a lot of debt compared to some on here, and I wasn't doing bad until Feb this year when I was made redundant. I was out of work for 2 months, on only JSA and no help with paying my mortgage as I'm not over 60 and don't have a kid :angry:

    I started my new job at the end of April, but still had to wait until the end of May to be paid. I had to have a credit check done as part of my induction, and was shocked to find that I had a CCJ from 2007 that I knew nothing about! This, along with hitting my OD limit that month, was my Light Bulb Moment. I decided I needed to get a handle on my finances and once I am out of my OD this time, I'm never planning on visiting there again :D

    PS: Since May, I've done some complaining, and the CCJ is currently in the process of being set aside as an error :cool:

    Thank you for your post - I was just reading this and have never had the guts to check my credit report! Thought I better check now as I am looking to buy a property next year, and luckily I am fine. However it has opened my eyes to a number of cards that I have, although zero balance are still open therefore is showing a high credit available, and the fact that my OH mother has STILL not put me on the electoral roll after 2 yrs of living here! Now I know which cards I need to close down, and that I need to get the electoral thing sorted - twice now she's told me she's put me on it!! xx
    1% challenge - Started Feb 2014. Cap1 card £1,073.42
    1% = £10.73 0% so far
  • henna123
    henna123 Posts: 135 Forumite
    First Post First Anniversary Combo Breaker
    mine was in october when i quit my job!! I was having a really bad time there and always swore i would never quit without having something else to go to! Well after a sat night in tears in bed with hubby as there was only one day of the weekend left we agreed if things didnt improve i would quit and deal with the bills if and when that happened, and I worked out that i was paying out £200 less that i earnt a month on bills, so we only had £200 a month for food/petrol/socialising!! hubbys wages pay for all the household bills and his debts. I dont even want to add up what we owe between us, mine is over £20k as per my sig, his is more i believe, we were pretty much like everybody else, didnt consider it a debt as we could afford to pay it back each month! So I now have a 0% cc which i have managed to use to pay off next and the small mint card, and some of the big mint card, which means i will pay just over min balance on the 0% and add the extra that i would have been paying to next to the big mint card, I am doing agency work atm and just about earning enough to cover the bills, amazing how we are managing really but still taking it a month at a time on the bills, happy to have been able to move some to 0% as that means we can pay things a little quicker, hubby has now joined me in the idea of paying off bills, he is also waiting to hear if he will be recieving his payrise at work, what I have said we should do with the extra is to save for 3 months so we have a 'buffer' then use half of that saving to pay towards one of the cards then each moneth use the 'extra' to carry on op'ing but sill have a buffer balance for emergencies!
    Anyway - a bit longer than i meant it to be!
    P x x
    Make £10 a day Feb £ /£280
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