The Debt Free Roll Of Honour

araminta

Thanks Dubs57

The payment a day works really well, as long as the debts are not increasing anymore every single penny you can pay off makes a difference, best of luck with your journey

Erme

I don't think I've added myself to this? I don't know...

I don't know when I had my lightbulb moment but thanks to various interwebby aids I cleared about £10K total of debts (on benefits before the big cuts) by 0ctober 2012. And yes I had my ups and down but I did it

riverboat2001

My lightbulb moment came about six years ago, we were living beyond our means and being stupid with money. It wasn't all our fault, an expensive divorce, and a battering by the CSA pretty much screwed us in the first place. And i suppose as we were overdrawn by so much that we gave up bothering.

Our highest debts were 24K and loads of CCJ's

Then one day we sat down and made the decision to change our ways. I contacted the CCC (now stepchange i believe) and we never looked back. We now have no mortgage, and a little bit of money saved, and more than that, we're both going to be able to take early retirement.


This entire forum, helped, and knowing you're not alone is a boost, but probably the biggest one was about going over to 0% cards with my debts, this was before they started introducing charges for doing so.

My advice is twofold. contact the CCC, be honest with them, and stick with it. You'll get there.
And the real biggy for me was Microsoft Money. I logged every penny, and after a couple of months, you'll soon see where all that money is going. Even now, i still input all my statements and spending. I cannot emphasise how much this changed our lives.

It doesn't happen magically, don't shop at Waitrose if you can't afford it, don't buy bottled water, cook - don't live on take-aways. Sell stuff on Ebay. Bulk shop so you're not in the supermarket everyday. Don't buy designer clothes, don't have the latest phone, buy one and get a sim free contract.
There are loads of ways to cut your spending, but you have to make the effort.

Funny thing is, i don't like spending money nowadays, I'm happier when i save money than when i spend money...
Trust me, it's a good feeling. Just wish i could convince the Step children the same, as i see them going down the same road.

Westminster

The date of your lightbulb moment
My DMP started 27/10/2006

Debts at their highest
£71,671.10

Debt-Free Date
11/07/2014

Your one perl of wisdom
With the change in ICO guidelines on issuing defaults, if I were in the same position again, I would stop payment to ALL accounts until they issued a default. One of my accounts never did default but used 4 years of Arrangement to Pay markers so will actually be visible on my credit files until December 2016 (10 years instead of the usual 6 for a default). I was unsuccessful with a direct complaint to the lender and also the ICO and FOS denied my claim to have a default retrospectively added.

So if you have a very large level of debt (like I did) and it is highly unlikely you will avoid any defaults - then make sure you force a default on ALL of your accounts as soon as possible to limit the impact on your future.

garynuman

The date of your lightbulb moment
Dec 11

Debts at their highest
£20,000

Debt-Free Date
Jun 14

Your one perl of wisdom.
What worked for me was to download HomeBank (free) and started exporting statements from bank and importing into it. It was a sad state of affairs initially, but a few overpayments here and there you do see the balance go down! A PPI refund was also instrumental. Thanks MSE - Could never have done it without you!

CGGR

a. 01-09-2013
b. £3,000
c. 18/07/2014
d. NEVER, EVER, EVER, EVER, EVER, EVER USE A PAYDAY LOAN COMPANY.... Its the start of a road to misery and loneliness.

I am happier right now than I think I've ever been in my life .... + I have my first child due 11th November and I've just moved in to my first place with my now fiance!

WOOOOOOOOP!

sashanut

Hi all :j


Thought it was time to apply to be on this roll of honour!




a. The date of your lightbulb moment

2006

b. Debts at their highest


That would be £93, 610.30 plus running overdrafts every month maxed to £5500 & £2000....

Finally all paid back after 8 years...

c. Debt-Free Date

27th June 2014

d. Your one pearl of wisdom.


Just keep battling on - you will get there in the end. Try reading a book called Are You Being Seduced into Debt by John Cummuta...a US book, not all relevant to the UK, but interesting thinking


f. Which forum threads helped you


EVERY ONE I consulted!! But special mention to the Old Style board, for its endlessly useful tips on cooking & housekeeping - & the Payment a Day Thread - it really works!!


Also the Snowball Calculator....a really useful tool when you have so much debt..

Igamogam

For some reason quote button not working.............

Shasanut: at last on the roll of honour board:beer: and still PADding......really does work;)

DebtFree2012

WOW Well done.

LittleMissKitty

I'm debt free!!! I thought I had a few weeks left to go but, apparently, I miscalculated a tax credits payment so I'm randomly debt free sooner than I thought! :j

Oooo, now I have to answer all the questions Here goes.........

My lightbulb moment was 23rd Feb 2009, after being told DH was to be made redundant and I realised our overdraft wasn't big enough to carry us if he couldn't get work.

Our debts have fluctuated massively over the years but the most we had at one time was just over £24,000

DFD - Tuesday 22nd July 2014!

Hmm.... pearl of wisdom.... um. Probably that you have to alter how you look at money and how you look at 'things'. I had too many things and the mantra 'have nothing in your life that you either know to be useful nor believe to be beautiful' really helped. If I didn't use it I sold it, if it wasn't pretty, I sold it. Also, having my children look at me sarcastically every time I picked something up in a shop to buy and repeating 'do you reeeeeeaaaaaally need that Mummy?' helped!

Oh.. and snowball, it feels great

I had a Summer (with 5 kids) where I spent only £17 over and above food and petrol for the entire Summer holiday thanks to the NSD threads. I'm really competitive so the idea of being able to spend money ONLY on certain days (Mondays for me) really helped me plan outgoings and realise that I very rarely needed anything immediately.

I'm crap at keeping diaries but I started 4!

http://forums.moneysavingexpert.com/showthread.php?t=1527917&highlight=

http://forums.moneysavingexpert.com/showthread.php?t=2237705&highlight=

http://forums.moneysavingexpert.com/showthread.php?t=3563457&highlight=

http://forums.moneysavingexpert.com/showthread.php?t=4592821&highlight=

Now we've sorted our debts and finished our little (:rotfl:) family the next big adventure is to move across the water! So now we plan to overpay the mortgage and start a little bit of saving every month and to stay FIRMLY in the Black so that we have the best chance of getting a new mortgage in a new country when we move! Thanks for reading and GOOD LUCK to you all. It's SO worth it! :beer: