The Debt Free Roll Of Honour

darkpeak

The date of your lightbulb moment
February 2008 - I was freelancing and not getting enough work so ended up using credit cards to pay off credit cards - at this point I ran out of credit to transfer around. I seriously considered suicide at this point. Family wanted to help but the debts were so large no one could help. Got in touch with CCCS/StepChange and sorted out a DMP once I'd got a full time job, which fortunately happened quite quickly.

Debts at their highest
I think around £45k across 5 cards and an overdraft.

Debt-Free Date
12 August 2014

Your one perl of wisdom.
Seek help from an organisation like StepChange - don't try and go it alone - get help from them whenever the creditors start getting antsy (which they will). Also (I know this is two) give yourself some wiggle room in your budget for emergencies/treats, otherwise you will just feel like it's all too much, especially over the long haul. You still have to live in the meantime.

Links to the MSE guides that helped you
Nothing in particular, but I did read a lot on the forums

Which forum threads helped you
Too many to mention!

I often wonder whether I should have gone down a bankruptcy or IVA route; at the time I was working for a financial services company so bankruptcy probably wasn't an option (and it scared me).

I'd like to single out the Co-operative bank as being by far the least unpleasant to deal with.

To anyone else in a similar situation - you can get through it.

I think a celebratory glass of something might be in order this evening :beer:

Igamogam

The Glorious 12th indeed Darkpeak................enjoy the celebratory glass:)

ChopinonaBudget

Congratulations!!!!! :beer: :beer:

matttye

Hi

Thanks for giving me a debt free badge, but, I'm not debt free!

I was debt free until March 2014 but I now have car finance to pay off.

This time next year I'll be debt free

Cheers

gothrockchic1

Thank you for my Debt Free badge!

CupcakeAli

Lightbulb moment - October 2011, I'd just moved from Essex back to my hometown in Warwickshire, marriage in tatters, with two children and a dog (unfortunately the dog developed cancer and had to be pts, at the grand age of 14, the first week the children started their new schools). I'd only been moved a few months and already had lots of letters/calls coming in. I saw an advert for debt advice at a local church so went down.


Debt at its highest £55K, which we cleared over £30k when we sold the house. My personal debt as at October 2013 just under £15K


Debt Free Date - 2nd October 2013 - thanks to a DRO! (OK so its not officially been a year yet but I think of myself as debt free and now save for things I want/need)


Pearls of Wisdom - Seek help if your debts are building up, don't try to carry them alone. There is loads of help out there. I sought help from Christians Against Poverty. I'm not religious in the slightest but I liked what they said when I went to the debt help day. They come to your house so someone is dealing with you face to face instead of over the phone. You are assigned a CAP person and also a CAP "Buddy" (mine is Phylis and she's lovely) and they're on hand to help out or even just to be there for a chat if your having a low day. They do pray with you, but ask you first if you mind. The first time the prayed with me, I cried as no one had ever done that for me before. I don't join in with the prayers but it is nice to know someone is thinking of you and believes in you. Anyway, your also assigned a CAP rep at the head office and most of your dealings are then with them but your local CAP person is still on hand to come round and sort things out. I would recommend CAP to everyone, if you have one in your local area. They care and not only do they help you to sort your debts but they also take a small amount of your money each week/month to put into a savings account for future needs that you can draw on whenever you need so they teach you to put money aside. Every year, they take some of their clients with children on a long weekend so that the children are getting a holiday. When I was invited I went to Whitemoor Lakes in Lichfield. We did abseiling, rock climbing and zip lining and I also did the "Leap of Faith" jumping from a high ledge to grab a trapeze. Scary stuff. Last year, I was put forward for a DRO and it was an amazing and emotional day when I phoned CAP for some money from my savings to get my son some shoes to be told that they needed to close my account. His words were "Congratulations, your debt free". I still see the two local CAP women regularly as they have CAP Cafe's where those still in debt can meet up for a cuppa and chat and I go down to speak to them to show that there is light at the end of the dark tunnel. I've learnt how to budget my money and I'm not fussed in the slightest if I never have credit again, as I'm proving I can live without it!


Please, just seek help if you get into trouble.


Which Forum Threads helped you? I found a lot of advice and encouragement on this site. Can't name all the threads but I still continue to get advice. Its an amazing place!!!!

walby1993

LBM: August 2011

Debts at their highest: £20,060

Debt-free date: 21 August 2014

My one pearl of wisdom: Make "pain-free" reductions first (i.e. insurances) then focus on one other area to reduce at a time. Once that is under control move onto the next.

Hopelessly_Hopeful

a. The date of your lightbulb moment -10th April 2010. As part of a relationship breakup we informally agreed my ex would pay a joint loan of £374.01 per month; DOH mistake! Through a downturn in employment he was unable to maintain this so as I was jointly liable it fell to me to pay it all. I tried to ‘manage’ it for a year but the additional amount and the inevitable interest spiral and rate jacking made the situation untenable. I called First Direct my ‘loyal’ bank of 20 years who the loan was with and who I had track record of accounts and mortgage with no missed payments to find a consolidation loan – it was declined and for my honesty they then pulled the rug, withdrew my overdraft and visa. I was appalled by this action at the time but actually it’s done me a big favour. So thank you very much, you will never get a penny interest out of me again!

b. Debts at their highest - £59 214 which I have paid back in full plus the £5871 interest that was applied during the DMP totally £65 085. I had 12 creditors. I had read about DMPs etc but always thought it was for other people and my situation was different! Debt is debt and great leveller, I have learnt so much over the past four years. The anonymous debt remedy Stepchange tool gave me confidence to seek help. I will always be grateful for that. I applied on line on the 11th and the agreement was with me on the 12th! Eventually due to unequal treatment from creditors I decided to go self-managed as Stepchange were unable to help with interest reductions. All debts stayed with the original creditors, no DCAs. Acquired four defaults and plenty of Arrangements to Pay on my credit file over the duration of the DMP. It’s a nuisance but not totally restrictive and I have recently remortgaged my home as there was more positive than negative history on the file.

c. Debt-Free Date -26th August 2014. Phew!

d. Your one perl of wisdom.-Daily update on my spreadsheets, to record, measure, plan, reflect, dream and acknowledge achievements. Unwittingly I developed visualisations skills. I’m no whizz with spreadsheets, I don’t use formulas etc, really just used as a way to easily display the information.

e. Links to the MSE guides that helped you- Martin’s debt problems board that explained the spiral issue and the links to CCCS/Stepchange.

f. Which forum threads helped you – DMP and Paddlers support threads.
https://forums.moneysavingexpert.com/discussion/4988866
https://forums.moneysavingexpert.com/discussion/3284382
Grateful to anyone who contributed on the boards but special thanks to my twin, Ms TTFTM, Eyeopener and Teds who have kept me going with PMs over the past few years. Also thanks to Angel Fermi and the MSE admin for the work put into keeping the threads ticking over. Everyone has something to offer to other readers whether it is practical advice or emotional support - please keep it going.

g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
No diary but regular contributor to the above threads.


Thank you all and good luck to everyone


HHx

seven-day-weekend

CupcakeAli wrote: »

Lightbulb moment - October 2011, I'd just moved from Essex back to my hometown in Warwickshire, marriage in tatters, with two children and a dog (unfortunately the dog developed cancer and had to be pts, at the grand age of 14, the first week the children started their new schools). I'd only been moved a few months and already had lots of letters/calls coming in. I saw an advert for debt advice at a local church so went down.


Debt at its highest £55K, which we cleared over £30k when we sold the house. My personal debt as at October 2013 just under £15K


Debt Free Date - 2nd October 2013 - thanks to a DRO! (OK so its not officially been a year yet but I think of myself as debt free and now save for things I want/need)


Pearls of Wisdom - Seek help if your debts are building up, don't try to carry them alone. There is loads of help out there. I sought help from Christians Against Poverty. I'm not religious in the slightest but I liked what they said when I went to the debt help day. They come to your house so someone is dealing with you face to face instead of over the phone. You are assigned a CAP person and also a CAP "Buddy" (mine is Phylis and she's lovely) and they're on hand to help out or even just to be there for a chat if your having a low day. They do pray with you, but ask you first if you mind. The first time the prayed with me, I cried as no one had ever done that for me before. I don't join in with the prayers but it is nice to know someone is thinking of you and believes in you. Anyway, your also assigned a CAP rep at the head office and most of your dealings are then with them but your local CAP person is still on hand to come round and sort things out. I would recommend CAP to everyone, if you have one in your local area. They care and not only do they help you to sort your debts but they also take a small amount of your money each week/month to put into a savings account for future needs that you can draw on whenever you need so they teach you to put money aside. Every year, they take some of their clients with children on a long weekend so that the children are getting a holiday. When I was invited I went to Whitemoor Lakes in Lichfield. We did abseiling, rock climbing and zip lining and I also did the "Leap of Faith" jumping from a high ledge to grab a trapeze. Scary stuff. Last year, I was put forward for a DRO and it was an amazing and emotional day when I phoned CAP for some money from my savings to get my son some shoes to be told that they needed to close my account. His words were "Congratulations, your debt free". I still see the two local CAP women regularly as they have CAP Cafe's where those still in debt can meet up for a cuppa and chat and I go down to speak to them to show that there is light at the end of the dark tunnel. I've learnt how to budget my money and I'm not fussed in the slightest if I never have credit again, as I'm proving I can live without it!


Please, just seek help if you get into trouble.


Which Forum Threads helped you? I found a lot of advice and encouragement on this site. Can't name all the threads but I still continue to get advice. Its an amazing place!!!!

Thank you for recommending CAP, I am a Job Club Coach for CAP. Our church also has a CAP Debt Centre and a CAP Cafe

Have you read the story of the founder of CAP (John Kirkby), his story is awe-inspiring. He has been where CAP clients are and knows what it is like to be desperate and at rock-bottom. I remember hearing him speak once and one thing that sprung out was when he said that being destitute did not mean just having no money. It brought tears to my eyes.

His book is Nevertheless, which is available for free from the CAP website . Think you might like it. https://capuk.org/

Sorry for digressing, well done to all of you who are debt-free. :T:T:T

Karen777

well done HH!! This thread is a total inspiration... reminds me to keep going...