The Debt Free Roll Of Honour

hazzie123

Lightbulb moment,2005

Debt at highest,£24,000

Debt free date.10/09/2007

Pearls of Wisdom,There is always someone in a worse situation than yourself,no matter how bad yours may seem.
Remember nobody can see your debt by looking at you,so walk tall and hold your head up high!

wiggly

I can add myself to this now

Most of it is in my sig but my lightbulb moment was moving cities - Nov 03

I've pretended to be doing something with my debt for years, but actually all i was doing was gettng a bigger loan and still using my cards

Pearl of wisdom? Me? LOL :rotfl:you're having a laugh surely?

If I had anything to pass on it would be how accomodating friends can be If you can't afford to be in a round, tell them, if you can't afford a pressie, tell them. We changed meeting in the pub to coming round our house, people bring what they want to drink and put on the tunes. Everyone saved money and we all had a better time than in most bars :cool:

But keep going, it is possible and if someone like me can do it then you can too xxxx

gallygirl

Posted on separate thread but been told to post on here also:

Today, thanks to a rebate from the lovely, lovely taxman :kisses3: , I've paid off my debt of £11,743.10. LBM was last August, and I've had 13 paydays since then, the debt = 40% of my take home pay. So, here's where the money came from, in the hope it will inspire someone:

Normal Income8928.63
Wages6319.25
Housekeeping / debt repayment from DD & DS1717.15
Tax Rebate505.63
Expenses from work327.5
Interest59.1

Extra Income1939.88
Quidco761.85
Ebay366.44
Mystery Shopping294
Electricity, BT, gas & water refunds292.6
Mortgage early exit fees refund161.17
82ASK33.82
Green Metropolis30

Odds n sods (would have been squandered)892.97
Piggy Bank savings200.8
Other odds n sods692.17

So, nearly 2k from extra income, mainly from this site, so thanks Martin, and other MSE'ers :kisses2:. And I've really cut back on leccy etc, food shopping, wasting money.


So, answers to the questions:

LBM - Aug 06, although building for some time.

Debts at Their Highest - Around 13k, £11743.10 at LBM.

Debt Free Date - TODAY!!!! 17th September 2007

1 Pearl of Wisdom - every little helps. Even selling money off vouchers on ebay for 73p net profit, and paid surveys at 65p a go!

Frugaldom

Have frequented these boards without posting for some time now, but decided to follow Martin's advice from the start. After 5 years of budgets and frugal living, I am celebrating being totally debt free; it CAN be done - just don't ever give up when things look to be moving in the wrong direction and never underestimate your own ability to earn. Now, it's time to start saving

sallyb17

I have just paid off a loan (one year early!) and a small overdraft, meaning that as of 16:25 this afternoon I am totally free of unsecured debt! :j

LBM: Approximately November 2006
Debt at highest: Approximately £9k

It feels really really fantastic!


Starting to build an emergency fund now, and tackle the mortgage

Miss_Thrifty_3

When I signed up to MSE I was a mature student with a part-time job living in rented accomodation with my then-fiancee who worked full time+a part time job at night. Due to my limited income and his many debts (from previously) and an attempt to keep up with non-lightbulb friends, family and generally trying to meet the cost of daily living we were stuck in an awful debt rut. Early on I took on several thousand pounds of debt in my name in order to ease the burden and naively thought I had dented his debts but that was just the tip of the iceberg.... Every month really was a struggle until pay day, counting down the days from the 1st onwards, I had no savings at all was really miserable worked all the part time hours I could as did he, we didn't see each other - not a recipe for a successful relationship. Any emergencies and we reached for the credit cards. Due to the pressure we ended up faling out of love. I decided to cut my losses and we split. I moved back with my parents to a small-ish house, hadn't lived there for over 4 years and it was hard! I was worried that I would not see the money owed to me and couldn't believe I'd robbed peter to pay paul for so long - I think my friends felt sorry for me and thought I'd been stupid. I have now paid this debt with my own money and continue to receive payments monthly. That was 2 years ago, I'm no longer a student and have a good salary, since then I have had a chance to minimise my outgoings and pay off all my debts. Last year I met a lovely man and believe I have found my equal, money was an issue at first however we've become a great team and we have bought a place together due to move in next month and I can't wait. I've now stopped beating myself up and just see this as part of my past where things went a bit off-course. The lessons I learnt have heped me now and for this I am grateful! I'm much more careful now and I know I would never take on someone else's debt, regardless of the situation. So, there is hope, it is possible to turn your life around and sometimes what we see as mistakes are merely life's way of preparing us for what's around the corner...Lightbulb moment - Aug 2005 Debt at highest - Sept 2005 - £9000 Debt paid off - Sept 1st 2007

Frugaldom

What an inspirational story! I hope you and your 'other half' will be very happy together in your new home. You've done so well, paying off debts, picking up pieces and getting your own property. Good luck to you both and very best wishes for your future together.

dinkylou

Well, I guess today is my day - finally debt free.

It all started 2 years ago when I realised that I was spending far more than earning and had nothing to show for it and a huge overdraft which wasn't shifting. A friend added me to the tips email and I took it from there. But the real shock came for me when I met the snowball calculator. www.whatsthecost.com/aspx. That was when my lightbulb went on full watt and I was terrified into action.

So a long hard slog and 2 years later, here I am. I'll admit that I haven't been a saint and I have fallen off the wagon once or twice but I now have control. I have learnt about money from this site and I now make much better use of whatever I earn, which is the most important thing.

So I guess after going through what many others on here have and still are doing, I have a few tips to share.

1)Even though it may seem tedious at first, make a spreadsheet and write on it ALL your spending. It soon becomes a habit and even if it isn't a tight budget just to see where you are spending is crucial. I would also recommend that you add your debts on it and track as they reduce.

2)Try and cut back on spending on things you don't need/won't use but don't punish yourself if this happens from time to time - most things can go back on ebay anyway.

3)Go through this forum and read some of the inspirational stories/threads. It really does help to keep you going and inspired.

4)Keep all your financial documents in a 'file' so that you can keep track of things and refer back. Knowing your situation and not ignoring it is very important.

And finally, I guess, keep your chin up. It isn't the most important thing to have the 'latest IPod' or the most designer clothes etc etc. It's important to be happy and learn to appreciate the people around you and the other little things which make you smile.

winkle1

a. The date of your lightbulb moment: cant remember exactly when, but have been working on getting debt free since 2004. using tips from this site I reduced a 5 year loan, down to 3, and then saved to pay it off in full earlier this year. would never have known to do that without this site.
b. Debts at their highest: somewhere between £15-20K, made up of graduate loan, store cards, credit cards, overdrafts - every MSE'r's worst nightmare!
c. Debt-Free Date: Today yipppeee!
d. Your one pearl of wisdom: can I have more than one? keep a spending diary, do a budget in excel and read this site for tips
e. And if you had a debt diary on DFW, a link to it

steve700

Lightbulb moment - about a year ago
Debts at highest - 4 and a half years ago when I had a large overdraft and a car loan, meaning that I owed approximately £24,000
Debt free Date - 24th October when my final payment goes to my Credit Card company
Pearl of wisdom - If you can do overtime or a second job, grab the opportunity.