The Debt Free Roll Of Honour

StepChange_Rachael

Hi

It’s great to hear that your hard work and perseverance means you’re now debt free.

I know it can be really difficult to take that first step to find a way forward to deal with problem debt. We’re glad you did and that we were able to support you on that journey.

It’s a huge well done from all of us at StepChange Debt Charity.

Thanks
Rachael

dangerpowers wrote: »

Finally made it! From starting to pay back £40k of debt many years ago, till I received my congratulations letter from Stepchange just yesterday, I am debt free at last. Daunting at the beginning but reading from people that had become debt free on this forum is what spurred me on.


Lightbulb moment: March 2011

Debts at highest: £40,000

Debt-Free Date: 2nd August 2016

Pearl of wisdon: Call Stepchange, they gave me my life back.


To anyone reading this who is snowed under with debt and waking up every morning with that sick feeling of dread in your stomach. You will get there with perseverance. Even when it seems there is no light at the end of the tunnel, which is where I was.


Good luck!

StepChange_Rachael

Hi Emily

I’m so glad to hear that you’re now debt free and we were able to help you get to this point.

Well done from us all at StepChange Debt Charity and thanks for sharing your experience with others struggling with debt.

Thanks
Rachael

e4rub wrote: »

Hi everybody!!

Lightbulb moment - April 2010

Debt at their highest - £39,000.....eek!!

Debt free date - Today....1st August 2016

Pearl of wisdom - Don't ever take money for granted. One day you have it but the next day it could be gone, destroying life as you know it. However, do get help, Stepchange debt charity literally saved my life and for that I will be eternally grateful.

Thread that has helped - Sealed pot challenge, a great bunch of people, who offer support when needed and pick you up when you are down.

Emily x

[Deleted User]

Just wanted to pop in and say that I am now officially debt-free!

A few mixed feelings as I am 100% debt-free, but my husband isn't (but that's another story!).

This week I saw my final payment on my credit card clear, and I realised this morning that I had no debts to anyone, and it is such a good feeling. My debts had grown over the past few years, and I finally had my lightbulb moment whilst sat in a supermarket carpark sobbing my eyes out to my mum!

• My debts at their highest - £6440 (approx, I had already started paying back a bit before I noted my total figure). Not a lot compared to most, but for a full-time mum with no income and medical issues, it was a big burden.
• Date of lightbulb moment -October 2014.
• Debt-free Date - Today! 05/08/2016
• My one pearl of wisdom? To keep going, to 'snowball' all debt payments, to cut back on everything, sell anything you no longer need or use, and go a bit minimalist if you fancy a better, more stress-free life!
• I found the Debt-Free threads and the Old Style MoneySaving board threads the best for me, as I could relate to and offer my own ideas and suggestions.

Debt no more. Savings here I come! Thank you MSE

chocoholic_chick

As of this morning we are now debt free and what an amazing feeling that is!!

Lightbulb Moment: Early 2011

Debts at the highest: £29,201

Debt free date: 6th August 2016

Pearl of wisdom: Even the smallest of over payments can make a difference, instead of spending that £10 you have left on a takeaway, put it towards your debts, those small overpayments soon add up!

timefortea

Lightbulb moment: July 2015

Debts at their highest: £5,974

Debt-Free Date: 31 May 2016

Pearl of wisdom: Keep a spending diary! I had no idea where my money was going until I started recording everything, even the tiniest of spends. It was only when I saw a clear picture that I could take action and trim the fat.

Forum threads that helped me: Pay ALL your debt off by Xmas 2015 and 2016 - I'm so grateful to the other DFWs in these two threads for keeping me accountable, and sharing their own trials.

Karma67

Hi I'm pleased to announce that I'm finally Debt Free!!!!! Woohoo!

Lightbulb moment (second time !) March2013

Debt at highest point Credit cards £6500 and £1500, Bank overdraft £2500 Total £10500

Debt free date11th June 2016

Pearl of wisdom Pay all bills first ALWAYS! Ask yourself why you are buying stuff ie do you feel low, need cheering up? Do you really need it? If yes, can it wait until you have SAVED the money!

Helpful forums Debt free wannabes and money saving old style!

Thanks to all the people who contribute on MSE forum sharing experiences and advice xxx

Honeylife

Lightbulb moment 2011

Debt ab £8500
Debt free January 2016

SAVINGS ACCT August 2016. £1200

Pearls of Wisdom
Cut up all CC, bin all Card Offers.
Write EVERYTHING down. Seeing how much you spend is REAL
Keep all receipts
Join forums like a £1 a day for tips, read MSE everyday for tips
Move your utilities other bill eg I went from mobile bill £30pm to £12pm!! :j

Shop for cheaper food and look for reduced and offers. Lidl Aldi Cook more and freeze stuff. Use your Grocery coupons. Dont buy lunch at work. Just Dont! Take your own (left overs) stuff in. Loose the Starbuck etc coffee too.

Sell stuff on Ebay or Gumtree every 99p adds up.
Get a Lodger Get a Lodger Get a Lodger £7,500 tax free per annum - this was my best move by far! Even if you have to move into the small room or make your kids share, just do it!

Go Camping - cheaper holiday
Shop for clothes/household on Ebay. I would see the labels/outfit /item I wanted on the high street then hunt it down on Ebay, for a fraction of the price

If you see an open Skip - check it out!! Got free roller blinds was able to sell two on Ebay and keep two. All in excellent condition.

I joined Zipcar and saved over a £1,000 in the first year. As long as I am in a city with car clubs I will never buy a car again! Walk Walk Walk its healthier and saves you loads of dosh (who needs a gym membership)! Get a shopping trolley. Or memorise the bus routes if its really more than 5 miles!

No Treats! I just think thats a fallacy and can cause you to slip back. Dont spend what you have saved. Immediately pay off your debts. If I saved £30 I would wake up go online and pay it towards the Electric/Gas or Credit Card.

If you have to do birthdays, weddings or other obiligtry celebrations, look for offers on Groupon or share the event with someone. Go back to one present rather than several! At Xmas I made jams and fudge, packaged them that was my presents. Kids got one USEFUL present.

Save a coin! Not the coppers (well you can) save a coin like £2 or 0.50p. On one occasion I had to do a wedding and was about to refuse with an excuse (i am skint) when I remembered I had a tin with £25 in 50p pieces! Train ticket and a drink in there.

Teach your children to be frugal and careful. Teach them how to shop and how to cook. Teach them how to budget. Teach them how to save rather than spend on credit.

I am still frugal still careful, trying to build my savings up to a point where I can relax a bit. Its a lovely feeling to be debtfee. It can be done.

misselvis

Amazingly inspirational tales that will keep my dfw motivation up


Thanks df folks

mesci

Lightbulb moment : 2009

Largest debt amount : £43k

Reason for Debt : Being to naive and nice to an ex partner (thinking that splashing out money on them would make everything better!), getting out loans in only my name, and then being left with them and a mortgage to pay on own.

Final Debt Paid Off : Saturday 13th August 2016

Lessons Learnt :

Use MSE Debt Free Forums - I've been an avid lurker, often not feeling confident to give my own advice, given the situation I got myself into, but I did rely and use a lot of the extremely useful advice given by the wonderful group of people who post on this forum. Though I have helped out and given advice to friends and family who have found themselves in similar situations (though it did always end in "go look at the Debt Free Forum on MSE" or "Use MSE it's a great resource".

Get a good budgeting system - whatever works for you, just use it religiously. I used YNAB (pre-monthly charge) and found it inspiring to see the 'net worth' report slowly creeping upwards over the years. That and being able to record every little bit of spending really helped me to analyse where I could cut back.

Be Honest - just as I was going on a self-managed debt plan with my creditors I met a wonderful man (now my husband) and I told him about my debts on our 4th date. I wanted to be open and honest, so he knew what he was getting himself into, and so he knew I was handling it and would continue to do so on my own (my debt my responsibility) but that it might mean less nights out, more economic day trips/holidays etc. Didn't stop us enjoying ourselves occasionally, but it helped me immensely having someone to talk to.

Cut Back Where Possible/Earn Money Elsewhere - I immediately got lodgers into my two spare rooms to try to abate the mortgage demands, and I sold everything I really didn't need - e.g. the Wii box that I only occasionally used, clothes I'd only worn for one or two special occassions, old soft toys I was harbouring. I cut back on frivolous spending (with the help of YNAB, and found other cheaper ways to entertain myself (walks in the Peak District, rather than cinema trips). I got rid of the TV licence (as I could back then, as I never watched TV), I got a library card and started reading lots! I become an avid giver to and user of freecycle, and I became self-taught in many aspects of DIY/car maintenance, including plastering, tiling, floor laying etc. It also spurred me on to getting a better paid job, doing free or low cost courses online to help me advance my career path, and I know earn twice what I did when I got into debt problems.

Keep Everything in Writing : At first I got very stressed with everything and the best piece of advice I got from this forum was to only correspond in writing, I politely asked all debtors not to call me, and if they did I asked them to put anything in writing (calmly and politely). But this always gave me a chance to breathe and take stock of any options.

What's Next?

I still have 2 defaults to come off my record from 2 debtors who kept refusing to default me, they'll come off over the next 2 years. But I have no credit cards, and for a few more weeks no debt - until we sign for our mortgage on our new house (but that's an okay debt!).

We're expecting our first child in December, and as soon as they're old enough I'll be teaching them all about budgeting and being careful with their debts (as much as I can).

In the meantime I'll look at ways I can improve my credit score, and ways I can help my friends and family.

So thank you to everyone for supporting this lurker! :T

villemo84

Long time lurker finally debt free!

Took a while for the stuff to sink in...

a. The date of your lightbulb moment - I had a debt awareness for quite a long time though other life circumstances meant that decided to tick along until I could do something about. LBM as in formulation a plan of action - July 2014
b. Debts at their highest - 19,777.53
c. Debt-Free Date 24 June 2016
d. Your one perl of wisdom.
Keep going even if you cannot make a dent in the debt just yet. At my worst, from December 2013 to June 2014, I knew I was going under by extra 400 a month, partially paying mortgate instalments from my overdraft, though at that time I decided to concentrate on other aspects (family matters and qualifications), knowing I will be able to make a start as soon as the qualification will be sorted.

e. Links to the MSE guides that helped you - debt free forum, going through other people's SOAs and comments was very useful
f. Which forum threads helped you - StressedSteph's diary, INOD's diary and Kate_fixing_it's diary were particular inspiration in the toughest parts before I could make a dent in the debt