The Debt Free Roll Of Honour

misfire

Real Light Bulb moment (had a few false starts) August 15.

Highest Debt - £1,000
I know this may not seem much compared to some but it was huge compared to my situation.

Debt Fee - MAY 2016 **BUT** I am only posting now as i have been debt free for a short time before but always fall back into the cycle. I knew if I could get one year debt free then I had broken that Cycle - its been more than that but this is the first time I feel confident posting.

Wisdom :-

1. MSE MSE MSE MSE - without people here I would still be in a huge mess. Your support and amazing stories, openness and honesty kept me going. One person who posted got my situation summed up perfectly - I didn't appreciate it at the time but they were right.... They said I had no contingency and that is what kept tripping me up and I needed to plan for emergencies and not bury my head in the sand.... They were 100% right and although I don't remember their user name I am utterly thankful for their honest opinion.

2. I use Lloyds bank save the change and have done Daily Payment Challenge on here - both are utterly brilliant (thank you payment a day chapter 16).

3. Loose the Snob factor - I am not a huge brand person ... but wouldn't dream of shopping in Aldi or Lidl..... well I am now a dedicated Aldi shopper and it has saved me so much money and 99% of their stuff I love.

I still fear slipping into bad habits, if I feel like that I just come on here and read the forums for a bit and then I realise I CAN. I don't post as much as I used to due mainly to using my kindle - which I really can't type on - to view but for me reading the forums really helps.

I have typed this out so many times but not been brave enough to post but this time I am ... I think.... :-)

CocteauTwin

Light Bulb Moment

2012 Paying £700 to a variety Credit Cards pcm and watching Debt rise! Entered into an IVA

Highest Debt: 13'000 + interest

Debt Free:

March 2017

Wisdom:

Get your budget sorted straight away! You will be amazed at the savings you can make.

Be patient: it feels like the debt will never ever end. But it does and afterwards you will feel like a new person.

Use Cash: living without credit for 5 years will force many to use hard cash. I never did before but using cash helps make better financial decisions.

Good luck to all those getting their debts sorted ⭐️

black_taxi_2

misfire

another help - gradually build up bank balance,give the best rates

eventualy the bank will be paying you for account

farazakbar25

RBS Personal Loans £16,134 WESTCOTT CREDIT
RBS Credit Cards £6,789 WESTCOTT CREDIT
RBS Current Accounts Bank Account £420 WESTCOTT CREDIT
BARCLAYS BANK £3,249 Link Financial Credit Card

i have the above debt, not sure what to do, should i pay in full or part settle,
what is best for my credit, i have DEFAULTS on all 4 creditors which the defaults expire by end of 2018

any suggestions ???

farazakbar25

RBS Personal Loans £16,134 WESTCOTT CREDIT
RBS Credit Cards £6,789 WESTCOTT CREDIT
RBS Current Accounts Bank Account £420 WESTCOTT CREDIT
BARCLAYS BANK £3,249 Link Financial Credit Card

i have the above debt, not sure what to do, should i pay in full or part settle,
what is best for my credit, i have DEFAULTS on all 4 creditors which the defaults expire by end of 2018

i have an arrangement to pay £5.00 pm to each creditors

any suggestions ???

lazer-zxr

Light bulb moment: Feb 2015

Debt at highest: £59,353

Debt free: May 2017

One pearl of wisdom: Push everything to the extreme. Become obsessive. Cut regular bills to the minimum, get every penny of free money (switching bank accounts), maximise use of ebay. When you think you've done everything, revisit each of the above, revisit your bills, revisit what you can sell, and look for more free money (matched betting).

grannybiker

Switched to an off-set mortgage when we were both working full time.
This meant we repaid it a full 3 years early

Thrifty living has meant we're now debt & mortgage free so I don't have to work and Mr GB only needs to do 3 days a week. Life is for living

sallymander

Hi all,

After going quiet for a while i can now report that i am debt free, Woohoo,

So.... my lightbulb moment was January 2009.

My debts were £30k st their highest

And i was finally debt free on 26.5.17.

My pearl of wisdom if you can call it that is to keep going, it took me longer than i anticipated to pay it off (8yrs 4mths rather than 6yrs 10mths) because life doesnt always go to plan, but every step in the right direction will help.

The debt free wannabe boards were so helpful and everyone was supportive and friendly.

I also involved my OH and although i wouldnt let him pay any off for me (stubborn like that!) we did clear out the loft amd ebay together.

Now im determined to pay off the mortgage early so we can retire early!

Good luck and stay strong to anyone still on their debt free journey.

Anna9733

Well done! We are technically debt free after just paying off last 2 debts on credit files! YAY!! I say 'technically' as we have statute barred debt and one we're arguing legally as they told us wrong balance and we could have paid it off (it's complicated but if they pursue it further we have 2 counts of misconduct on their part, so I ain't paying it!).... You are all amazing and inspirational x

loken152

Lightbulb moment: April 2015

Debts at highest: £18k

Debt-Free Date: 10th June 2017

Pearl of wisdom: 1st things first make sure you have a emergency fund say 1k to the side, as something will bite you in the !!!! during the journey, our fridge freezer broke a month before christmas. Do a written budget every month, so you know where each penny is going. Do a meal plan each week and do a shopping list to buy the items needed for each meal, so that you buy what you need and not what you want. To borrow an expression from Mr Ramsey, live like no one else today, so that you can live and give like no one else tomorrow.