The Debt Free Roll Of Honour

Anawii

I am so happy to be able to post on this thread, I could cry! There were times I really never thought we'd get here!
The date of your lightbulb moment:
I'm not sure, I've been in low level debt pretty much since starting uni (21 years ago) but we realised 3 years ago it was bad and began making a real effort then to pay it all off.
Debts at their highest
23K a huge amount to us at the time.
Debt-Free Date
Today! 😀😀😀 17/12/2020 I made the final payment this afternoon, still cant quite believe it!
Your one pearl of wisdom: Just don't give up, every small effort adds up to success in the end, you can do it! I found a spreadsheet to track every penny helped massively, my husband hated it but admits it worked! 😂

Good luck to all! Xxx

Oh and this wasn't my first post, I somehow got locked out of my previous username so had to sign up again. 

CreditCardJunkie

Can't believe my day has finally come!

a. The date of your lightbulb moment

I had several! The switch properly flicked in Dec 2018 when I found out I was pregnant and I knew my income would be significantly reduced.

b. Debts at their highest

I cut up my journey into a few segments, my own credit card debt, then our own joint debts which included finance for a sofa, boiler, etc. I would estimate in total we've paid off £7500.

c. Debt-Free Date

17th December 2020

d. Your one perl of wisdom.
Getting rid of debt is like going on a diet...once you realise you need to change your mindset and lifestyle (and make those changes) everything happens.
In the case of debt, it is a simple as spending less than you earn, just like losing weight requires a calorie deficit!

e. Links to the MSE guides that helped you

None in particular, I have got flight compensation and marriage tax allowance claimed for others tho.

f. Which forum threads helped you

Reading diaries really helped, as did the encouragement and advice of others.

As my debts are no longer taking a chunk of my wages, I have now been able to take the plunge to be self employed, something I never thought I would be financially stable enough to do! Although the MSE in me has taken a very small part time job to ensure just a little stability. 

Chocolatedrinker

Lightbulb moment - beginning of 2020, after years of paying off chunks of debt, consolidating then respending.
debts at highest - probably £15k in a combination of consolidation loan, credit cards, store card.
Debt free date - 28th December 2020
Pearl of wisdom - don’t give up.
forum threads that helped - declutter 2020 in 2020 helped me realise I don’t need all the stuff; reclaim ppi - convinced me to apply just before deadline date, got me £10k back; pay your debt by Xmas 2020 made me realise small payments do help.

beanielou

Chocolatedrinker said:

Lightbulb moment - beginning of 2020, after years of paying off chunks of debt, consolidating then respending.
debts at highest - probably £15k in a combination of consolidation loan, credit cards, store card.
Debt free date - 28th December 2020
Pearl of wisdom - don’t give up.
forum threads that helped - declutter 2020 in 2020 helped me realise I don’t need all the stuff; reclaim ppi - convinced me to apply just before deadline date, got me £10k back; pay your debt by Xmas 2020 made me realise small payments do help.

Great resuly 

weeg

Lightbulb moment: 2007
Debts at Highest: 20k or thereabouts
Debt free date: 30th December 2020
Pearl of wisdom : open your post! However !!!!!! knowing is, not knowing is worse in the big scheme.
Threads which have helped: Really, this whole board. Seeing what worked for other people - and what didn't. Also the up your income board. Mystery Shopping was a real lifeline when I couldn't find enough work to keep me going.

It's been what the TV calls 'a journey'. Started out ok - low level debt, small overspending, and I learnt the main tools back then, like keeping a spending diary and a close eye on everything. And then the first huge mistake - I loaned my brother a 5 figure sum of money, actually bank loans, as his credit was !!!!!! and he had a baby and yeah, dumb move. Then I lost my job, and couldn't get another one. Yay recession! My income dropped from from c£30k to c£8. It took me far too long to realise that this was my new reality, not a temporary blip.
Fast forward 4 years - move in with bf, and he pays almost all the bills, because he could and I couldn't. (Side note: I paid almost the whole flat deposit by selling my flat, so not a total freeloader!). 2 years later - finally got another 'proper' job, although at a pretty risible salary. Threw most spare cash at debts, but gradually as I paid each one off, also contributed more to household - first a few more tesco trips, then the council tax and so on. Salary gradually increased, and that brings me to this year. Bf contracts and hasn't worked in a year, so I'm currently paying for everything, else the debt would have been gone a few months back. But I received some inheritance money and paid the last debt (£6k, haggled down to £3500 as I defaulted 8 years ago).

The utter lightheartedness of not having debt! Back at my lowest it was like a constant itch in my brain.  And the pure joy of buying decent winter boots in the knowledge that they'll do me 4-5 years, not 2 years, but at less than double the price. Truly it's easier to save money when you have some upfront (or at least a good credit score to be able to interest-free spread the cost).
I've been a very-long-term lurker around here, but knowing you're not alone goes an awfully long way. Cheers, all.

beanielou

weeg said:

Lightbulb moment: 2007
Debts at Highest: 20k or thereabouts
Debt free date: 30th December 2020
Pearl of wisdom : open your post! However !!!!!! knowing is, not knowing is worse in the big scheme.
Threads which have helped: Really, this whole board. Seeing what worked for other people - and what didn't. Also the up your income board. Mystery Shopping was a real lifeline when I couldn't find enough work to keep me going.

It's been what the TV calls 'a journey'. Started out ok - low level debt, small overspending, and I learnt the main tools back then, like keeping a spending diary and a close eye on everything. And then the first huge mistake - I loaned my brother a 5 figure sum of money, actually bank loans, as his credit was !!!!!! and he had a baby and yeah, dumb move. Then I lost my job, and couldn't get another one. Yay recession! My income dropped from from c£30k to c£8. It took me far too long to realise that this was my new reality, not a temporary blip.
Fast forward 4 years - move in with bf, and he pays almost all the bills, because he could and I couldn't. (Side note: I paid almost the whole flat deposit by selling my flat, so not a total freeloader!). 2 years later - finally got another 'proper' job, although at a pretty risible salary. Threw most spare cash at debts, but gradually as I paid each one off, also contributed more to household - first a few more tesco trips, then the council tax and so on. Salary gradually increased, and that brings me to this year. Bf contracts and hasn't worked in a year, so I'm currently paying for everything, else the debt would have been gone a few months back. But I received some inheritance money and paid the last debt (£6k, haggled down to £3500 as I defaulted 8 years ago).

The utter lightheartedness of not having debt! Back at my lowest it was like a constant itch in my brain.  And the pure joy of buying decent winter boots in the knowledge that they'll do me 4-5 years, not 2 years, but at less than double the price. Truly it's easier to save money when you have some upfront (or at least a good credit score to be able to interest-free spread the cost).
I've been a very-long-term lurker around here, but knowing you're not alone goes an awfully long way. Cheers, all.

Great result 

Supertryer

I am so happy!
The date of your lightbulb moment: 2019 when for the second time I’m wracked up debt which I’d promised I’d never do again!
Debts at their highest
2k a huge amount for me as I do not work!
Debt-Free Date
 04/01/2021!

Pearl of wisdom:
Throw everything at debt £10 is better than £0!
Sell everything you don’t need, reduce luxuries and STOP and think!!!!

BlueJ94

Supertryer said:

I am so happy!
The date of your lightbulb moment: 2019 when for the second time I’m wracked up debt which I’d promised I’d never do again!
Debts at their highest
2k a huge amount for me as I do not work!
Debt-Free Date
 04/01/2021!

Pearl of wisdom:
Throw everything at debt £10 is better than £0!
Sell everything you don’t need, reduce luxuries and STOP and think!!!!

Well done! How do you intend to stay debt free again? 🎉 

Supertryer

jadewest94 said:

Supertryer said:

I am so happy!
The date of your lightbulb moment: 2019 when for the second time I’m wracked up debt which I’d promised I’d never do again!
Debts at their highest
2k a huge amount for me as I do not work!
Debt-Free Date
 04/01/2021!

Pearl of wisdom:
Throw everything at debt £10 is better than £0!
Sell everything you don’t need, reduce luxuries and STOP and think!!!!

Well done! How do you intend to stay debt free again? 🎉 

I hope I’ve learnt my lesson and will be no longer buying things I don’t need.
all spare money will be going into savings!

Last time I became debt free I had no savings, and soon slipped back into ordering from catalogues which is where my debt always starts! SO no more catalogues and if I need anything I’ll save and buy it outright 💪🏻

BlueJ94

Supertryer said:

jadewest94 said:

Supertryer said:

I am so happy!
The date of your lightbulb moment: 2019 when for the second time I’m wracked up debt which I’d promised I’d never do again!
Debts at their highest
2k a huge amount for me as I do not work!
Debt-Free Date
 04/01/2021!

Pearl of wisdom:
Throw everything at debt £10 is better than £0!
Sell everything you don’t need, reduce luxuries and STOP and think!!!!

Well done! How do you intend to stay debt free again? 🎉 

I hope I’ve learnt my lesson and will be no longer buying things I don’t need.
all spare money will be going into savings!

Last time I became debt free I had no savings, and soon slipped back into ordering from catalogues which is where my debt always starts! SO no more catalogues and if I need anything I’ll save and buy it outright 💪🏻

Sorry if it came across rude, it sounded rude after I just re read it 😬 but that's a great tip! Only asking as I should be debt free by March next year so have been looking for tips 😁