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The Debt Free Roll Of Honour

edited 17 December 2018 at 1:03PM in Debt-Free Wannabe
1.9K replies 690.7K views


  • Light bulb moment Jan 06

    Debts at there highest £1000

    Debt free Oct 06

    Ok luckily for me I had my light bulb moment very early on before things got out of control. Everyone on this site knows that debts can starts of small but soon grow. My pearl of wisdom is don’t ignore your debt even if it is small. I was overdrawn my £1000 every month and paying interest on it, I moved it to an interest free credit card for 9 months which separated the debt from my current account and helped me budget and see my debt as a separate thing. Which helped me pay it off!! :j
  • j4m35j4m35 Forumite
    111 posts
    a. The date of your lightbulb moment - August 2005

    b. Debts at their highest - circa £11.5k

    c. Debt-Free Date - October 2006

    d. Your one perl of wisdom. - I have more than one. Bear with me.

    1 - Ask yourself questions all the time that begin with 'do I really need....'

    2 - Read 'The Money Secret' by Rob Parsons

    3 - Understand that having a nice car, lots of shoes, expensive stuff etc does not equate to being rich. It is more likely to equate to being in debt. Do not therefore try to 'keep up with the Joneses'. I would bet that a lot of people with lots of stuff aren't actaully as wealthy as you might think or they'd like you to think.

    4 - Exercise. It makes you feel loads better than a new (insert your vice here)

    5 - If you want to earn more, work hard and do a good job. Don't feel sorry for yourself and just expect the situation to change.

    6 - Just get on with paying it off. It feels great and it's addictive.

    7 - Read the forums. There's some lovely people on here who will advise if you want advice, be nice to you if you're feeling rubbish, and provide inspiration when you feel de-motivated.
  • a. The date of your lightbulb moment - Around the end of 2002 when I could no longer get any credit (although at this time I was still living in denial and still avoided making repayments!!). Full blown lightbulb moment was probably mid 2003!!

    b. Debts at their highest - 19,000 pounds (only a $ sign here!!)

    c. Debt-Free Date - 27th October 2005 - cant believe its been over a year now, its amazing!!

    d. Your one pearl of wisdom. - Dont underestimate the power of financial independence, you dont have to be rich, but it really does give you more choices than when you have debt hanging around your neck. True friends will stick by you, and although it is hard at the time it is definately worth it in the end, I am pleased I went through it in a strange way!!

    e. And if you had a debt diary on DFW, a link to it: No, but you can read my travel diary if you like: - something I never would have achieved if I hadnt found this site or become debt free!! Despite the site's name, it isnt to make you jealous, but to perhaps give you some hope that I was the worlds worst person with money, but managed to become debt free & actually save, just goes to show if I can do it, anyone can!!

    I hope everyone is doing well!! Sending you all my love.xx
  • XbigmanXbigman Forumite
    3.4K posts
    Part of the Furniture 1,000 Posts Combo Breaker Uniform Washer
    a. The date of your lightbulb moment - End of 1999 (not even going bankrupt in 1990 lit me up).

    b. Debts at their highest - 8240 at lightbulb moment (bankruptcy figure was ramped up by banks so I'll not use it)

    c. Debt-Free Date - May 2002

    d. Your one pearl of wisdom. - don't borrow money from friends.

    Inspiration now - mortgage free date Feb 2012

    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
  • I don't quite know if I count so feel free to delete my post; I was a closet DFW and am only coming out now! But the ideas and messages of support on here helped me no end....

    Lightbulb moment - November 2004

    Debt at highest - £5,919

    Debt-free date - August 2006 (could have been Feb 2006 but I was nervous having nothing in emergency savings, so put some cash away)

    Pearl of wisdom - Budget, budget and budget!! Do the budget sheet here then work out a personal record system (MS Money, Excel, or a notebook, whatever works for you) to keep track month to month. Know what your disposable income (after all bills) truly is each month, and realise this is the amount for you to spend or save (or usually a mix of the two). Keep a record of your total debt which you update monthly with latest balances, and do a graph - the downward slope to zero feels great. :D

    Despite an Economics degree from Oxford, it took this site to sort out my own finances. In the last two years I've gone from renting and having £6k in CC/overdraft debts to owning my own adorable flat, and £1,200 in savings (so far!).

    I'm still a shopaholic, nothing will change that, but now I spend what I honestly can. :D
  • Lightbulb Moment May 2002

    Debts at their highest £74,000 (I could have bought my first house (twice) with this!

    Debt-Free Date Hopefully mid January 2007

    Your one pearl of wisdom My one piece of advice to anyone is: If you can't sleep, fear the postman piling more letters through the door asking for money you don't have and find that you can only just meet your minimum payments on your CC's etc.
    Then PLEASE, PLEASE ask for help. Personally I made a call to the CCCS, who are a regsitered charity that advise on Debt Management. The last 4 years or so have been hard, but I can see a light at the end now, I also know that I have paid back every penny I owe and can therefore ask for my credit file to be shown as 'settled in full'
    Don't be afraid to admit your problem or be embarrassed, the lady I spoke to on my first call gave me my client number and when I told her how stupid I had been and felt, she said "look at your client number (167,400 ish), you are not alone, you're not the first and will certainly not be the last"

    I am just about to move house and this will free the equity to vanquish my remaining demons, once finished I will be debt free (Apart from the mortgage) with a potential of having £400 a month spare cash (what a feeling!!!!!!!!!)
  • Your story brings so much hope to me! I am at my wit's end - I owe about £20,000, I am a single parent, I work part-time and I have to find £500 every month to pay my bills. I think I will take your advice and call CCCS but I am so embarrassed and ashamed. None of my family know and I am too scared to tell them but I need to take that first step so I will call CCCS this week. Thanks
  • yeslekyeslek Forumite
    1.4K posts
    lightbulb - about may/june this year

    (see sig for rest :))

    pearl of wisdom - cashback!! ;) nuff said
  • sares,

    never feel ashamed or embarrassed, that is exactly how we felt, but I must admit that now myself and my wife are soooooo proud of what we have achieved that we don't mind sharing our experience if it helps someone else.

    The worst part I had was telling my parents (even aged 34 it's hard to tell your parents many things), but they just smiled and were pleased that we had done something about it and taken control.

    You go for it and hopefully this will put you at ease and it will certainly put you in control again. The best bit for me was telling my creditors that we had taken control of the situation and not waited for them to come and get us. Be proud of yourself for being brave enough to face up to the problem, it makes you a very brave person ( I cried with relief after my first call to CCCS and don't mind admitting it).

    Good luck and stick with it, it won't be easy but at least you know there will be an end to it. :rotfl:
  • The date of your lightbulb moment
    April 2005
    Debts at their highest
    Debt-Free Date
    April 6th 2006
    Your one pearl of wisdom.
    Keep a spending diary - this will show areas where you can cut back without too much pain. Also, post your SOA on here for loads of useful advice
    And if you had a debt diary on DFW, a link to it
    No debt diary, but I'll add my debt free post when I find it :D

    Found it
    Official DFW Nerd Club - Member no. 027

    Debt free: 6th April 06 :T Proud to have dealt with my debts
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