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The Debt Free Roll Of Honour
Comments
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Feels good to be posting here
Date of lightbulb moment: September 2019
Debt at highest point: £39,800
Debt-free date: 31 March 2021
Pearl of wisdom: I shared what I learned here: https://forums.moneysavingexpert.com/discussion/6227723/good-friday-update-21k-cleared-what-i-learned#latest
Interestingly, I took the opposite approach to the poster just above - I lived like a monk and threw everything I had at the debt, just to get it out of my life as quickly as possible. It worked for me, but as @ThatKiss said, it might not be sustainable for others.
Forum threads that helped me: the debt-free wannabe threads obvs!, but also the savings & investments, and the pension threads, which motivated me to get rid of the debt and make my money work for me, instead of me working for my lenders. The one debt-free diary I read is the one by @zippygeorgeandben - seeing the turnaround from debtor to super-saver was really inspiring.
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a. The date of your lightbulb moment - one month in 2018 - I don’t remember which as it was one of the lowest moments in my life.
b. Debts at their highest - £28,000
c. Debt-Free Date - January 2021
d. Your one pearl of wisdom. - Seek help as soon as you get the smallest feeling you may have a gambling problem. Things soon spiral - talk.
Online gambling led me to getting into serious debt. It nearly ended my life and led me to very dark places. Thanks to my now wife, who literally saved my life, I have solely paid off all of my debt over the last few years and have never gambled again. It has been an enormous journey and I’m proud to now say I have some savings not debt! Never give up hope - you’ll get there eventually. Keep going. 😊👍🏻17 -
I have registed to mse today after many years of read only,but used to be an active poster back in the day.
Back in 2005 things had caught up with my wife and I.
Mostly my fault,years of gambling in arcades,which originated as a child being left in holiday camp arcades while mum and dad went in the bars.
The advent of £500 jackpot machines at £2 a go meant I was burning through money.Credit cards would be used to draw out cash to the limit,and in those days I could just apply for another one.
I would lie awake at night thinking of suicide.
An evil loan from First plus made the situation worse.
Without this our borrowing reached £126000!
We searched for help and found Step change(in those days CCCS)
They talked to us and arranged a debt management plan.
We didn't want to go bankrupt.
Some creditors were lovely and put us on 0%
One wrote of some debt.
Others kept adding interest and wouldnt default.
But year by year we stuck to the plan.
We went without to keep paying it.
2 days ago,the final payment was paid and stepchange have closed the account.
16 years!Never give up.22 -
A The date of lightbulb moment 31/12/2016
B Debts at there highest circa £10k
C Debt free date 26/04/2021
D Your one Pearl of wisdom Read all the advise on these pages and get started .I started a DMP in June 2010 and paid all that debt off in 4 years but ended with a £2000 credit card debt because I couldn't really afford the DMP payments .Then it went to £5000 I joined Debt free diaries in Jan 2017 and I have had some ups and downs I consolidated my revolving 5k in to a 2 year loan in Aug 2019 and paid it off 3 months early it worked for me but that's because I didn't take out further credit and kept to my budget.It's a journey that I will remember but I can now look forward to semi retirement in the next year or so debt free.Life is an adventure, never stop exploring.11 -
Sunshine_girl2 said:A The date of lightbulb moment 31/12/2016
B Debts at there highest circa £10k
C Debt free date 26/04/2021
D Your one Pearl of wisdom Read all the advise on these pages and get started .I started a DMP in June 2010 and paid all that debt off in 4 years but ended with a £2000 credit card debt because I couldn't really afford the DMP payments .Then it went to £5000 I joined Debt free diaries in Jan 2017 and I have had some ups and downs I consolidated my revolving 5k in to a 2 year loan in Aug 2019 and paid it off 3 months early it worked for me but that's because I didn't take out further credit and kept to my budget.It's a journey that I will remember but I can now look forward to semi retirement in the next year or so debt free.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.4 -
1. Lightbulb moment. A moment of general reckoning about life in August 2009 with debts at £11,641
2. Debts at their highest. August 2012. Having retrained and changed career/moved debt was £22,734
3. Debt free day 11 April 2021. 8p credit on my credit card.
4. Two pearls.When clothes shopping wear something lovely - only buy if you need it AND the item looks more gorgeous than what you have on already.If you need hard therapy, grit your teeth and start. Stop spending/ eating/ drinking over it.
No Spend Days kept me focused and Beanielou is an absolute inspiration.
My story is a familiar one of a parent who never gave praise but was very generous with criticism. The abandonment void was filled with with clothes, food, alcohol and clutter. Haven’t cracked it entirely yet but finding EMDR, emotional literacy, meditation and good friends help. As does distancing yourself from toxic friends.
Diaries
A matter of loaf and death
The whimsical tale of the Waterbed of DebtDebt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
Diary 'Butti's journey : A matter of loaf or death'.
Diary 2 'The whimsical tale of the Waterbed of Debt' 48% off mortgage
'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB12 -
Butti said:1. Lightbulb moment. A moment of general reckoning about life in August 2009 with debts at £11,641
2. Debts at their highest. August 2012. Having retrained and changed career/moved debt was £22,734
3. Debt free day 11 April 2021. 8p credit on my credit card.
4. Two pearls.When clothes shopping wear something lovely - only buy if you need it AND the item looks more gorgeous than what you have on already.If you need hard therapy, grit your teeth and start. Stop spending/ eating/ drinking over it.
No Spend Days kept me focused and Beanielou is an absolute inspiration.
My story is a familiar one of a parent who never gave praise but was very generous with criticism. The abandonment void was filled with with clothes, food, alcohol and clutter. Haven’t cracked it entirely yet but finding EMDR, emotional literacy, meditation and good friends help. As does distancing yourself from toxic friends.
Diaries
A matter of loaf and death
The whimsical tale of the Waterbed of Debt
So so chuffed xxI am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.4 -
Lightbulb moment - July 2011 / hubby’s hours reduced in work and realised there was just no way we could continue on the path we were on
Debts at their highest £110,000 unsecured - reduced to £56,000 unsecured in December 2007 after taking on an expensive secured loan
Debt free day 21-05-21 - standing order set to pay final settlement figure. No catalogues, overdrafts or credit cards owed anything
Pearl of wisdom - come clean about your debt issues long before they become massive ones. Don’t try and hide from it as it only gets worse. Seek help from a professional if you can’t face dealing with creditors yourself.Reason for debt - a lifetime of abuse both physical and mental left me reaching for coping strategies of spending and overeating. Both were a short term salve with a long term impact but no sooner did I try to sort it out something else would come along and I’d be reaching for those crutches again. My financial situation almost cost me my marriage, my career and my health (I even contemplated suicide) but today I have the biggest smile on my face. We became mortgage free in June 2018 when hubby retired and took a lump sum from his pension and as above my final settlement was accepted today, leaving us officially mortgage and debt free.
I’m so happy I could cry. I never thought I’d see the day!Targets
Trip to Australia (On hold until 2022 now) to meet new grandson born jan 21!
Lose 84lbs. Update (minus 65lbs mostly during lockdown as of 18.05.21)
LBM : July 11 - £56,962
DEBT FREE 21-05-21
MORTGAGE FREE 13-06-18
Loving my kitty cat
https://forums.moneysavingexpert.com/discussion/3958715/return-to-solvency/p112 -
Well this has been a long time coming! Almost nine and a half years, but this is the post I've been wanting to make since I first took ownership of my financial disaster zone:)
The date of your lightbulb moment - 28th December 2011Debts at their highest - £69,579 unsecured.Debt-Free Date - 21st March 2021
Your one pearl of wisdom - I can't choose just one! Here's my top four- Start a debt-free diary. The support and understanding makes all the difference, particularly if you can't talk about your debt in real life.
- Stay focused, but don't obsess. Remember to still live and enjoy your life.
- If the debt is due to your own mistakes, forgive yourself. You've changed - no need for a hair shirt!
- Find a way that works for you to record your progress. For me, it was calculating percentages paid off every month and updating that in my MSE signature. I loved the milestones :
Which forum threads helped you - My diary helped me massively. A million thanks to everyone who has ever posted there to offer advice, cheer me on, celebrate little victories with me, give me a kick up the bum when needed, and make me laugh. Laughing is very important! Some people have been regular posters and I think of them as friends, other people have just dropped by occasionally, but every single person has been kind and supportive and is very, very much appreciated - what a resourceLBM Dec 2011. Aimed, but failed, to clear all unsecured debt by Feb 2019. Finally free of unsecured debt 21st May 21!
Debt Dec 11: Unsecured £69,579 + Mortgage £59,948 = £129,527
Debt May 21: Unsecured ZERO! ZILCH! Mortgage £22,33213 -
grannyx2 said:Lightbulb moment - July 2011 / hubby’s hours reduced in work and realised there was just no way we could continue on the path we were on
Debts at their highest £110,000 unsecured - reduced to £56,000 unsecured in December 2007 after taking on an expensive secured loan
Debt free day 21-05-21 - standing order set to pay final settlement figure. No catalogues, overdrafts or credit cards owed anything
Pearl of wisdom - come clean about your debt issues long before they become massive ones. Don’t try and hide from it as it only gets worse. Seek help from a professional if you can’t face dealing with creditors yourself.Reason for debt - a lifetime of abuse both physical and mental left me reaching for coping strategies of spending and overeating. Both were a short term salve with a long term impact but no sooner did I try to sort it out something else would come along and I’d be reaching for those crutches again. My financial situation almost cost me my marriage, my career and my health (I even contemplated suicide) but today I have the biggest smile on my face. We became mortgage free in June 2018 when hubby retired and took a lump sum from his pension and as above my final settlement was accepted today, leaving us officially mortgage and debt free.
I’m so happy I could cry. I never thought I’d see the day!2
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