The Debt Free Roll Of Honour

Squirrelz92

Congratulations @LittleMissDetermined, @Deleted_User and @shell16 ! Shed a tear of joy for all of you just now reminiscing how I read all of your diaries and envied your progress! You made it to the end!!!! AMAZING!!!!! xxxxx

collyuk_2

a. bankruptcy in 2012 

b. Debts at their highest - circa £75k

c. Debt-Free Date - april 2023

d. now i have totally a clean credit rating with zero debt with zero missed payments since joining credit karma , i have access to credit that i do not use unless it i paid off in full, it will take you a while to get 24.9% credit cards but it will come.  

LeeXenon

Introduction: The moment I discovered I was expecting a child, I embarked on a life-changing journey to break free from the suffocating grip of debt. I want to share my heartfelt journey with all of you, as I believe that together, we can conquer even the most overwhelming financial challenges.

a. The date of your lightbulb moment: Expecting a child whilst in a mountain of debt is an eye-opener. The main focus and priority became the child, and all selfish habits went out of the window. Low monthly payments stopped here, and I began to work out a plan. But it wasn't until December 12, 2021, when I hit rock bottom, reporting my mood as a mere 2/10. I felt extremely depressed, lethargic, and trapped, as if I was staring at my debt through the barrel of a gun, with no way out.

b. Debts at their highest: Over £30,500 (2017-2018). The weight of those numbers seemed insurmountable, at the time this was more than a years salary - Alas I was determined to rewrite my financial story.

c. Debt-Free Date: June 27, 2023. This day marks a monumental milestone in my life, a testament to resilience and unwavering commitment.

d. Your one pearl of wisdom: Track every penny. I used Microsoft Excel to meticulously monitor my finances. For those who may not have the knowledge to create their own spreadsheet, there are plenty of templates available on the internet. You can also use Google Spreadsheets if you don't have an Excel license. By planning my finances a month in advance and creating a spreadsheet for each month of the year, I could anticipate my financial situation six or even twelve months down the line. This practice helped me to face my debts head-on and bid farewell to the financial burden that haunted me, that cost me £36.71 per day over the 570 days since I started my debt free diary. Good riddance to that debt!

If anyone wants the template I used, please just ask and I will deliver!

e. Links to the MSE guides that helped you:

• Bank Switch Offers
• 0% / NO FEE Balance Transfers

f. Which forum threads helped you? One forum thread that played a significant role in my journey was the "Payment a Day" thread (https://forums.moneysavingexpert.com/discussion/6413218/payment-a-day-chapter-2023/p1). This, and other debt free diaries - The invaluable insights and support I received from the community propelled me forward, even on the toughest days.

g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it: You can find my debt diary here.

Final words: To all who have read, lingered, and engaged with my debt diary, I extend my heartfelt gratitude. Your support has been instrumental in my success. The accountability I found on the MSE forums played a significant role in helping me pay off my debts. All the hard work has finally paid off, and I now have disposable income that I haven't seen in years. My hard-earned money can now work for me rather than the banks.

But this is just the beginning of the real journey. I am rewarding my family with a well-deserved holiday in September, and after quitting vaping this year, and losing 5 stone, I am now focused on putting the right kind of weight on, embracing a financially, physically and mentally healthy lifestyle that I've longed for, for many years. Most importantly, I am now fortunate enough to provide my two-year-old with the best start in life, for which I am eternally grateful.

To those who are still struggling with debt, I want to offer you a beacon of hope. You are not alone, and it is possible to overcome even the most daunting financial challenges. Stay determined, track every penny, seek support from the incredible MSE community, and believe in yourself. You have the power to transform your life, just as I did.

Thank you once again for being part of my journey. Together, we can inspire and empower countless others to achieve financial freedom and embrace a brighter future.

beanielou

LeeXenon said:

Introduction: The moment I discovered I was expecting a child, I embarked on a life-changing journey to break free from the suffocating grip of debt. I want to share my heartfelt journey with all of you, as I believe that together, we can conquer even the most overwhelming financial challenges.

a. The date of your lightbulb moment: Expecting a child whilst in a mountain of debt is an eye-opener. The main focus and priority became the child, and all selfish habits went out of the window. Low monthly payments stopped here, and I began to work out a plan. But it wasn't until December 12, 2021, when I hit rock bottom, reporting my mood as a mere 2/10. I felt extremely depressed, lethargic, and trapped, as if I was staring at my debt through the barrel of a gun, with no way out.

b. Debts at their highest: Over £30,500 (2017-2018). The weight of those numbers seemed insurmountable, at the time this was more than a years salary - Alas I was determined to rewrite my financial story.

c. Debt-Free Date: June 27, 2023. This day marks a monumental milestone in my life, a testament to resilience and unwavering commitment.

d. Your one pearl of wisdom: Track every penny. I used Microsoft Excel to meticulously monitor my finances. For those who may not have the knowledge to create their own spreadsheet, there are plenty of templates available on the internet. You can also use Google Spreadsheets if you don't have an Excel license. By planning my finances a month in advance and creating a spreadsheet for each month of the year, I could anticipate my financial situation six or even twelve months down the line. This practice helped me to face my debts head-on and bid farewell to the financial burden that haunted me, that cost me £36.71 per day over the 570 days since I started my debt free diary. Good riddance to that debt!

If anyone wants the template I used, please just ask and I will deliver!

e. Links to the MSE guides that helped you:

• Bank Switch Offers
• 0% / NO FEE Balance Transfers

f. Which forum threads helped you? One forum thread that played a significant role in my journey was the "Payment a Day" thread (https://forums.moneysavingexpert.com/discussion/6413218/payment-a-day-chapter-2023/p1). This, and other debt free diaries - The invaluable insights and support I received from the community propelled me forward, even on the toughest days.

g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it: You can find my debt diary here.

Final words: To all who have read, lingered, and engaged with my debt diary, I extend my heartfelt gratitude. Your support has been instrumental in my success. The accountability I found on the MSE forums played a significant role in helping me pay off my debts. All the hard work has finally paid off, and I now have disposable income that I haven't seen in years. My hard-earned money can now work for me rather than the banks.

But this is just the beginning of the real journey. I am rewarding my family with a well-deserved holiday in September, and after quitting vaping this year, and losing 5 stone, I am now focused on putting the right kind of weight on, embracing a financially, physically and mentally healthy lifestyle that I've longed for, for many years. Most importantly, I am now fortunate enough to provide my two-year-old with the best start in life, for which I am eternally grateful.

To those who are still struggling with debt, I want to offer you a beacon of hope. You are not alone, and it is possible to overcome even the most daunting financial challenges. Stay determined, track every penny, seek support from the incredible MSE community, and believe in yourself. You have the power to transform your life, just as I did.

Thank you once again for being part of my journey. Together, we can inspire and empower countless others to achieve financial freedom and embrace a brighter future.

Awesome on so many levels.
DEbt free, no vaping & having lost 5 stone.
Be very proud.

dynan

After 1,625 days I can finally write this post!!

The date of your lightbulb moment 
January 2019 – I realised after making minimum payments and paying all my other commitments I was relying on whatever card had any credit on to pay for day to day living. There were no more 0% balance transfers available to me and I’d literally run out of credit options!

 

I worked out I’d been in debt to some degree for 20 years, since I started working in a bank and they threw everything at me – overdraft, credit card, access to cheap(er) loans. Credit seemed so easy to come by with no thought to the future and paying it all back!

Debts at their highest
c£25k, spread over five credit cards

Debt-Free Date
15th May 2023

Your one pearl of wisdom
Don’t be scared, there’s so much help out there, Stepchange were massive for me and without them I don’t think I would have ever got on top of the debt with the spiralling interest charges.

 

The other help for me was spreadsheets, I tracked all my repayments, added in where I could make small overpayments. This really helped visualise everything, that the debt was reducing and gave me a focus on trying to beat the proposed “debt free date” provided by Stepchange (in the end I managed to beat it by ten months!)

 

Be proud of yourself for facing up and tackling the situation. I’m unbelievably proud of myself for doing this all on my own (aside from the fantastic help from Stepchange)

Which forum threads helped you
Debt free diaries, the challenges and the this roll of honour thread – I used to dream about posting in this thread and now I’m here! To everyone just starting or still on their journey, keep going! You can do it!!

jody51

The date of your lightbulb moment
november 2021

Debts at their highest
£34000

Debt-Free Date
4th October 2023

Your one pearl of wisdom
i can only offer words of encouragement to those reading this and struggling to see the end of their debt journey- it can be done, it does take time and commitment but you WILL get there! 

I found it best to revisit my budget plan regularly and rejig things to keep me motivated. Looking back I was incredibly naive/ignorant when starting this journey- I wasn’t overly concerned about all the money that I owed but when tasked with paying it all back it was no small thing! 

I hope to never see myself in that situation again because I am now very aware that a comfortable financial situation can disappear in a heartbeat! Keep going everyone, it’s worth it to have the weight off your shoulders 😀

LexieLou

Exactly 2000 days after I started this journey I can write on this thread, a thread which has kept me going, reading others stories and knowing there was an end to this journey.

I used some of my inheritance to pay off the last of my debt - so I had a cry that if I hadn't been so stupid in my earlier years I wouldn't have had to use it towards my debt.  But I am now debt free and can start to build my credit history and have a life again (Thanks Mum and Dad)

The date of your lightbulb moment 
28 April 2018

Debts at their highest
£38,000 and loose change 

Your one pearl of Wisdom
I don't know if I have one worth suggesting, but do think on your intended purchase for 24 hours before buying, chances are you won't want it the next day.  
I found a balance which worked for me, living and paying debt, this stopped me being permanently miserable and made this journey bearable.  

To everyone who has been with me on my journey, thank you, thank you from the bottom of my heart.  You have been my silent support network, your wisdom and encouragement has been amazing.

I feel slightly deflated now (someone else mentioned this feeling in a post on this thread), when I made the last payment I turned the microwave on and reheated left overs.  What a way to celebrate!  

I've linked my diary below - it's not very exciting and has no words of wisdom, but there are some amazing supporters on it.
https://forums.moneysavingexpert.com/discussion/5834547/when-you-owe-more-than-your-annual-net-salary

The next step in my life is to save what I was repaying every month, and to get into a position where I can buy my own house.

Thank you all, you are the best.

LL xx

beanielou

LexieLou said:

Exactly 2000 days after I started this journey I can write on this thread, a thread which has kept me going, reading others stories and knowing there was an end to this journey.

I used some of my inheritance to pay off the last of my debt - so I had a cry that if I hadn't been so stupid in my earlier years I wouldn't have had to use it towards my debt.  But I am now debt free and can start to build my credit history and have a life again (Thanks Mum and Dad)

The date of your lightbulb moment 
28 April 2018

Debts at their highest
£38,000 and loose change 

Your one pearl of Wisdom
I don't know if I have one worth suggesting, but do think on your intended purchase for 24 hours before buying, chances are you won't want it the next day.  
I found a balance which worked for me, living and paying debt, this stopped me being permanently miserable and made this journey bearable.  

To everyone who has been with me on my journey, thank you, thank you from the bottom of my heart.  You have been my silent support network, your wisdom and encouragement has been amazing.

I feel slightly deflated now (someone else mentioned this feeling in a post on this thread), when I made the last payment I turned the microwave on and reheated left overs.  What a way to celebrate!  

I've linked my diary below - it's not very exciting and has no words of wisdom, but there are some amazing supporters on it.
https://forums.moneysavingexpert.com/discussion/5834547/when-you-owe-more-than-your-annual-net-salary

The next step in my life is to save what I was repaying every month, and to get into a position where I can buy my own house.

Thank you all, you are the best.

LL xx

Massive well done. 

Squirrelz92

LexieLou said:

Exactly 2000 days after I started this journey I can write on this thread, a thread which has kept me going, reading others stories and knowing there was an end to this journey.

I used some of my inheritance to pay off the last of my debt - so I had a cry that if I hadn't been so stupid in my earlier years I wouldn't have had to use it towards my debt.  But I am now debt free and can start to build my credit history and have a life again (Thanks Mum and Dad)

The date of your lightbulb moment 
28 April 2018

Debts at their highest
£38,000 and loose change 

Your one pearl of Wisdom
I don't know if I have one worth suggesting, but do think on your intended purchase for 24 hours before buying, chances are you won't want it the next day.  
I found a balance which worked for me, living and paying debt, this stopped me being permanently miserable and made this journey bearable.  

To everyone who has been with me on my journey, thank you, thank you from the bottom of my heart.  You have been my silent support network, your wisdom and encouragement has been amazing.

I feel slightly deflated now (someone else mentioned this feeling in a post on this thread), when I made the last payment I turned the microwave on and reheated left overs.  What a way to celebrate!  

I've linked my diary below - it's not very exciting and has no words of wisdom, but there are some amazing supporters on it.
https://forums.moneysavingexpert.com/discussion/5834547/when-you-owe-more-than-your-annual-net-salary

The next step in my life is to save what I was repaying every month, and to get into a position where I can buy my own house.

Thank you all, you are the best.

LL xx

Absolutely awesome!!! You have achieved so much!!! WELL DONE!!! xx

Squirrelz92

The date of your lightbulb moment
Originally it was the 22nd May 2022 but bizarrely I ended up fully committing again just over a year later on the 24th May 2023 to crush the debt demon once and for all!

Debts at their highest
My debts at their highest were £7,402.10. This was my starting debt balance on the 24th May 2023 too! 

Debt-Free Date
TODAY! The 24th October 2023! A day I will forever remember as the best thing I ever did financially and the marking of the beginning of my FIRE journey

Your one pearl of wisdom
Be brutally honest with yourself and in turn be brutal with your spending! I went without for 6 months. My children went without for 6 months. Yes it sucked! Yes I felt like the worst parent on the planet because I had to say no to stupid inexpensive things such as doughnuts after swimming lessons. BUT that determination, grit and 100% effort of being as stringent as possible paid off for me after 6 months! I originally had a goal of December 2024 and I have blown that out of the water and crushed it 14 months early! Anyone can do this, you just have to KEEP YOUR HEAD IN THE GAME! It's all too easy to spend that extra £10 here or there. That soon adds up and before you know it, you could have finished your journey a month earlier if you hadn't have spent it! Grit your teeth, keep your eyes on the prize and power through!!! 

I made a spreadsheet which I had open and tinkered with at least once a day. It was my pride and joy and I couldn't have kept my optimism without it. Each of my debts had a tab which replicated my monthly CC statements. I could play around with it throwing different overpayments into cells which then provided me with different 'CC CRUSHED IT' dates! This was motivation in itself and was one of the reasons as to how I managed to beat my debt free date. Alongside this I had a tab for mortgage overpayments, an SOA and a monthly day to day budgeting tracker. This allowed me to see what the 'pay day eve' balance would be each time I spent or receive funds throughout the month. Again, it was a game changer for me. That plus having a Starling account allowing me to open a pot for anything and everything really helped me gain extra control over my money. 

Which forum threads helped you
I have spent years reading so many inspirational people's diaries before I even decided to tackle my own debt head on. One that sticks out for me was Third time's the charm. Thoroughly enjoyed reading @LMD's highs and lows and it truly was inspiring as to how much she got done in such a short space of time. 

And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
I kept a DFW diary on the forum and I really found it both helpful and encouraging. The link is Washing Away My Debts By 2024. I would 100% recommend to anyone in debt to keep a diary, as the feeling of having a whole community of people who you don't know and will never meet having your back through the thick and thin of your DF experience meant the world to me and pushed me harder than I could have pushed going it alone. 

Future Plans
Naturally I shall be moving onto greener pastures in the form of tackling the next element of my FIRE journey. I shall save up 3 months EF and then its full steam ahead to renovating my home, before finally tackling that all important mortgage!!! So excited for my next financial adventure and shall definitely continue to linger on the MFW board to help and encourage others as so many of you all did for me!

Gemma xx