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!!