The Debt Free Roll Of Honour

Baggiebird1nil

Light bulb moment: When Peter hadn't got anything else to be robbed! Finally did something about it in 2005.
Debt at highest: £43k
Debt free date: 28/06/10
Pearl of wisdom: Pay cash. It's so much harder to let go of than plastic.

First realised we were in trouble in around 2000 when we couldn't juggle payments around anymore. We contacted all our creditors and told them that we could no longer afford the payments and to be fair they were all quite good about it. All the interest stopped and we paid off what we could afford and what we had agreed then OH got made redundant. He got a job is a short time but the pay was almost half what we had been used to. It was while I was at home sick with shingles in 2005 that I read about IVA's and decided that this would be our best chance and to be honest it was. The last 5 years have been pretty hard but when I found this site I looked at debt in a different way. There were people who were much worse off than me; I learnt to make do, charity shop, freecycle and cash back sites so thank you MSE'ers. And for anyone just starting out time really does fly by and then you get a day like this. I haven't stopped smiling all morning!

d3mon4ngel

Congratulations! :beer:

Looking forward to being able to post on this thread myself

emilyka

Light bulb moment: February 2010- after finding MSE forums

Debt at highest: £6800

Debt free date: 09/07/10

Pearl of wisdom: Bank online! I stopped burying by head in the sand once I could see all of my accounts online. Seeing it in black and white (or should I say red!) really made me add it all up and forced to do something about it.

Whilst I realise my debt is small compared to most on the roll of honour I am so proud to have now joined the group! I owed £6800 mainly just from leaving beyond my means and didnt have much to show for it. Having moved out from my parents at the age of 16 I didnt really have much of a clue about the implications of money and so when I hit 18 the idea of a credit card made me feel like I had won the lottery. So off I went spending the credit limit like it was my own wonga! I also have no excuse or reason for the 5k loan other than retail therapy!

I have now got a better paid job, new partner (well we've been together a few years) and thanks to MSE have pulled my head out of the sand, got used to spreadsheets at home and budgeted my way out of debt. Whilst my payments have been manageable for the last two years my attitude to spending has only altered since February when I realised what direction I wanted to go in (be able to buy a place of my own) and that I would never get there if I lived the life of a princess on my wage!

Thankfully due to a years worth of tax rebate I have been able to realise my debt free date three months early (could have kissed the taxman!) So tonight I shall be having my first debt free drink since I have been legal to drink And there wont be any more champagne....... mines a pint! xx

SkintGypsy

All details in sig block, but here we go-

Lightbulb Moment- March 2008
Debts at highest- £28K
Debt Free Date- £21/07/2010

When I found this site, we weren't really in trouble but we were in a lot of debt. Both employed, on good salaries and in stable employment (we thought!). Having been desperate for a second child and vowing to be debt free before we did, I took inspiration from the tips and diaries on this site and started my relaxed budget to make some headway into the debt. The following November my husband lost his job, but the tips on how to reduce outgoings from the DFW board really helped me to reduce our budget so we could manage our essential bills on just my wage. I had learned enough to know that the debts could go hang for a while on token payments if need be! Luckily husband found a new job two months later, albeit on a much reduced salary, but we were lucky. From my super tight budget, I was able to maintain monthly bills from my wage, and then really start to attack the debt with what now seemed to be 'extra' money.

Which brings us to now. Last payment made towards debts yesterday. New baby is eight weeks old, and this time I get to actually choose whether I return to work or not. That is a huge luxury in my book!

Thanks to Martin, and all who run and contribute to this life-saving site. :T

LexieLou

SkintGypsy, I love your story. Well done and enjoy your new baby. I hope to be able to post here myself some day. Enjoy your freedom!

LL xx

Wee_Jo

Yay!!! I am so happy to be here!!

Lightbulb Moment: 04/05/2010 Realised that my salary had gone in and I was so far into my overdraft that I had less than £200 in the black.....to cover all my expenses, mortgage, etc for the rest of the month :eek:

Debt at highest: Just under £3k (including overdraft)

Debt free date: TODAY!! 30/07/2010

Pearl of Wisdom: I have found that withdrawing cash each week to be the best method for keeping me on or under budget. Before I did this, I took a long hard look at my spending and realized what I was spending – or better put – wasting my money on, then I worked out what I actually needed per week, for me travel and grocery shopping were the two biggest things, then I figured out how much extra money on top I would need. I set a budget of £75 per week and soon realized that £70 per week did me just fine – in fact I don’t always use up the full amount.

Really though, once I had my Lightbulb Moment one of the biggest things for keeping me on track was the MSE Forum. The support, encouragement, advice and laughs that I have got from other members has been amazing. The challenges, such as NSDs, Save on Lunches, (lunches had been a huge expense for me pre-LBM) Grocery Challenges, Dropping Brands, Meal Planning…..it has all helped me enormously. So thank you Martin, the MSE team and MSE members – you have changed my life.

Jo

fozmcfc

Well done Skintgypsy, well well done everyone, just shows what can be done

My lightbulb moment was Jan 2009, whilst my debt is well under control, I want to get some more savings behind me, before I finally pay off my 1 outstanding loan early.

Damita

Well done everyone

sallyx

Lightbulb moment - Sometime back in July 2006
Highest Debt 36K
Debt free date - 11/8/10

Well having bitten the bullet I have finally paid off my last debt - Gulp. Stupid really as ive had some money sat in the bank for a while and have offered various F&F's but never persued them. My debt free journey really has been full of highs and lows. We got ourselves into the debt from overspending, nothing dramatic but it all mounts up. I then fell pregnant and 2 wages turned into 1, OH was made redundant and Im sure you've heard the story before. The lows I guess were times when we really did have no money and had to do a grocery shop on £10, sadder still is the fact that the debt probably was a huge instigator in the breakdown of our marriage. I always hoped we would be able to celebrate paying off 36k and getting debt free together but the reality is that I am weeks away from decree absolute, and he has no idea that today I am celebrating.

My advice to anyone and myself is set yourself a budget, take the money out the bank and don't use cards...its all too easy just to hand the plastic over and spend away

I hope I never ever get into debt again in my life, its certainly been hard work but has taught me some valuable lessons in life!

Onwards and Upwards :T

hypno06

Big huge well done hugs to you sally :j I am so pleased for you