Martin's DFW Book - Lightbulb Moments Please!

Former_MSE_Sue

Hiya - we want to have a section in the book on 'lightbulb' moments - what we're after is -

What did it feel like when you had yours?
Where were you?
How did it happen?

Just want a couple of lines from as many of you as possible please

Thanks loads Sue

What is the DFW Book? A Quick Note From Martin. This forum is a massive wealth of positive information that helps so many people, its crying out to have a book written about it. As such Sue is helping me compile DFW the book. The aim is for it to be split 50/50 with half written by me, which will explain the techniques for managing and dealing with debt; and half coming from this forum with 'living with debt' real stories to help, inspire and educate.

Sue Hayward (MSE Sue) is a consumer finance journalist who is compiling the Forum stuff for me for the book. In case you're wondering where the money will go, to be honest I havent decided yet. Thrifty Ways was written totally off the Old Style forum, so I donated all my proceeds to the MSE Charitable fund; as this book is half/half I haven't decided whether I will donate half or all of the proceeds - but it will definitely be at least half. Please do help if you can - this book should reach many people who can't get to the site, and your one quote could just be their lightbulb moment.

GreyPilgrim

What happens with the profits from the book?

themaccas

We had just got home from shopping in the sales January 2006 and I looked at the bags of 'bargains', we had spent around £400 and as I looked at the bags and OH was going on about all the money we had saved I had this realisation that we hadn't saved any money at all, it had all been bought on credit cards and all I was looking at was bags of DEBT. I had this sickening feeling over the next few days as I tried to convince myself to look at how much we owed and one night at 2am in the morning I came downstairs looked through all our statements and loan agreements and worked out our debt total, it was about £12,000 more than I thought. I logged on here the next day and set about paying it back like a military operation and it's still ongoing!!!!

Storm

I was idly looking through MSN website when I saw an article about HSBC & overdrafts saying how they were looking at people who lived permanently in overdraft & would be slashing their limits etc. This panicked me enough cos I was ALWAYS at the end of my O/D to add up what I owed where, and I wanted to cry cos it was so much more than I'd thought & even more than I'd had when I graduated. I realised that all the plans I had in my head (go off travelling, buy a flat etc) jusst weren't going to happen if I didn't get my head out of sand, pay off the debts & then start saving in earnest.

Nelle_2

I had just opened yet another credit card bill which showed that the minimum repayment barely covered the interest charges. I had been using cards to pay cards and realised that I was at my credit limits with all the cards and nowhere else to run to. I was at home and my partner arrived who up until this moment was unaware of the true extent of the debts. I confessed all and went through a glamut of emotions from shaking from head to toe with fear of the consequences to utter relief to know that I had the understanding and complete support of my partner. The hardest part was over.

*zippy*

I found out that my DH's work had financial problems and there was a risk of him losing his job it just hit me that you don't know whats around the corner and we wouldn't be able to manage if he was out of work or had to take a lower paid job.

I cried, felt sick and didn't sleep properly for a week, I would suddendly feel what felt like panic attacks, I will never forget those feelings thank goodness. After a week I realised that feeling sorry for myself and crying wasn't going to make any difference and I started lurking on MSE and spent hours reading the DFW and OS posts to find ways to save money (I had seen Martin years ago on This Morning and written down his web address)

Everyone was so positive and there were members who had paid off thousands, I realised it was sortable and as soon as I started following the tips and paying off extra each month I felt in control of our finances.

immoral_angeluk

What did it feel like when you had yours?
Very very scary when we saw it all written down on paper. We haven't got that much debt compared to others but as we're on a low income it still hit home hard.

Where were you?
6 months pregnant with a toddler, having just had to take out a ridiculous APR car loan out of desperation because my old car had died dramatically and I needed one to get to and from work.

How did it happen?
Initially it felt like the severity of our situation had finally sunk in. We had been completely oblivious to the scale of things previously and were only looking at things in the 'can we afford the monthly payment' way but even this was getting tighter and tighter. After taking out the car loan it finally dawned on us just how tight things were getting every month which frightened us, especially as we were expecting our 2nd baby in a few short months. We wrote down EVERYTHING incoming and outgoing and started a spending diary. We cut down things like Sky+ (and put the box on ebay), our mobiles, our tv, house insurance etc. We even gave our puppy to my husband's brother! Everything that wasn't tied down was put on ebay and we saved every spare penny and put it towards debts and took our daughter out of nursery when I went on maternity leave so we could pile everything we could towards debts.

It's now 4 months since we had our lightbulb moment. Although it's been tough, we've managed to pay off 5 debts totalling over £1800 and are on our way to paying off the 6th. Our 2nd baby was born on the 29th January and I am so glad we had our lightbulb moment when we did as we are in such a better financial position now than we were just 4 months ago. The only regret I have is that we didn't find this website sooner.

jet77

I discovered the MSE book in December 2005 but didn't have my proper lightbulb moment until May 2006. I found this site and it hit me round the face like a wet fish. I had built up over 5k debt in 9 months!!!!!

I have had expenses of over 2k recently due to unavoidable expenses over the last 2 months however I feel confident that it will be OK and I can pay my debt off with the help of this site and the fantastic MSE army. If I hadn't found MSE I think I could well be suicidal right now.

lxpeanut

I had already realised that I could not afford to carry on paying as much out as I was each month. I thought that consolidating my existing debts was the answer despite the fact I've already done it twice. Then I was refused the loan I applied for. At first I was devistated then I realised that I needed to change the way I was dealing with my debts and instead of moving them around work on paying them off. Its still early days and I have alot of work to do but ever since my lightbulb moment I've felt like a weights been lifted.

xela_17

I stumbled across this site and was reading the articles. I read about PPI and how pointless it was. At that point I knew little about money and had consolidated my uni debts into a graduate loan. I had also taken out PPI. Although it was too late to just cancel the PPI, my lightbulb moment came when I read that article, went to my bank, get a settlement figure and paid off the loan with a 0% credit card. I felt so much more in control and since then I have managed my debt so well that my friends roll their eyes whenever I mention debt!

creditwreck

lightbulb moment 15th January 2007, realised that even with a wonderful bonus, it was all spent as it hit my bank account paying back loans & credit cards.

Realised that I really needed help and until I faced up to all those unopened letters I could not carry on much longer.

Plus I got married in November 06 and realised I did not enjoy it as much as should have because I was drowning in bills.....

Rang CCCS on 15th Jan, told my OH on the 17th Jan and he still loves/supports me, start my DMP with CCCS on 1st march 07......phew. Debt will be paid off by Feb 2011

Best of all a problem shared is a problem halved......and can sleep now too!:j