Debt Free Successes: How did you do it?

brizzledfw

Great to 'see'you HOK3Y. Very glad you are still about... hope you get to hubby soon

Amazing story mfmaybe.

NoOneAround

Thank You for sharing Hok3Y - an amazing achievement, shows how much you can achieve when you are determined - I have the determination to see this through, just working on getting OH on board who is totally down in the dumps about it all.


MfMaybe - thank you for sharing your amazing story too, I know what you mean about extreme ends of the spectrum - I have cut back on everything possible except for DS school fees - just 3 more years if I can keep going and then we will have £1300/m to throw at debts. I'm sorry that the IVF hasn't worked for you yet, I know what you must be going through as my sister also went through it a few years ago - she was lucky and it did work for her and she now has lovely twins, another of my close friends also had to try 3 times before it worked so keep positive


xx

TizerCat

Thank you HOK3Y its is good to hear about the mind frame that you need to get into...it seems to be the key to success or failure ... your comments have shown me that I'm struggling as I'm not concentrating on it 100%

NoOneAround

TizerCat wrote: »

Thank you HOK3Y its is good to hear about the mind frame that you need to get into...it seems to be the key to success or failure ... your comments have shown me that I'm struggling as I'm not concentrating on it 100%

Thanks TC
Same here, these stories really help....


We are all keen to hear more of them

x

debtfreewannabe321

Great to hear all these stories some i've already heard from following diaries but it's always great to hear new ones too :T

My story in short:

Total debt and date started to deal with it. I had my :idea: LBM in December 2010 and when I had it it came in a pretty major way! My tenants decided to stop paying rent right before xmas and so I put all of the kids presents on the catalogue and then couldn't afford repayments for everything we had, not even the minimum:o. This was the same time that interest rates were sky high on mortgages so we were paying well over the odds on our mortgage and there was no rent going towards it from tenants, dh was away and I was trying to finish off my degree. I had a full on melt down over it, all whilst trying to deal with the above plus 2 babies, a 11 year old preparing for 11+ and secondary school & hubby away at war. Wasn't pretty :rotfl: After adding everything up for the first time ever we thought it came in at around £20,000. We managed to pay some off in December as DH had a small bonus and then we ended up calling national debtline and they sent us on to cccs (step change) I spent nearly an hour and half crying, explaining what debt I knew I had and what I would have to find out (We had around 8 CCs, loans, overdrafts) and when added up it came in at £17,000+ (I forget exact figure!) it was a bit of a relief that it was below £20k to be honest :rotfl: even though 17k is not a drop in the pond to us . CCCS sorted us out though and contacted all creditors, I honestly don't think I could have done it without them, I was in totally the wrong mental state at the time and I probably would still be in debt if it wasn't for them!

Debt Free date/how long it took.How did you do it?
Paid in Full?
Full and final settlement?How much if any Written off?
Self managed or charity or other company?

DFD is nearly a year I believe :j:j Unfortunately DH's grandfather passed away last year . Fortunately he had a long and healthy life up to the end, and was also loaded. He left us around £7k and we had I think around £10/11k left on the debt at that point. I contacted SC/CCCS and told them we had some money, we ended up paying 58% of what was left on most debts through F&F settlements which they arranged. A few asked for a bit more (B@RCLAYS!!!) but they all got paid off and that was the end of the debt

So from proper LBM to debt free it was 2 years 10 months approx. This is the first time since I turned 18 I have been DF for so long

Igamogam

Fab wise words Hokey

NoOneAround

Thank You DFW321 for your story - Amazing what you achieved in such a short space of time - and it must feel so wonderful to be DF :T


Look forward to reading some more stories
xx

triple_choc_chip

I had my first light bulb moment in 2008 when abroad on holiday and I ran out of money and couldn't get any because overdraft was at its hilt and cash advance allowance on cards already at the limit - OMG! it was scary but we survived and I came home and found this site. I added up overdraft, loan, cards and saw £31,997 on the page and thought: "sort it out, girl' Three years on it was down to £9,700 through all frugal means possible.

By 2012 it had increased back to approx £13K and I needed another kick start. Working my way across the tabs on the MSE home page, I disputed my council tax and got a rebate for 4 years (£1800), switched electricity company, got a new 0% balance transfer saving £70 a month in interest, sold gold for £1300, stopped smoking saving £100 a month, and shopped with a list and basket instead of trolley saving approx £30 a week (unbelievably I still have as much as ever in my cupboards!) After reading the forums I saved £2 coins, used up old makeup and toiletries instead of buying new, stopped buying clothes unless necessary, ebayed loads, use vinegar for all sorts, turned radiators down and halved the heating oil bill. I purchase everything through topcashback using Tesco card to max points. I pay the card every weekend so that the statement is only ever a few pounds.

I paid it all off without settlements or arrangements although I did have a PPI refund for about £700 which was a bonus.

One year on and my budgeting is paying off. I can now divide all the major annual spends by 12 and put it aside, My ISA emergency fund is at about £1200, I've paid in full for a car 7 years newer than the last and I haven't dipped into the overdraft or paid any interest on the credit card since being debt free. I'm still reading threads everyday and willing peops onwards on their journeys.

triple_choc_chip

NoOneAround wrote: »

I have cut back on everything possible except for DS school fees - just 3 more years if I can keep going and then we will have £1300/m to throw at debts.

I've just seen you wrote this ^^. After 13 years I have just 7 more payments to make, :j (the same amount as you are paying) and then it's finished. :T
At the moment I intend to save it as I have no inclination to spend at all. However, I know in future ds will continue to cost me dear! The 1st car, Uni subs, gap year etc etc. I will expect him to work for these things but I hope to match him 50/50. Otherwise I will now save long term for my retirement.

[Deleted User]

NoOneAround wrote: »

Total debt and date started to deal with it.

About £15k. Got serious about clearing it, around the end of 2009.

Debt Free date/how long it took.

DFD was in August last year, so about 4.5 years to clear.

How did you do it?

Put a complete stop on borrowing, then waited for the existing debts to be paid off.

Paid in Full?

Every last penny.

Full and final settlement?

None.

How much if any Written off?

None.

Self managed or charity or other company?

I was never in a DMP (always managed to pay the contractual amounts, though it was a close run things sometimes), so the question doesn't apply.