The Debt Free Roll Of Honour

Shower-of-roses · 9 September 2013 at 4:44PM

Date of your lightbulb moment-Oct 2011
Debts at their highest-7700 was a figure I remember at one stage
Debt-Free Date-I paid my final debt to Sainsubury's CC early this month after sitting with the money from pay day in my account for a week or so feeling rich

Pearl of wisdom - BUDGET. It seem reckless I know, but I used to spend until my card got declined and then I'd switch to CC. I thought I needed all that stuff. Seriously, you don't.
MSE guides - I devoured the email each week and religiously did a search for everything from insurance to currency, I think I've pretty much used every guide at some point!
Best forum threads - The Grabbit boards are a daily read and the LPG guys were a great help to me.

I've posted here really to say a huge THANK YOU :T to all of you. I've not posted often, and at times it's been a tough and lonely journey. Reading the Debt Free Diaries in the beginning was such a fantastic help and the people on the Grabbit Boards who go to the effort of posting their treasure finds are heroes quite frankly! Even when I couldn't find the money to buy the goods it has been a lesson in bargain hunting!

I've promised the kids a huge supermarket shop once debt free. We've managed as a family of 4 on £40 per week food shopping for a long time. So we're going to eat trashy stuff for a week before it's back to healthy eating, menu planning and the mortgage free future I have in my sight.:cool:

MrsCautious · 12 September 2013 at 7:14AM

LBM October 2011
Debts at highest £5,600
Debt free date August 2012
Pearl of wisdom I had adopted a 'sling credit card bills in the drawer and forget about them' mentality, I knew nothing about which types of debt were cheapest. I was able in the end to transfer the whole amount to a bank loan. This was not massive debt for our family's earnings but it was enough to keep me awake at night.

My husband was diagnosed with terminal cancer in November 2011 and we lost him the following May. My pearl of wisdom is, you may be in debt but if you have your health and your loved ones, please count your blessings. I would give up every penny of material security to have him back for me and my kids. Paying off debt may be tough, requiring life-changing decisions and buckling down, but it's worth it and to be able to face a debt free future with those you love is a fantastic goal.

How MSE has helped After a spell of not working through grief and illness MSE keeps me on the straight and narrow. A triple whammy of the NSD thread, grocery challenge and Make £10 a day, gives me structure and confidence for a new-found financial savvy.

I've saved around £4,000 a year on bills thanks to advice/tips/articles here and maximised interest on savings.

Thanks so much and good luck to all hardworking debt free wannabes xx

I also think the resolve and determination displayed on these boards is truly inspirational. For those still paying off their debts, so often the new mindset/approach can and will pay dividends when it comes to saving in the future.

GlamGirlie · 12 September 2013 at 11:19AM

a. The date of your lightbulb moment - Mine was April 2007. I was writing cheques (!) for all of my credit card minimum payments and it took up my entire salary - and there still wasn't enough.

b. Debts at their highest - My IVA was for £77k, commencing July 2007. It took that long to get sorted & started.

c. Debt-Free Date - My final IVA repayment was June 2012. I received my certificate in July 2013 (Debt Free Direct are rubbish!)

d. Your one pearl of wisdom - Two, actually. Number 1 - take the bull by the horns and sort it. For an IVA, 5 years is a long, long time, but I would probably still be in £70k debt now if I hadn't taken action. And number 2 - Save for the 'nice' things you want; they mean so much more.

e. Which MSE guides helped you - can't really say I used any, sorry.

f. Which forum threads helped you - IVA & DRO forum, debt free wannabe primarily. I do get frustrated by people trying to do everything on a shoestring - some things in life ARE worth paying for - hence I don't use some of the specific forums.

It can be done. Good luck to those still trying and well done to those who have achieved it!

lynnejk · 13 September 2013 at 12:33AM

Thought I would add my name to the list

a. The date of my lightbulb moment was 25 September 1999

b. My debts at their highest were around £15,000

c. My Debt-Free Date was September 1st 2004

d. My one perl of wisdom is to budget for everything. I worked out my total spending for the year and divided it by 12 (as I was then paid monthly). Everything that could be paid by monthly direct debit was left in the bank and things like food, travel, presents etc was put into separate envelopes with it's share of the cash. ALL receipts were also kept in each envelope and totted up monthly and written on the envelope.

Always shop with a list; only shop when you have to; don't window shop and use a basket !

Put your credit cards in a drawer and only take them out when paid off and you can CUT THEM UP. :money:

e. I didn't know about MSE guides then unfortunately but love using them now :T

tiger_eyes · 19 September 2013 at 2:10PM

Phew. Just called up to pay off my cripplingly huge loan and the relief is incredible. I've been saving for this moment for two years and I'm finally at the end of the road.

a. The date of your lightbulb moment: My loan was for a postgraduate degree, so I decided to risk it, but I knew from the moment I signed the paperwork that I was putting myself in serious debt and looking at a very stressful few years.
b. Debts at their highest: £10,000.
c. Debt-Free Date: Today.

I saved myself three years and over a thousand pounds of interest by repaying early.
d. Your one pearl of wisdom: Keep your eyes on the prize.

System · 19 September 2013 at 5:16PM

a. The date of your lightbulb moment
30th March 2013 - The day I quit my job (oops!)

b. Debts at their highest
Somewhere between £5,000 and £6,000. Not exactly sure now but believe it to be £5,700.

c. Debt-Free Date
18th September 2013

d. Your one pearl of wisdom.
Effort is required to pay off the debt - I was prepared to work harder online at home than work for minimum wage part-time, which was all I could find.

e. Which MSE guides/forums helped you
Debt-free wannabe inspired me, both the good and sad stories, also up your income has been a great help.

pixiewolfe · 25 September 2013 at 4:54PM

a. The date of your lightbulb moment
My Nana was fed up at me having being in the red from my overdraft and though I was in a job, I could not afford to pay it back in one day. As I was picking at it £200 a month she was proud at my effort and helped me with giving me the lump sum. By that time I had paid off my credit card, phone bill(and was on PAYG) and was working a full time job.
Thanks to her, I can now save and not worry about the bank stinging me with the interest! (Thank you Nana!):p

b. Debts at their highest
£2800 (family helped pay back £1200 as they saw I was trying)
c. Debt-Free Date
6th August 2013
d. Your one pearl of wisdom.
Never lend money you cannot afford to lose!

e. Which MSE guides helped you
Competition time as it gave me something nice to do to destress myself, Freebies and the email.
f. Which forum threads helped you
All in their own way (I flicked around the site a lot)
g. And if you had a debt diary on DFW, a link to it
No diary, just cutting back on the eating out, going on approved food, and making my own presents rather then buying them. Charities shops were and still are my best friends too!

pixiewolfe · 25 September 2013 at 4:56PM

GlamGirlie wrote: »

a. The date of your lightbulb moment - Mine was April 2007. I was writing cheques (!) for all of my credit card minimum payments and it took up my entire salary - and there still wasn't enough.

b. Debts at their highest - My IVA was for £77k, commencing July 2007. It took that long to get sorted & started.

c. Debt-Free Date - My final IVA repayment was June 2012. I received my certificate in July 2013 (Debt Free Direct are rubbish!)

d. Your one pearl of wisdom - Two, actually. Number 1 - take the bull by the horns and sort it. For an IVA, 5 years is a long, long time, but I would probably still be in £70k debt now if I hadn't taken action. And number 2 - Save for the 'nice' things you want; they mean so much more.

e. Which MSE guides helped you - can't really say I used any, sorry.

f. Which forum threads helped you - IVA & DRO forum, debt free wannabe primarily. I do get frustrated by people trying to do everything on a shoestring - some things in life ARE worth paying for - hence I don't use some of the specific forums.

It can be done. Good luck to those still trying and well done to those who have achieved it!

Wow. You are amazing paying off 77k! :A

Katy83 · 26 September 2013 at 9:06AM

Wow, I can't quite believe I am here, I'm not sure I ever really believed this day would come. I have just paid the final payment on my final credit card and, as of about half an hour ago, I am free of debt for the first time since I was 17. :j

a. The date of your lightbulb moment
18 August 2009
b. Debts at their highest
£31432
Made up of credit cards, loans, borrowing from my partner and my student loan.
c. Debt-Free Date
Today!! 26 September 2013
d. Your one pearl of wisdom.
There are a many, many things I could say here but there are three main ones that I would like to tell anyone going through this experience:
1) Don't be frightened of your finances. When I first started this I don't think I had looked at a bank statement for about 4 years and I had no idea about what my outgoings were. My first indication of overspending was when my debit card would get declined and I would have to pay for something by credit card instead. When I finally took control and started looking at my bank account it was a much better feeling than not knowing.
2) Have 2 current accounts - one for bills and one for spending - and check your balances every single day. This helped me know that I would always have enough to cover my mortgage payment which goes out 3 days before payday and the money I had in my spending account was all mine to do what I liked with.
3)Do it your own way. This one has become very important to me over the last 18 months. When I first started on the DFW journey I posted on here every day, cooked from scratch, hunted for bargains and got a buzz from saving money everywhere I could. However, due to chronic illness, work pressures and family problems I have been less focussed on my DFW journey than I could have been. Coupled with a good salary it means I am much more likely these days to buy a ready meal if it means I get an evening off to relax, or splash out on a weekend away if it means I get a break. So it has probably taken me longer than it could have done to get here but...I AM HERE. My point is, there is no right or wrong way of doing this, you have to do what works for you and your life.
e. Which MSE guides helped you
Budgeting spreadsheet, best bank accounts, 0% balance transfers on credit cards, Should you pay off your student loan, insurance guides, restaurant vouchers.
Also, not a guide but the snowball calculator is a brilliant tool - really useful and I have filled it in right to the end.
f. Which forum threads helped you
Most of the DFW board helped me, though I haven't posted for a long time I have lurked a few times a month, particularly in debt free diaries. It always makes me feel like I am not alone. When I was starting out my favourite threads were a payment a day, what small things and this debt free roll of honour (for inspiration).
g. And if you had a debt diary on DFW, a link to it
I did have one to start with before I got ill but I haven't posted in it since 2010 so it's not much relevant now.

To finish off, I just want to say to every single person here, thank you SO much for all of your help and support. What we are trying to do is hard, really hard. There is a stigma in talking about it and this is a safe place for help, advice and support. Your endless determination, encouragement and enthusiasm has kept me going over the last 4 years and I would never have done it without you. Thank you and best of luck in reaching your own debt free days. :beer:

eco_farmer · 26 September 2013 at 2:16PM

congratulations:beer:. what a top post.

eco

The Debt Free Roll Of Honour

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