The Debt Free Roll Of Honour

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  • Hello I'm new here but today I have paid off my very last debt and am crying writing this, with happiness!

    To answer the questions above...

    I'm not sure what's meant by a lightbulb moment but if it's when I actually began to sort my finances out, realised what I owed and set up payment plans that were affordable, we're probably talking about 7 or 8 years ago now. A long time.

    At highest, around £30,000. Terrifying.

    Debt free date - today!!!

    Pearl of wisdom. Hmm. If you don't have access to credit cards, loans, overdrafts then you can't get into debt. Debt in itself isn't the issue, it's the affordability and the minute it becomes unaffordable, it snowballs. It didn't happen overnight for me, far from it so I'll now be making sure that I don't ever borrow again (unless for a mortgage within my means).

    I'm not good at links sorry however I did use the form on here to send to all my lenders, the form that requests that interest is put on hold and small payments can be arranged. I have to say that every single one of my lenders, eight at the time, all accepted the letters and stopped the interest and allowed me to pay very small affordable payments from then on. I cannot stress enough what a relief that was at the time.

    This is my first post on here so no diary but as debt can be very isolating, I have nobody else to share my happiness and pride with.

    This seemed like the perfect place!

    It's a bit strange to post this after all this time of being in debt. It seems like a lifetime, a great deal of my adult life has been under the burden of debt, all self inflicted too. I honestly never thought I'd be clear and it feels almost unreal. £30,000 of relentless pressure gone after over a decade and I don't think I could be any happier than I am today!
  • beanielou
    beanielou Posts: 89,805
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    So pleased for you Freeofdebt :D
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • laurenh1
    laurenh1 Posts: 756
    Combo Breaker First Anniversary Debt-free and Proud!
    Forumite
    I am debt Free :D

    Lightbulb moment- while I was pregnant with my son, worrying about childcare costs
    Debts at their highest- about 13k (car) but actually that was planned debt , the worst time was probably only about 6k but on credit cards etc :eek:
    Debt Free Date: 22nd May
    Links that helped- no specific link, but I read The Money Diet & this was a brilliant step by step guide & really changed the way I viewed our finances!
  • littleDOTS
    littleDOTS Posts: 26
    First Post Debt-free and Proud!
    Forumite
    Hi everyone,

    My lightbulb moment was in 2015 (see below)

    I had £10,400 ish of debt when I signed up on here. £3800 on 2 credit cards, £4000 of a car loan from my mum and £2600 owed to my sister from years back when she helped me pay off my old credit card with the profit from selling her flat.

    I was finally credit card debt free on 30/05/18 and then last year I began paying my sister back and finished paying her back in early May 2019! I was the most proud of that to be honest.

    I now have no credit or debts at all. I have a few hundred in savings for my summer holiday. I don't think I have gone into my overdraft at all this year (been very near it though!). I am in the black as they say!

    WISDOM

    Keep going you guys, you will get there. My advice: Every little spend counts but be good to yourself along the way with treats that don't cost too much, like a little free picnic nearby somewhere nice instead of a day out shopping and lunching. Not over-buying if you've got people coming, they don't need that much. Find a way to be low maintenance; cut the extras like spotify, TV, even the broadband if you can. Do your beauty treatments DIY, your DIY DIY!. Long hair doesn't cost much to maintain. It's amazing what you can get by without. I would like new things and I am living with old and worn furniture and carpets which I do wince at but it is live-able with. The self-discipline means that now I can afford what really matters when I need to spend, like paying for my daughters guitar lessons.

    If you are on here then obviously your head is no longer buried in the sand but if you still have the "in for a penny in for a pound", it can't get any worse, what's another £100 on a £1000 debt mentality at all DITCH IT as that mentality got me in this much debt and ditching it is what got me here.

    I wrote down everything I spent and still do and it keeps an awareness going. I really know how much things cost and I congratulate myself every month I spend less than what I made. What a no-brainer that seems, but it is something I rarely achieved before. Groceries-wise I do a sweep of lots of shops, get the specials and bargains. I cook extra and take it to work the next day for lunch (half the time now). I keep up with my laundry pile and organise my clothes better so I don't think I need more clothes and go buying stuff.

    It's a slow thing to pay off debt and it feels like you'll never get there but time passes and you will...just picture it! It feels great to feel free. I don't think people should feel ashamed of being in debt. It's not morally wrong! It's just good to be in a stronger, more secure position.


    littleDOTS
    LBM July 2015 Debt Free 01/05/19
    [STRIKE]2 cards £3800 [/STRIKE] now £0 CC debt free n 30/05/18
    CAR Loan from MUM [STRIKE]£4000[/STRIKE] paid off April 2018
    loan from sister £[STRIKE]2688[/STRIKE] now £0
  • littleDOTS
    littleDOTS Posts: 26
    First Post Debt-free and Proud!
    Forumite
    edited 14 June 2019 at 10:49PM
    What a fantastic story FREEOFDEBT, well done! Your perseverance paid off.
    LBM July 2015 Debt Free 01/05/19
    [STRIKE]2 cards £3800 [/STRIKE] now £0 CC debt free n 30/05/18
    CAR Loan from MUM [STRIKE]£4000[/STRIKE] paid off April 2018
    loan from sister £[STRIKE]2688[/STRIKE] now £0
  • nicnacnoo
    nicnacnoo Posts: 408
    First Anniversary Combo Breaker Debt-free and Proud!
    Forumite
    Hi all,

    a. The date of your light bulb moment
    several times since 2006 but it shone very bright in July of 2016
    b. Debts at their highest
    highest amount was £7692:eek:
    c. Debt-Free Date
    Debt free date is today 17/06/2019 :T
    d. Your one pearl of wisdom.
    set up a separate bills account that all your direct debits come out of and aim to build up a months worth as back up
    e. Links to the MSE guides that helped you
    f. Which forum threads helped you
    the debt free wannabe board has helped me throughout the years
    g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
    https://forums.moneysavingexpert.com/showthread.php?t=4941195

    thank you everyone here for all your support, you don't know how great you all are :T:T:T
  • shteca
    shteca Posts: 120
    First Post Combo Breaker First Anniversary Debt-free and Proud!
    Forumite
    I am almost in tears writing this. What a huge moment in my life.
    I have just made two payments to MBNA and Post Office to fully clear my balance and I have come to the end of my debt free journey.
    I am now 100% debt free excluding my mortgage of £64,000 with £1,000 in my emergency fund.
    It all started for me 18 months ago when I was £54,723 in consumer debt + my mortgage. I felt like I was carrying the world on my shoulders every day. I hit my lightbulb moment when I met my girlfriend and it really struck me how much of a mess I had got myself in. I made the decision to change my life and my children’s future.
    I sold my brand new Mercedes C class (leaded) and started taking the tram and bus, sold my TV, stopped holidays, stopped eating out. Started shopping in Aldi and learning from the forum and asking for advice.

    Here is a link to my debt free diary
    https://forums.moneysavingexpert.com/showthread.php?t=5874633&utm_source=MSE_FS&utm_medium=Email&utm_term=18-Jun-19
    Debt Fully Paid Off (20/06/2019): £54,441.87
    Dave Ramsey is my financial guru!
  • beanielou
    beanielou Posts: 89,805
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    shteca wrote: »
    I am almost in tears writing this. What a huge moment in my life.
    I have just made two payments to MBNA and Post Office to fully clear my balance and I have come to the end of my debt free journey.
    I am now 100% debt free excluding my mortgage of £64,000 with £1,000 in my emergency fund.
    It all started for me 18 months ago when I was £54,723 in consumer debt + my mortgage. I felt like I was carrying the world on my shoulders every day. I hit my lightbulb moment when I met my girlfriend and it really struck me how much of a mess I had got myself in. I made the decision to change my life and my children’s future.
    I sold my brand new Mercedes C class (leaded) and started taking the tram and bus, sold my TV, stopped holidays, stopped eating out. Started shopping in Aldi and learning from the forum and asking for advice.

    Here is a link to my debt free diary
    https://forums.moneysavingexpert.com/showthread.php?t=5874633&utm_source=MSE_FS&utm_medium=Email&utm_term=18-Jun-19
    Well done again:T:T
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Lightbulb Moment: February 2012

    Debt at Highest: £12,000

    Debt Free Date: August 2015

    Pearl of Wisdom: Cooking at home, including packed lunches to take to work. I used the Demotivator tool and was beyond horrified at how much money I was spending on buying food near the office every day. I now keep porridge oats at work and use the microwave to make breakfast here instead of buying it from a cafe at £2.35 at a time. Keep an eye out on the MSE tips from other people; sharing a Spotify or Netflix account makes a huge difference without any sacrifice. Chipping away, a little at a time, is the best way forward because it means you’re taking steps in the right direction.
  • inigma
    inigma Posts: 190
    Mortgage-free Glee! First Anniversary Combo Breaker First Post
    Forumite
    Hey can I have my debt free badge please? I put my post on 26th August last year.
    06/06/2023 mortgage mort dateJUST BRING IT
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