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  • FIRST POST
    • lozzam
    • By lozzam 20th Dec 17, 5:41 PM
    • 73Posts
    • 385Thanks
    lozzam
    180,000 debt - done!
    • #1
    • 20th Dec 17, 5:41 PM
    180,000 debt - done! 20th Dec 17 at 5:41 PM
    MoneySavingExpert Insert:

    Hi folks, I'm sure Lozzam won't mind up updating her post with a link to her news story

    ''I cleared 180,000 of debt in 12 years''

    Back to her original post...

    ----

    Yes. 180k was a ridiculous amount of debt, and nothing much to show for it. Only one of us working and living the lifestyle of our Singleton and Two income friends

    The lightbulb moment was August 2005. All debt was being serviced but I realised I was taking out new debt every other month to keep it under control and that was not going to work any longer.

    CCCS (now Step Change) were brilliant and helped us put together a tough but just about manageable repayment plan.

    It took 12 years, but we are finally debt free - all paid in full!!! We are now working on our mortgage and making sure I have a decent pension pot.

    My recommendations?

    Learn to cook healthy good food, so staying in is better than going out. Go running or walking and really appreciate the outdoors. Do your own thing and don!!!8217;t try and keep up with what others are doing. Find ways to treat yourself that doesn!!!8217;t cost too much - a couple of days holidaying out of season is brilliant!

    We have just got a new credit card and are using it for supermarket shopping and paying off in full each month. Hoping it will help build our credit rating .... but also not planning to use credit in future.

    The moral of my story? The debt may be huge but the process is the same. One bite of the elephant at a time and it will get eaten.
    Last edited by MSE Andrea; 22-01-2018 at 10:26 AM.
    DMP mutual support thread member 373
Page 1
    • patman99
    • By patman99 21st Dec 17, 2:11 PM
    • 8,195 Posts
    • 9,653 Thanks
    patman99
    • #2
    • 21st Dec 17, 2:11 PM
    • #2
    • 21st Dec 17, 2:11 PM
    Well done on your achievement.

    It just goes to show that if you work at it, a debt can be conquered no matter how large it is.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Shineyhappy
    • By Shineyhappy 22nd Dec 17, 7:45 AM
    • 1,729 Posts
    • 4,205 Thanks
    Shineyhappy
    • #3
    • 22nd Dec 17, 7:45 AM
    • #3
    • 22nd Dec 17, 7:45 AM
    That is truly inspirational and congratulations I am sure it must be a massive weight off your shoulders
    • rockabillygirl
    • By rockabillygirl 23rd Dec 17, 2:14 AM
    • 143 Posts
    • 769 Thanks
    rockabillygirl
    • #4
    • 23rd Dec 17, 2:14 AM
    • #4
    • 23rd Dec 17, 2:14 AM
    Congratulations!
    It will all be ok in the end - if it's not ok, then it's not the end!
    Saving for Xmas 2018 #27. :
    Sealed pot challenge #32
    Mortgage paid off.
    • erin_transport
    • By erin_transport 23rd Dec 17, 9:21 AM
    • 525 Posts
    • 2,340 Thanks
    erin_transport
    • #5
    • 23rd Dec 17, 9:21 AM
    • #5
    • 23rd Dec 17, 9:21 AM
    Well done!
    Fantastic achievement
    On a mission!

    2018 MFW #138
    • LuckyPenny
    • By LuckyPenny 30th Dec 17, 8:46 PM
    • 758 Posts
    • 5,687 Thanks
    LuckyPenny
    • #6
    • 30th Dec 17, 8:46 PM
    • #6
    • 30th Dec 17, 8:46 PM
    Wow that!!!8217;s amazing- congratulations. It must be such a weight off your shoulders.
    1% Challenge #28 1188.52/4000 29.7%
    Pay off all debts by Xmas 2017 #40 2,214/6500 Christmas 2018 Saving #16 101/365
    Competition wins 12,079
    Declutter 3 per day
    • MSE Andrea
    • By MSE Andrea 3rd Jan 18, 1:19 PM
    • 9,008 Posts
    • 21,792 Thanks
    MSE Andrea
    • #7
    • 3rd Jan 18, 1:19 PM
    • #7
    • 3rd Jan 18, 1:19 PM
    Huge congratulations lozzam, what an inspiration!
    Could you do with a Money Makeover?


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    • RhiBi
    • By RhiBi 3rd Jan 18, 1:41 PM
    • 539 Posts
    • 1,581 Thanks
    RhiBi
    • #8
    • 3rd Jan 18, 1:41 PM
    • #8
    • 3rd Jan 18, 1:41 PM
    Amazing, you must be so happy, well done xxx
    Virtual Sealed Pot 2018 #7 173.69/250
    • MSE Megan F
    • By MSE Megan F 19th Jan 18, 10:22 AM
    • 286 Posts
    • 152 Thanks
    MSE Megan F
    • #9
    • 19th Jan 18, 10:22 AM
    • #9
    • 19th Jan 18, 10:22 AM
    Lozzam kindly agreed to share her story with our news team in the hope it would help others...
    Read the full story:
    ''I cleared 180,000 of debt in 12 years''

    Click reply below to discuss. If you haven!!!8217;t already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
    Get the Free Martin's Money Tips E-mail
    • SamSam17
    • By SamSam17 19th Jan 18, 10:25 AM
    • 65 Posts
    • 142 Thanks
    SamSam17
    WOW that's amazing! we'll done.

    I'm glad you've stuck with it.
    • jaxsmar
    • By jaxsmar 19th Jan 18, 8:33 PM
    • 385 Posts
    • 1,563 Thanks
    jaxsmar
    Wow... It gives me hope reading your post. Have you put it on the debt free honour roll?
    Penny wise pound foolish #266 emergency fund 150/1000.
    • enjoyyourshoes
    • By enjoyyourshoes 19th Jan 18, 8:38 PM
    • 1,061 Posts
    • 1,301 Thanks
    enjoyyourshoes
    Excellent and a great motivation to others with debt problems and not being able to see a way ahead.

    So over 12 years being a slave to compound interest.

    Now harness what you have been throwing at the debt towards savings and benefit from compound interest for the rest of your lives.
    Debt is a symptom, solve the problem.
    • The MoneySavingKid
    • By The MoneySavingKid 20th Jan 18, 1:13 PM
    • 328 Posts
    • 210 Thanks
    The MoneySavingKid
    Excellent and a great motivation to others with debt problems and not being able to see a way ahead.

    So over 12 years being a slave to compound interest.

    Now harness what you have been throwing at the debt towards savings and benefit from compound interest for the rest of your lives.
    Originally posted by enjoyyourshoes
    Huh? It says in the article, interest was stopped.
    • Robin_Banksy
    • By Robin_Banksy 14th Feb 18, 9:51 AM
    • 1 Posts
    • 4 Thanks
    Robin_Banksy
    To the people knocking this lady!
    If the people moaning about this woman were to read the story they would see that she wanted to and did actually pay off the debts that she owed instead of the easier route of declaring herself bankrupt and paying the minimal amount.

    Back in 2007 I was also in a lot of debt to the sum of 45,000 - mostly down to my own stupidity and also partly due to credit card companies throwing money at me (one lender who gives you extra gave me a credit card with a starting limit of 250 - 6 months later that credit limit was increased to 12,500.00!) .

    I contacted Step Change who were fantastic, they had interest frozen with all my debtors which enabled me to fully pay back what I owed - again I could have taken a much easier route to write off these debts but felt I wanted to pay back what I owed. After years of living on the bare minimum to pay off what I owed I was finally debt free in 2013.

    Without the help of Step Change I was stuck in a catch 22 situation, I was paying towards my debts but the constant interest charges being added were making it impossible to move forward and were just pushing me further into debt. Step Change were a godsend!

    I have learned my lesson, I only ever buy things that I can afford and make sure I save whatever I can.

    It's very easy to fall into debt, anyone can so the people knocking this lady should sit up and think about it - it may be you one day!
    • lozzam
    • By lozzam 9th Apr 18, 7:29 PM
    • 73 Posts
    • 385 Thanks
    lozzam
    I went back today and re-read all the comments on the news article. Thank you to everyone who made positive comments - I really appreciate them, and thank you for supporting me.

    Many people commented on how stupid I was to get into that much debt. They are totally correct - it was stupid. I can't defend it.

    One clarification to the article. We didn't just give up foreign holidays - for a period of several years we gave up pretty much everything - no going out if it cost money, no repairs to the house if something broke, no new clothes. It did get easier over time, but we are delighted now that we can start fixing some of the things in our house that have been broken for years - saving up for each thing in turn.

    During those tough years we really appreciated social media - we could look beyond all the happy holiday pictures, and used it as a way of keeping in touch with all the people we couldn't afford to see in person.

    I'm happy that the article has encouraged people with a lot of debt that will take a long time to clear - that is why I wanted to do it - to show it can be done.

    Stay debt free folks!
    DMP mutual support thread member 373
    • beanielou
    • By beanielou 20th Apr 18, 9:51 PM
    • 54,069 Posts
    • 214,357 Thanks
    beanielou
    Fantastic achievment:0
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • RhiBi
    • By RhiBi 21st Apr 18, 7:44 PM
    • 539 Posts
    • 1,581 Thanks
    RhiBi
    That's amazing, well done xx
    Virtual Sealed Pot 2018 #7 173.69/250
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