The Debt Free Roll Of Honour

jamesbrownontheroad wrote: »

Hello everyone. Here to share some good news, and to offer encouragement to anyone following in my footsteps.

I left home in 2001 and started out at university. Inevitably I had a student bank account with a gradually increasing free overdraft facility. This is important because it got me into a bad habit at the very start of my independent life. I pretty much lived in that overdraft for the next ten years, with grants, student loan installments, and part-time work only ever topping up but never killing off the debt. This continued through two years out, a two-year postgraduate degree and a three-year doctorate.

A couple of credit cards followed, never more than two at a time, usually sliding debt from one interest-free account to another as the deals expired.

I met and married an immigrant, and therefore traveled a bit more than my bank manager might have thought sensible. She moved to the UK for study, and we eked out a pretty basic living until my first proper job in 2012.

At that point, I had a lot of unsecured personal debt. Maybe not as much as others who are sharing their stories here, but a four-figure sum that I never quite conquered. Since 2012, with the exception of just one six month period, I've worked full time in salaried employment since then.

With the help of Noddle, I've been able to look back at all my open and closed financial accounts and see exactly how much I paid every month to every account. Some balance transfers skew the total (i.e. I paid a lot onto one credit card using another, so if I total all the monthly payments up it ends up duplicating the cost.

But as of this month, I am proud to say that since 2011 I have successfully cleared £35,604 of unsecured personal debt, including the original sum plus all associated interest.

It's all gone. :beer:

For the last three years, out of a pay cheque of around £1,900-2,200, I must have sent £400-700 a month to pay off my debt. It's been a long tedious slog. But it's over now.

To those who are following in my footsteps, be assured that you can do it. It will be slow, it will be boring but it will happen. There will be no quick rewards or quick wins. But you will get there.

Having the right people around you helps enormously. My wife has been strict and forbidden me from easy lapses of discipline whenever something tempting comes up. You don't have to be in a relationship for this to happen. Trust the many debt support agencies and charities and talk to them. If you have a friend or family member, turn to them for moral support, maybe even financial discipline. Yes, there's a small chance that they will judge you, but more likely than that they will be honored that you have shown your trust in them.

Good luck, and I look forward to reading your story here very soon. :T

FrugalinShropshire wrote: »

We are now debt free:T:T We have paid off our £10000 loan in 4 years and 7 months.

We now are mortgage and debt free and do not need to work. I am 52 and OH 58.
Our lightbulb moment came when we OH endured a 4hour commute from London to Kent that would normally take him 40minutes. He hated his job and I was running back and forth to look after my Dad in his home. We decided then to downsize and move, taking my Dad with us.
Jump forward and we have been in Shropshire for 4 years and 7 months:j
We live very simply and very happily, we find pleasure in not spending money on stupid things. We have a wonderful frugal life and try and make every penny work. We use a cash purse system and save up and pay for everything. When we moved we didn’t have the money for my dream cooker so we used a camping gas stove for 2.5 years with a halogen oven and microwave. It was fun to see what meals you could do using so little.
I have privileged life now I believe as I can truely see what I really need and would never buy something I just want without researching first. Others may see our life as hard as we seem to go without the norms for a lot of people as we don’t have a very big income, but we are much happier than we have ever been.