The Debt Free Roll Of Honour

MargB · 20 July 2019 at 7:55PM

woo-hoo

I can now say I am finally debt free
have had the letter from the bank to say that my mortgage account is now closed (as its all paid off)

a. The date of your light bulb moment
24/09/2008
b. Debts at their highest
£102849 - this did included the mortgage
c. Debt-Free Date
Debt free date was 01/07/2019
d. Your one pearl of wisdom.
keep chipping away at the debt, every penny helps.
subscribe to the newsletter from this site and use it.
e. Links to the MSE guides that helped you
I have to say I've looked at all of them - and I still do
f. Which forum threads helped you
the debt free wannabe board, mortgage free wannabe board
g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
I'm afraid I didn't, as I have always been a bit of a lurker on the boards

and along the way, I've managed to ensure I've built an emergency savings fund with 3 months of bills saved in there (and it was just the basics as well)
I've set up a savings account today to start saving what would have been the mortgage payments in. Hoping to retire early at some point, so need it ensure I will be OK

beanielou · 20 July 2019 at 8:16PM

Well done margb

thriftychick · 26 July 2019 at 8:53AM

The date of your lightbulb moment - August 2018
Debts at their highest - £7,000
Debt-Free Date - 19th July 2019
Your one perl of wisdom - Many things have contributed to getting to this day:
Stopped wasting money thanks to Martin.
Years of reading the DFW board and taking on the advice given to other people.
Went on a CAP Money course which really helped.
Reading Dave Ramsey's Baby Steps on his website.
Eventually, it was starting to have monthly budget meetings with OH and building up a small Emergency Fund which made the difference.

Next step is to build up a proper Emergency Fund and then overpaying on the mortgage but most important and no doubt the hardest thing will be staying Debt Free!

[Deleted User] · 27 July 2019 at 11:10AM

I'm not sure it's quite sunk in yet, but yesterday I paid off the last of my debt and I'm officially debt-free. :j

a. The date of your lightbulb moment: this time last year, but to be honest, it has flickered throughout the year.

b. Debts at their highest: £10,745 on 6th July 2018

c. Debt-Free Date: 26th July 2019

I don't think I know enough yet to be giving any advice, I'm still a novice

I read lots of diaries and threads on DFW and Old Style boards and all my pearls of wisdom come from there, so a big thank you to all posters :T

bln

beanielou · 27 July 2019 at 11:23AM

bestlifenow wrote: »

I'm not sure it's quite sunk in yet, but yesterday I paid off the last of my debt and I'm officially debt-free. :j

a. The date of your lightbulb moment: this time last year, but to be honest, it has flickered throughout the year.

b. Debts at their highest: £10,745 on 6th July 2018

c. Debt-Free Date: 26th July 2019

I don't think I know enough yet to be giving any advice, I'm still a novice I read lots of diaries and threads on DFW and Old Style boards and all my pearls of wisdom come from there, so a big thank you to all posters :T

bln

Hardly a novice if you have paid off 10k in a year.
Well done 😊

Garry7 · 30 July 2019 at 9:25PM

Lightbulb Moment
Every month since December 2015 but really struck home hard in June 2016.

Debts at their Highest
£50,000

Pearl of Wisdom
Be realistic about what your debts are. I had a business credit card which, for the longest time 'didn't count' and a few interest free BNPLs which I didn't count because "I'll be debt free by then" except, I wasn't and they hit hard.

Half of the £50,000 was the outstanding finance on my car, so I scraped through the voluntary termination date and handed it back, halving my debt overnight. I went from a financed Mercedes to buying a 2012 Corsa outright for £4,000. It does the job.

I sold everything I could afford to sell. I had to have some long conversations with myself about whether I really needed the things I owned. All in all, I managed to sell a lot of things, recouping £4,000. And I've never really missed anything I sold - luxury goods such as cameras and musical instruments.

Twelve months ago I still owed £17,000 but put in a hell of a lot of work and lived on a shoestring. I've even gone hungry plenty of nights as a 'punishment' for blowing my monthly budget. I've done an awful lot of overtime (fortunately I get paid overtime.) Today I made my final debt payment. Happily I've taught myself good habits along the way and will generally just be more careful with myself in future. I intend to never use credit again. If I can starting saving at the rate I've paid my debt (well, a little less!) then it shouldn't be too long before I have the cash in the bank for anything I could realistically want to buy.

Most of all though is the sense of freedom. I don't owe anything to anybody. I'm currently renting (though do plan to buy) so all my money is now my own. I can start to enjoy it and even cut down my working hours from the crazy shifts I've been working. It'll feel like working part-time in comparison and having an awful lot more to show for it. Debt isn't just a number on a spreadsheet. It affects mental health, well-being and general happiness. Having been in debt since my early 20s, I feel like I can actually start living for the first time in my adult life.

stvn1 · 3 August 2019 at 9:03AM

Light Bulb Moment: 26th October 2017

Debts at their highest: £15421.47

Debt free date: 30th July 2019

Pearl of Wisdom: The joy of finally beginning debt free is worth every step of the hard slog on the journey. Every single penny you pay off the debt helps. Don't be afraid to make payments of even £1, it all adds up.

I'm really happy, thank you to all here, it was reading this forum that woke me up and gave me the inspiration to change my financial life.

doingitanyway · 5 August 2019 at 4:37PM

Garry7 wrote: »

Lightbulb Moment
Most of all though is the sense of freedom. I don't owe anything to anybody. I'm currently renting (though do plan to buy) so all my money is now my own. I can start to enjoy it and even cut down my working hours from the crazy shifts I've been working. It'll feel like working part-time in comparison and having an awful lot more to show for it. Debt isn't just a number on a spreadsheet. It affects mental health, well-being and general happiness. Having been in debt since my early 20s, I feel like I can actually start living for the first time in my adult life.

Well done :T Such a powerful testimony. Enjoy your debt free life.

igaveupnowimback · 7 August 2019 at 6:37PM

Can't believe am here typing this !!

Please report

Lightbulb moment - I think this time 2013
Debts at their highest - £8k+
Debt-Free Date - 7/08/2019
Your one pearl of wisdom - Don't let fear, guilt or shame paralyse you. Read as much as you can on these forums and know you are not alone. The experiences and help of others has been fantastic.
Links to the MSE guides that helped you - oooh I don't understand I need check and reply again!!
f. Which forum threads helped you - I need check this too !!
g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it - No I didn't but I avidly read others!!

I'm a bit in denial about this - I think I first bought things from a catalogue and 'provident' or 'shopachecks' as a 16 year old and TODAY is the first time I have NOT been in debt for 44 YEARS!!!! That astounds me seeing it like that!! Permadebt!!

EVERY month trying to service debts and live on the very little that was left over - never knowing I had any choice but to keep struggling to pay enormous interest charges - it all seems quite 'criminal' to me now really. I so want to say THANK YOU to Martin Lewis and all the guides and contributors to this site and this board. I need to take this in then begin to plan a healthy way forward. Thank you every one of you!!! :j:j:j:):dance:

beanielou · 7 August 2019 at 6:43PM

igaveupnowimback wrote: »

Can't believe am here typing this !!

Please report

Lightbulb moment - I think this time 2013
Debts at their highest - £8k+
Debt-Free Date - 7/08/2019
Your one pearl of wisdom - Don't let fear, guilt or shame paralyse you. Read as much as you can on these forums and know you are not alone. The experiences and help of others has been fantastic.
Links to the MSE guides that helped you - oooh I don't understand I need check and reply again!!
f. Which forum threads helped you - I need check this too !!
g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it - No I didn't but I avidly read others!!

I'm a bit in denial about this - I think I first bought things from a catalogue and 'provident' or 'shopachecks' as a 16 year old and TODAY is the first time I have NOT been in debt for 44 YEARS!!!! That astounds me seeing it like that!! Permadebt!!

EVERY month trying to service debts and live on the very little that was left over - never knowing I had any choice but to keep struggling to pay enormous interest charges - it all seems quite 'criminal' to me now really. I so want to say THANK YOU to Martin Lewis and all the guides and contributors to this site and this board. I need to take this in then begin to plan a healthy way forward. Thank you every one of you!!! :j:j:j:):dance:

Well done:)

The Debt Free Roll Of Honour

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