Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Martin
    • By MSE Martin 26th Oct 06, 4:03 PM
    • 8,114Posts
    • 42,267Thanks
    MSE Martin
    The Debt Free Roll Of Honour
    • #1
    • 26th Oct 06, 4:03 PM
    The Debt Free Roll Of Honour 26th Oct 06 at 4:03 PM
    Update December 2018. We started this Debt Free Roll of Honour back in 2006 and since then there have been some fabulously inspiring stories, which you'll see if you read below.

    To read the most recent debt-free announcements click the double arrow above to head to the last page of the discussion

    Back to Martin's original post...

    ---

    Welcome to the Debt-Free Roll of Honour.

    This is for Debt-Free Wannabees who are no longer Wannabees.

    Please report

    a. The date of your lightbulb moment
    b. Debts at their highest
    c. Debt-Free Date
    d. Your one perl of wisdom.
    e. Links to the MSE guides that helped you
    f. Which forum threads helped you
    g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it

    And huge congratulations

    Martin

    PS Please no one else post - let's keep this a pure record of successes

    PPS Please come back to let us know Debt-free No Longer Wannabes - What they did next" discussion to tell us what you've been up to."




    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 17-12-2018 at 12:03 PM.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
Page 92
    • 364ab
    • By 364ab 22nd Dec 18, 11:19 PM
    • 22 Posts
    • 324 Thanks
    364ab
    Finally debt free
    6 years after I got a credit card, finally debt free. Such a relief.

    a. The date of your lightbulb moment
    Early 2017
    b. Debts at their highest
    5k - spread over 3 credit cards
    c. Debt-Free Date
    21st December 2018
    d. Your one pearl of wisdom.
    Never give up. Challenge yourself and gradually nudge yourself into new habits. Assess why to spend and how to have fun without spending lots of money.
    e. Links to the MSE guides that helped you
    Save 1k in a day, weekly emails, Boost your income.
    f. Which forum threads helped you
    Ninja Saving Turtles monthly challenges
    Make 10 a day
    1% challenge
    (And Frugalwoods)
    • jaxsmar
    • By jaxsmar 27th Dec 18, 9:18 AM
    • 389 Posts
    • 1,569 Thanks
    jaxsmar
    364ab congratulations on being debt free. What a nice way to start the new year.
    Penny wise pound foolish #266 emergency fund 0/1000.
    • Quassi75
    • By Quassi75 2nd Jan 19, 4:04 PM
    • 198 Posts
    • 160 Thanks
    Quassi75
    a. The date of your lightbulb moment
    The 6th of May 2012. I was living payslip to payslip, just about paying off my debt with my whole wage and constantly living in debt. Then my Mum passed away and all the extra expense, just made me look for help. As I could no longer cope financially.

    b. Debts at their highest
    My debt at the start was just over 31k

    c. Debt-Free Date
    January 2019

    d. Your one perl of wisdom.
    To start a DMP was difficult, as I was embarrassed having to ask for help and give a total stranger all my debt information, especially as it was so high. But once done, they really helped me out and supported me through all of it and made me feel at ease. And then when the first payment went out, I felt I was on the road to getting it all sorted. It was a very hard 7 years, with a lot of downs and some ups. But keep working hard and keep paying the debt and keep the DMP people in the loop if you struggle, as they are really there to help you.

    e. Links to the MSE guides that helped you
    Lots of posts helped me out, too many to list.

    g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
    My debt diary is posted on https://forums.moneysavingexpert.com/showthread.php?t=3947423
    Debt free from January 2019 - Paid off 31,161.70 in 7 years.


    10 year anniversary
    • DannyPearce90
    • By DannyPearce90 10th Jan 19, 1:23 PM
    • 60 Posts
    • 15 Thanks
    DannyPearce90
    This really is awesome. Great community
    • jubilee14
    • By jubilee14 11th Jan 19, 11:28 AM
    • 317 Posts
    • 911 Thanks
    jubilee14
    a. The date of your lightbulb moment - Sept 2012

    b. Debts at their highest - 37,012

    c. Debt-Free Date - 10/01/2019

    d. Your one pearl of wisdom. Its not necessarily easy, but its a whole lot easier than the strain and worry debt gives every month. DMP gives you the time to learn good budgeting skills preparing you for life after Debt!

    f. Which forum threads helped you- DMP Mutual Support Thread started when it was part 8. Input in early days from Time to Face the Music, Hopelessly Hopefull and Antonic spurred me on to know i wasn't alone and it could be done!

    No Diary
    LBM Sept 2012
    started DMP 1.11.12
    Debt 37012/0 DFD January 2019
    • LondonGirl252
    • By LondonGirl252 11th Jan 19, 12:56 PM
    • 1,944 Posts
    • 4,047 Thanks
    LondonGirl252
    Well done Jubilee14, must be a huge relief
    Santander 0% 1,561.00
    Sainsbury's 0% 4,331.77
    Total 0% 5,892.77
    AIM: Not to increase anymore then pay off within 6 months of flat sale.
    Jan Challenge: Cover 68.10 of underbudgeting through saving NOT credit card. 15 saved
    • misspuddleduck
    • By misspuddleduck 12th Jan 19, 7:16 PM
    • 3 Posts
    • 5 Thanks
    misspuddleduck
    Still has sunk in!
    Lightbulb moment July 2006
    Total Debt 82500
    Debt Free 7 January 2019

    I've followed MSE since the beginning of my journey in 2006 and can honestly say it provided me with a lifeline throughout this whole debt experience. I commenced a DAS DPP in November 2006 and apart from the Money Advisor at CAB I have never told a anyone about my debt because that's what it was 'my debt' my stupidity and craziness so I had to sort it. The stress has been almost too much at times but reading the advise and other people's experience on here has kept me this side of the edge. I paid off 87% of my debt by December last year when the DAS Administrator advised as I had paid the DAS for 12 years and paid over 70% I was entitled to request a Composition, ie the remainder of the debit is written off. After a lot of thought I requested the Composition and it was granted at the beginning of the year. I am very fortunate as this arrangement provides legislation that ensures none of the creditors can take any action against me EVER.

    If anyone is thinking of taking out a DAS I would say go for it!

    I follow all the advice about saving, budgeting etc from this site and it's changed my life. No more credit EVER!

    My initial thoughts on the extra money I now have every month...'fantastic my savings pot is going to get all that extra money every month!

    Thank you everyone
    • beanielou
    • By beanielou 12th Jan 19, 9:18 PM
    • 59,924 Posts
    • 251,263 Thanks
    beanielou
    Lightbulb moment July 2006
    Total Debt 82500
    Debt Free 7 January 2019

    I've followed MSE since the beginning of my journey in 2006 and can honestly say it provided me with a lifeline throughout this whole debt experience. I commenced a DAS DPP in November 2006 and apart from the Money Advisor at CAB I have never told a anyone about my debt because that's what it was 'my debt' my stupidity and craziness so I had to sort it. The stress has been almost too much at times but reading the advise and other people's experience on here has kept me this side of the edge. I paid off 87% of my debt by December last year when the DAS Administrator advised as I had paid the DAS for 12 years and paid over 70% I was entitled to request a Composition, ie the remainder of the debit is written off. After a lot of thought I requested the Composition and it was granted at the beginning of the year. I am very fortunate as this arrangement provides legislation that ensures none of the creditors can take any action against me EVER.

    If anyone is thinking of taking out a DAS I would say go for it!

    I follow all the advice about saving, budgeting etc from this site and it's changed my life. No more credit EVER!

    My initial thoughts on the extra money I now have every month...'fantastic my savings pot is going to get all that extra money every month!

    Thank you everyone
    Originally posted by misspuddleduck
    Lovely to read this
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • ThirdTimer
    • By ThirdTimer 15th Jan 19, 12:04 PM
    • 1 Posts
    • 6 Thanks
    ThirdTimer
    a. The date of your lightbulb moment
    January 2017. At this point I was in debt again, for the third time in my life, having learned nothing from my previous episodes of rampant and foolish spending. I had been helped out of credit card debt by family on two previous occasions before, but had failed to change my behaviour long term, eventually creeping back into spending on multiple credit cards for the third time of my life. I was paying the minimum payments on my cards, but had hidden my relapse from my wife and family. Eventually, my wife found out and I came clean, fully expecting, but terrified of it all ending in divorce. I certainly was wracked with guilt and used to end up waking up at night covered in sweat. My wife sat me down and gave me one final chance to change, and I am proud to say that in the last two years I have not only paid off me debt fully by myself, but I have also fundamentally changed the way I think and importantly, 'feel' about money in general. The first 13/14 months were extremely tough and required significant self-discipline, limiting myself to nothing other than essential spends to maximise the debt payment, with the remaining time easing slightly due to starting a very well paid new job in March of 2018. However, the extra money provided by this job has been wisely used to accelerate becoming debt free, which as of yesterday, I am!

    b. Debts at their highest
    My debt at the start was 18,600

    c. Debt-Free Date
    14th of January 2019

    d. Your one perl of wisdom.
    More than one bit of advice here: You need to try and start to think about money differently by recognising you have a real and very serious problem in how you spend money/view debt. Once this is recognised, I would say that being extremely disciplined and hard on yourself is absolutely essential, as is checking your balances and transactions every single day. Make sure you track your spending throughout and never miss your targets under any circumstances. Get everything onto a 0% deal and then pay a set amount in each month – invest any extra money into an ISA and generate a little interest – although you MUST make sure you pay off the balance before the end of any balance transfer or other 0% rates finish. Basically, be smart and make sure you make the most of the money you have. Finally, don’t keep anything secret (financially anyway). Don’t dwell on the past, but embrace your new found determination, and where that determination will lead to a better life in the future.

    e. Links to the MSE guides that helped you
    Lots of posts helped me out, too many to list.

    g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
    I don't have a MSE diary, but my wife and I had weekly, and then monthly household budgeting meetings in order to track progress of spending, debt repayment and costs of utilities etc. We run a pretty lean house now and use every opportunity to invest money wisely as a household.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,835Posts Today

9,702Users online

Martin's Twitter
  • Did I really just hear in the Commons "his politics is the politics of Vicki Pollard yeah, but, no, but yeah!" Or h? https://t.co/ak6iBlvVX4

  • Perhaps the only thing we truly learn from this poll is we are generally optimistic. Most Brexiteers think Brexit w? https://t.co/DoosVRvneE

  • RT @MoneySavingExp: ??Join the UK's biggest consumer website ??Make a difference ??Work with brilliant journalists ??Collaborate with top b?

  • Follow Martin