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  • FIRST POST
    • MSE Martin
    • By MSE Martin 26th Oct 06, 4:03 PM
    • 8,115Posts
    • 42,285Thanks
    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 Former 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
    • 337 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
    • 388 Posts
    • 1,572 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
    • 200 Posts
    • 166 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
    • 63 Posts
    • 19 Thanks
    DannyPearce90
    This really is awesome. Great community
    • jubilee14
    • By jubilee14 11th Jan 19, 11:28 AM
    • 325 Posts
    • 922 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
    • 1,962 Posts
    • 4,103 Thanks
    LondonGirl252
    Well done Jubilee14, must be a huge relief
    Santander 0% £1,529.94
    Sainsbury's 0% £4,371.31
    Total 0% £5,901.25
    AIM: Pay off debt & simultaneously save for deposit to buy a house by Oct 2020.
    Mar Challenge: Stay within groceries & eating out budget.
    • misspuddleduck
    • By misspuddleduck 12th Jan 19, 7:16 PM
    • 10 Posts
    • 28 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
    • 61,877 Posts
    • 265,235 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
    • 4 Posts
    • 10 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.
    • avian946
    • By avian946 23rd Jan 19, 4:55 PM
    • 21 Posts
    • 26 Thanks
    avian946
    Hello all!
    delighted to be posting here, its been a rough ride but I finally completed my goal. I had a lot of set backs but here is a brief description of my debt free journey.

    Light Bulb Moment: December 2015 (approx). The specific moment i realised i was in trouble was when I was looking to take out a loan to consolidate my debt. I was attempting to take out a loan of £7500! i was gob smacked when I looked at this grand total. I had a credit card that I got when I was 18 and I maxed it out within a month. lack of financial education and a couple of holidays later really got things moving quickly! at the point of getting this loan I really wanted to buy a house and it was this point that I realised I had no hope if I couldn't control my spending and pay off my debt. along the way i made some silly decisions as well thinking "oh it's fine ill get this credit card with 24 months interest free and buy a whole bunch of rubbish I don't need. *eye roll*

    Debts at their highest: 9128.00

    Debit free date: 01/12/2018 (2 days before my birthday) best birthday present ever

    Pearl of wisdom: two main points here, first is be honest with yourself and accept the debt you are in, I was lucky as I was able to consolidate debt. I ended up going with 4 0% money transfer credit cards as this saved nearly £4000 in interest (wowza!!!) and it allowed me to easily make over payments without getting penalties. Budgeting is also key! find a solution that works well for you. I tried to do it on paper however I don't do well with this sort of method. I ended up using Spendee.com as they have an app as well. The app allowed me to input transactions and set budgets for transaction groups. this easily allowed me to keep bills in check and more importantly keep my spend under control as I could easily see where everything went every month.

    MSE members that helped me Ellieseleven. The story this lady had was amazing. I read the entire thing and it inspired me to do even better! thanks ellie! here is the link to her debt free diary: https://forums.moneysavingexpert.com/showthread.php?t=2599257&page=01

    good luck everyone!
    Last edited by avian946; 23-01-2019 at 5:15 PM. Reason: missed information
    LBM 01/12/2015 (roughly) | Debts at Highest £9128.00 | Current Debt £0.00!!!!!

    DEBT FREE DATE 01/01/2018
    • millicent
    • By millicent 28th Jan 19, 6:38 PM
    • 123 Posts
    • 326 Thanks
    millicent
    Date of Light Bulb Moment: January 2012 - that moment when the bills come rolling in after Christmas and you havenít a clue how youíre going to pay them. Started DMP with CCCS as it was then and never looked back!

    Debts at their highest: £46,484.00

    Debit free date: 28th January 2019

    Pearl of wisdom: Donít bury your head in the sand, I know it can seem overwhelming when you have debt that you canít service but the DMP was the best financial decision that we made.
    There really is nothing to be scared of and the relief that you are actually doing something about your debts is amazing!

    Links to the MSE guides that helped you: Deft free wannabe, would read everyday to keep me on the straight and narrow, really helps to know that others are going through the same thing. The wealth of knowing on there is amazing

    And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it
    No diary but loved reading about others journeys
    46,484 > 0(January)

    100%paid

    Here is a purse of moneys... which I'm not going to give to you.
    • BigDreams
    • By BigDreams 6th Feb 19, 2:19 PM
    • 19 Posts
    • 110 Thanks
    BigDreams
    Paid off the debt yesterday final settlement figure £7293.
    A.The date of your lightbulb moment pretty much the moment we got the loan in November 2018. We've always had bouncy credit card use but no loans but as soon as we took it out, I felt stressed by it.
    b. Debts at their highest should have been £7777.33 in total but interest knocked offby early repayment brought it down a bit.
    c. Debt-Free Date 5/2/19
    d. Your one perl of wisdom no wisdom, rather the realisation we make good money but we have only a loan and a little bit of savings to show for it. Came on here and thought we need to shift this. A combination of a big outstanding payment for work previously completed and using our savings shifted it.
    e. Links to the MSE guides that helped you
    f. Which forum threads helped you the pay all your debts off by xmas 2019 thread
    g. And if you had a debt diary on the Debt-Free Wannabe board (DFW), a link to it, no.
    Thanks everyone who's diaries and challenges I lurked in and took inspiration from
    Big Dreams
    Pay off Debt by Christmas 2019 #110 1180/7527 Gone!
    Fashion on a ration 12/66 coupons spent
    3-6 month emergency fund 3431/5000
    • whattodo1967
    • By whattodo1967 15th Feb 19, 10:33 AM
    • 82 Posts
    • 115 Thanks
    whattodo1967
    A. The date of your lightbulb moment May 2012



    B. Debts at Highest 47k

    C. Debt free Date Feb 2019



    D. Pearl of Wisdom : Put MSE as one of your favourites. I didn't post a lot but I read the posts most days, which gave me encouragement to do a DMP, and really helped me along the way.
    Don't be afraid to talk to your creditors.


    I cannot quite believe that we are debt free for the first time in our adult lives. I lost count of the amount of times we consolidated, and still got into more debt. I am very proud that we have not had any credit in the last 7 years since being on our DMP, and don't intend to either.
    Not saying it has been easy, at times but definitely the best thing we ever did, we now budget for everything and have an emergency fund. Thank you all at MSE
    Last edited by whattodo1967; 22-02-2019 at 9:34 AM.
    LBM April 2012, started Dmp with Stepchange June 2012 £47k Proud to finally be dealing with our debts
    Nov 18 3 more payments to DFD
    Dec 18 2 more payments to DFD
    Jan 19 1 more payment to DFD
    Feb 19 Last Payment now debt free
    • misspuddleduck
    • By misspuddleduck 22nd Feb 19, 7:59 AM
    • 10 Posts
    • 28 Thanks
    misspuddleduck
    Well done! It's such a fabulous feeling knowing you're free from the debt burden
    • RuthnJasper
    • By RuthnJasper 24th Feb 19, 11:12 AM
    • 3,647 Posts
    • 8,686 Thanks
    RuthnJasper
    Dobby is a FREE elf!
    At long last - I never thought I would be able to post here...

    Light Bulb Moment: Around July 2008, when more payments were being declined than accepted and I realised the true horror...

    Debts at their highest: @£29,000

    Debt free date: 07/02/2019

    Pearl of wisdom: Budget, using a spreadsheet, or handwritten note and include everything. I use the CAP budget spreadsheet, but there are plenty of other helpful ones. And remember that not all months have just four weeks in them. Some have nearly five, variably, so allow for this. Don't use PayDay Lenders. And, most importantly, never be afraid to ask for help. You CAN get yourself into a better place. Get the help you need, from one of the sources recommended on this site, and don't be ashamed. Everyone makes mistakes. I CERTAINLY did. You can work towards resolving past mistakes. You can do it.

    Links to the MSE guides that helped you: https://www.moneysavingexpert.com/reclaim/ppi-loan-insurance/
    the whole site, and the forums generally (trolls and similar c*ckwombles excepted)

    THANK YOU - to those who set up and operate this site, and to all MSE members who gave advice, humour, support and wisdom, and who 'thanked' one of my posts.

    Keep smiling. Even if you are at the beginning of your battle with debt, KEEP HOPE. You can do it.
    • misspuddleduck
    • By misspuddleduck 24th Feb 19, 5:53 PM
    • 10 Posts
    • 28 Thanks
    misspuddleduck
    Well done!!
    • MadamMim2013
    • By MadamMim2013 24th Feb 19, 5:56 PM
    • 761 Posts
    • 9,697 Thanks
    MadamMim2013
    Yay RuthnJasper thatís fab..
    Dobby finally got his sock then!
    "There's a little witch in all of us"
    2018 GC 93 2019 GC 2 March GC £212.12/£300
    : DEBT FREE 06/2018
    • RuthnJasper
    • By RuthnJasper 25th Feb 19, 3:12 PM
    • 3,647 Posts
    • 8,686 Thanks
    RuthnJasper
    Yay RuthnJasper thatís fab..
    Dobby finally got his sock then!
    Originally posted by MadamMim2013
    Yesss! I'm either going to use it as a tea-cosy or wear it as a hat. Or possibly both...
    • Former MSE Andrea
    • By Former MSE Andrea 28th Feb 19, 2:38 PM
    • 9,419 Posts
    • 22,328 Thanks
    Former MSE Andrea
    Huge congratulations RuthnJasper! It's fantastic to see you post on the Debt Free Roll of Honour after all these years. Well done!!
    Could you do with a Money Makeover?


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    • RuthnJasper
    • By RuthnJasper 28th Feb 19, 3:15 PM
    • 3,647 Posts
    • 8,686 Thanks
    RuthnJasper
    Huge congratulations RuthnJasper! It's fantastic to see you post on the Debt Free Roll of Honour after all these years. Well done!!
    Originally posted by MSE Andrea
    Thank you Andrea. The forums (trolls/nutters aside) have been an incredible source of support, and I have recommended the guides and letter templates, etc. to others many times over the years.
    Helping others to help themselves is the best kind of help there is.
    Last edited by RuthnJasper; 28-02-2019 at 5:01 PM.
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