I lost just over 7 stone over the last 18 months, dropped from a 28 to 20 and can now sometimes get into an 18 at a push!
But I'm 5'9 and very large framed (size 10 feet, for example!)
It is possible, it's getting harder to lose as well and after years of overweightness, 3 big babies and being menopausal the skin has definitely not shrunk to fit!!