how did you end up in debt?



  • TotallyBroke
    TotallyBroke Posts: 1,540 Forumite
    First Anniversary Combo Breaker
    My debt is due to me being a bad judge of character... I fall for men that basically take me for a mug. First was lazy, didn't work yet wanted me to subsidise him to party. I left not in debt but barely scrapping by.
    My attitude then changed to a self destructing one that said I was going to enjoy myself and the debt and arrears started.
    Pulled myself up from that and started getting everything back on track was 3years into the 6years showing good credit and money management.
    Then along came number 2 that basically stole from my bank account using my bank card gambling. I got further into debt and bad notices and arrangements started to appear again. So now I'm back to 2.5years of good money management and this time nothing is going to stop it.
  • MS_Kitten
    MS_Kitten Posts: 45 Forumite

    I got in debt by wanting to have the best. Wanting to prove to other people that i could stand on my own two.

    I look back and think was it worth it? The cars clothes and bags then have made me unhappy now.

    I guess this is my pennace for my previous spendaholic ways.

    Im still in spending rehab to be honest. Its only been three weeks but things have changed so much.

    I used to think i need £200 per week spending money. I have spent £11.20 in three weeks (not inc food shopping)

    Im in a much healthier happier place x
    Total Debt June 2010 - £21,793

    Taking my first steps to freedom....
  • MichCoop
    MichCoop Posts: 20 Forumite
    edited 16 June 2010 at 10:30AM
    My debt started from having a bank loan for around £5000 to buy a car aged 18. I was then made redundant roughly 6 months later and having no PPI to fall back on _pale_ my loan went into arrears and I wasn't entitled to any redundancy money.

    I worked temp. jobs for about a year which just about kept me afloat until I fell pregnant at 20 (only found out at 20wks due to health reasons) and had to very quickly move out of my parents house as my Dad was ill and couldn't have a baby there. I used every penny I had buying furniture for my new house and used my credit cards/overdraft to pay for everything else. I was a single parent and luckily found a lovely full time job whilst putting my little girl into nursery. Things were ticking over nicely again... until my little girl became very poorly indeed and required a loooong hospital stay. :( I was forced to give up work to care for her meaning I had to rely on benefits, and until they came through (6 or so weeks) I was back to borrowing again.
    With trips back and forward to the hospital and benefits not covering my bills and debt I totally buried my head in the sand and year after year my debt went higher and higher.
    My parents would have helped but I was too proud to ask and I am all for making my bed and lying in it. I didn't understand, or have the time to sort my finances out.
    Anyway..... my little girl is now 6 and very healthy indeed thanks to lovely Great Ormond Street Hospital :A, and the ex and I got back together, married and had baby no. 2. :)
    I only told him about my finances after we got back together (my stubbornness was why I didn't tell him in the first instance) and as soon as he knew the full extent, he kicked my bum and made me sort it all out. He also made me tell my parents who gave me a loan to help which I have now paid back.
    As of August this year I'll have cleared about 20k in debts :T to be totally debt free for the first time in going on 10years!

    Barclaycard [STRIKE]£734[/STRIKE] LPF CC [STRIKE]£412[/STRIKE] CBS Loan [STRIKE]£1100[/STRIKE] Barclay Loan [STRIKE]£14000[/STRIKE] £1499 Lloyds Overdraft [STRIKE]£740[/STRIKE] Kays Catalogue [STRIKE]£330[/STRIKE] £36.48 Cabot (littlewoods) [STRIKE]£2472[/STRIKE] JDWilliams Catalogue [STRIKE]£700[/STRIKE]
  • Nicknojob
    I got into debt by over borrowing and losing my job so couldn't repay my loans. I owe 18K now and have an agreement to repay £20 to each creditor making £40 a month which I'm struggling with because I have no job. I borrowed some money to re-roof my mobile home and buy a second hand car. Over the years I've consolidated loans and borrowed more when it was offered by the bank, just for me to blow on camping and fishing gear and other wasteful things I didn't REALLY need.
    I'm 46 years old now. I was in the Army for 6 years and after leaving drove articulated tankers for 3 years for a German company, great job but I let my HGV certificate lapse. I've worked continuosly for the last 30 years since 1980 when I was 16 and have had no end of rubbish jobs in offices for publishing companies, unpacking container lorries, scaffolding, furniture removals ....anything to earn a living. I'm now sick of working in some awful job I hate and the last straw was the awful way I was treated by pompos, self-righteous managers at the hospital I worked at last. Some of them just loved themselves and thought they are so highly important.
    I'm in debt but have never been happier. I don't have to set my alarm clock, No traffic jams to and from work, don't have to work with self-important people (some of the down to earth folks I've worked with have been brill over the years mind you) every day is a duvet day if I want it to be.
    I'm not at all materialistic and don't need much. I'm writing a couple of books and have some work teaching privately for a wildlife trust.
    Everyday I do exactly as I please and work when I want to. When things pick up a bit I'll be able to afford the £40 to my creditiors.
    Time rich - money poor at the moment. I don't worry too much about my debt as I own nothing of any value for them to take but I will pay as I can.
    Above anything else my priority is to enjoy my life, and do as I want to do not as a company wants me to do. A job affects your life more than just the hours you're at the office. Travel time and cost (unless you're a fiddling MP) - no pay, Worrying about the monday meeting on sunday evening - no pay, having to book holiday's instead of just going when you fancy. Morning rush around to get to work on time, a job you hate but do to pay the bills. Having to work with people you don't particulaly like everyday. (although working with some great people is a good side too. we can't get on with everyone)
    I've little money and am in debt but my one and only life is totally my own.....every single day of it. :T I do exactly as I please.
  • mummum2
    mummum2 Posts: 617 Forumite
    First Anniversary Combo Breaker
    To be honest no one to blame but myself, got into debt by totally overspending, getting/accepting each bank heaping more money onto credit cards, taking a couple of loans, I took and spent just because I could. My friends and family thought I was minted, the first to put hand in pocket if out to pay for meals, drinks, expensive birthday/xmas get the picture!

    Then in 2007 realised that although I have a really good job and paid a good salary all my money was going on paying off debts/overdraft, plus my debt stood at 64K:eek:. Did a search for debt management and MSE was on the search, so grateful for all the posters, Martin etc. this was truly my turning point. My debt now stands at 37K and DFD is March 2014, but looking to bring this forward by two years to 2012......

    Good luck all and sincerely thanks for all the wonderful contribution which has enabled me to stay focus and hammer this.

    Long Hauler No: 51
    DMP Mutal Support Thread No: 207
    Proud to be dealing with my debts
    DFD - June '13, aiming for December '12
  • madtabby
    I ended up in debt because of nursing my terminally ill best friend !
    I had to give up my office job as it was to inflexable and took bank nursing instead, i applyied for carers allowance as i was his full time carer and needed full time care from me! Eventually they paid the carers allowance 6 months later after application but my wages had drop so much i was having to put petrol money on credit cards just to get him to his hospital appoinments and bought food on credit cards so i could eat !!! And the carers allowance was only £46 per week !!!! It didnt even cover my rent !!!!
    so i ended up in £2500 debt and never managed to pay enough off to make a dent in it so 4 years later it was close to £4,500!!!
    Only last year with the help of my now fiance have i paid all but £17 !!!
    I very tired after working so much but at least its gone now !!!
    I didnt waste money, I didnt go on holidays, I just had to exist to look after my friend till he died and i paid a high price for providing care for a loved one !!!
    I had no realist help from the goverment and im definate that many other carers out there are suffering the same stress and deprevation to care for a loved one ...AND I THINK IT SUCKS !!!!
  • Janet44_2
    Have thought about this a lot... and wish we could turn back time! However, here is our story. We started to use the credit cards more once I gave up work to bring up 2 young children. I suppose we weren't living within our means and should have been more careful with where the money was going. We thought we could wipe the £12,000 debt away by moving house. We had a mortgage offer from Bank of Ireland which would allow us to move to a bigger property (slightly higher mortgage) but we would have capital from the sale which would allow us to pay off the Credit cards. All seemed to make sense we thought and we went ahead with selling our house. The week of the house move we had a phone call from Bank of ireland saying that they had made a mistake and couldn't go ahead with the size of mortgage they had promised. This meant that we could either pull out of the move (and upset 2 families ie those buying ours and those we were buying from) and risk being sued (scots property law) or carry on. So we felt we had no choice but to carry on -but of course we had lost our surplus cash which was going to clear our debt. So you can guess the rest. We now had a bigger mortgage plus debt repayments - we struggled on for 2 years but during this time the debt just got bigger. That was almost 7 years ago. Since then we have downsized twice in an effort to live within our means and pay off crippling debt - which incidentally rose to £45,000. I know its not all Bank of Ireland's fault and I know we have to take responsibility for our actions, but I can't help thinking what would have happened if we hadn't been messed around by the bank.
  • zazzle_2






  • d3mon4ngel
    d3mon4ngel Posts: 366 Forumite
    edited 16 June 2010 at 12:53PM
    I've been living in debt to various degrees since I was in my late teens. I got a student bank account with a £1k overdraft and spent it on silly things. After college I moved in with my OH at the time, who didn't have his own job, but enjoyed spending my money on alcohol. I was very naive and easily led back then, and stayed with him for 3 years, even going so far as to get married to him. I eventually saw sense and left him, and been trying to get myself sorted since then, though it seems that everytime I get myself nearly out of it, something has happened to drop me straight back in :(

    The HP on my car is £2k of my debt figure, which explains that, but I can't for the life of me think what I ran up on my credit card, which is quite worrying. I've never used it in shops or anything as I purposely haven't memorised the PIN for it, though I seem to have spent over £500 on it!

    NB: I *absolutely* refuse to let a relapse happen this time! :) I will never live in my overdraft again once it has been cleared
    ::: Total Paid Since LBM (27/05/10): £4639.85 Official Debt Gone!! :T :::
    That money talks, I don't deny, I heard it once, it said "Goodbye"
    ~ VSP2011: #104 ~
  • koloko
    koloko Posts: 1,766 Forumite
    First Anniversary Combo Breaker
    edited 22 June 2011 at 9:59AM
    deleted as work colleagues found username and forwaded on all posts to laugh at
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