how did you end up in debt?

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  • was much harder than I imagined. The halcyon days of bail outs by mum and dad and the reality that no landlord can really afford to rent you a room in the 'real' world for 30 quid a week were long gone.

    Burying my head in the sand did me no favours and if I knew then, what I know now I would have called up the late bills at the time time. The over draft got bigger, the bills later, the rent unpaid, the car given back...

    My finances remained a catastrophe until about three years ago when I finally grew up made arrangements and stuck to them for good.

    I came accross an old bank statement recently and in march 2007 I was £3800 overdrawn. In the same month I owed £3000 on my credit card. With the same bank. This doesn't add the regular bills to pay, and the old ones to catch up on.

    I can't begin to calculate how much this has cost me over the years. I can't get the charges back, I missed the window of opportunity and I dont qualify for 'financial difficulties'. I can be proud that I am a reformed financial wreck. I have reduced the debt and owe £1500 total .

    I have to add though - with so much unsecured debt owed to the same bank - most of which was charges - how is there no help / guidance offered in branch by the banks. The threatening voicemails left about my account being overdrawn, charges added... did nothing but scare me. Had I been able to talk in branch to someone, work out, on paper a payment plan to repay, I probably would have salvaged my finances sooner.

    A note of caution to all soon-to-be graduates. When you leave your studies - the money you had such a great time with has to be paid back. Quick.
  • sharalee99
    sharalee99 Posts: 639 Forumite
    Photogenic First Anniversary Combo Breaker I've been Money Tipped!
    My ex and I split up, and left me with 2 small kids. After he went, I realised that he had known for a while that he was going to leave, ran up ALL the credit cards we had (joint names) leaving me with approx £12,000 to pay. I had a part time job working nights, but had to give this up when he left as I had no one to look after the children. I ended up on income support and penniless, and it went further downhill from there. I got CCJ's and court orders from all directions. But guess what?? On 1st June, I made my last payment to anyone, and I am now debt free. :j Its been a long hard road, and I felt like giving up at times, particularly, the week where we were sat (me and my boys, then ages 5 and 7) under a duvet to keep warm, and that week I had £8 for food.

    To everyone else for whom things look bleak, never, never give up!
  • BigCraigJohn
    BigCraigJohn Posts: 1,082 Forumite
    First Anniversary First Post Combo Breaker
    1 word "consolodation"
    Wont say any more just hope thats made my point :mad:
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