What Caused Your Debt in the First Place

tesuhoha

These stories are all interesting, fascinating and desperately sad. I wish i had the time to answer each and every one of you in more detail but my daughter is waiting to go on MSN and it would take me all night. All i can say is im with you every step of the way and wish you all the very best in getting your lives back on track.

Sofa_Sogood

I'd forgotten how much debt we'd been in and how we survived.

Lloyds Banks and bad management on our part ...

gravitytolls

Greed, to be honest.

How can the bank, Lloydstsb again, justify giving a woman with no income of her ownn £15,000.00 credit on a card.

No, I didn't run it to anywhere like it's limit. But I did a little bit of credit wouldn't hurt, so long as it was repaid quickly before interest was incurred.

I didn't account for the fact that any minor hiccup in our finances....as caused when my MIL was ill followed by her death, and then my BIL's heart attack and hospitilisation soon after. So, instead of paying the plastic, we lived on it as our income was significantly reduced for albeit a short while.

I never want to touch plastic again. It's about time the banks were a little mor responsible, cos they can't rely on us mere mortals to be so.

Sofa_Sogood

gravitytolls wrote:

Greed, to be honest.

How can the bank, Lloydstsb again, justify giving a woman with no income of her ownn £15,000.00 credit on a card.

Lloyds are the pits imo gravitytolls, whether you're single or married. They bled people dry a few years ago ... and a lot of people went under because of them.

And it wasn't anything to do with greed. Except on their part ...

tomstickland

You can't blame the bank though. They offer something and you take it.

Sofa_Sogood

tomstickland wrote:

You can't blame the bank though. They offer something and you take it.

True tom ... but it was all to do with business. It was so bad that World in Action made a documentary about us all ...

.... so we can't have all been bad or stupid.

Sofa_Sogood

I should add, in Lloyd's defence, it wasn't about their charges (although it nearly broke us) ...

It was about people not paying debts - to us.

tesuhoha

I still love plastic im afraid.

Lottiepots

Myself and OH both came to the relationship with just over £20'000 worth of debt... we decided to consolidate into a joint egg loan almost straight away and try and curb our spending..

However, we were in denial and just continued to spend as we always had... the wedding and honeymoon costs also didn't help!

Anyway we ended up at roughly 30k (after saying we wouldn't spend in this way again) and then I had my light bulb moment... we are currently renting and we want to buy a house but realise with this debt there is no point if we want a reasonable future... We are hoping to clear debts this year and will not get into this situation again in the future through living beyond our means!

I curse myself for getting into this situation in the first place but lucky that we are still relatively young and have learned a valuable lesson...

Tashja

We got married and bought a house at the sametime (September & October 1999) and with us both working we were managing.

Then in May 2000 we had a very serious car crash on the M6. This triggered PTSD and depression for me and I couldn't leave the house for 6 months and I lost my job. I was 19. The solicitors dealing with the accident couldn't do anything for us :rolleyes:

Abbey National, our mortgage company at the time also refused to help and started adding charges and interest and in the end we just gave up. I realsie now how lucky we were not to loose the house

After 6 months I managed to pull myself together and get a job in November 2000 - 2 weeks after starting my depression seemed to suddenly return along with a few other strange symptoms. After 3 trips to the Dr they suddenly realised I was not depressed but pregnant :eek:

again we pulled ourseklves back but in August 2001 - the day before our little boy was due - my husband got diagnosed with ME and was told not to work :wall: Not his fault but it left us with a problem !!

Luckily I had some compensation come through from the car accident which went to pay off all our debts but now none of us were working it all started to mount up again. We changed mortgage companys and got a better deal and as soon as I could (6 weeks after giving birth) I went back to work.

In 2003 I had our little girl and now we have really pulled ourselves together :T

Our mortgage debts which were £2,500 are now due to be paid off in August.

We now owe:

Mortgage: £750.00 (Due to be paid off in August 06)
Britannia debt: £53.00 (Due to be paid off in September 06)
Gas: £800.00 :mad:
Electric: £150.00 (was £1,000) :eek:
More Gas: £180.00
Credit Card £860.00 (DH not mine !!)
PC loan: £800.00
DCA: £180.00
Car from 1999 accident: £1,800.00 (refered until we are in a better position)

TOTAL £5573.00

BUT

This is down from £10,000 and being the unlucky me I have had 2 further car accidents in this last year so the compensation from them will go on paying most of the above off !!!

I think we will be clear by the end of this year.

T xx