What inspired you to have LBM?

MrsNotAPenny

I wish mine would hurry up and arrive!

My LB has been blinking for a fews months now, but I just can't stop all the silly spending, despite the fact I'm not jobless,thanks my redundancy :mad: So we're down to one wage.

I'm hoping to have mine when the next bankstatements arrives....sigh

downcdebt

mine came when i changed jobs to retrain and my salary dropped by 35%, this co-incided with all my friends around me starting to earn more and more, buying houses, cars, going on holiday... then the penny dropped that I would never really earn much in my line of work (well, not for many many +++ years) and if I didn't sort i out, i would be in my 40's still renting in a house share, still skint (or in lots of debt) with no chance of ever owning my own place... It just hit me that being in this much debt really was quite restrictive, and I wanted it just GONE!

kerrypn

LBM was my bankruptcy day. I know some people dont agree with BR and think its a cop out, but I had no other option. Its changed my life, I count every penny now and feel guilt every single time I buy a non essential-even when its chewing gum. I will never ever ever fall behind with my council tax again, but to be fair if I hadnt and the bailiff hadnt of hounded me like he did I wouldnt have faced up to the reality of being unable to afford the mortgage anymore. So maybe I had 2 LBM?? The bailiff and the bankruptcy.

crisispoint914

I too had a few flickers to start with, they started in August last year I first consulted a dmp company and she advised me to declare myself bankrupt, but my pride stopped me. So I sold my gorgeous car and downgraded to an older,cheaper definite shed! That fobbed people off for a couple of months, then when I started to pay my rent by using cash from credit cards it started to shine brighter. Then the realisation if I didn't do something soon I was going to turn 40 pretending everything was fine I had to take responsibility for my actions and 'grow up'. Hence my current position so a not so fab fortieth looming but a much brighter light!!!!!

skaps

My LBM was when i found these forums on 1/1/10. I had booked my wedding in October and really did not want it to be paid for on cc's. I made it my mission to save up for it as much as i could and i did it thanks to this site. I've just come back from my wedding and honeymoon and have a few things that I have to pay for but the bulk is all gone. My debts have reduced too by budgeting and thinking more about where it all goes.

Devi

I too am a compulsive emotional spender/eater - i buy/eat things and they never make me feel any better but I feel much better now that I have paid everything off so understand how other posters feel.

i've had 3 LBMs in the last 10 years and got myself back into debt but determined o have broken that cycle now and to never to be in debt again apart from a mortgage - am now saving for a deposit so owning my own home is keeping me motivated to to get back into debt.

My first LBM came when i realised that making minimum payments each month was never going to clear my credit and store card debt.

determined_new_ms

Like many others my LBM flickered on & off, had one and then met my now oh and a lot of money (I couldn't afford) was spent on dates, going out, new clothes etc etc. Then i got an inhertitance of £5000 last year and put it towards the debt & cleared loads, but not 2 overdrafts, I was paying these off but still spending money freely (I look back now with amazement that even this time last year I would spend £200-250 each months on clothes alone, 2 holidays aboard last year one in Aug & and another in Dec...), then on 17th Dec last year I wrote my car off. As my work is a 40 mile round trip & both my home & work are too remote to use public transport I had to get a car & put it on my cc. At this point I took a good long look at my financial situation.I was starting 2010 with more debt than I had when I'd got the inheritance(£6500)! On New Years day I was with my oh & friends & we wrote a list of things we wanted to achieve and then and there I decided that was it 2010 was going to be the year I was free of the trianny. Its been extremely tougth at times but I've learned to change my attitude to money, I now only spend what I have. I have £30 in my purse till payday, last night was discussing with oh his mother's birthday on monday and possibly going out, I was suggesting I cook at ours as I haven't got much money till monday. I was a little frustrated with oh as I think he still feels that using the od is a viable option whereas to me I ONLY HAVE £30!
I think my LB is definately on now!

Incidentally I have become more creative to still have as good a lifestyle & we are having 3 holidays this year! 1 was oh's cousins wedding in Holland for a long weekend, no travel costs as we went in his parents car, no accomm costs & minimum spending money. 2 sun holidays in corwall (had a fantastic time!) and for holiday no 3 we have hosted for foreign students for 9 weeks & saved all of this money & we go to Turkey in 1 month :T

Nottoobadyet

Mine was coming on the boards and realizing what a mug I was! So many people on here making do with half my income, and supporting families on it made me realizehow stupid it was that I hadnt paid everything back yet, and made me redouble my efforts. Nearly at the finish line now

JWF

Mine was the bank writing to me insisting that I rang them immediately (well they had written a few times previously about exceeding my overdraft but I had ignored them). I was put through to credit services at the bank and to be fair to them I think they handled it very well - they provided support and advice but also made it clear that if I had unauthorised payments on my account again they would close the account.

So that was the light bulb moment, then had to face up to telling the OH about it, which was a great relief to be honest, followed by budgeting, getting information on all the debts together and starting to sort things out.

mdeebee

I love this website. Inspiration around every corner!