What is your most embarrassing financial confession?

bravobeastie

Mine was 'falling in love' at 16 and letting him talk me into a joint bank account. Mum tried to warn me but I of course knew best. He wrote cheques for shopping that bounced (the days when you could write cheques for shopping lol) and before we knew it, we were £800 overdrawn and the bank slapped £800 worth of charges on. I felt sick with worry (I was a couple of months off my 18th at this point)

As soon as I turned 18 I took out a loan to pay it all off and close the account. He talked me into borrowing a bit mor eon the loan and before I knew it, we had split up.

Roll on another couple of years and I was offered redundancy from work as I was pregnant and quite poorly with it, the ppi wouldn't cover me and off the debt went to a collection agency.

I am now 33 and still paying it off at £5 a month!

Edited to add: It's been that long now that I can't even remember the name of the debt collection agency. All I know is that it is Barclays Collection and if memory serves me correct from the letters I used to receive, it was 3 letters starting with a D.

rictus123

A fair few but most recent would be buying a van...with vat included was £2,800. Sold less than a year later for £900

Reading that back, that is shocking.

Chesntoots

Apart from the usual relationship break-up related debts.... Spending £400 on a cross trainer when I have access to a gym at work...
Basically buying any exercise related machinary should come with a financial warning - "You are buying this for £400 - expect to get less than £50 for it on Ebay 6 months later (sucker....)"...

Mrs.T20

One of many mistakes was adding a car loan onto the mortgage 14 years ago......and its still there even though I have had 3 cars since then :mad:

Sharon87

Mine was uni - my student overdraft more specifically. I treated it like MY money and spent it on random things online like DVDs/technology. I did use it for going out, but never really spent much on nights out!

End of uni I had maxed out £1500 overdraft!

mandragora_2

OK, I am, and always have been, tight as a duck's proverbial, and have always been MSE way before Martin was even born, to the extent that when we got married my bank balance (after 5 years as a student) was exactly the amount in credit that my new husband's amount was OD (after 15 years as an officer in the military and one divorce).

Sooo, as my mum says, I've never paid full price for anything in my life. Except one time, and I still can't believe it even now. The first car we bought together, after about a year of marriage, the transaction went like this:
Local dealer: Well, I've got something really special that's just come in. If you're really lucky, I'll let you see it.
Us: Will you? Really. Oh thank you. You're so very kind.
Dealer: Well, there you go. It's lovely isn't it. It costs £2,000.
Us: Oh, please, will you let US buy it? How much did you say? £2000. Of course we have that right here, right now. Thank you so much.


Took me a few years to realise what a softie I'd been .:o

The next car I bought, when the dealer blanched as I asked about the state of the spare tyre, and later confessed he'd almost put it back on the forecourt at that point, I could safely say I'd got my touch back!:rotfl:

Determined_2b_Debt_Free

There are quite a few, 2 that immediately spring to mind are:
1. Opening a store card each time I went into a new shop when I was 18 because I could 'get 10% off' - yeah right
2. Not frittering money away and actually saving some when I was at my most 'well off' - the mortgage was only £650 (1st home) and we both had pretty good jobs. Wish I could go back to that point and rectify that (but then I wouldn't have DD - so maybe not )

k-swiss85

received a letter stating i wa pre-approved fora credit card, been young and dumb i got one, was sensible at first then was using it for going out all weekend, maxed it, got a loan to pay it off, maxed it again.

3 year and 9 grand later i decided to sort it out through a DMP, 5 years later and it will all be paid off this july, it cant come soon enough.

lesson learnt ! although a very expensive lesson !

spikeybunny

I love this thread! I am finally able to face up to my debts; after years of studying and agency work, I now am working full time and permanently employed. My financial journey hasnt been pretty but I dont feel so ashamed after other people sharing their mistakes.

My mistake was simple: I was young, I was going to uni and I was going to have a well paid job in the future. My parents are terrible with money and credit and then I fell in love with my now fiance who was also terrible with money and owed loads. I went to uni and was offered CC after CC and an ever increasing OD. I transfered balances to get good deals and was in a bit of mess. Then I left uni (after 5 years) and found that there were no teaching jobs in my area- I had to work on the agency whilst learning to drive and so cue unpaid school holidays, driving lessons, bills and unreliable income but still birthdays and christmases in a large family. The mess has got a lot bigger. 3 Years later and I finally have my teaching job :-/

I am not proud of my past decisions and my financial mistakes but I am older and wiser and desparate to get sorted! :-)

DorsetGirl_2

Mine is cringeworthy

About 2 years ago it was a really bad month moneywise and I didnt think I would have enough to see us through the month. I ordered a couple of paid of Uggs from Very and sold them on Ebay. It meant I had cash in my pocket at the time but I got about £60 less than I paid for them and it took me a year to pay it off.