How did you get into debt

Verbatim

We had a good income and savings so decided to extend the house and do some much needed improvements. Didn't want to take out a huge mortgage as had paid it back once so put £26k on 0% credit cards and took about £80k as mortgage. Have tarted successfully for around 2 years but it all got very stressful as our income dropped unexpectedly plus I had a very large tax bill based on a previous yearwhich I was not prepared for. Feel we're now on the home stretch and am determined to pay off the last cards by October.

LaraCroft_2

Wanting everything now and not having to save for it, thats how.

Credit cards, consolidation loans, more cards, more loans, remortgage my flat.....just went on. I used to laugh at my 2 sisters who always saved and weren't doing all the nice things I were.

Now they both live in houses and I can't afford to move from my flat with no garden. I can't afford to start a family yet and they have and they have financial security.

Who's laughing now.

But I have found this site and me and OH are facing it and dealing with it and are changing our ways.

nicola1982_2

thevoiceofalan wrote: »

Seriously a monkey in a cage ... a real monkey??? Where did he buy that? I thought I am bad for impulse buys :eek:

For me uni far too many students loans, paid off my OD's now and my cc was at £3000 basically honours year living interest free card paid rent off it etc got me my degree which off the back of that I have paid most of this off.

He bought it from a shop known as 'pets, guns and knives' - it was an evil little thing and it bit his friend so he sold it for £400 and spent the £400 on a guitar amp!!!! He was the weirdest person in the world when it came to money. One Christmas he had put aside money for my Xmas present, couldn't get what I wanted (it had sold out) so bought me a bath spa spending the rest on DVDs for himself. Then told me.

steve700

nicola1982 wrote: »

He was the weirdest person in the world when it came to money.

One Christmas he had put aside money for my Xmas present, couldn't get what I wanted (it had sold out) so bought me a bath spa spending the rest on DVDs for himself. Then told me.

You've got to admire his cheek - maybe not at the time, but looking back now................;)

Gemmzie

My first car was a money trap, then I had to learn to drive the thing and insure it two years running. Then I had health problems which cost a lot.

But I'm down to the last £500 now :j

postingalwaysposting

the first time wanting what i couldnt have as a child i suppose i brought new furniture for my bedroom, piles of dvd's and games (that have now been ebayed) and comfort shopping... the second time giving myself a meassly £3.50 per week to live on while i squrilled away the remainder so i had a big blow out including getting money from a cash point on my credit card to pay for gas and electric in my mothers house

now however i have a differnet attitude to money, i make sure i have an allowence each week as well as a pot for the month i do still save and love seeing to grow

livinginhope

I wasn't going to post my story again,but as I've had a few PMs recently asking about my debt and there are lots of new names about,I thought once more wouldn't hurt
We never had any debts until a couple of years ago,we had CCs,but always paid them off,we had a car loan,but that was a very low interest and only £100/month.
Then disaster struck,we had a huge house fire which destriyed most of the house,we had insurance and the repairs started,we were told to fund everything up front and we would be re embured later.We went to the bank and explained,by the time we left,we had 35k loans,40k limit on our CCs and an overdraft of 5k :eek: ,this seems a lot,but when we had to rent a house,pay for the deposits and 3 months rent in advance,buy clothes to wear,then the builders wanted us to buy the kitchen appliances,doors and windows,flooring,then there was the furniture,the list goes on and on.
When we finally moved back in,we were over 100k in debt,the loss adjuster handed us our cheque for 5k in total payment! I just cried and cried,we were very under insured and there had been a huge error in the claim handling,that was all we were getting.
While all this was going on,DH lost his job,due to taking a week of for the fire,he found another,but was laid off again a month later,we also suffered a car accident in between all this and our car was written off,this then set of my Crohn's disease and I have had to give up work,I am unable to get any benefits,so we manage on DH's wages,which are good,but just not enough to fund this debt.
So now a couple of years down the line,we are left to pay this debt back,we are in it for the long term,but will get there before we die,I hope :rolleyes:
LIH

OliveOyl_2

We were fine, had good income and lived well. Then suddenly we were prevented from seeing OH's youngest. Let me advise you that legal costs can be flipping HUGE:eek:

Lawyers, Barristers, court appearance after court appearance. It makes no odds what the judge rules in some of these cases, it can be nigh on impossible to force a mother against her will to allow contact. And the courts won't/cannot enforce their own judgements. Finally a friend who is a solicitor advised us to walk away after four fruitless years. OH is stoic, but it bluddy hurts him.

And it cost £45K

But we didn't stop spending as though we didn't have that extra outgoing, and that's how we ran up our debt.

And we'd probably do it again, but we'd fight dirty next time.:p

meme_3

immoral_angeluk wrote: »

Mine was basically looking at the minimum payment rather than the whole balance and accepting anything I was given.

That's about it!:eek:

And I also wanted everything that nobody else had, just to prove that I was doing OK.... :mad:

heather38

i was young (18) moved in with ex-b/f, wanted it all. ran up a couple of grand on a cc. it lasted 6 months
thenmet and moved in and married my oh and the only house we could afford was a wreck so we borrowed £10000 to pay the deposit and to do up the house, as it was a shell, no kitchen or bathroom and only half a roof!
i'm really frugal now and although we are still paying it off we can afford it on my new p/t wage and oh wage.
i wouldn't borrow money again, but at the time we had no choice.
oh and my car broke down so i had to get a new one as life with a baby and no car was a nightmare!