What brought on your LBM?

blackangeluk

I was inspired by the post re what spiralled your debt to wonder what triggered people's LBM?

I am absolutely definate that the cause of my LBM was a gorgeous £50 brown handbag from Accessorise. I travel by train to work, was feeling a little fed up and popped in to Accessorise. 5 mins later I was walking out with the said bag courtesy of my flexible friend.

However as soon as I got to work I felt physically sick, I couldn't afford it. I checked my bank balance, I had just enough money for food for the month and certainly could not afford buying things like this.

I thought buying a bag would stop me feeling fed up, in reality the reason I was fed up was because we were up to our ears in debt, the interest was spiralling, the post was left unopened and I was burying my head in the sand assuming one day I would win the lottery Something made me realise I couldn't physically and mentally go on hiding from it, particularly as I was having trouble sleeping for worrying.

Later that day I came home, found this site and the rest is history.

It was an incredibly stupid thing to do buying the bag but that sick feeling afterwards made me realise that spending more wasn't the answer. My bag now goes with me everywhere as it is a constant reminder of how I felt and it will not be replaced until it falls apart. And no, I haven't been to Accessorise since

Lucy1982_2

Mine was logging into my online bank account and realising that I had nearly maxed my OD again and had £2 to last me a week.

I moved some money from my savings and bought Martin's book and the rest is history.

hypno06

Receiving my inheritance from my Dad's estate, using it to reduce the debt when I am sure he intended it for something much more fun, and realising that if I stuffed up now, not only would OH and I be working for nothing, but also my Dad would have worked for nothing, and I was determined that I would clear the debt, and make him proud for not wasting the opportunity that I was sadly presented with.

Seaxwyn

I didn't really have a lightbulb moment. I had a very long period of worrying about our debt, knowing that our outgoings were greater than our incomings, and basically hoping a miracle would occur and get us out of it. I used to carry scraps of paper with me with the amount of our debt written on it.

I stopped spending on credit cards eighteen months ago, however my overdraft limit kept increasing and every six months or so I increased the size of my loan.

The first lbm-ish thing I did was applying for a card with a low LOB - previously I'd just moved from six-month deal to six-month deal.

Then I applied for a current account with interest-free overdraft for a year. This got rid of the depressing overdraft interest fees I was paying every month, and made me feel more positive and in control.

fistfullofdollars

What a good question!

I think it was me actually growing up. I hit 25 and realised that my debt would never be paid off unless I made serious changes. I'd never be able to do the things I wanted before starting a family.

I had a small LBM when we relocated then my full LBM back in May. I had buried my head in the sand long enough regarding an O/D to an account that was registered at my parents account. My dad came to stay and bought some statements. He had opened one by accident and obviously saw it was £760 O/D - I felt ashamed that he knew and that I had to do something about it. First, I had to pluck up the bottle to look myself!

I paid and closed that account on the 4th aniversary of my mums funeral. I dont think she would have been to amused if she knew I had racked up such a debt at uni, but I know she would have been proud to know that I'd faced up to it and sorted out my priority debt.

It was a massive step for me because for the previous 3 years since graduating I had 'forgotten' about that debt. I honestly thought it would have been with a DCA but it wasnt. It was still at Lloyds. I cant tell you how much sleep I've lost over that one.

I've now become quiet obsessed with paying off my debt. I came clean to the wife that my debt was £3k higher than she thought. All my debt is on cheap interest rates and nearly in one place. I'm just about out of my O/D and we have bought our 1st house.

immoral_angeluk

When my old car was about to die in dramatic fashion due to massive cam belt/camshaft failure... we couldn't afford to get it fixed and couldn't afford to buy another one and had no other option (because we needed a car for work plus had our 2nd baby on the way) than to get a car with welcome car finance at 24.1% apr and a monthly payment of £160.50 when things were already tight as they were.... :eek:

nickm122

mine came when, for the third month in a row, the bank were ringing me about the fact that I had gone over my overgraft. The month before they were on about stopping all my Direct debits from going out. This bought me to realise that if they did this I would be f*****. So I sorted myself out and now don't go over my overdraft at all (but sometimes get close to it:o )

smudgemanc26

Mine was brought on by never having any money in my account and having that awful feeling im working for nothing! I realised i messed up with payments etc and kept getting letters about payments and had bounced dd's in my bank account and kept getting charged all the time i realised something had to be done.

I have started making claims to get my charges back and seeing the amount it made me realise how much money these companies were making off me.

I felt very depressed and went to see the CAB after looking on this site for help reclaiming my charges. They have helped me a lot and now feel more in control knowing where everything is going every month.

Still kinda working for nothing and dont have spare cash really but working on ways to change this thanks to this site and great advice from people.

Hoping to clear my debts this year so i wont owe anyone anything and it will be the best feeling in the world to know when i get paid my wages will be all mine for once and i finally will be WORKING FOR SOMETHING!:T

yellowmonkey

For me it was always being to the limit on my OD every month and realising that i was using my CC's to pay for things and the limit was being reached on them. I sat down and thought about it and the switch was on. I could not go on like this anymore as i had reached the bottom of the wallet and there was no more to avenues to get money from.

Therefore the switch illuminated the Lightbulb and being at work i found this site and read someones diary and was so inspired I have been on here ever since.

ym

Payingitallback

Being 6 mths pregnant & having an overdraft of £2k & £23k other debts.
The scariest part being, checking the bank account and finding you are £1,960 O/D with 2 weeks left until payday.

I never slept because I worried over debt all the time and yet I kept spending!
Thinking back now I can't believe how I just tried to brush it under the carpet never opening the letters, turning the ringer off the phone!
Checking my bank balance used to knock me sick - and oh god the fear every time I used my cash card.

blackangeluk

Payingitallback wrote: »

Being 6 mths pregnant & having an overdraft of £2k & £23k other debts.
The scariest part being, checking the bank account and finding you are £1,960 O/D with 2 weeks left until payday.

I never slept because I worried over debt all the time and yet I kept spending!
Thinking back now I can't believe how I just tried to brush it under the carpet never opening the letters, turning the ringer off the phone!
Checking my bank balance used to knock me sick - and oh god the fear every time I used my cash card.

I know how exactly how you felt, particularly the fact of keeping on spending.

I sleep so much easier at night now