Confession of a careless spender...

My first post and I wasn't sure where to go... so I figured a diary would be a good start.

I am 31 and have been in debt my whole adult life. I was extremely careless at 18, taking out store cards (just because I could) and competing with people I knew on who could get the biggest overdraft. I had no idea of the consequences of these actions at the time. I bought my first house at 21 and after a few years I was desperate to move but I couldn't sell and my repayments on credit cards etc. were starting to ripple me. I decided to just walk away from the mortgage, and chose to stop paying all of my other debts too. What was I thinking? I don't know! But I wasn't even in my mid twenties and I had 30k+ in debts and a foreclosure to my name. I buried my head in the sand for years. I moved house every 6 months. Then I grew up, and started paying back my debts. I am still paying them back. I have 8k to go. I have a CCJ (paid) and many defaults on my file. I haven't been able to rent houses through an estate agency, open bank accounts and even at times struggled to get car insurance and what not.

I wish I could go back and start again. I wish that I'd have grown up sooner. There's been some really hard times, to the point of questioning the point in being here anymore. But I have two older children and a husband of 11 years to keep it together for. We have a yearly income of around £50,000 and have a 3 way tenancy with my mum so for now we have a roof over our heads and it's very affordable which means we can really knuckle down hard on this.

I have created a folder on my phone for all of my financial apps and Barclays have let me open a 2nd account with them (not a savings account but at least another account to transfer savings to). I have applied for a credit building card with Aqua and my accounts mostly have a default date of 2012 so they will start falling off my files this year. The ultimate goal is to clear my debts and then buy a family home.

Current debt
£8,027

I don't know why I needed to share this or what I do next with this diary, but it felt good to get it out. I feel like I can breathe at least.

Replies

  • Welcome and good luck :)

    I wish I'd been more careful at 18 too, I also have defaults and paid CCJ and still paying off debts. If I'd been more careful then I could have a very comfortable lifestyle and maybe a home by now, but we all make mistakes and they're all fixable :)
    Just trying to make up for past mistakes and work towards the future I want :hello:
  • I feel the same. Debt is mounting up and with 3 young kids and a husband that if I bring anything up. Complains he is just as broke ( he isn't at all). Paying off back council tax from an ex partner who wasn't bothered about a jail term if need be. I just can't see the light at the end of the tunnel. I have cleared nearly 2200 of council tax debt. Just have to tackle the 6100 of credit card debt. I guess it gets us all down sometimes. But if we keep chipping away it will go in the end. Chin up xx
  • VadersDadVadersDad Forumite
    35 Posts
    Fifth Anniversary 10 Posts
    Forumite
    I made so massive mistakes when i was that age too. Like you i would get finance and just not pay it back. Took me to my mid twenties to wake up and smell the beans.

    Life is a lot better now i'm in my forties. I am more in control and getting there.

    Good luck.
    Mortgage £49.488 Savings £1175./£1000.:j:j:j[/FONT][/FONT]

    No CC or finance


    Every cloud has a silver lining!:beer:
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