How much debt are you actually in?

New to Tattle Life? Click "Order Thread by Most Liked Posts" button below to get an idea of what the site is about:
Order Thread by Most Liked Posts
J

JustKillingTime

£130k mortgage (600 pcm but we over pay). House worth £400k.
1 credit card with £700 (chipped away at this during lockdown, was £2500).
5000 bank loan (£136 pcm) for car.
£5000 left on student loan (160 pcm comes put of pay cheque automatically).

A lot owed to a parent who loaned us the house deposit! But we pay them £200 pcm on top of mortgage.
 
K

KerChing

Tricham said:
It might not be forever with us though. We may outgrow this home and get a mortgage on a new property later down the line. We have been thinking of starting a family so I wanted us to be paying less out every month, as I would probably stop working, for a while, once we have a child. Also, the amount you save on interest by overpaying is motivating!
Click to expand...
I see. We didn’t buy a house til nearly 30. I’ve just put our monthly repayments up which will save £25,000?!
 
B

Bhunaluna

3 credit cards totalling to £2.5k
Overdraft £400
Car on finance £3.5k left to pay for the next 2.5 years
Just took out a bank loan for £5k
Student loan £7k
27 year old single parent to 2 kids paying private rent so I’ll probably never end up buying a house 🙃 and I work part-time
 
  • Like
Reactions: 1
H

Heybooboo

1 mortgage with £220k left to pay on a £465k house (got valued last week) £700 on a credit card waiting for statement then will pay it off
 
D

doctordoctor

No debt. Mortgage paid off last year. I’m a great saver, I’ve never owed a penny on CC, never taken out a loan etc. Live within my means......
 
  • Like
Reactions: 5
ChloChlo

ChloChlo

At least 30k.

These are all various catalogues I ripped off years ago when I didn't care. Old phone bills following me around. Various loans.

I am also 36 and have never paid a gas/electric bill in my life, I wont even open what is sent, last time I ever opened one it was 4k.

I wish I could sort all this tit out, but wouldnt know where to start.
 
  • Wow
  • Sad
  • Like
Reactions: 8
C

Chunkeylaydee

I have a joint mortgage with dh of about £50,000.

I have a credit card that I have often ignored due to being poorly in 2015/2016. I pay £100 a month but it rarely clears it. I start a new job this month and my aim is to start paying most of my wages until it’s paid off which I think could be about 6 months to a year. I did pay off £1000 last year when unexpected money came my way. I think it’s over £2000 but under £3000. I just want rid of it now.
 
Trixabellee9393

Trixabellee9393

I’m in my overdraft around 1500 and I have my student loan :( trying desperately to pay the over draft of but I just seem to stay there at a steady 1500 ish :( as soon as I nearly do it I get random expenses like vet bills etc :( xx
 
  • Like
Reactions: 2
Be More Pacific

Be More Pacific

ChloChlo said:
At least 30k.

These are all various catalogues I ripped off years ago when I didn't care. Old phone bills following me around. Various loans.

I am also 36 and have never paid a gas/electric bill in my life, I wont even open what is sent, last time I ever opened one it was 4k.

I wish I could sort all this tit out, but wouldnt know where to start.
Click to expand...
Definitely contact StepChange - another poster has just provided the link 👆🏼

They can help you make a start. They can contact your creditors on your behalf and help you make a repayment plan or an IVA or even bankruptcy.

There's no doubt it will be difficult and painful but the main thing is you can open up to them without judgement, it's free and you absolutely don't have to cope with this on your own.

Please call them as your post scares the hell out of me. Good luck.
 
  • Like
  • Heart
Reactions: 6
H

Hc68759

I used stepchange 8 years ago when I had about 25k debt. They contacted all my creditors for me and got all the interest frozen. I then only had to repay what I could comfortably afford every month. It took 4 years to clear the debts and it destroyed my credit rating. 8 years on and I’m debt free and my credit rating is in the moderate/good category and keeps climbing a few points every month. Best thing I ever did!
 
Last edited:
  • Like
  • Heart
Reactions: 14
ChloChlo

ChloChlo

Thankyou so much to the two posters above. I'm definately going to look into this Stepchange and sort out my recklessness from a few years ago! Because it certainly isn't going to just go away!
 
  • Like
  • Heart
Reactions: 10
F

FakeSmile

Hc68759 said:
I used stepchange 8 years ago when I had about 25k debt. They contacted all my creditors for me and got all the interest frozen. I then only had to repay what I could comfortably afford every month. It took 4 years to clear the debts and it destroyed my credit rating. 8 years on and I’m debt free and my credit rating is in the moderate/good category and keeps climbing a few points every month. Best thing I ever did!
Click to expand...
Sorry if this is off topic but please could you clarify what happens with your credit if you use stepchange? Does it make your credit rating non existent so then you’re even more at a loss? I’d love to be able to sort out my debts as it really fuels my anxiety but don’t want to end up in an even bigger mess with no credit etc.
 
J

Janey

I'm 39 and have 15 years left on my mortgage of 90.000. We also over pay on our mortgage as hoping to be morgage free in 10 years.
 
  • Like
Reactions: 1
H

Hc68759

FakeSmile said:
Sorry if this is off topic but please could you clarify what happens with your credit if you use stepchange? Does it make your credit rating non existent so then you’re even more at a loss? I’d love to be able to sort out my debts as it really fuels my anxiety but don’t want to end up in an even bigger mess with no credit etc.
Click to expand...
Yes you wouldn’t be able to use your credit cards, store cards and overdraft etc but you only have to pay back what you can comfortably afford every month whether that’s £1 or £100 and all interest is usually frozen. You save money by not having such big outgoings every month trying to keep on top of paying back each debt. My minimum payments each month on all my credit cards were about £100 each which was crippling me but I got them down to about £20 each which then freed up a few hundred quid extra a month to live on without getting myself into debt again.
I was paying about £800 a month to all my creditors just trying to keep on top of the minimum payments each month. This went down to about £160 a month in total each month once I went on a debt management plan which freed up about £640 a month spare for me to live on so I didn’t need any extra credit during that time. Hope that makes sense.

As soon as my debts were paid off I was able to get another credit card which I pay off every month and it’s helped to rebuild my credit rating back up. My credit score was 0 during the debt management plan and it’s now about 630. All the defaults have recently been removed from my credit file too as it’s been over 6 years now
 
Last edited:
  • Like
  • Heart
Reactions: 7
U

Uberrima fides

this link from moneysavingexpert might help. You can get your score and report free of charge from the main three credit reference agencies.

www.moneysavingexpert.com

Credit Scores

Martin Lewis' guide to find out how banks use credit scores to assess whether to lend you cash and what you can do to improve your credit score.
www.moneysavingexpert.com www.moneysavingexpert.com
 
  • Like
Reactions: 1
You must log in or register to reply here.