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I'm so glad I've seen this thread! I'm 25 and am so embarrassed by my financial situation.
Car loan - have around £500 left to pay (it's only £79 a month). I could just pay it off in full now but there's a £170 early repayment fee so I'll just stick to the £79 a month until April.
Credit card - £1,900 - 0% interest for 18 months. I pay a £46 direct debit each month and try to pay additionally up to £50 a month (some months I don't manage an additional payment)
Argos card - £300 (buy now pay later)
Student loan - £15,000 (part time student - work full time. On fourth year out of six) - not repaying anything yet.
My partner and I are currently in the process of buying a house so will soon have a mortgage of around £150k.
Phone contract of £43.00 a month which ends next May. I'll be keeping the same phone and going onto a cheap sim only tarriff.
I wish I hadn't got into credit card debt but I made some stupid decisions with money when I was younger. I did have a New Look card with £1,200 on and an Outfit card with £800 on which I managed to pay off. Fortunately it hasn't prevented me getting a mortgage but I would have been able to get much more if I'd not got credit cards.
Car loan - have around £500 left to pay (it's only £79 a month). I could just pay it off in full now but there's a £170 early repayment fee so I'll just stick to the £79 a month until April.
Credit card - £1,900 - 0% interest for 18 months. I pay a £46 direct debit each month and try to pay additionally up to £50 a month (some months I don't manage an additional payment)
Argos card - £300 (buy now pay later)
Student loan - £15,000 (part time student - work full time. On fourth year out of six) - not repaying anything yet.
My partner and I are currently in the process of buying a house so will soon have a mortgage of around £150k.
Phone contract of £43.00 a month which ends next May. I'll be keeping the same phone and going onto a cheap sim only tarriff.
I wish I hadn't got into credit card debt but I made some stupid decisions with money when I was younger. I did have a New Look card with £1,200 on and an Outfit card with £800 on which I managed to pay off. Fortunately it hasn't prevented me getting a mortgage but I would have been able to get much more if I'd not got credit cards.
About 600grand mortgage
Car loan 50 grand
5 grand in credit cards which could be paid off but it’s 0% so who cares for a little longer
gosh that sounds scary. That’s london for you baby! But manageable for our situation.
Car loan 50 grand
5 grand in credit cards which could be paid off but it’s 0% so who cares for a little longer
gosh that sounds scary. That’s london for you baby! But manageable for our situation.
Is it the case if you don’t pay back all you students loans after a certain number years they are wiped, or is this a miff
Yeah, I think for me it's 25/30 years after the first date I've been due to repay it (i.e. after the first time I've earned enough to be over the threshold for repayments).
I'm unsure of the total but it's a fair amount maybe around £3k-£5k I don't earn enough to pay a large sum per month after my rent and bills and etc. I feel so ashamed though so I am glad other people are in the same boat
Has anyone gone with a debt charity? Would you recommend it? Mine are from various places in total
Has anyone gone with a debt charity? Would you recommend it? Mine are from various places in total
I posted in this thread a while ago and I had a debt repayment plan with stepchange. I couldnt recommend them enough. All my debt is now paid off, i could stop worrying about companies threatening me, I made one payment a month for all the different debt i was in and could pay extra if i could manage it. I’d 100% contact them if i were you x
Thank you! I’ll contact them!!
x
I was also going to advice consolidating i to one debt.Thank you! I’ll contact them!!
It’s hard for people and I understand that if something goes wrong people get into debt in one month and then can just never manage to get out.
I grew up in South Africa and my dad drilled into me from a young age not to buy anything on credit. It’s been great because I’ve never really had any debt (apart from mortgage) but on the other hand I think it’s also left me with some issues as I find it hard to spend money on myself. I’m forever squiralling away money, like you will find about five different places in the house I hide money and then have all different savings accounts
. I think my dad talked to me when I was too young and it has left me scared of being made homeless and I mean the proper left on the street homeless. 
I have the same issue, can’t spend moment on myself but in one good way I have paid off my mortgage. I lost my job a couple of years ago and only after four years have managed to get something permanent. So in hindsight good job I did pay my mortgage offI was also going to advice consolidating i to one debt.
It’s hard for people and I understand that if something goes wrong people get into debt in one month and then can just never manage to get out.
I grew up in South Africa and my dad drilled into me from a young age not to buy anything on credit. It’s been great because I’ve never really had any debt (apart from mortgage) but on the other hand I think it’s also left me with some issues as I find it hard to spend money on myself. I’m forever squiralling away money, like you will find about five different places in the house I hide money and then have all different savings accounts
530k on one mortgage 280k on another.... 10k on 0% card which I have the money to pay off next month anyway
The mortgage situation is because we rented our original house out, and the rent pays the mortgage plus an extra few hundred after putting some away for maintenance tax etc.
Big mortgage is on our forever family home, but I still worry as its huge.
The mortgage situation is because we rented our original house out, and the rent pays the mortgage plus an extra few hundred after putting some away for maintenance tax etc.
Big mortgage is on our forever family home, but I still worry as its huge.
I owe £55 on my Very and about the same amount on my credit card. I’ll pay these off at the end of the month.
I used to be about £2k in debt on a store card that I got pressured into signing up and I thought it was great - I was a student at uni at the time and would be buying clothes all the time. I didn’t have the money to pay it off in full so the interest racked up... thankfully when I was working I set up a plan with them to pay off £100 each month and then I decided to pay it off in a lump sum. It’s affected my credit score quite bad (was around 4 years ago) so hoping it will get ‘erased’ after year 6 (think that’s the case)?
Eta; I’m about £45-50k in debt with my student loan which I haven’t paid off yet.
I used to be about £2k in debt on a store card that I got pressured into signing up and I thought it was great - I was a student at uni at the time and would be buying clothes all the time. I didn’t have the money to pay it off in full so the interest racked up... thankfully when I was working I set up a plan with them to pay off £100 each month and then I decided to pay it off in a lump sum. It’s affected my credit score quite bad (was around 4 years ago) so hoping it will get ‘erased’ after year 6 (think that’s the case)?
Eta; I’m about £45-50k in debt with my student loan which I haven’t paid off yet.
Yes 6 years is right. Before my mortgages back in 2010 I had my last bad debt default disappear.
2k on a CC (it’s on 0%) and I’m hoping to pay it back by October.
Honestly forget about student loan. Luckily I didn’t pay the 9k fees crikey so much but I don’t think I’ll ever manage to repay it off! It’s about 8k now (I think)
Honestly forget about student loan. Luckily I didn’t pay the 9k fees crikey so much but I don’t think I’ll ever manage to repay it off! It’s about 8k now (I think)
Wow...His parents are very generous and understanding...It's a very long story of how we got into such a mess but here is the short version (which is still quite long
All my debt of £20,000 with various creditors (loans/credit cards/store accounts) was written off on medical grounds when I had to give up work five years ago due to a serious, chronic, lifelong illness.
My partner has almost £30,000 worth of debt, which is over half his annual salary, on three credit cards. None of them are on any kind of balance transfer and we are so hopelessly overcommitted, he cannot get another further credit.
We have been living beyond our means for years and I also developed a crippling spending addiction, which is barely under control even now. I am really trying though but it is HARD. Instagram has fuelled it too big time. We were trying to make inroads into his debt but getting nowhere.
Earlier this year, we had to finally admit defeat, after all his credit cards were finally pretty much maxed out, and we moved from our rented flat into a house owned by my partner's father. He's letting us live here rent free in order to sort ourselves out. We are saving well over £1,200 just on rent and my boyfriend's travel costs alone. His father has actually repaid two of the credit cards, to avoid the interest payments, and is deferring paying him back until we clear the other one ourselves (which we are doing by £1,000 a month) We are only spending what we have in our current account now.
We don't smoke, drink or take drugs. We eat out rarely and get a takeaway a couple of times a month. We are not extravagant at all really except for my compulsive spending. I also suffer from depression/anxiety/agoraphobia and my partner is effectively my carer even though he's never here as he works long, long hours. The last three years have been pretty grim and I have barely left the house. I was seriously thinking about suicide about eighteen months ago.
But it is a massive relief having a bit of breathing space every month now and we are even starting to having a bit of a life again. His parents are supportive of this and I'm told there will be "no judgement" from them about what we spend our money on. I think having had a snapshot into our lives, since living here, when they have stayed with us, has really opened their eyes to how bleeping tit things have been. They told me recently they wished my partner had said something sooner so they could have helped earlier.
I have been awarded standard rate PIP (hoping this will be increased to enhanced at an upcoming tribunal) and I also have a very small pension. I am determined to do something nice for both of us every month next year and have a few things booked already. I have realised I need to have something to live for, for my mental health, and my partner needs a break from work (he is a workaholic and never takes leave unless I book something and effectively force him to) We are going to lose my Mobility car in March - hoping to win that back at tribunal - but his parents have also indicated they will help us out with that too if we don't get back on the scheme. They are not particularly demonstrative people - upper middle class, stiff upper lip types - but I honestly cannot thank them enough for what they have done for us. I realise we are VERY lucky to have had this help.
Hopefully, all being well, we will be debt free by May 2022 and I am determined not to ever get into this situation again. His father has also put some money aside to help us with a deposit for our own home but that is a long way off and I have no idea what or where we'll even be able to afford by then.
Edit: just remembered we owe his parents another £3,500 from when he changed job a couple of years ago and didn't get paid for three months due to an administration issue and they had to sub us. They haven't mentioned that though!
About £130k on a mortgage and £50k help to buy. No other debt but the help to buy is a bit of a regret.
I'm very lucky that my partner is good with the pennies. She makes many meals split for more than one day, plus we make sure that we don't have takeaways etc. She really knows the value of money.
I've just had my mortgage renegotiated and I'm now down to 1.2%. I nearly bit their hand off when they offered me. I think it's because I've been a member since birth (my parents, and grandfather set up an account for me). I'm hoping to pay it all off within 5-6 years, so fingers crossed.
I've just had my mortgage renegotiated and I'm now down to 1.2%. I nearly bit their hand off when they offered me. I think it's because I've been a member since birth (my parents, and grandfather set up an account for me). I'm hoping to pay it all off within 5-6 years, so fingers crossed.
I guess it helps when you're loaded and have three mortgage free houses....
Good for them, but they’re still generous and very understanding!
£9k loan, which I took out last week to pay for a new car.
Around £14k student loan.
£250k mortgage
20% of the value of our property in government help to buy loan.
So, quite a lot when you see it all written down. I could have bought the car outright but decided I’d prefer to have the savings.
Around £14k student loan.
£250k mortgage
20% of the value of our property in government help to buy loan.
So, quite a lot when you see it all written down. I could have bought the car outright but decided I’d prefer to have the savings.