How much debt are you actually in?

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Maxiwill

I've had a car on finance before which is grand but I'm saving now to buy a car outright at the end of the year. The thing is I know when the time comes I won't want to drain my savings account to buy the car. I've never had any savings before and it's a scary thought to hand it all over
 
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Giggling Squid

I’ve never had one in finance, always bought outright using a bank loan... it just feels more like it’s actually mine than finance
 
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rainbowlemon

Thankfully none.
My mother paid for my student tuition fees.
I don't have a car and I'm not close to having my own place yet.
 
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jackolantern

About £4000 across different 0% cards and student overdrafts, my partner has about the same. Also all my student loans but I don't worry about them in comparison. My debt hasn't gone up now in a couple of years, but it equally hasn't gone down, the pandemic has helped none in that department. Debt stinks. It sounds like such a small amount of money and realistically it is, except when you don't have it.
 
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peachhes

£154k mortgage
£6.5k car finance
£350 overdraft

then bits like phone bill etc which I don’t really count as a ‘debt’
 

Welshgal

Officially none but I do want to pay back my parents one day for paying for semi private school, an exchange year and loooots of other things

I’m also wanting to buy a city flat within the next 3-5 years, so my debt free years are counted.
 

jarv

Just 7k to clear on one loan. It seems a lot but a couple of years ago I had nearly double that split across multiple credit cards, store cards, overdrafts and loans. I'm in a good position now where I can get the rest paid off in the next year or so. I just have one credit card now which is only used for big purchases/emergencies and it's paid in full each month if it's ever used.

Oh and I have student loan but I don't even think about it as I'm not at the threshold yet and it's just another tax as far as I am concerned
 
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Justlooking19

Your house must be beautiful
 
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coleywoley

Our mortgage is about £450k currently but our house is worth double that, possibly a bit more so I don’t actually see it as a debt. PCP on my car balance is around £40k I’m due to hand it back soon shortly and I’ll either PCP or lease another.
Have about £3000 on AMEX which I mainly use for points, but I pay a good bit of that off every month and I usually buy the kids a few bits on the Next sale each time it comes round and pay that off that month to avoid interest.
 
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purpleghost

I have a hefty debt to hmrc from when I was self employed and had no clue what I was doing with taxes. I have a repayment plan in place now but does anyone know if this will stop me getting a mortgage? It’s a three year plan. Does tax owing get treated like just another debt like a credit card??
 
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CatVonMe

You would definitely have to explain it as they would see the repayments on your bank statements. Whether or not they count it as debt I don’t know but you won’t be able to hide it and it will definitely count towards your affordability calculations.
 
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purpleghost

I’ve been out of work since having my son but my husband owns his own business and said maybe he could put me on the payroll for a few months to bump up our borrowing, does anyone know if this can be done?
I am dreading telling him about the hmrc debt he knows I have it but doesn’t know the extent of it and I think he’s assumed it won’t affect the mortgage because everyone has to pay their tax so it’s not like a normal debt. Hate myself for being so stupid and not looking in to what I owed tax wise earlier on
 
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JoeBloggs

If you are paying it regularly it should just be taken off your affordability amount.
 
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