How much debt are you actually in?

[Belulah]

I’m curious about paying more on a mortgage. Mine is crazy low and I could afford double if not triple. Are there any negatives?

 

[summersuzy]

We have overpaid it as much as we could in the 5 years we've been here. Our hope is to be mortgage free within the next 3 years

That’s brilliant il be old and grey before mine is paid

 

[summersuzy]

How do you find out your credit score please, I don’t have a clue about mine?

 

[Lovegin]

Wow £750 a month sounds like a lot but I’m assuming you can afford it or they wouldn’t have done it like that!

I put it up from £650 to get it paid quicker , I was paying a lot more before I started with StepChange though

 

[Lulabella_Mozzarella2]

Mortgage of £50k
Next directory £750 (cries a bit at this )
Credit card £1800
Below story of furlough mistake:

And now I owe my employer £200 as they overpaid me in furlough - despite me telling them I thought they were overpaying me and them insisting (!) I should have the payment - I start a proper, salaries job in September with them and I can pay them back every month - fucking fab I’ll just pay it off in the first month and get it over with

Looking forward to paying back some of the debt when I start my new job

 

[JoeBloggs]

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??

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

 

[pixieshix]

Definitely worth contacting a debt management company (make sure it’s a free advice one such as step change or pay plan) if you’re due a pay out they could look into a full and final iva for you (that’s where you can offer short settlements to all credits with a lump sum of money to clear as many as possible) there’s lots of options, and they can help you find the right one. Please Don’t suffer in silence x

thank you for the advice . I’m going to look into something , it’s difficult with not knowing any sort of idea of the amount our solicitor has gone for. My husband doesn’t open letters etc , all with his depression . So it’s suffocating at times being the one opening the letters , dealing with numerous creditors and having nothing to offer .

 

[JD-Morgan]

This thread has been an eye opener for me. I’m in a terrible situation at the moment, I’m I’m about £8000 of debt at 23 years old. Was very stupid with money when I got my first “proper” job and took out payday loans, credit cards etc. It just spiralled and spiralled and got even worse when I had a bereavement In my family last year. I live in constant fear every single day, to the point where I can never relax because I’m so scared. I’m scared when somebody knocks on the door, when letters come through my door, when the phone rings. And the worst thing about it is in I work in finance and would lose my job if I got a CCJ or anything along those lines. I just don’t know what to do but I know I need to something before it gets a whole lot worse.



i feel like I’ve ruined my life before it’s even begun. my friends around me are buying their first house etc and I don’t feel like I’ll ever have that. It’s soul destroying to say the least

I am in a similar situation as you and I feel exactly the same.

I just wanted to ask if you’d sought any advice on your debt yet? Sorry I tried to PM you but I couldn’t find an option

 

[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.

 

[FakeSmile]

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!

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.

 

[Blessed]

I’m curious about paying more on a mortgage. Mine is crazy low and I could afford double if not triple. Are there any negatives?

It does depend on your mortgage agreement and how long you have left. Some mortgagees do penalise early repayment depending on how early. Speak to your mortgagee and find out if you can repay early.

 

[Boredofthegram]

37, single parent.
No credit card debt - pay in full every month
3k personal loan, will be paid off in 11 months
108k mortgage

 

[Reverend]

I'm 43. Interest free credit card debt of £1,700, which should be paid off before Christmas.
I have £60,000 mortgage on £500,000 house, but have started off with £90,000 when I moved in 2013, so not doing too badly. I am trying to boost savings up to @£20,000 then I will start paying off mortgage again.

I have to travel to London so I do have a season ticket of £3,200 a year (which I have to save up for) , so I have been able to save a bit recently as I'm working from home.

 

[Lucie1001]

Mortgage-£65000 left
Car PCP-£20000 left
Student loan
Credit card £6000

 

[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

 

[Pixipoppy]

31
I think all I have is student debt now - no idea how much tbh. Pay about £80 a month off.

No mortgage
Small amount of credit card debt maybe £200 that I will pay off next month
Car is paid off
Oh my phone contract I suppose if that counts as debt.

 

[tinkya]

None gladly
I went bankrupt in 2014

 

[Noname12345]

I’m 23 and have no overdrafts or credit cards. I don’t have a student loan as I didn’t go to uni (baby at 18)

I have a few debts with catalogues and a credit card as a result of financial abuse/fraud by my abuser. The companies are aware and the debts have been defaulted so they don’t keep going up. Since they reached CCJ level I’m working on getting them removed from my credit rating. I probably won’t be able to afford a mortgage until they’re automatically removed anyway so it’s not urgent! I can still rent with a guarantor and don’t drive so don’t need car finance.

My genuine debts are: I owe £4 to eBay (failed listing) and have been banned for not paying it I don’t agree on having to pay for a listing that didn’t sell. I don’t like their threatening emails over such a menial amount and will pay them the £4 when they speak to me like a human being! I also owe a couple hundred to Severn Trent from when they stopped doing paper bills without my knowledge. No idea how they got my email but it was an old one that I don’t use and only happened to see the overdue bills when I got hacked on FB and needed to access the old email to get back into FB. I also owe £40 to Klarna for some clothes but I’m in the process of moving next weekend and need the money for the deposit/first months rent so I’ve delayed it with them and they’re okay with it.

I personally don’t know any adult that isn’t in some sort of debt. Whether it’s credit cards, overdrafts, car finance, student loans etc. I don’t know if it is truly possible to live your whole life debt free unless you’re a millionaire

My other half only has his mortgage and he's going to pay it off within the next month or so.

 

[SkinnyTurkeyDinosaur]

Minus 200 pound overdraft

 

[Rippedjeanmaybe]

Just my mortgage which is about 230k worth of debt (we’ve only just moved).