How much debt are you actually in?

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pixieshix

pixieshix

We owe that much and to that many different company’s , I actually can’t remember the company’s anymore. A lot has been sent to debt collectors , and a fair few stopped bothering sending letters about 18 months ago. I don’t even know where to start or what to do. We use to have a great income until my husband was diagnosed with Bi polar , and then really struggled with his diagnosis and the medication. He was then run over a year later , and ended up breaking his shoulder and ball joint . And couldn’t return to his manual job due to the pain.
He struggled working full time even before the confirmation of bi polar, and after the accident his depression got bad. I can’t apply for Iva etc as he is currently going through a claim , due to being hit by a person texting and driving . I’m hoping when we get awarded something we can pay something off .
 
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37BBL

Mortgage of 120k, house is worth 220k and mortgage should be clear by the time we are 45 we hope.

No car loans or finance. I do owe 3k on a credit card which I used for open university training and other spends. I have cut the thing up now and i am determined not to use it. I need to transfer it to a 0% as if I pay off £100 a month I get £40 interest on top.
 
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Brianbadonde

Brianbadonde

Taylo_1904 said:
We owe that much and to that many different company’s , I actually can’t remember the company’s anymore. A lot has been sent to debt collectors , and a fair few stopped bothering sending letters about 18 months ago. I don’t even know where to start or what to do. We use to have a great income until my husband was diagnosed with Bi polar , and then really struggled with his diagnosis and the medication. He was then run over a year later , and ended up breaking his shoulder and ball joint . And couldn’t return to his manual job due to the pain.
He struggled working full time even before the confirmation of bi polar, and after the accident his depression got bad. I can’t apply for Iva etc as he is currently going through a claim , due to being hit by a person texting and driving . I’m hoping when we get awarded something we can pay something off .
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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
 
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lipsticktaser

lipsticktaser

Not including my mortgage I'm about £13k personal debt. I was really ill with a bout of mania and spent all this on shite. Moved house and found stuff still in wrappers I'd hidden and never opened. It's an albatross round me neck.
Paying off the paypal and credit cards this year and then it's the personal loan left. Husband only knows about half of it.
 
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pixieshix

pixieshix

Brianbadonde said:
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
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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 .
 
muffintop13

muffintop13

Step Change have been an absolute godsend to me. I’m now in a DMP with them after spending many years paying off my debts on time but being broke every single month. It was totally against my nature to not pay things and do this but it’s ended up meaning I’m able to survive without living on credit month to month. I totally recommend it to anyone struggling.
 
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Calabria

Calabria

I’ve spent the last twenty years in a cycle of racking up huge debts due to mental health issues, then going into a DMP with Stepchange (who are an absolute godsend) but am relieved to say that I finally seem to be on an even keel. I am building up my credit rating by putting all my expenses through it and paying my credit card off in full each month and staying well well under my credit limit (limit is 6k, balance never goes above £600 a month).

I actually overpaid my student loan so got a rebate of just under £2k which was really nice. In the past year, my credit rating on Credit Karma has gone from 189 up to 453.
 
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Becki_P

2 mortgages, 2 cars, 2 cards. I’m too scared to work it out, it’s a lot.
 
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Princesspinky

I don't have any debt , I've never had a credit card or loan , I don't own my own home , I rent and am a single mum. I work , I have a small amount of savings , not much but enough for any emergencies. We live well within our means , but still enjoy life . My only regret is not being able to save as much now I'm on my own 😞 but everything I own is mine bought and paid for and my son knows the value of money
 
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Duck1234

This year we really struggled with debt, my husband has a very well paid job but I was on maternity leave & we bought a new house before that. We failed to adjust our lifestyle & racked up some serious debt, credit cards, loans, leasing a car & other store finance. It was a very tough time & even after I returned to work part time, we never had enough money to make ends meet. Eventually I contacted step change, realising I was never getting anywhere paying the minimum amount. It was so bad they suggested I declared myself bankrupt.. which does put your house at risk so that was never an option. We both worked so hard to buy our house, we wanted to do everything & anything to protect the house. We reduced as many payments as possible & got rid of one of our cars which meant we could finally be accepted for the DMP. It has been a weight off, we actually feel like we can enjoy like again. When we worked it all out, it came to approx £43,000 for the both of us. We now pay £550 a month which means we can afford to pay our mortgage & bills. It’s still hard to budget because we live in an affluent area we do sometimes feel the pressure of keeping up with the neighbours. My husband will receive a dividend from his company at the end of the tax year & we hope we can then pay a lump sum off the debt. It’s really tit.. realllllyyyy tit but there is help out there. It does feel good to only buy things with our actual money now. The day we become debt free will be a good day!
 
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Laur91

Laur91

Duck1234 said:
This year we really struggled with debt, my husband has a very well paid job but I was on maternity leave & we bought a new house before that. We failed to adjust our lifestyle & racked up some serious debt, credit cards, loans, leasing a car & other store finance. It was a very tough time & even after I returned to work part time, we never had enough money to make ends meet. Eventually I contacted step change, realising I was never getting anywhere paying the minimum amount. It was so bad they suggested I declared myself bankrupt.. which does put your house at risk so that was never an option. We both worked so hard to buy our house, we wanted to do everything & anything to protect the house. We reduced as many payments as possible & got rid of one of our cars which meant we could finally be accepted for the DMP. It has been a weight off, we actually feel like we can enjoy like again. When we worked it all out, it came to approx £43,000 for the both of us. We now pay £550 a month which means we can afford to pay our mortgage & bills. It’s still hard to budget because we live in an affluent area we do sometimes feel the pressure of keeping up with the neighbours. My husband will receive a dividend from his company at the end of the tax year & we hope we can then pay a lump sum off the debt. It’s really tit.. realllllyyyy tit but there is help out there. It does feel good to only buy things with our actual money now. The day we become debt free will be a good day!
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always admire people like yourselves - it’s such a ridiculous easy situation to get yourself into nowadays with credit so easily available! Sounds like you’re doing really well though, well done!
 
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GossipMongoose

GossipMongoose

In my early 40’s. The only debt I do have is about £800 on my credit card but it’s ‘affordable’ debt and not something I worry about.

Mortgage is paid off
No loans
No store cards or catalogue credit agreements
I have an Overdraft facility but I’m *not using it.

I realise I am very fortunate to be in this position. My heart goes out to all those tattlers struggling with unmanageable financial difficulties ❤

(*edited to add NOT)
 
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D

Duck1234

Laur91 said:
always admire people like yourselves - it’s such a ridiculous easy situation to get yourself into nowadays with credit so easily available! Sounds like you’re doing really well though, well done!
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Thank you! That’s nice to hear. There’s no one to blame but ourselves, we were stupid & frivolous at times but it was basically handed on a plate to us. These companies want you to get into debt with them, that’s how they make money. It will take a few years but we’ll get out of it. We’ve learned our lesson the hard way. My dad always says you shouldn’t buy anything unless you have the cash to pay for it.. that’s old school now but i wish I’d listened to him more.
 
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erin182

I owe 6k on my car but I don’t see that as a debt as such. It’s a 4 year pcp agreement and I could just give it back in a year and be done with it. I won’t tho, I’ll swap it for another car 😂 I owe £100 on a student credit card I’ve had for about 10 years and pay £5 a month off it. Everything else is short term debt... like I have a next card and I will spend one month but pay the full balance off the next month.
 
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LifeOfRiley

I am 34

144k mortgage house is worth around 400k
5k credit cards (got enough money to clear this in Jan)
14k car but I’m handing it back this month as I don’t need it now was nice to have though!

I’ve been deep in debt so I understand how hard it is, and I ended up remortgaging to clear it all. It was the biggest lesson as my mortgage had got down to under 100k 😬 but I’m planning to have no debt in the next decade - just a mortgage. And I’m not plan to do it.
 
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