How much debt are you actually in?

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I owe on Mortgage, also have a credit card. Handy for emergencies. Also use it for purchasing holiday ect. Also have a next account. Try and pay them all back in full each month.
 
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I feel so bad typing this but I will be very honest. I had a great job I had been in for years and never seen that changing so I had a loan from the bank for my car. I then had 2 credit cards from the bank and an overdraft. I also had another platinum credit card and a credit account on a catalogue all at the age of 23.... I am now 33. lost my job, moved back home after a few months of trying to get by on my own and took any temp job I could whilst trying to find a perm job. months later I went back to college so that's where most of my debt came from I think.

Bank Loan £1400
Bank Credit Cards £3000
Platinum Credit Card£1500
Very £1200
Fashion World £3500
My car loan from last year £4500
Gas bill from old house - only story £800 - was also being paid monthly at £70!!
Inland Rev ( by bf put in a claim for us when I was at college and he wasn't earning much)£3600

Just shy of 20 grand. my plan is to save £400 each month this year and start getting a lot of this paid off to give me even more spare money to pay higher amounts to it all
 
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I’m in my overdraft, I’ve got a separate savings account which I put money in so once I’ve built up £1000 I’ll transfer that back over to my current account so I can be out my overdraft. If I didn’t do this I think I’d end up back in my overdraft almost immediately.

we don’t have a mortgage, sounds morbid but we’re waiting for family members to pass away and leave us money so we can buy in full/put down a hefty deposit 🥴. I’m in no rush to buy a house, we’re young and renting suits us fine at the moment, we’re also planning to go travelling for a few years next year so it means we’re not tied down worrying about selling our home/trying to rent it out.

I also usually end the month with about £300 on a credit card but my other half has been very generous and is paying that off for me this month so that I’m credit card free. I got into the awful habit earlier last year of racking up a big credit card bill which was more of less the same amount as my wage. I always pay my card off in full though.
 
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If you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.

They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.

The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)

They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
 
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If you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.

They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.

The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)

They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
Stepchange are fantastic. I called them once when I thought I couldn’t manage after a break up. They were so professional, understanding and kind, and extremely straight forward to use as a service. They are an asset to this country, and I’m so glad they exist.
 
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I don’t count our mortgage or car finance in this.

800 Next
800 Argos
1200 Paypal
2800 credit card

No overdraft anymore as that was paid off a few years ago (until eldest was born in 2010 it was forever maxed out at 1700), a small 2000 loan through Salary Finance which has literally taken its last payment and is closed as of tomorrow.

Hubby is 1 year into a 10k loan which was used for home improvement and a small amount of debt we incurred whilst he retrained and completed a modern apprenticeship.
 
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We only have our mortgage and my husband’s annual season ticket loan (work takes it out of his salary every month) now, but we went a bit crazy back in the day when we landed our first jobs after uni.
What I find really sad is the amount of people I read or hear about who need to borrow money just to survive. 😞 It’s heartbreaking.
 
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Finance Car - £6000ish with 2 years left
Paypal - £700
Credit Card - £650

Once I've paid off my phone and credit card I am never spending beyond my means again. Lesson learnt thankfully
 
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Intrigued as to salary vs debt.

I have a mortgage of £150k and salary of 30k anyone in a similar situation?
 
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Age 32
debts
owe my stepdad £500
argos card £500
we rent our house not been lucky to buy yet
I was a young mum and did get in a load of debt overdrafts store cards doorstep loans when I was with my violent ex,he got me to take it all out stupidly in my name 🤦🏻‍♀️but it's all paid off 😊.
I'm very careful with money now as I had to go without to pay it all off.
 
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I’ve got a few hundred pounds on a credit card but I’m just wondering whether to transfer it to a 0% interest one as I want it paid off ASAP? Does anyone know how this works? I’m new to all this and had to use a credit card as a last resort in an emergency but I’m scared of even having it!! I pay £80 each month but obviously then interest is added. Is it worth transferring it?
 
I’ve got a few hundred pounds on a credit card but I’m just wondering whether to transfer it to a 0% interest one as I want it paid off ASAP? Does anyone know how this works? I’m new to all this and had to use a credit card as a last resort in an emergency but I’m scared of even having it!! I pay £80 each month but obviously then interest is added. Is it worth transferring it?
If the amount owing is say £200 then on a balance transfer to a 0% credit card the one off payment is usually 3% so you would pay £60. Just work out what interest you are paying now monthly to see if it is worthwhile.
It definitely is worth it on larger amounts.
 
Long time lurker first time poster here. Interested in people’s replies on this topic to see if my situation is normal. I’m 33, single mum to 16 year old since the age of 18. I have 2 credit cards (around £2000 each) very account of £750 and a £250 overdraft. Rented home and two jobs. Trying really heard to pay it off but there’s always something.
Fairly normal
 
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If you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.

They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.

The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)

They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
THIS

We did this over a year ago and I really don't know what we'd have done. It's saved us. We were paying credit with credit, so paying 1 card with another. We had no hard cash as it was all going on payments.

I was sick with worry, we could not plan ahead, we were in a pit and sinking.

This has given us 1 payment each month and we know what we have cash now.

For example I have £10 to last me until wed, I know that and I can work with that, before we didn't know how much we had as we were living off credit.

We were on the brink of losing our home.

It can be difficult at times if we have an outgoing we didn't expect but we have to manage. We were saving for a holiday and the oven broke then a pet got ill so we didn't go. We have to prioritise now and save.

I never want to get credit again, it's too tempting, especially like me with MH issues, if I'm low I just don't think, if I'm on a high I think sod it, it'll be fine.

We went through Payplan who were really helpful.
 
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The only debt I currently have is paying car finance.
I was lucky enough to work during the summer holidays while I was at uni and use savings to pay tution fees.
I owe my parents massively as they helped me buy my first house so I only had a mortgage for half the house. They then bought my 2nd house as the buyers kept pulling out of the sale of the house I was in and they knew I couldn't stay there any longer. I'm hoping I'll be able to get another mortgage this year so I can pay them back for helping me so much.
 
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Age 33
Overdraft £1100
Credit cards £7300
Car finance £15700

no mortgage BUT got £23000 in saving for house deposit and currently being processed for a mortgage of £360k

so not all debt is against you
 
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Age 33
Overdraft £1100
Credit cards £7300
Car finance £15700

no mortgage BUT got £23000 in saving for house deposit and currently being processed for a mortgage of £360k

so not all debt is against you
Whilst it doesn't necessarily go 'against' you, debt will always impact on your affordability when applying for a mortgage. Some lenders, even if you have credit cards with zero balances, will take the credit limits into account in their affordability calculations - the reasoning being they could approve the mortgage then you could go and run up those credit limits the next day.

You (and/or your partner) must earn a serious amount of money to getting a mortgage of £360,000 in the first place.
 
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If you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.

They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.

The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)

They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
Credit to step change they helped me out of debt too. Also Martin Lewis budget planner really helped 👍
 
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Whilst it doesn't necessarily go 'against' you, debt will always impact on your affordability when applying for a mortgage. Some lenders, even if you have credit cards with zero balances, will take the credit limits into account in their affordability calculations - the reasoning being they could approve the mortgage then you could go and run up those credit limits the next day.
My uncle’s a mortgage advisor and the amount of people he has to turn away because someone doesn’t admit to their partners etc. they are in serious debt is really high
 
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My uncle’s a mortgage advisor and the amount of people he has to turn away because someone doesn’t admit to their partners etc. they are in serious debt is really high
Yep, I worked for a mortgage broker for ten years and one of our advisors had to go out early to an appointment after the husband called him to meet with him before his wife got there. He'd actually fathered a seven year child during a one night stand (before he met her) that his wife had no idea about. He had no contact with the child but he always hid his wageslips as the CSA were deducting their payments at source but obviously he had to come clean to our advisor. It absolutely crippled their affordability and they couldn't get a mortgage. Oh to be a fly on the wall as that one played out. I wonder if they are still married 👀 🐸 ☕
 
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