Laur91
VIP Member
Paypal Credit? They have a credit card option.
- Notice
About 130k on a mortage 
Trying to get it paid off asap (house is worth 250+k). Renting on our roads about £900 pcm (cheap compared to london but were up north).
And owe my mum about 3k from when she lent me the money to buy a car (20k car so not that bad) cheaper than a bank loan.
No student loan because I did an apprenticeship.
Also 28 mom of two so not doing too bad.
Trying to get it paid off asap (house is worth 250+k). Renting on our roads about £900 pcm (cheap compared to london but were up north).And owe my mum about 3k from when she lent me the money to buy a car (20k car so not that bad) cheaper than a bank loan.
No student loan because I did an apprenticeship.
Also 28 mom of two so not doing too bad.
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Best decision I ever made was never getting an overdraft at uni.
My friends are still paying their overdrafts off 2 years later. The temptation was there at the time but I'm glad I held out!
Lovegin
VIP Member
Well doneI posted way back in Jan saying that I wanted to get myself sorted.
Well, on Friday I paid off my credit card. By Christmas my next account will be paid off and i shouldn't be living in my overdraft. By 2022 i will have a healthy amount of savings
OnlyHereForTheLolz
VIP Member
£1 a day is a lot! You need to go and get a small loan and then really try hard to curb the spending.
Belulah
VIP Member
I’m curious how much of debt comes from poor money education. I’ve recently been helping my mum with her finances and they are a mess. All through my teenage years I remember my dad throwing money around- though we had none and then my mum getting into debt to clean up his messes.
I lived in my OD all the way through uni up until I was in my late twenties. It was only when I had my baby I sorted my money out. I do have bits and pieces of debt (car loan etc) but I know what I have now when for years I wouldn’t even check my bank balance because money made me so terrified.
I lived in my OD all the way through uni up until I was in my late twenties. It was only when I had my baby I sorted my money out. I do have bits and pieces of debt (car loan etc) but I know what I have now when for years I wouldn’t even check my bank balance because money made me so terrified.
I was brought up poor too, salt and pepper sandwich anyone? But was also brought up to not ask for help as my mum never would, hence my husband is sitting with about 5k savings on his account and I'm in my overdraft yet I won't admit it to him or ask him for help as I see it a failing. I know im messed upI was brought up poor & I think it skews your attitude towards money. It’s definitely made me a bit weird
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That sounds an odd situation - can’t you just share your money as you’re married? x
Just over 84k on my mortgage. This has been the year that I’ve finally managed to get out of credit card and overdraft debt something I’ve had in some form or another over the last 20 years. I still use my credit card to buy things online although pay it off in full each month. Next challenge is to try and see some savings built. It seems to have been the year of big expenses, just tell misled at least I’m lucky enough to be able to pay for them at the time.
Holy moly that's crazy.Yep, I worked for a mortgage broker for ten years and one of our advisers 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 hid his wageslips as the CSA was deducting his payments at source but he had to come clean to our adviser. It 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
My bank keep sending me messages to upgrade my account where there is an option for an overdraft as my current acc is a basic one - i have refused it as i don't want one.
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 fucking shit 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!
ChubClubThug
VIP Member
Contact Step Change they will help you sort it all out. They will advise you to either do a repayment plan or bankruptcy. Once you speak to someone about it that's when the weight will start to lift.
TravellingPants
Chatty Member
Such an interesting thread to read through.
I’m 30, not in what I consider any ‘real’ debt. I’ve never had a store card, I got out of my overdraft as soon as I was earning a salary post-uni and I only use my credit card for big purchases but pay it off in full every month. I live really frugally day-to-day.
Only debt is student loan (I was the last year before the big hike to 9K, actually no idea how much I still owe nearly 10 years later and really just see it as an extra line of tax on my payslip!) and £110k mortgage on a shared ownership property.
Full disclosure... I’m in the same situation of privilege that a lot of influencers get criticised for... v lucky that my parents who live in Greater London allowed me to live with them rent-free after I graduated to enable me to save, and once I’d got enough together for a deposit on a flat they were able to and wanted to contribute to that to bring my mortgage repayments down and make sure I didn’t have to worry about my outgoings every month. I don’t underestimate how fortunate that makes me.
I’m 30, not in what I consider any ‘real’ debt. I’ve never had a store card, I got out of my overdraft as soon as I was earning a salary post-uni and I only use my credit card for big purchases but pay it off in full every month. I live really frugally day-to-day.
Only debt is student loan (I was the last year before the big hike to 9K, actually no idea how much I still owe nearly 10 years later and really just see it as an extra line of tax on my payslip!) and £110k mortgage on a shared ownership property.
Full disclosure... I’m in the same situation of privilege that a lot of influencers get criticised for... v lucky that my parents who live in Greater London allowed me to live with them rent-free after I graduated to enable me to save, and once I’d got enough together for a deposit on a flat they were able to and wanted to contribute to that to bring my mortgage repayments down and make sure I didn’t have to worry about my outgoings every month. I don’t underestimate how fortunate that makes me.
My partner and I have about £160k left on our mortgage but I don't really count this when I consider my debts because to me it's like a utility bill - we'll be paying this every month for the foreseeable so I dont even think about it! We also have quite a bit of equity in our property (house is worth around £500k) so we're in a fairly stable position with it.
I only have 2 debts with 1 personal bank loan and 1 0% interest credit card but combined they are quite high and although we have sinking funds accounts to save for particular things (Christmas, holidays, birthdays etc), we don't have any substantial emergency savings. I don't do store cards etc and I do have a couple of other credit cards but they have no balance on them and I haven't used them for years.
I've got £16k left on a personal loan which was taken out about 2 years ago to buy a bigger and more reliable family car and to do some home improvements, this loan is in my name but my partner contributes half to the monthly repayments. I also have £3k on a credit card and this is what bothers me the most - around a year or so ago I think the total balance on it was about £500, which I was very comfortable with, but it's gone up loads because of various emergencies which we didn't have enough in savings to cover. It seemed like the most sensible option at the time as we're not currently paying interest on it, but it does depress me every time I look at it! Now we just have to keep chipping away at it every month. Once we've cleared these 2 debts, we'll have a decent amount of extra disposable income, not that it'll get us much with the way things currently are.
Does anyone else feel like their debt has increased since the start of the cost of living crisis? Because I certainly feel like mine has
I only have 2 debts with 1 personal bank loan and 1 0% interest credit card but combined they are quite high and although we have sinking funds accounts to save for particular things (Christmas, holidays, birthdays etc), we don't have any substantial emergency savings. I don't do store cards etc and I do have a couple of other credit cards but they have no balance on them and I haven't used them for years.
I've got £16k left on a personal loan which was taken out about 2 years ago to buy a bigger and more reliable family car and to do some home improvements, this loan is in my name but my partner contributes half to the monthly repayments. I also have £3k on a credit card and this is what bothers me the most - around a year or so ago I think the total balance on it was about £500, which I was very comfortable with, but it's gone up loads because of various emergencies which we didn't have enough in savings to cover. It seemed like the most sensible option at the time as we're not currently paying interest on it, but it does depress me every time I look at it! Now we just have to keep chipping away at it every month. Once we've cleared these 2 debts, we'll have a decent amount of extra disposable income, not that it'll get us much with the way things currently are.
Does anyone else feel like their debt has increased since the start of the cost of living crisis? Because I certainly feel like mine has
Onecandream
Well-known member
I’d never want to be below 5k in an emergency fund
Some People!
Chatty Member
I've honestly got no idea what's left on our shared mortgage tbh, like the poster above said - I view it as just another utility bill.
I've got no idea about my student loan - I can't imagine I'll ever be earning enough to have to pay into it.
I'm absolutely always £200 into my overdraft, and I owe about £100 on a credit card (it was more, but I'm paying it off steadily - I just can't afford bigger payments).
I've got about £1k in savings, but most of it is the credit balance refunded from our old energy supplier when we switched. I am absolutely not touching that for anything other than energy in the future, but I'm hoping to just stay on top of the direct debits if I can and try not to use that. The rest of the "savings" is really sink funds earmarked for kid's clubs and swimming lessons, vet bills, kids lunch money etc - not money I can really use.
I've got no idea about my student loan - I can't imagine I'll ever be earning enough to have to pay into it.
I'm absolutely always £200 into my overdraft, and I owe about £100 on a credit card (it was more, but I'm paying it off steadily - I just can't afford bigger payments).
I've got about £1k in savings, but most of it is the credit balance refunded from our old energy supplier when we switched. I am absolutely not touching that for anything other than energy in the future, but I'm hoping to just stay on top of the direct debits if I can and try not to use that. The rest of the "savings" is really sink funds earmarked for kid's clubs and swimming lessons, vet bills, kids lunch money etc - not money I can really use.