How much debt are you actually in?

[Maxiwill]

£9k loan, which I took out last week to pay for a new car.
Around £14k student loan.
£250k mortgage
20% of the value of our property in government help to buy loan.


So, quite a lot when you see it all written down. I could have bought the car outright but decided I’d prefer to have the savings.

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

 

[Giggling Squid]

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

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

 

[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.

 

[Doingitforthegram]

About £130k on a mortgage and £50k help to buy. No other debt but the help to buy is a bit of a regret.

Why do you regret the help to buy?

 

[Causewaygal]

Completely debt free as of Thursday

 

[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.

 

[tinkya]

None gladly
I went bankrupt in 2014

 

[Sp20191]

About 6k now thanks to covid

 

[Eureka]

Just my mortgage which is about 65k stg.

 

[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.

 

[Lucie1001]

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

 

[CrazyGiraffeLady]

About £10k

 

[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

 

[Justlooking19]

530k on one mortgage 280k on another.... 10k on 0% card which I have the money to pay off next month anyway

The mortgage situation is because we rented our original house out, and the rent pays the mortgage plus an extra few hundred after putting some away for maintenance tax etc.

Big mortgage is on our forever family home, but I still worry as its huge.

Your house must be beautiful

 

[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.

 

[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??

 

[CatVonMe]

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??

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.

 

[purpleghost]

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.

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

 

[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.