AIBU to ask how much personal loan/CC debt you have?(60 Posts)
Hi guys, I’ve just done a debt consolidation loan and having a bit of a panic. The payments are fine, we can definitely afford them. Just want to know if anyone else is in my situation as I feel like the only one!
Me and DH jointly have £24k.
Barclays kept upping the balance and we kept needing it to pay bills and car repairs, food and petrol just kept getting put on the CC. Even council tax went on it a few times.
We were privately renting and got no help, both on NMW and were only 21yo. We got a loan to pay off the CC at a better interest rate, but still didn't have enough to pay the bills so money went back on CC.
I lost my job and we couldn't pay them back, companies were understanding for a few months but then sold them all off to different debt collectors.
We're now 26 and haven't paid any payments in years. When we think about it we feel sick, we're on a very low wage and get UC now, not idea how any if these companies think we can pay back £24k in a reasonable amount of time.
Seems bankruptcy might be the only solution to get rid of the knots in our stomachs but seems so mad to go down that route at just 26.
We've buried our heads in the sand and just got on with life but its constantly there.
No debt as such, other than the mortgage. However, we spent about £100 on the credit card last month which we shouldn’t have, and that will have to be paid off this month. We also “borrowed from ourselves” by spending £1700 from our savings account (meant for home improvements/emergencies) last year on a holiday, which we’re now paying back into the account in monthly installments.
@MsHopey have you considered StepChange or Christians Against Poverty for financial advice. Neither will judge, just offer a way out. It's probably going to be a very long term solution with your income but there will be a solution and far far less stress once you start the ball rolling. Good luck.
Recently cleared off all overdrafts & now working on a 2K credit card debt - will be cleared by end of this year because our mortgage deal is up in January! We plan to reduce mortgage term by 5 years then.
It can seem daunting but chipping away at it is our method.
Rather like bitchqueen I'm a LP so I tightly control what gets spent. And I cross my fingers that nothing major breaks.
GreyBird84 clearing the overdrafts and not using them again was a massive positive change for us. You feel so much more in control of your money, wish we'd done it earlier.
Debt-wise, I am probably in worse shape than anyone here, though I have a high income from a variety of sources:
Mortgage £2315/mo paid off Mar 2022
Car loan £201/ mo paid off in May 2021
HMRC £336/mo paid off Oct 2019 - champagne will be opened.
£7000 on 2 zero interest credit cards, pay about £175/mo. Will continue to juggle these for awhile til either mortgage is finished or I liquidate some assets.
Mortgage & car are necessary for most people & I did not run up the debt due to expensive handbags, holidays, but mostly accrued to pay tax debts.
I have to keep zero interest going to pay for stuff like dental work. When the mortgage goes, that is my last debt, & Iwill be very happy.
Although I feel debt heavy, I have a good credit rating, & worked with my personal banker for loans, so they don’t think it is excessive (tho I do!) Debt is a bummer - avoid)
None. 45, never had a credit card. Salary currently £21k per year. Other than mortgage on my flat (£316) I have no debts, savings of £19k. Only loan I ever had was for a car when I was 21 over 2 years and was 0% interest. Probably because we were pretty poor when I was growing up and my parents mantra was to save and then buy it rather than put things on credit.
I have noticed, from years of fluctuating finances, that it takes a good 6 months from when they actually change to when you feel the difference. This means a delay in hardship, when you lose a job or buy something massive but equally, once you’ve paid it all off, you still feel skint for absolutely ages.
Absolutely disfordarkchocolate overdraft used to free then started costing £12 a month so it became priority whereas cc is 0% until April 2020
It’s a wonderful feeling not seeing red when I log on to online banking - even if there is only a fiver lol
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