How much debt are you in?

Sadly ive been paying it off for years! I went to uni in London, so got the tuition fee loan (3k per year) and the maximum maintenance loan (6k per year). Total amount was just shy of £30k for all 3 years

I very much don't consider them a graduate tax because a tax wouldn't only apply to people below a certain age whose families didn't have money to pay them out of it, but otherwise agree.

Still owe money on mine and just don't see any reason whatsoever to voluntarily pay them off. It got sold to a hedge fund anyway, and the repayment terms are rather advantageous in my circumstances.

Because I live in a low COL area where the threshold buys a lot more than in some places, but also because it's about types of income rather than a combined amount iyswim. So my income can and does go over the threshold. But because no one source of it does, I don't have to pay the hedge fund it was sold off to for the impertinence of being born academic and working class after the early 70s.

£140k of mortgage (cheap house though, have about 60% equity) and nothing else. Old cars, old kitchen, no extensions or fancy refurbs, pay for holidays up front now. Trying to build up reasonable savings cushion for emergencies. Might consider borrowing more against the house in future for refurbishment.

I’m the poster they quoted, but you answered better than I could 😊

It would be good if we came back to this thread in a year’s time and I could say about 17k ☺️

Mortgage, only just bought first house though. About 27k of other debt which dates back to when I was younger and trying to live beyond my means. Then cleared loads of it then had a baby. Cleared again then bought a house and was doing work, buying furniture as rented before. Now I’m determined to get rid of it for good. In that is my car which I owe about 7K on.

I’ve still got ~£16k on a plan 1 loan. Had max loan for a 6yr course and have had 2 mat leaves since graduating. So it keeps accumulating interest

OP, a mortgage isn’t debt in the same way that credit cards, loads and overdrafts are. Yes, technically it’s a debt if we want to be pedantic about it, but it’s also an investment that eventually results in an asset, so not at all comparable.

I think it’s a little disingenuous to say that your friend is in £500K of debt when that includes her mortgage.

Just the mortgage and we have 75% equity, so not a big deal. We’ve historically had quite a bit on credit cards though, so far from perfect debt free mumsnetters! Oh and I’ve still got about £10k student loan but I don’t think I’ll ever pay that back now - I’ve never earned over the threshold.

Am just curious – have you not started paying off your student loan? Plan 1 ended in 2011 and the max loan was £12-14k.

My debt is £630k mortgage and £3k on a credit card. Nothing else. Our income is £200k p/a.

Mortgage: £500k (£350k equity)
student loan (plan 1): £12600
credit card (0%): £8k
kitchen finance (0%): 9k

total: £529600

We have just remortgaged to fund a house extension/new kitchen etc so the debt was planned debt. Monthly repayments are all affordable and household income is high at £155k per annum.

Credit card debt will be tackled first, then my student loan, kitchen finance we will just let tick away over the next 4 years.

I will say - though I am debt free I rent. So I expect to be debt-ridden in the next 3-4 years when I finally get on the housing ladder.

People don’t tend to view student loans as real debt. Many will never pay them off. People consider them more like a graduate tax.

Now that's an idea! Will tell my adult DD this immediately, what is she thinking not just paying it back from her savings account 😬

@Princesspeaches99 in the UK there are different versions of student loans depending when the person went to university (called Plan 1, 2, 3 etc)

Repayment is income dependent (it works like a graduate tax) and for some versions many low to average earners aren't expected to repay the amount borrowed so there is no point paying them off.

The whole system is widely misunderstood, some people have made overpayments that has been money down the drain because they've still had to pay the same amount of 'graduate tax' as they would have without the overpayment and the T&Cs have been covertly changed for some to increase the amount repayable by not increasing the income threshold as implied.

The current plan is significantly more expensive for graduates than earlier versions despite a lower interest rate and hardly anyone has noticed.

But this thread has been the predictable MN outpouring of people keen to shout about how much money they have, how they've never had debt and how they'd never use a credit card even though most people use them for consumer protection and benefits not borrowing money they don't have.

All those who have unpaid student loans, would you not just pay them back? I wouldn't like to have unresolved debt. Not from the UK so not sure how they work.
I wonder how much these debts are costing the economy. Also will it ruin things for future generations? (Ie be taken away as an option?)

I forgot to include DH's student loan! I paid mine off years ago. He must owe a fortune by now but he's never earned enough to pay it. About 10 years ago the student loans company wrote to me suggesting I should pay it off for him as his spouse. I declined.

Zero.

33, married, no kids. Own my car and have a mortgage (which I've never really considered 'debt'). Also student loans but sadly I probably won't ever earn enough to pay it back, so I also don't really consider this 'real' debt. I owe £57 on Klarna which I will pay on Monday when I get paid, and have never had any other debt in my life 😅

Zero. We just paid off the mortgage. No credit cards or car loan.

£500k on the mortgage. No other debt. I won’t have credit cards or bank loans.

Reported for begging.

Around £57k, which is the remaining balance on my mortgage.