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Original poster

what's the highest amount of debt you have ever carried?

25 replies

woodentopp · 02/09/2023 21:19

Hi,

At the moment dh and I are facing up to 17k of unsecured debt. It's built up and up but today we actually wrote it all down and added it up - 17K:(

Trying to reassure myself that it will all be ok?

What is the highest amount of unseured debt that you, or you and your OH have every carried?

OP posts:

Cordell · 02/09/2023 21:23

When I was 23, (17 years ago) I totted up my debt as never had any money! It was 13K. I was single, not in a great job etc. I got myself a spreadsheet for my finances, a second job, and paid it off in 6 years. Wasn't easy, but I did it. You can too xx

hartfoot · 02/09/2023 21:29

I had £70k of unsecured debt in 2011. Went bankrupt and it was written off with no repayment required, and it's dropped off my credit file now so my credit rating is pretty healthy.

6monthsto50 · 02/09/2023 21:32

26k on credit cards on 0% kept switching. Had 200k property equity and 20k cash savings so didn’t really give it much thought for years just kept switching 0% deals. However, it took some serious graft to pay it off. I still use credit cards 0% but keep the limit below 5k now.

Littlemissprosecco · 02/09/2023 21:40

Had 50k alone to keep a business afloat! From credit cards friends and family. On top secured bank loans, huge mortgage and personal loans. all thanks to the government and covid. I’m still in debt but no longer at risk of bankruptcy ( I hope).

wheresmyshoe · 02/09/2023 21:43

£10k, I made major lifestyle changes to pay it off in just over a year. It was worth every sacrifice to be debt free. I had a lot costly habits to cut, much tougher if you're already frugal. I keep a very close eye on things now.

Notveryanything · 02/09/2023 21:46

About £14k. I paid it off over several years. It had accrued simply from overspending on a small income and being a lone parent. Totally my fault.
It cause me so much anxiety.
Stepchange were a god send for me - really helped me sort things out.

frisseaze · 02/09/2023 21:49

Zero. I have never, apart from having a mortgage, had debt. I saved money, no matter how rubbish my wages were.

saveforthat · 02/09/2023 21:49

hartfoot · 02/09/2023 21:29

I had £70k of unsecured debt in 2011. Went bankrupt and it was written off with no repayment required, and it's dropped off my credit file now so my credit rating is pretty healthy.

Wow, am surprised that you are not too ashamed to admit that. Well done everyone who worked to pay off their debts.

Original poster

woodentopp · 02/09/2023 21:50

saveforthat · 02/09/2023 21:49

Wow, am surprised that you are not too ashamed to admit that. Well done everyone who worked to pay off their debts.

Show quote history

That's an unfair comment. We know nothing about the circumstances of these debts.

OP posts:

terraced · 02/09/2023 21:52

Hubby and I have paid off £38k in the last 14 months. £1.6k to go.

MMorales · 02/09/2023 21:53

frisseaze · 02/09/2023 21:49

Zero. I have never, apart from having a mortgage, had debt. I saved money, no matter how rubbish my wages were.

Same.

I used to have an overdraft as a student.

But enough in another account so that I could pay it off.

And once started working apart from .mortgage no debt.

saveforthat · 02/09/2023 21:53

woodentopp · 02/09/2023 21:50

That's an unfair comment. We know nothing about the circumstances of these debts.

Show quote history

Why? Other people are proud to have paid off their debts, this poster is bragging that they didn't have to. What do the circumstances matter?

IusedToBeYoung1 · 02/09/2023 21:54

I’ve never been in real debt, but I’m now in £6k debt with HMRC :/ it was a total error (more on their part!!) and I don’t think they’re going to chase until early next year, which by then me and my husband have working solidly saving each month so they can just have the lump sum back and fuck off 😂

Original poster

woodentopp · 02/09/2023 21:56

saveforthat · 02/09/2023 21:53

Why? Other people are proud to have paid off their debts, this poster is bragging that they didn't have to. What do the circumstances matter?

Show quote history

I didn't read it as bragging. There are lots of reasons why people are in debt/bankrupt

OP posts:

saveforthat · 02/09/2023 22:01

woodentopp · 02/09/2023 21:56

I didn't read it as bragging. There are lots of reasons why people are in debt/bankrupt

Show quote history

Yep, and many of them pay it all back.

NaselHazel · 02/09/2023 22:07

About £15k in student loans, overdraft and a graduate loan. The latter I took out so I could move to London to start a graduate career. It went on a flat deposit on a flat share, month rent up front, office clothes, moving costs and living for a month before pay day.

I paid it all off in around 5 years by living fairly frugally, but my salary wasn’t bad. Finished paying it off and then had to save for a flat deposit!

No other debt, except mortgage, since. Not even a car loan or over draft.

Littlemissprosecco · 02/09/2023 22:08

MMorales · 02/09/2023 21:53

Same.

I used to have an overdraft as a student.

But enough in another account so that I could pay it off.

And once started working apart from .mortgage no debt.

Show quote history

Then you’re very lucky. And I hope you never find yourself in a position where you have to borrow.
Im a self employed professional, lost a partner, had a business shut down illegally by the government during covid. Have three teenage/ university aged children. I never expected to be in the financial position I’m in, but I’m slowly clambering my way out. My financial position is in no way due to overspending. And even if it were, I still feel people should be able to access help and support. But most importantly we should educate much more about financial responsibility.

SarahAndQuack · 02/09/2023 22:09

When I met DP she had debts in the 20ks (I'm not clear how much as she was never completely honest). It was just debt from overspending. We (I!) paid it off eventually, then it turned out there was more that hadn't been declared. It made it impossible for us to get a mortgage.

Honestly, OP, I think the important thing is not the amount, but the honesty between you, and the attitude you each have. If you are both being honest, and you have the same view on how to deal with the debt, you will be ok. I didnt find it hard paying down DP's debts when I thought we were on the same page. It's only when one partner is dishonest about debt - or both partners disagree about how to handle it - that it becomes insurmountable.

ActDottie · 02/09/2023 22:13

£3k but it was for carpets etc for our house which we sold so then I paid it off with some of the capital

Singleandproud · 02/09/2023 22:18

£40k 0% loan to my parents (property loan)
£20k 3% unsecured for kitchen/boiler/ central heating.
£5k 3% unsecured bathroom

£520 a month in total but I have no mortgage or rent.

£33k student loan I largely ignore

xxalhxx · 02/09/2023 22:21

Bloody hell I came on this thread because I've been worried about my gym membership debt of £58.78 but with the prices of some of these debts I feel okay now😂

Ginandbearitall · 03/09/2023 07:52

I’ve got 20k on cards right now on top of a loan that has about 7k left, it’s shit.

my debts were higher 10 years ago but my living costs were lower so it wasn’t such an. Issue.

Heatherbell1978 · 03/09/2023 11:11

About 5 years ago DH and I totted up our credit cards and overdrafts and ended up taking a £16k loan to consolidate them all. I've always had quite a relaxed view of debt as I've always felt I've used it to my advantage to get somewhere or something at the point I need it and, importantly, kept it manageable. That debt is now all repaid. We probably have a fairly constant £5k between us on 0% credit cards.

tedybear · 03/09/2023 11:16

Only ever had a car repayment loan apart from mortgage. So maybe £10k. I lease them now which I suppose is slightly different but still have the financial obligation. So maybe £20k+ when it's brand new.

I've never had any other loans or credit card debt. I pay off all credit card balances by direct debit.

Ginandbearitall · 03/09/2023 11:21

Singleandproud · 02/09/2023 22:18

£40k 0% loan to my parents (property loan)
£20k 3% unsecured for kitchen/boiler/ central heating.
£5k 3% unsecured bathroom

£520 a month in total but I have no mortgage or rent.

£33k student loan I largely ignore

this is a good example of how a high amount of debt can be manageable. I agree that student is different

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