Truthfully - How much debt do you have?

[Le_Petit_Lapin]

Student Loan About £4,000
Car Finance: About £1,300 left.

Not going to bother actually contributing to the student loan repayments, it gets wiped after 25 years regardless of how much you've paid back. If its cleared by then, great, if not, err....also great. Win-win loan if you ask me. It tracks base rates +1% or something similarly low anyway, and they're rock bottom at the minute too. Why bother? Better off just sticking the money in a saving account.

Car finance is a bit of a kick in the balls though. Cars lost about the same value as the amount I've already paid back, which sucks. Nothing can be done about that though, and I can definately say I'm happier with the car than without.

Other than that I'm clean, apart from having a rubbish credit rating. I suck at paying bills on time, always forget what needs to be in the account on the specific dates. Happily enough my mums helping me sort that, joint bank account in both our names and shes going to ensure its always got enough to cover me bills. Its coming out of my wages anyway, she owns the business I work for.

 

[roysters]

I suspect that you feel that the debt on the credit card isn't quite as "real" as the hard-cash savings you have in the bank. A lot of people seem to have this issue, and this is one of the main reasons people get into bad credit card debt.

This

 

[djcj]

£16000 student loan
£1900 credit card
£1800 credit card
£1800 credit card
£1150 overdraft
£980 overdraft
£550 loan

= £24180

I had fun at uni though.....

 

[Le_Petit_Lapin]

£16000 student loan
£1900 credit card
£1800 credit card
£1800 credit card
£1150 overdraft
£980 overdraft
£550 loan

= £24180

I had fun at uni though.....

WINNER!

 

[djcj]

If only i'd of actually graduated

PS: Can someone shout at me very loudly for currently considering buying both a PS3 and a nintendo wii !!!

 

[Tom|Nbk]

£500, got 10 months to pay it off without incurring interest, could be worse. I'm totally kerbing all my spending in the mean time to sort out

 

[Mr_T]

Not going to bother actually contributing to the student loan repayments, it gets wiped after 25 years regardless of how much you've paid back.

No way, is this true? I had no idea that they would just wipe the slate clean after 25 years!

 

[Energize]

No way, is this true? I had no idea that they would just wipe the slate clean after 25 years!

Yes it's true, providing that the loan is post 2006 iirc. They will wipe the debt 25 years after graduation, which means anyone who earns less than £30k taxable income will never pay off their student loan, just as well money is given as grants when you think about it like that.

 

[Le_Petit_Lapin]

Yes it's true, providing that the loan is post 2006. They will wipe the debt 25 years after graduation, which means anyone who earns less than £30k taxable income will never pay off their student loan, just as well money is given as grants when you think about it like that.

Post 1998 - 2005 as well.

 

[Energize]

Ah so it does include that.

 

[Dj_Jestar]

£0.

 

[UK|AL]

Other then student loan.

None.

 

[-westy-]

Just a question ontop of the OP if that's alright - how are you looking at paying it off? As a monthly payment from your salary, from savings, or....?

Personally - Continuing payments on my loan, together with saving monthly, should have it cleared off by the end of the year - nice easy target

 

[Kristoph]

Student Loan Debt approaching £19,000
Bank Overdraft - £300

Thats it currently.

Yes it's true, providing that the loan is post 2006 iirc. They will wipe the debt 25 years after graduation, which means anyone who earns less than £30k taxable income will never pay off their student loan, just as well money is given as grants when you think about it like that.

So does this mean you'd just be paying off the interest when earning £30k a year?

Thus leaving you with the exact same balance 25 years down the road?

 

[nikebee]

Bank Overdraft is at about £900 I believe.

And my credit card is around £700 or so.

Can't quite remember off the top of my head, but those numbers sound about right.

Trying to save up for driving lessons plus first car at the moment though, so I'd expect those debts to rise a little in the coming months

 

[nikebee]

credit card 1 = 5000
credit card 2 = 1500
credit card 3 = 1000

so, £7,500

the funny thing is i got enough money saved to pay most of it off but I just cant bring myself to do that.

I'm a little wreckless with money.... Hell with it, only live once, right.

So just use the money you have saved to pay off the credit card bills in one fellow swoop.

The money you'd save on interest alone would mean you should start seeing those savings rise up quite quickly!

 

[Iraklis F.C.]

900 in credit card , thats the only debt i have

 

[Inquisitor]

Around £12,000 (in second year at uni) – will be £24,000 by the time I've finished . At least I don't have an overdraft, and hopefully won't for the remainder of the course.

 

[KrooKedUK]

1st year at uni, so

£4000 student loan
£3000 course fees

 

[Energize]

So does this mean you'd just be paying off the interest when earning £30k a year?

Thus leaving you with the exact same balance 25 years down the road?

No, at about £30k you would have paid it all off, less than that and you still have some left. £22k pa is about the break even point. Assuming a debt of 21.5k anyway.