Truthfully - How much debt do you have?

colinuk said:
No debt at all.

House is bought.
CC paid off each month
More money coming in than going out each week.

Then again, im not married and have no kids and live at home with parents as buying another home for me is too much at the mo. So im waiting.
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So when you say house is bought you mean you parents house is paid for :D
 
have amassed approx £30k, purely student loan. Thats what doing a 6 year course in uni does to you! But since working, have saved about half that in a savings account. I dont know what to do, pay some of it off or just ride it out for 25 years like people are suggesting...also want to get a property soon so not sure what raod to go down...any advice welcome!
 
Naan_H said:
have amassed approx £30k, purely student loan. Thats what doing a 6 year course in uni does to you! But since working, have saved about half that in a savings account. I dont know what to do, pay some of it off or just ride it out for 25 years like people are suggesting...also want to get a property soon so not sure what raod to go down...any advice welcome!
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use it for the deposit...

The only time you would want to pay it off is if you could do with the extra monthly income. As it can add up to a fair amount.
 
AcidHell2 said:
use it for the deposit...

The only time you would want to pay it off is if you could do with the extra monthly income. As it can add up to a fair amount.
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Yeah i was hoping in a few months to have enough to put down a decent amount for a deposit...but i guess im in no rush getting my own place as house prices are still falling..i guess its important to put down a decent amount of a monthly wage into a savings account every month. Means you dont waste money on computer upgrades / consoles / cars you dont really need!

Just out of interest can anybody find me the link or document stating that after 25 years your student loan is wiped off? Im looking for it but having no joy at the moment on the SLC website. Cheers.
 
Naan_H said:
Just out of interest can anybody find me the link or document stating that after 25 years your student loan is wiped off? Im looking for it but having no joy at the moment on the SLC website. Cheers.
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I don't think it is for most people. they've changed teh rules a few times and I can't remember which years that accounted for.
 
I don't like to say, but around £3,300 in debt from a failed business venture - a third of this being debts from my business partner at the time. The other two thirds from a loan I took out.

Ah well, it'll all be paid back by this March or April, as I've been saving hard to settle it.

Credit card I've always paid back before they were due and overdraft I was rid of by September last year so now things are finally starting to come together for my finances.
 
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Pre-1998 loans are wiped clean in the following circumstances:

* 25 years after your repayments were due to start, even if some (or all) years' payments have been deferred

* If you reach the age of 50, unless you were over 40 when you took out the loan, then it's 60

* If you become permanently unfit to work

* If you die

Loans taken between 1998 and Sept 2006 are wiped clean in the following circumstances:

* When you reach 65

* If you become permanently unfit to work

* If you die

Loans taken after Sept 2006 are wiped clean in the following circumstances:

* If they're not repaid 25 years from the first April of graduation/when you were first due to repay

* If you become permanently unfit to work

* If you die
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Well i fall into the 1998-2006 category :( .....that seems a little unfair considering that before and after that period people can get away with it.. thanks for finding that out acidhell2, where did you find that info?
Considering that payments go out every month out of my paycheck, that only just about covers the interest on the loan..looks like i gotta be putting back a fair amount every year then as i will end up spending more than £30k paying it back (with interest) :(
 
Naan_H said:
Well i fall into the 1998-2006 category :( .....that seems a little unfair considering that before and after that period people can get away with it.. thanks for finding that out acidhell2, where did you find that info?
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I also fall in that category. Just typed "student loan wiped clean after 25 years" in google..

I already knew mine wasn't wiped clean. Even so I expect most people will pay it of before 25years.
 
Excluding Mortgage:

Car Loan: £4400
Student Loan: £2100
Credit Card (0% 'till 2010): £ 700
Total Debt: £7200

Not bad all things considered.

Wife's debt: £0 (She did owe me £160 but she's paid that off! :D )
 
Loan - 5,500 - 17 payments left of £155 each month, finish that in July 2010
Be Internet £18 per month
Mobile - £30 per month 18 month contract
Contact lenses £25 per month
Work £50 per month - on food
Save £100 per month if i can

£430 per month

so not really in Debet , just a pain in the arse!
 
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