How much debt do you have?

BringTheRain said:
It was the day after I wrote off my escort Rs turbo.

I hit a rounderbout curb and twisted the chassis.

The claim never paid out as they picked up on two things I think I has t declared. Yet I has declares over 50 mods!!

I was young and thought it was the way out :)
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LOL, what were you doing? it must have been a money pit!
As said, its only money, but you will feel better the day you owe nothing :)
personally i would cut up the cards, and get it into your head,
no savings then no spends (except the occasional blue ray or gpu ;):p)
 
£915 lol weird you must have done some maths haha. Yeah its about £930

Accounts for three loans, 4 credit cards.

I am on the best rates possible for everything. I managed to nab a 2 year interest free credit card. Cut the car up straight away. Already cleared £400 in a few months.

2 years compared to 8/9 years is great I suppose. Just gotta keep going. Or like the kitty says. Hang in there lol
 
About grand on card, hopefully paid off by the end of the year. From the time when you get a credit card and think you are invincible! Not nice interest rates though so trying to be very proactive now.
 
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j.col said:
LOL, what were you doing? it must have been a money pit!
As said, its only money, but you will feel better the day you owe nothing :)
personally i would cut up the cards, and get it into your head,
no savings then no spends (except the occasional blue ray or gpu ;):p)
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Lol I am doing well. Gaming saves me a fortune though. As I don't drink ETF at night time.

Yeah she was a beast 1.9 t4 turbo, 5th injector. Did low 13 1/4 miles If you could keep in a straight line and not snap ya wrist due to torque steer.
 
Well apart from my student loan which is more of a tax than a loan as far as I see it, I have no loans and have a small pot saved up for my move to the US in December. My fiancee however owes a load for her student loan / car so I guess once we're married I'll be paying those loans off :(

Not owning a car saves you a fortune.
 
On a serious note is there any motivational tips to keep me going.

I was thinking maybe a running total? Or will that depress me each day lol.

Maybe a tick sheet for each repayment ?
 
I am back up or down or whatever to a £1500 overdraft on my current account after being very very stupid through uni. Worst I was at was £4000 mixture of loan, OD and CC. Had to sell load of my personal items to get enough money to keep up repayments and was living on bread, water and whatever I could scrounge as I didnt have a job at uni. Two more months now and it is all gone. Staying well away from ODs and CCs from now on. I am too much of a liability.

To keep you motivated (if you have regular income) just tick off each repayment and watch those figures fall. Also check your credit rating. If you haven't defaulted on any payments it should be sky high, woop!
 
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That level of debt just seems so unreal to me, I mean what was it even spent on? I just don't get it.
 
Zefan said:
That level of debt just seems so unreal to me, I mean what was it even spent on? I just don't get it.
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I don't know about BTR but I know I could easily have racked up that amount of debt if my gf hadn't threatened to leave me if I didn't get it sorted. You just get used to spending money that isn't yours and then you end up getting loans to cover the repayments on other loans and it mounts up pretty fast.
 
gropingmantis said:
I don't know about BTR but I know I could easily have racked up that amount of debt if my gf hadn't threatened to leave me if I didn't get it sorted. You just get used to spending money that isn't yours and then you end up getting loans to cover the repayments on other loans and it mounts up pretty fast.
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Yeah but what did you spend the money on?
 
BringTheRain said:
[..]
So how much do you owe and any success stories to re motivate my life. Been in a slump for about a month now.
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I owe about £15 to BT. I pay a fixed amount by direct debit and it's been a bit less than the actual cost.

In the past, I owed about 120% of my gross annual pay.

I ground it down slowly, working two jobs and hating it. I went to the CAB and they sent letters to my creditors asking for leniency and working out a budget that left me with minimal living expenses while the rest went to creditors. One creditor was very generous - M&S waived interest entirely for 3 years and sent me nice letters. Others were neutral (e.g. one allowed me to reduce payments, which was nice, but it did mean that I paid them £2000 to reduce my debt to them by £100, with the other £1900 going on interest) others viewed it as an opportunity to keep me in poverty for the rest of my life so they could continue to maximise their profits from my labour (Barclays in particular) and one decided that the mere fact of them receiving the letter from CAB was enough reason to harass me at home late at night and early in the morning, over and over again, despite the fact that I hadn't missed a payment and only owed them ~£100 (Kay's catalogue).

So, there's a success story. Hope it helps you. It's great when you finally pay off the debt, it really is. It's a very expensive lesson, but it is a lesson.
 
Cars,holidays,DVDs, blu rays.

Since 18 I have had

Nova turbo
Escort turbo
Rover turbo x3
Fiesta turbo
Pug diesel turbo x3
Supra
Celica
Escort turn again
Mk4 golf turbo

DVD's I would go into MK shopping centre and blow maybe £300 a week for like 5 weeks running. I bought the whole series of friends on DVD. Watched one episode and was like meh lol

Holidays blew so much on holidays.

Modifying cars - spent close to 10k on the escort turbo And close to 6k on mk4 golf. That's just two cars :(
 
Zefan said:
Yeah but what did you spend the money on?
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Everything and anything. Holidays, fine dining, mountain bikes, computers, books, games. Basically when I got my student account I had never had £3000 (OD + Loan) to spend, ever. So I spanked it all away in about a month then you just want to keep up that lifestyle. I got pretty down about it when I had to sell my bikes and things just to stay alive. Can't believe I missed this summer season of riding. Never again.
 
my main BIG payments over the years I have done on credit have been the usual stuff like cars, deposits for houses (rented), furniture, holidays.
 
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