In debt, but by how much?

No loans
No Mortgage
only CC debt we have is what we spend in the month, paid off when the bill comes.
a comfortable (for us) amount of savings.
 
At least £50,000 outside of mortgage

But this includes my car, for which I get an allowence.
I cover my debts and don't see it as a problem.

I have more equity than that in my house so if the worst came to the worst I could clear everything.

I have a £250,000 mortgage
 
Nothing. Never have. Before my divorce a few years back, had a credit card but that got paid at the end of the month, since then I got rid of the credit card.
 
Rilot said:
I have more equity than that in my house so if the worst came to the worst I could clear everything.

I have a £250,000 mortgage
Click to expand...

Which is fine in theory. However, equity is a chaotic entity, and if the market crashes (as I hope it does - houses are incredibly overpriced), then you'll be buggered.
 
Hmm at the start of the year ignoring student loan of ~£8kish, £10k personal loan, £2k overdraft and £750 on a credit card so ~£21k in total

Paid off about £3k of that so far, reckon should clear it in two years if all goes to plan..!
 
Umm Mortage about £120,000, house is worth maybe £170,000.

Car loan - £13k I guess, not really sure tbh.

Bank loan for Home Improvements - £10,000

My credit card - £1,300.

I have another credit card with £5,000 limit and £0 balance and a flexible loan account with someone else with £8,000 limit and £0 balance. Nice to have them there for an emergency.

Ms merlin has £2,000 car loan and £1,000 on credit card and £400 on Next Store Card.

Having a baby = debt. Having nice car after company cars = debt.

We have savings of about £2,500 towards wedding costs next year but need about £3,000 more from somewhere.
 
afraser2k said:
Don't the companies offering IVA help charge a large fee?
Click to expand...

"The Companies" in this case are Insolvency Practitioners - the same people who manage bankruptcies, and IVAs are court registered just like bankruptcies. If a person is referred to an IP by the courts then the fee is limited to £310. If you go to them privately it can be higher. But at the end of the day you are dealing with a solicitor or accountant and they are never cheap. IVA's can save your bacon though - dealing with/writing off a lot of your debt without you having to go bankrupt.
 
Student Loans which will mount up to which will be about £13,000 by the time i finish my course.. and i have an overdraft of £1,000 (2x Dell 2407WFP's) which i intend to increase next year for someo other luxuarys. :D

my overdraft is interest free and i have a year after learning (4 year from now) to pay it off..

ive always had debt wether it be £50 here and there to £100 from my mates or up to £500 from other people..

id rather get the debt, buy something then pay it off. dont like saving.

i can see me having losta debt when i get older.

StevenG
 
According to my last Student loan statement £273.00

About £5000.00 on CC's

Thats pretty much it outside our mortgage
 
13K debts from university paid off.

About 1K outstanding on a car loan, few months left. CCs currently zero, any balance is paid off in the month.

Probbably get a new car loan (7.5-10K) next year when those 987s hit 25k :)

Mutual property value ~500K if it puts it into context (BIG mortgage).

Skidd.
 
Last edited:
jamiemoles said:
"The Companies" in this case are Insolvency Practitioners - the same people who manage bankruptcies, and IVAs are court registered just like bankruptcies. If a person is referred to an IP by the courts then the fee is limited to £310. If you go to them privately it can be higher. But at the end of the day you are dealing with a solicitor or accountant and they are never cheap. IVA's can save your bacon though - dealing with/writing off a lot of your debt without you having to go bankrupt.
Click to expand...

Doesn't it still wreck your credit rating in pretty much the same way being made bankrupt would?
 
Between me and my wife....
£3,800 on credit cards
£3,000 on various overdrafts
£4,000 season ticket loan (0% - through my company so doesn't really count)
£4,000 on car
Oh and a huge mortgage - just increased this to do redo the electrics, plumbing, doors and windows.

The only real debt I consider is the credit card as I am only managing to pay about £100 per month but with Xmas coming its probably going to go up a little. Maybe I should think of getting a loan.

I could afford to pay off £1000 off the card but I probably need this to do some more work on the house.
 
I have around £2800 oweing to the student loans company, however due to the stupidly low rate i am just ignoring it and paying it at the minimum rate.

Cant really count as debt though, as i have many times more than that in other accounts so could always clear it if the need came.

As ive said before, if i cant afford something i dont buy it. The only exception being a house purchase as i wont be able to raise the capital upfront unless i get some serious help from the parents which isnt likely to happen.
 
The Mad Rapper said:
Doesn't it still wreck your credit rating in pretty much the same way being made bankrupt would?
Click to expand...

Nope, bankrupcy is the end of your credit rating, at least for a while. With an IVA you are making a concerted effort to pay off what you owe. Normally the IP takes a look at what you owe out, what you have coming in and calculates how much you can pay off your debts in a 5 year period without interest being added. You then make a legally binding commitment (in the courts) to stick to the repayments. Anything left after the 5 years is written off. So basically you spend several years making realistic repayments and not getting yourself in further debt by borrowing more. Your credit rating might take a small hit, but nowhere near as bad as bankrupcy.

:)
 
You must log in or register to reply here.
Back
Top Bottom