worst case of unsecured debt you have heard of?
Options
Tommy81
Posts: 31 Forumite
Hey folks,
What is the most unsecured debt that you have ever heard of?
I know of one person who claims to have owed more than 100K at one point.
I know that we don't always know the full situation ( earning and affordability etc) so I am just talking about the amount of debt.
A lot of people on here seem to owe between 20k-50k (inc me!!) but I have seen any 6 figure unsecured debt stories on here yet.
What is the most unsecured debt that you have ever heard of?
I know of one person who claims to have owed more than 100K at one point.
I know that we don't always know the full situation ( earning and affordability etc) so I am just talking about the amount of debt.
A lot of people on here seem to owe between 20k-50k (inc me!!) but I have seen any 6 figure unsecured debt stories on here yet.
0
Comments
-
I`m `almost` certain there was someone who did have 100k on here, rings a bell anyway!
I can imagine there are a lot of people out there with high unsecured debts, its so easy to spiral out of control without lightbulb moments to put a stop to it in time.DebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
Personally, I had a friend who had £58,000 on credit cards, store cards & overdrafts. On MSE probably about £80,000. As you say income is relative in this subject.House renovation savings £25,000/£25,000
Emergency fund £1000
When you hit rock bottom the only way is up!
If you believe in yourself you can climb mountains0 -
There was a thread about this not long ago!
http://forums.moneysavingexpert.com/showthread.php?t=4914013&highlight=100k+unsecured+debtDebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
I am a regular poster but being anonymous.
We had unsecured debts of £120k last month. This month it will be about £87k and by March 2015 £0. It was all on 0 per cent balance transfer for at least 15 months with a fee of 2.9 % or less. It was the cheapest way to borrow money to renovate our house as we knew we could pay it off relatively quickly. There is a small car loan which will be paid off in full next May as well.
It isn't the size of the debt. It is debt relative to income.
It is less than 1 years income after tax.
We have over £200,000 of credit available on assorted credit cards. Most have a £24k limit.0 -
Hiddenview wrote: »I am a regular poster but being anonymous.
We had unsecured debts of £120k last month. This month it will be about £87k and by March 2015 £0. It was all on 0 per cent balance transfer for at least 15 months with a fee of 2.9 % or less. It was the cheapest way to borrow money to renovate our house as we knew we could pay it off relatively quickly. There is a small car loan which will be paid off in full next May as well.
It isn't the size of the debt. It is debt relative to income.
It is less than 1 years income after tax.
We have over £200,000 of credit available on assorted credit cards. Most have a £24k limit.
It's amazing that you are able to pay back that amount so quickly!! Any tips for my 30K!!0 -
We have an investment maturing next year (sounds like monopoly) so although it seems a massive unsecured debt that is why we know it will be paid off. The other option was to remortgage to renovate house but we are on a great fixed rate mortgage for life of loan deal and it would have cost a fortune over 15 years.
My income comes from dividends. I get big sums 4 times a year. That is why it went down such a chunk in 1 month. It now won't go down again until August (well I pay £2k a month by dd so it will go down and £24k will go that way over 12 months)0 -
The fiancee of a client - £143k and she was 22 years old! She had inherited £50k at 18, spent it and continued spending. My client had concerns about getting married to someone with this amount of debt (not my job to advise about the obvious other concerns that most would fear). One application for bankruptcy later (fee borrowed from my client) and she owed nothing. She did lose the Range Rover though!There are 10 types of people in the world - those who understand binary and those who do not. :doh:0
-
purdyoaten wrote: »The fiancee of a client - £143k and she was 22 years old! She had inherited £50k at 18, spent it and continued spending. My client had concerns about getting married to someone with this amount of debt (not my job to advise about the obvious other concerns that most would fear). One application for bankruptcy later (fee borrowed from my client) and she owed nothing. She did lose the Range Rover though!
Wow, that's shocking. I suppose there are instances when BR is the only option.
I can totally see how it could happen though if a couple are both spending wildly without LBM's to halt things0 -
When BR is only option? Are you having a laugh, 200k spent on the hi-life and walking away 2 fingers up to everybody, but its a shame they lost the Range Rover. BR should be a last resort when you are totally at your rock bottom, not after a massive spending spree in your early 20s.
60K here, not proud of the fact, but I will be paying every penny back.
Just remember though the amount is not the important factor, it's debt to earnings ratio that is important. 20k of debt to somebody earning 12k is the same as 70k to somebody earning 60k.0 -
Mine was £54.000, accrued over many years of borrowing on credit cards, loans, catalogues etc that I swore to myself I could pay off, of course that was never going to happen, and 6 years, and one IVA later, here we are.
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards