How much debt were and are you in?

dib-dab

My husband and I have recently faced up to and started to deal with our enormous debt (we thought we had around 6 months ago but we didn't really get it and it unfortunately took a bit more spending to get to our lightbulb moment).

Having seen other people's signatures it would seem that our debt is worse than many people's which is scary and embarrassing.

So as a bit of motivation to myself and others I am wondering how much debt you were in when you started and how much you are now in. Although I am feeling fairly optimistic about focusing and getting it cleared (as long redundancy does not come knocking) it would be nice to know there is definitely light at the end of the tunnel.

You can see mine in my signature.

Thanks in advance for sharing!

immoral_angeluk

When I joined in October 2006 I was married and with my husband we jointly had about 16k of debt on one hire purchase and numerous unsecured debts.
Fastforward to now I'm divorced and now have £950ish debt on one credit card.

mummy2mygirls

When i joined just over a year ago me and the dh had just under 32k and now we have just under 29k. So not a hugh difference but we are on a very tight budget and will get there slowly!! (more quicker if dh had his LBM aswell!!!)

WASHER

40K of debt (many years ago), paid every penny back, and now debt free and have been for 5 years (although thats not that easy remaining debt free).

Best of luck repaying your debt, it can be tough, but well worth it.

phoenix_dragon

I'm in just over £12k debt (exact figure is in my signature). My loan ends in April 2012 so I plan to be debt free by then. I'm trying to stick to a budget properly for the first time ever, because although what I earn is enough to pay my debts and live well, that is only because I live at home, and I never know when this might change. Time to get rid of the debt I can, the credit card and the catalogue!

There is definitely light at the end of the tunnel dib-dab, and don't be embarrassed! Most of us are in the same boat here, all rowing towards a debt-free existence

planning_ahead_2

Approx £48k of debt at LBM - which was less than a month ago:o

frugalzzz

Longtime (and very grateful) lurker here:

Currently 17,206. Down from 23,720 on July 23rd last year.

Hopefully debt free by July 23rd 2011. Then it's on to the mortgage.

I bless the day I found this website, I truly do. :A

indebtinsussex

hi, long time lerker and first time poster! Everything came to a head last year when dh's pay dropped by half and he had no overtime for 6 months. I phoned up NR in tears telling them to take the keys for the flat before I killed myself it was that bad. Original debts last year before our lightbulb moment were

Northern Rock Mortgage arrears £1,400
Lloyds CC £1,500 me
Lloyds OD £3,000 me
Lloyds Loan £9,000 me
Egg Loan £5,000 me
Natwest OD £4,500 dh
Natwest Loan £8,000 dh
EDF Arrears £500

Total £31,500

thats not including a mortgage of £103,000 and 2nd charge of £46,000 (ironically enough to clear debt from our previous relationships)


a year later we are now at

Natwest Loan £6,000 dh
Natwest OD £2,000 dh
Credit Card £900 me
Lloyds Loan £9,000 me

Total £17,900

this year we plan to pay off the lloyds cc, the overdraft and reduce both loans by at least half, I want to be debt free by next summer

its been difficult and a struggle but we are now seeing the light at the end of the tunnel. I just wish we had spoken about it with each other more openly in the beginning to avoid all the heartache we went through

kiwikaz

Good luck with your quest to become debt free.

Me and my OH had our LBM thank heavens last September.
With the help of the CCCS we're now on a DMP.

Our DFD currently stands at December 2030 so many moons to go. ( hoping this will be well before this ! )

Not paid off too much as yet but better than it was at the start !

Take a look at our signature:eek::eek::eek:

dib-dab

WASHER wrote: »

40K of debt (many years ago), paid every penny back, and now debt free and have been for 5 years (although thats not that easy remaining debt free).

Best of luck repaying your debt, it can be tough, but well worth it.

Wow well done WASHER - a real inspiration from someone with a similar level of debt, it is so good to see someone who has been there and come out the other end.

I can't tell you how much I am looking forward to being debt free and knowing that I have paid back every single penny which we will definitely do unless something awful happens that we cannot get out of. But I am under no illusions that being debt free is a challenge in itself.

And in my 'paying back every penny' comment - no offence meant to those who have to go down the bankruptcy route or final settlements - I have huge and equal respect to everyone for dealing with their debts whether you end up having to pay the whole lot back or not.

WASHER

I didn't mean any offence by "paid every penny" comment either. Bankruptcy route isn't easy or less stressful by any means, but some have no option but to go down the bankruptcy route,I'm pleased I saw the light before it got to that stage and nothing unexpected happened during the debt repayment years.