The Over 50K debt Club - Join Here!!

southern_chick

just wanted to wish you all good luck with paying off your debts and say well done on tackling them

SC XX

Jumps

Can I join too. I (&DH)are doing a DIY DMP. We started at the end of last year, owing over £42,000 and I am hoping to some how to drastically reduce this during this year.

Mindy_2

I'm in - we've got over £60,000 although are hoping to be in the 50's in a couple of months!

Not doing an IVA or DMP though.

doitmyself

I don't know if this is gonna burgeon into a huge clup or be relatively exclusive.
I must admit I'd previously thought I was the only one who wasn't doing the CCCS/Payplan thing (or contemplating any of the more extreme options either). It's never occurred to me actually and I still wouldn't do it, despite the huge debt and not-huge salary!

Anyway look forward to chucking a few anecdotes around with you guys.

brainfreeze

Hi

Count me in please:j

We owe over £64k:eek: and lightbulb moment was only a couple of days ago but I already feel so much better about everything. I think it's great to realise we are not the only ones with this much debt and becoming debt free is achieveable, especially with the fantastic support of fellow DFWs.

We are not using CCCS or a DMP.....just working through it with the excellent advice we have received from this site.

Hope78

Can I be in too (though I do agree that the amount can be relative to circumstance) I only had my LBM and I'm not a kick in the pants off £50k. I'm also doing it myself just paying my payments and doing the best I can.

hypno06

For those of you who are not doing DMP etc, are you using the snowball caluclator at https://www.whatsthecost.com ?

I find it a fab way of motivating me to find that extra £10 a month or whatever.

Give it a go, you will soon be hooked!!

waterman17

Can you all look at our finances see below
We are in a pickle constructive help would be appreciated

Are we beyond help with these finances

House value 170000

Mortgage 150000 int 7.33% 900 per month 22years
Loan U/secured 17000
Taken out 03/05

Welcome 22000 int 1.8% pm 400 per month 10 years
loan secured
Taken out 12/05

Endeavour 13000 int 10.9% 290 per month 10 years
loan secured
07/05

There must be somebody out there on these excellant forums who can advise us or are we beyond salvage

Any advice would be gratefull
We both work full time with a monthly income of 3000+ pm mostly goes to bills

hypno06

Hi Waterman, what you really need to do is to put together a full SOA as per SouthernScouser's sticky at the top of these boards, and start a new thread of your own with this.

Loads of people will then see it and be able to give you the benefit of their experience and wisdom ( ) and we will be able to see if there is anything that we can do to help you get those figures coming down.

Keep on in with this new club though - I am sure you will get loads of support here.

Good luck x

waterman17

My SOA

Below is a rough template;

Monthly Incomings:

My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out

Total - £3600 approx

Monthly Outgoings:

Mortgage/Rent - £900
Loans £290 & £450
Council Tax - £143
Gas - £50
Electric - £50.53
TV License - £10.99
Sky £45.99
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location
Bills £300
Incoming £3200
outgoing £3100
It may look like we have money to spare at the end of the month but we are paying of outstanding bills about

I await your responce