Is this bad?

karljohn07 · 17 April 2007 at 4:38PM

My first post on here so hello to everyone...

I have been in debt for about 6-7 years now, paying things off and putting them back on cards, never seem to get the debt down...a mixture of cards, overdrafts and loans.

Just wonder if anyone considers my debt to be high or average compared to others on here and if there is any tried and tested plans that have worked for others.

I currently owe Northern Rock 7149 (32 months left), Nationwide Loan 6738 (56 months left) and have an overdraft of 2200, I earn 25k and my wife about 12k....I have never missed a payment on anything be it a debt, household bill etc I suppose its just that feeling knowing that I just owe what I consider to be a huge amount of money. I also have a car loan and although this impacts on our finances, I have had the car replaced recently due to a number of faults and its market value outweighs the HP owing on it....it costs 211 a month and I have 3 years left to pay.

My mortgage is 297.00 a month, I owe approx 40000 as it was a 35k mortgage over 15 years and ive paid 3 years and 3 months now...

My main problem seems to be that I get the overdraft down to 0 but then let it creep up again!

sammy115 · 17 April 2007 at 4:42PM

Welcome KarlJohn - you are in the right place.

You need to post an SOA - see sticky at top! That way someone will tell you what you are spending too much money on and therefore why your overdraft keeps going up.

You also need to post the APR's on your loans and CC's and how much your minimum payments are on each one. If you could also detail the net income you and your wife have coming in each month, it would be helpful.

If its any consolation I am very jealous of your low mortgage. Do you have loans secured on the property at all.

Storm · 17 April 2007 at 4:44PM

Hi Karljohn :hello:

Well, to me £23683 owed excluding a mortgage does seem high, especially when you're only earning a bit more than that annually between you after tax & NI.

If you pop up a SoA (see SouthernScousers sticky) then we'll be able to advise you better, but as for tried & tested plans, there's no magic formula unfortunately, just lots and lots of budgetting!

amani_2 · 17 April 2007 at 4:44PM

just want to say hi and welcome you are in the right place.

I have'nt much experience but people will be along soon who have.

AMANI XXX

karljohn07 · 17 April 2007 at 4:49PM

sammy115 wrote: »

Welcome KarlJohn - you are in the right place.

You need to post an SOA - see sticky at top! That way someone will tell you what you are spending too much money on and therefore why your overdraft keeps going up.

You also need to post the APR's on your loans and CC's and how much your minimum payments are on each one. If you could also detail the net income you and your wife have coming in each month, it would be helpful.

If its any consolation I am very jealous of your low mortgage. Do you have loans secured on the property at all.

Thanks! I will do the SOA tomorrow...I dont have any loans secured on the property, the two personal loans I have are unsecured....and the car loan is obviously against the car itself...