Over £100k of Debt Club

tolip

Hello All

Recently new to this, and our lightbulb moment was last week, we £102k in debt, excluding our mortgage.

Is onyone else in the same position?

Maybe together we can crack this debt?

Would love to hear from others.

Zulu_Dawn

Hi tolip

Me too.

I'm a recovering compulsive gambler on a self-administered DMP. Having been dealing with this for a year now, it's a long way back but I have equity in my house so there is hope.

I need some mutual support too.

Nice to hear from you,

ZD

tolip

Hi Zulu

How have you managed over the past year? have you been able to pay anything off?

Good to hear from you, keep posting here so we can crack this together

Whino

Hi. I am ashamed to admit that last July we had 130 k worth of debt, so you can be reassured that there are stupider people out there than you! We have made 11 payments now on our DMP and have paid off 14% of our debts (just short of 20k) So though were were monumentally stupid in the past, we have had our LBM and are dealing with our debts.

Its bloody hard though but most definately do-able.

Zulu_Dawn

Hi All

Sadly my debts were around £170k last July, though the equity in my house is around £200k.

I've got the unsecured debt down to about £150k over the last year. The plus for me is that we have good salaries and obviously my outgoings have plummeted without the standard of living needing to change appreciably. The minus is that I was already living an incredibly frugal life with the exception of my gambling.

How did you manage to get into this kind of mess.

ZD

Whino

Plain keeping up with the Joneses tbh ZD! Luckily we have decent salaries too and noone in the family knows the extent of our debts. The kids haven't noticed a change in lifestyle but boy, we have! Another 5 years to go then we will be able to enjoy our salaries in a responsible way.

Good luck with your continuing recovery too

james32_uk

Big thread on those with more then £100k here.

http://forums.moneysavingexpert.com/showthread.html?t=230933&highlight=debt+club

Whino

Thanks James will have a read of their stories, noones posted on there for a bit though. Wonder if they're all under the 100k. Hope they are

zag2me

Whino wrote: »

The kids haven't noticed a change in lifestyle but boy, we have!

There was a great tv program on bbc called pay off your mortage in 2 years, they basically scrimped and saved and worked as a family to do it. There was a great couple who got their kids involved in money saving and it really showed them off in a positive way. Thier kids seemed to benefit from the lack of money and really started to value the important things in life.

Money does not always equal happiness when it comes to kids

livinginhope

tolip wrote: »

Is onyone else in the same position?

Yep,afraid so! :rolleyes: we have over 100k of unsecured debt and have been on a DMP with Payplan for 16 months now,everything is ticking over nicely,although Lloyds Tsb are STILL dragging their heels and won't accept our offers :mad:
Things have been going really well with DH's work and we have been saving over half his wages for the last few weeks,IF he carries on for another few weeks with the amount of overtime he has had,we will be able to pay a chunk to Payplan and get the debt below the 100k :T
Good luck with your deft free journey
LIH

Zulu_Dawn

Hi Livininhope.

Nice to hear you are doing so well.

Fantastic weight loss by the way. How have you managed that?