feel ashamed by our debt level

Worried_Girl

Hi midlander81

My husband and I are 32 and 33 and are in a really similar position to you. Just under 3 years ago we entered into a Debt Arrangement Scheme with £60,000 of unsecured debt! Again we have a decent combined salary of £70K. It seemed totally insurmountable however we are now down to £7,773.51 and are 5 payments away from being debt free for the first time in a long time!

It has been hard work but I am so glad we decided to take the plunge and deal with our debts. Good luck!

Killick

midlander81 wrote: »

Hi I posted earlier about my worries regarding debt.


Have been looking through the forum and is strikes me that our joint debt of 40K is so much higher than most others.


I know it's not a competition and that everyone has different circumstances/income etc but I feel really dreadful and ashamed that I have ended up in this situation.


I know that I am fortunate that we now have a decent income (68kish)
and we are able to pay it off but I still feel really shell shocked that we have such a huge amount of debt.


Is this level of debt common? It seems that most people posting on here are worried about debts that are considerably smaller than mine!!

If it makes you feel any better, my debt is £72000 and was £180,000+ at one time. Don't worry about it, it can be sorted out. Good luck. :-)

midlander81

Killick wrote: »

If it makes you feel any better, my debt is £72000 and was £180,000+ at one time. Don't worry about it, it can be sorted out. Good luck. :-)

It's amazing that you have paid that much back!! Well done!


It does reassure me that I can do this.

aroomofonesown

At least you're tackling it and doing something about it x

Nimble123

I am just starting on the path of debt aknowledgement and am doing this alone (I have a partner who has no clue I am in this situation). I have worked out I owe £23,000 with an income of £30,000. I have 2 short term and expensive loans so I am working on just getthing through the next 6 months with little money in the knowlege that once they are done I will have much more to pay off my CC debts and then I will really see a difference. It is very isolating at times but I have the motto now of:

Can I change it today? - No - then why let it ruin today.

This is helping me to get through even when it seems to hard

foolsgold01

Hi Midlander81..we also have a similar debt to you as a couple but as others have said it depends on other factor too (you can see from my signature)!!


To cut an extremely long story short, I became aware of the same amount as yourself (also as a joint debt) about 3 weeks ago as we have separate debts and separate accounts. I liken it to left hand not fully knowing what the right hand is doing. This is why I joined here as I was so scared and worried about our situation and felt I needed some advice and support about what to do. I have been on the hardest journey so far and have learnt a hell of a lot on here about whether we can go at it alone or with help for a DMP or IVA. The help on here is incredible and has certainly helped me along the way.


You can do this!! I personally am addicted to getting shot of these debts of my husbands and we are working together to get these down. We have already made some massive changes to our outgoings and this is helping us to go at it alone...I am determined!


Good luck with what you decide to do and well done with stopping the debt cycle and starting to do something about it


FG x

Thrugelmir

Nimble123 wrote: »

I am just starting on the path of debt aknowledgement and am doing this alone (I have a partner who has no clue I am in this situation).

How do you intend to conceal the fact? Tread carefully as there's much at stake.

midlander81

Nimble123 wrote: »

I am just starting on the path of debt aknowledgement and am doing this alone (I have a partner who has no clue I am in this situation). I have worked out I owe £23,000 with an income of £30,000. I have 2 short term and expensive loans so I am working on just getthing through the next 6 months with little money in the knowlege that once they are done I will have much more to pay off my CC debts and then I will really see a difference. It is very isolating at times but I have the motto now of:

Can I change it today? - No - then why let it ruin today.

This is helping me to get through even when it seems to hard

Sorry that you are having to go it alone although I know that sometimes it's the only way. Make sure that you use us on here for support and the occasional rant!!