100k unsecured debts.

Timmymallett

Hi

I am currently trying to help my brother sort out his 6 figure unsecured debt mountain. Can anyone point me in the direction of anyone else on here dealing with such a debt level. I have looked on here and can see lots of examples of 20k-50k but nothing really beyond that. I feel a bit daunted by the whole thing at its no even my debt!!!

sourcrates

Timmymallett wrote: »

Hi

I am currently trying to help my brother sort out his 6 figure unsecured debt mountain. Can anyone point me in the direction of anyone else on here dealing with such a debt level. I have looked on here and can see lots of examples of 20k-50k but nothing really beyond that. I feel a bit daunted by the whole thing at its no even my debt!!!

Hi,

Yes, i`ve seen posts where people are dealing with 100k plus debts.

Advice depends on the individuals own circumstances though, if you can provide more detail, such as the nature of the debts, homeowner or not, etc etc, that would be helpful.

-taff

You've already posted once about this and got some good advice.
https://forums.moneysavingexpert.com/discussion/5554775
Why do you need to know who else has that level of debt?

Thrugelmir

Timmymallett wrote: »

I have looked on here and can see lots of examples of 20k-50k but nothing really beyond that. I feel a bit daunted by the whole thing at its no even my debt!!!

Given his income and outgoings seems perfectly manageable. If they've the desire to tackle the issue head on. The level of debt maybe high, but they have an income most people could only dream of.

enthusiasticsaver

Timmymallett wrote: »

Hi

I am currently trying to help my brother sort out his 6 figure unsecured debt mountain. Can anyone point me in the direction of anyone else on here dealing with such a debt level. I have looked on here and can see lots of examples of 20k-50k but nothing really beyond that. I feel a bit daunted by the whole thing at its no even my debt!!!

Everyone's situation is different. How does your brother feel about having that amount of debt?

How much other people owe is irrelevant really.

Timmymallett

-taff wrote: »

You've already posted once about this and got some good advice.

Why do you need to know who else has that level of debt?

The initial post was to outline the entire situation that my brother is in. This post was just to try to find out some examples of others who have dealt with this level of debt and how they worked it out etc.

I wasn't aware that there was a problem with me posting two threads and I am struggling to see why you would have posted this reply? If I was to come across a post that I considered pointless or unnecessary then I would simply move on without comment???

enthusiasticsaver

Debt is relative. From looking at your brothers soa they have almost £7k monthly income but an overall debt of around £360k. If they stop overspending and focus on paying it down it is eminently fixable but as I said on your other thread it requires commitment. I think they have fallen into the trap of many other high earners of thinking because they earn a lot they can spend regardless. Their outgoings are high - mortgage, childcare and they spend on holidays, entertainment, etc as if they had no debt. Only when they try to live within their means and make paying off their debt a priority will this be sorted.

DrWatson1

Timmymallett wrote: »

I wasn't aware that there was a problem with me posting two threads and I am struggling to see why you would have posted this reply? If I was to come across a post that I considered pointless or unnecessary then I would simply move on without comment???

Generally speaking, people (or at least, me!) just check the first page of discussion and move on. So, if you start 2 threads discussing the same thing, or based around the same topic, you are bumping someone else's thread off the first page.

I think it's just seen as good etiquette to not be too over-enthusiastic in starting new threads when you can add discussion to an existing one. This keeps clutter down, and existing discussion lively

-taff

Timmymallett wrote: »

The initial post was to outline the entire situation that my brother is in. This post was just to try to find out some examples of others who have dealt with this level of debt and how they worked it out etc.

I wasn't aware that there was a problem with me posting two threads and I am struggling to see why you would have posted this reply? If I was to come across a post that I considered pointless or unnecessary then I would simply move on without comment???

Well...because firstly, most people at any level of debt have four choices depending on their income. Pay it off, enter a DMP, IVA or go bankrupt [five if you include ignore all the non essential ones and disappear for 6 years] Your brother would be advised to do any of these according to his income and outgoings and assetts by Stepchange for example, or he could make his own mind up.

I can't see how you can struggle to understand it. In answer to both questions you're asking a personal question that maybe people don't want to answer, which is why you haven't had any answers going 'me!me!' and I can ignore posts or answer them as I choose. The same way you can....except you answered mine? Which means you're teling me to do as I say, not as I do.....

Timmymallett

DrWatson1 wrote: »

Generally speaking, people (or at least, me!) just check the first page of discussion and move on. So, if you start 2 threads discussing the same thing, or based around the same topic, you are bumping someone else's thread off the first page.

I think it's just seen as good etiquette to not be too over-enthusiastic in starting new threads when you can add discussion to an existing one. This keeps clutter down, and existing discussion lively

Thanks for your reply and fair point. I have only posted 2 threads though with no plans to post anymore just yet!

Timmymallett

[QUOTE=

I can't see how you can struggle to understand it. In answer to both questions you're asking a personal question that maybe people don't want to answer, which is why you haven't had any answers going 'me!me!' and I can ignore posts or answer them as I choose. The same way you can....except you answered mine? Which means you're teling me to do as I say, not as I do.....[/QUOTE]

I agree that in any other context/forum it would be a personal question, however this is a forum for discussing debt! I have received few replies ( As you will have seen) along with a couple of private messages so It is actually proving to be quite a useful process.

I responded to your post as you were replying to a thread that I had started. This is quite different to me choosing to ignore a random thread which I am not involved in, isn't it??