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Most severe unsecured debt you have encountered?

chaplin80
chaplin80 Posts: 13 Forumite
in Debt-free wannabe
Hi Folks,

What is the most severe case of unsecured debt that you have encountered/heard of? Mine was 55K at the start of last year and felt like the end of world. I am in to the 30K's now which still feels pretty bad, but obviously better than last year!

Comments

  • sourcrates
    sourcrates Posts: 31,817 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    The average debt seems to be under £20.000 per household.

    Some have higher debts, well into the hundreds of thousands.

    There is no limits to mans incompetence when given free rain.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    We entered our DMP with just under £95k of unsecured debt. Others on this forum have, or have had, higher than us.

    It's all relative though. To someone on benefits or earning minimum wage a few hundred pounds of payday lender debts can seem insurmountable, and to someone earning towards £100k then perhaps my £95k debt wouldn't look so bad (I'm not saying we earning £100k....I wish!).
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    sourcrates wrote: »
    T
    Some have higher debts, well into the hundreds of thousands.

    There is no limits to mans incompetence when given free rain.

    I'm so glad that at last someone has realised our debt was ALL my husband's fault;):rotfl:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • owen_money
    owen_money Posts: 764 Forumite
    sourcrates wrote: »
    The average debt seems to be under £20.000 per household.

    Some have higher debts, well into the hundreds of thousands.

    There is no limits to mans incompetence when given free rain.

    Its 'free rein' just to be picky, but I know what you mean
    One man's folly is another man's wife. Helen Roland (1876 - 1950)
  • chaplin80
    chaplin80 Posts: 13 Forumite
    January2015 wrote: »
    We entered our DMP with just under £95k of unsecured debt. Others on this forum have, or have had, higher than us.

    It's all relative though. To someone on benefits or earning minimum wage a few hundred pounds of payday lender debts can seem insurmountable, and to someone earning towards £100k then perhaps my £95k debt wouldn't look so bad (I'm not saying we earning £100k....I wish!).

    I think you are right that it's all relative. Our debts were 75% of our gross income which isn't good but is only the same as someone owing 10K whilst earning minimum wage.
  • jan875
    jan875 Posts: 34 Forumite
    Never actually met anyone who owes 6 figures, however since starting my own DF journey and speaking to others I have know of at least 3 people who 60K plus.
  • ferry
    ferry Posts: 2,014 Forumite
    Part of the Furniture 500 Posts Name Dropper
    edited 19 January 2017 at 2:57PM
    Do we include a mortgage as being part of that debt?
    :j
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    ferry wrote: »
    Do we include a mortgage as being part of that debt?

    OP was askin about unsecured debt, so I assume mortgages are not part of the debt (for this particular thread anyway)
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
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