Anyone else in the 50K + club?

flynndean

It's all relative...and please don't take the following as arrogance or as not being sensitive to those that are in genuine difficulty.

I've recently dipped just below that figure but it doesn't cause me any anxiety and is completely manageable. I try to stay below 30% credit-line utilisation and no more than 50% of overall debt vs. income which gets me to the £50k figure.

It's a complex question though, as I've included cars that will have residual values at the end of their PCPs (+ I have Gap Insurances just in case), I've included very low-interest home-improvement loans that have positively affected the value of my home and increased my Net Worth overall. I'm fairly certain that in a desperate (and altogether unlikely) situation, I'd be just fine.

It does annoy me that there are thresholds which trigger reduced scores on the likes of Experian. It is perfectly possible for someone to manage £30k of overall debt (£15k revolving) without being a liability. I could hand back my cars and (luckily) pay off most of the debt in cash if push came to shove and in terms of affordability, have headroom in terms of debt I could service...

onesixfive

From your earlier posts:

We will definitely receive around £17k mid 2019,
Income £4800
Mortgage and all house related bills and direct debits £1250
Food, fuel and kids clubs £600
Minimum debt payments - £1200
TOTAL outgoing- £3050

That leaves at least £1500 a month (18,000 a year) extra to start clearing debts - owed to other people - 2 years debt free - sorted!
You will BOTH feel happier - believe me

Philip624

Was £52k when DMP started in March 2013, now at £21k, will drop to £19k in August which will feel like a great milestone to pass.

walkman50

My personal debt was £53,000 in June 2009. Contacting a Debt Management Plan (StepChange) was the best thing I ever did and took a huge amount of unbearable pressure off me.

Debt is now down to £14,000. Settled some debts for 35% value recently. Shocked to find out that no bad marks on my credit file as the defaults were more than six years ago, and settlements could not therefore be recorded!

Bluegreen143

I owe just over £2k on a CC, £3.5k to MIL and just under £2k to my mum and it!!!8217;s a massive deal to me and I can!!!8217;t wait to pay it back ASAP (there!!!8217;s no pressure to get the family loans paid soon, I just hate debt). If I owed £50k I!!!8217;d be totally paralysed with worry I think I can totally understand why your husband is really anxious. BUT it!!!8217;s all relative as I think our income is significantly less than yours so that might account for my stance on it.