big big debts - seeking support

highdebts

Hello,

Is there a section of this site where I can 'talk' with others with high levels of debt, for support etc.

We have big debts of over 80K - pretty shocking. These are joint debts. We are not on any type of payment plan or DMP as we have a good enough income to cover the debt payments and living costs, it's more a case of dealing with the stress of it all.

There doesn't seem to be many others on here with our level of debt, although I imagine that there must be lots of others in a similar position

Treadingwater02

Hi Highdebts,

I started with £47,000ish worth of debts and that was on my own, I have gone the DMP route as I could not service the payments and the stress was making me very ill. During this time my marriage of 22 years also fell apart

I suppose the only advice I can think of is yes it might seem like a big number but what I can say is watching Martin Lewis on the TV one day he said 'there is always an option or way to get out of debt' I know it probably feels insurmountable at the moment but when I look back over my life, I realised that I have always overcome difficulties.

I would say try to start with a clear understanding of income and expenditure, if you feel like you can call one of the debt charities and see what options you have, even if you decide not to go that way knowledge is power and you can make an informed decision.

What I can say is even though I am on a long journey to be debt free I am no longer stressed and making myself ill over money and debt which I have done for most of my adult life.

Hope this helps a little and I'm sure there are other people on here that will be able to offer some great advice.

Pixie5740

Start a diary over on the Debt Free Diaries board. sentientpoet started with over £100k of debt and is now debt free.

https://forums.moneysavingexpert.com/discussion/5575569/11-years-a-slave-end-of-my-journey-from-103-500-in-debt&highlight=

It's all relative though. Your number sounds high but you say you can afford to service your debts.

Working_Mum

There are a few diaries with debts of a similar scale to yours.

I paid off over £90k (on a self employed variable wage whilst raising two children) after being divorced so it is do-able.

I found I read Dave Ramsey, The Millionaire Next Door, these forums, tracked every penny I spent and built myself a budget so I could still live a full life and pay off the debt. It's all about being clear about what your compromises are (and are not!).

I am 10 years on and I still track every single penny, reduce all of my insurances etc upon renewal, have very little clutter in my life (which i have to clean!) and am looking towards retirement in a few years once I have cleared my mortgage!

Good luck on being proactive rather than being forced into making a plan!

highdebts

Thanks guys,

I know that it is all relative. At the moment we are able to service the debt without having to make too many drastic cutbacks elsewhere. It's just so bloody stressful and we feel awful with ourselves for allowing it to happen.

DMP_Tiger

My debt currently stands at £103,396. £68k secured against my house and £35k on a DMP. It was going up and up until it mentally broke us earlier this year. The secured loan has 13 years left to run and so that's the date I'm aiming for the DMP to finish.

The key to it not being stressful any longer was deciding that things had to change and reading all of the fantastic advice on here and realising that there was a way forwards.

You say that you are servicing your debt but then you also say that it's "bloody stressful". If you're stressed then you need to make changes and maybe service your debt differently/over a longer period/with no interest - delete as applicable.