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Anyone else with 'big' debts

warren80
warren80 Posts: 33 Forumite
10 Posts Name Dropper
in Debt-free wannabe
Hi, 
Is anyone else dealing with 'big' debts as in 50K plus. I would love to be able to chat to others who are in our situation. I know that everyones debt story is different and relative to their income, however with 60k of debt it can feel quite lonely and overwhelming 
«1

Comments

  • Kakiste
    Kakiste Posts: 1,022 Forumite
    1,000 Posts Third Anniversary Debt-free and Proud! Name Dropper
    edited 23 February 2021 at 8:44PM
    My debts were close to that; 49K 2 years ago this month. I'm down to 18K left to pay back currently and due to be debt free next year. 
    Bottom line; 
    £49k paid off 
    Car HP paid off
    Debt Free!
    Saved Escape fund and moved out. 

    Current focus; saving Emergency fund
  • warren80
    warren80 Posts: 33 Forumite
    10 Posts Name Dropper
    Kakiste said:
    My debts were close to that; 49K 2 years ago this month. I'm down to 18K left to pay back currently and due to be debt free next year. 
    that's amazing, well done :)
  • Kakiste
    Kakiste Posts: 1,022 Forumite
    1,000 Posts Third Anniversary Debt-free and Proud! Name Dropper
    Thanks. I remember from your post the other week that you've a decent amount of spare money at the end of each month so I'm sure you'll be in the same position soon. 
    Bottom line; 
    £49k paid off 
    Car HP paid off
    Debt Free!
    Saved Escape fund and moved out. 

    Current focus; saving Emergency fund
  • sourcrates
    sourcrates Posts: 31,978 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    £77,000 inc a 20k mortgage shortfall about 9 years ago now.
    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
  • warren80
    warren80 Posts: 33 Forumite
    10 Posts Name Dropper
    sourcrates said:
    £77,000 inc a 20k mortgage shortfall about 9 years ago now.
    Great work for sorting that out ;)

  • kimwp
    kimwp Posts: 3,225 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    As you say, it's all relative - there are some who have to cut back on basics to make any headway - probably the length of time til the debt free time has a big part to play.
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • [Deleted User]
    [Deleted User] Posts: 3,297 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @sentientpoet had 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
  • Vinknut
    Vinknut Posts: 94 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    £2,000 of debt and no plan is WAY worse psychologically than £50k of debt WITH a plan.  As with @sentientpoet; £100k+ of debt WITH a plan is manageable, it's a long slog, and it's hard work, but it is under control and there's a plan.
    Do you have a plan for clearing your £60k? do you track when your debt-free date is?
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,942 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I separated from my ex 21 years ago, and had about £20k in debt.

    With a combination of paying off and good luck with CCA's, my final debt of £6k will finish in August after paying £25 a month for 20  years.  
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
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