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  • FIRST POST
    • mandi80
    • By mandi80 14th May 18, 12:17 PM
    • 15Posts
    • 4Thanks
    mandi80
    Anyone else in the 50K + club?
    • #1
    • 14th May 18, 12:17 PM
    Anyone else in the 50K + club? 14th May 18 at 12:17 PM
    Afternoon everyone,

    Just curious as to how many other people on here have debts that exceed 50k. Trying to convince my anxious husband that we are not alone!!!


    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 17-05-2018 at 10:06 AM.
Page 1
    • Working Mum
    • By Working Mum 14th May 18, 2:47 PM
    • 79 Posts
    • 359 Thanks
    Working Mum
    • #2
    • 14th May 18, 2:47 PM
    • #2
    • 14th May 18, 2:47 PM
    Hi Mandi80,
    I am not exactly sure how many people are in the £50k Club - you'd have to read each diary and ascertain!!

    I WAS in that Club but am now at £35k plus mortgage.

    Start a diary and do an SOA as it'll ease your husband's fears - everyone here is fantastically helpful and non-judgemental.

    Welcome to your debt free journey

    ((hugs))

    WM x
    • NaughtiusMaximus
    • By NaughtiusMaximus 14th May 18, 3:50 PM
    • 696 Posts
    • 1,668 Thanks
    NaughtiusMaximus
    • #3
    • 14th May 18, 3:50 PM
    • #3
    • 14th May 18, 3:50 PM
    I was 47K in debt when I started my DMP in 2005 (the equivalent of over 60K today if you take into account inflation) and am now completely debt free.
    • mandi80
    • By mandi80 14th May 18, 9:09 PM
    • 15 Posts
    • 4 Thanks
    mandi80
    • #4
    • 14th May 18, 9:09 PM
    • #4
    • 14th May 18, 9:09 PM
    I have never really thought much about the total amount. To me it's all relative anyway. My debts would be a walk in the park for someone earning 200k a year, whereas someone on low pay might be stressed over a couple of grand.
    • Indout96
    • By Indout96 15th May 18, 11:09 AM
    • 1,761 Posts
    • 2,501 Thanks
    Indout96
    • #5
    • 15th May 18, 11:09 AM
    • #5
    • 15th May 18, 11:09 AM
    Unless I am misunderstanding your post -
    You are >£50k in (unsecured ?) Debt and are happy to keep on spending and building the Debt as you have a good income whilst your husband it wanting to cut down on the debt.
    I think you will find the majority view is with your husband, "good" incomes can vanish quickly in this day and age.
    apologies if I have misunderstood.
    Understeer is when the front of the car hits the wall.
    Oversteer is when the back of the car hits the wall
    BHP is how fast you hit the wall
    Torque is how far you take the wall after you hit it.
    • Larac
    • By Larac 15th May 18, 10:48 PM
    • 806 Posts
    • 494 Thanks
    Larac
    • #6
    • 15th May 18, 10:48 PM
    • #6
    • 15th May 18, 10:48 PM
    I was on close to £60K in 2012 - now down to £6K - Did have a couple of stress moments when my job was at risk twice in that period. No one knows what is around the corner, so best IMHO to have some sort of plan in place to get rid of the debt. Sense of relief now that it is coming to an end TBH.
    • CopleyDog
    • By CopleyDog 15th May 18, 10:50 PM
    • 25 Posts
    • 7 Thanks
    CopleyDog
    • #7
    • 15th May 18, 10:50 PM
    • #7
    • 15th May 18, 10:50 PM
    Sure am... check out my Debt Free Diary ‘Back to Black’
    • mandi80
    • By mandi80 15th May 18, 11:16 PM
    • 15 Posts
    • 4 Thanks
    mandi80
    • #8
    • 15th May 18, 11:16 PM
    • #8
    • 15th May 18, 11:16 PM
    Unless I am misunderstanding your post -
    You are >£50k in (unsecured ?) Debt and are happy to keep on spending and building the Debt as you have a good income whilst your husband it wanting to cut down on the debt.
    I think you will find the majority view is with your husband, "good" incomes can vanish quickly in this day and age.
    apologies if I have misunderstood.
    Originally posted by Indout96
    Hi,

    Yes, you have misunderstood my post. I am totally committed to getting rid of the debt, I am just not massively worried about it. I certainly have no plans to add to the debt.
    • Puddylove
    • By Puddylove 15th May 18, 11:22 PM
    • 487 Posts
    • 789 Thanks
    Puddylove
    • #9
    • 15th May 18, 11:22 PM
    • #9
    • 15th May 18, 11:22 PM
    When I split from my financially and sexually incontinent ex, I owed about £25k (so I guess close to yours per person).
    Paid it all back, and now have savings.

    Mind you it was worth the £25k just to be free of him.
    • sourcrates
    • By sourcrates 15th May 18, 11:34 PM
    • 14,021 Posts
    • 13,279 Thanks
    sourcrates
    When I split from my financially and sexually incontinent ex,
    Originally posted by Puddylove
    O u c h ..........
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • lookstraightahead
    • By lookstraightahead 16th May 18, 1:24 AM
    • 159 Posts
    • 166 Thanks
    lookstraightahead
    I was nearly double that. No debt now.

    Getting rid of any debt whatever your income is a good thing.
    • flynndean
    • By flynndean 16th May 18, 9:10 AM
    • 1 Posts
    • 0 Thanks
    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
    • By onesixfive 16th May 18, 4:34 PM
    • 321 Posts
    • 224 Thanks
    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
    Last edited by onesixfive; 16-05-2018 at 4:36 PM.
    • Philip624
    • By Philip624 17th May 18, 8:58 AM
    • 573 Posts
    • 297 Thanks
    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.
    I can offer no resistance, I can offer no respite
    Wake me when conflict is over,
    I aim for a peaceful life,
    Wake me up when the fury is ended
    I like living a peaceful life
    • walkman50
    • By walkman50 17th May 18, 2:23 PM
    • 11 Posts
    • 4 Thanks
    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
    • By Bluegreen143 17th May 18, 5:06 PM
    • 1,099 Posts
    • 12,662 Thanks
    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.
    Married 1 March 2014 DS born 06/12/15

    Debts
    CC - £2,182.17/£2,182.17
    Family loan 1 - £1,680/£1,680
    Family loan 2 - £3,500/£5,000
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