Dealing with debts

[JimmyJeffers]

Huge problem for many people. We’re all very private about our finances, which I think is to our detriment. Many people suffer alone and bury their heads in the sand, massively affecting mental health and family/ friend relationships.
If you’ve found yourself in debt or are worrying about being unable to pay credit cards, loans, mortgage, rent, bills, vehicle finance etc then please contact a reputable charity like:
stepchange https://www.stepchange.org/
national debt line https://www.nationaldebtline.org/
Or citizens advice https://www.citizensadvice.org.uk/

National debtline probably have the best information and website going and have web advisers you can chat to without having to make a call.

 

[PhilM]

Great post!

I think I've said on here before how I inherited my wife's financial debt (and issues) when we married, which was alien to me as I've always been prudent.

Even with our fairly comfortable joint wages, it's took us a fair few years to reduce her (our) debt to a sizeable level that no longer impacts on our lives.

It hasn't been easy at all, so I can only imagine how difficult it must be to live hand to mouth, in the cycle of debt, and try to keep your head above the water.

But all I can say is that getting you finances in order is one of the most satisfying and sensible things to do even if it does cause a few years of difficulty.

 

[LEONARD]

 

[JimmyJeffers]

Great post!

I think I've said on here before how I inherited my wife's financial debt (and issues) when we married, which was alien to me as I've always been prudent.

Even with our fairly comfortable joint wages, it's took us a fair few years to reduce her (our) debt to a sizeable level that no longer impacts on our lives.

It hasn't been easy at all, so I can only imagine how difficult it must be to live hand to mouth, in the cycle of debt, and try to keep your head above the water.

But all I can say is that getting you finances in order is one of the most satisfying and sensible things to do even if it does cause a few years of difficulty.

You hear that a lot, especially from the older generation.
Pretty common also for someone to be prudent their whole lives then end up with debt totalling thousands cos of a state pension or benefit overpayment.

 

[PhilM]

You hear that a lot, especially from the older generation.
Pretty common also for someone to be prudent their whole lives then end up with debt totalling thousands cos of a state pension or benefit overpayment.

Our issues came from my wife's previous marriage and the debt they'd build up: some her own fault, some combined and a mortgage debt down to her ex.

Her credit rating was terrible and there was no way they'd let her near a mortgage until the balance was cleared even though she'd paid her share - he hadn't.

Fortunately, I already owned my own home with decent equity in it and a decent disposable income, so we were able to clear what she owed over a few years.

Even when the debt was off, putting her on the mortgage made the interest rates ridiculous for not much extra cash even though we could afford a lot more.

Only know, years and years later, is it viable to have a joint mortgage once her debt is cleared and credit rating gone. We're fortunate enough to have saved too...

.. but I can only imagine how much we'd have put away or what we could have afford if not for clearings tens of thousands of debt.

 

[JimmyJeffers]

Our issues came from my wife's previous marriage and the debt they'd build up: some her own fault, some combined and a mortgage debt down to her ex.

Her credit rating was terrible and there was no way they'd let her near a mortgage until the balance was cleared even though she'd paid her share - he hadn't.

Fortunately, I already owned my own home with decent equity in it and a decent disposable income, so we were able to clear what she owed over a few years.

Even when the debt was off, putting her on the mortgage made the interest rates ridiculous for not much extra cash even though we could afford a lot more.

Only know, years and years later, is it viable to have a joint mortgage once her debt is cleared and credit rating gone. We're fortunate enough to have saved too...

.. but I can only imagine how much we'd have put away or what we could have afford if not for clearings tens of thousands of debt.

Good that you were able to deal with it as a couple as well mind. A lot of people take on too much by themselves and things can spiral very fast.
Must have been a great feeling for you both when it was all finally cleared

 

[JimmyJeffers]

Bumping this. Hoping everyone is doing ok

 

[Daveysgingerlovechild]

Huge problem for many people. We’re all very private about our finances, which I think is to our detriment. Many people suffer alone and bury their heads in the sand, massively affecting mental health and family/ friend relationships.
If you’ve found yourself in debt or are worrying about being unable to pay credit cards, loans, mortgage, rent, bills, vehicle finance etc then please contact a reputable charity like:
stepchange https://www.stepchange.org/
national debt line https://www.nationaldebtline.org/
Or citizens advice https://www.citizensadvice.org.uk/

National debtline probably have the best information and website going and have web advisers you can chat to without having to make a call.

I hate it. But it's a necessary evil in our lives. Particularly if you want a mortgage. Useful if you need a sudden big purchase out of necessity. But it's utterly terrifying how some folk end up depending on it to make ends meet, especially if they hit hard times. Many of us are all only a few paychecks away from trouble, even if we are pretty prudent.

 

[JimmyJeffers]

I hate it. But it's a necessary evil in our lives. Particularly if you want a mortgage. Useful if you need a sudden big purchase out of necessity. But it's utterly terrifying how some folk end up depending on it to make ends meet, especially if they hit hard times. Many of us are all only a few paychecks away from trouble, even if we are pretty prudent.

Can just be spending slightly more than is coming in by about £50 a month and before you know it you have unmanageable debt, have reached your credit limits and are unable to afford minimum payments.
A lot of people are frightened of ruining their credit rating but you have to take a step back sometimes and accept this and rebuild from there. It’s not the end of the world