Omega Owners Forum

Chat Area => General Discussion Area => Topic started by: JamesV6CDX on 25 November 2008, 22:09:30

Title: How much debt are you in?
Post by: JamesV6CDX on 25 November 2008, 22:09:30
Just interested in what the average personal debt is, (not including mortgage).

No need to vote if you don't want to of course - results should be anonymous, although I suspect Jaime may be able to find out if he looked hard enough ::)

Title: Re: How much debt are you in?
Post by: JamesV6CDX on 25 November 2008, 22:11:46
Sorry, wrong section. Silly me - please move!!
Title: Re: How much debt are you in?
Post by: tunnie on 25 November 2008, 22:15:37
only got my student loan, which is not technical debt.

I have a credit card but use it as a tool, i buy big costs, fuel, train, to get points, its paid off every month.
Title: Re: How much debt are you in?
Post by: Dingleberry on 25 November 2008, 22:47:47
Im in debt, mostly credit cards and 1 loan, between £6-£8k all done when i was 18, young stupid and didnt have a clue  :-/ got nothing to show for it, slowly paying it off thought  :y
Title: Re: How much debt are you in?
Post by: Danny on 25 November 2008, 22:54:08
completely in credit til i get the mortgage completed

at 27 i've never had a debt
Title: How much debt are you in?
Post by: hotel21 on 25 November 2008, 23:44:54
[movedhere] Omega General Help [move by] hotel21.
Title: Re: How much debt are you in?
Post by: Albatross on 26 November 2008, 00:02:37
In the black for me
Title: Re: How much debt are you in?
Post by: bertiecbx550 on 26 November 2008, 00:03:41
On a IVA...never in debt again......i`ve learnt my lesson.... :-[ :-[
Title: Re: How much debt are you in?
Post by: Pawel_Nottingham on 26 November 2008, 00:11:57
Does a planned overdraft count? ;)
Title: Re: How much debt are you in?
Post by: kris9128 on 26 November 2008, 07:35:32
fortunate enough not to be in debt. was a couple of years ago but not any more.
Title: Re: How much debt are you in?
Post by: Auto Addict on 26 November 2008, 07:40:29
I don't go into debt. If I can't afford it, I don't buy it, simple.
Title: Re: How much debt are you in?
Post by: Plomien on 26 November 2008, 08:11:14
was in debt before for about £6k but got my redundancy pay out and a new job so cleared all debt straight out and a bit left in the kitty for after :y
Title: Re: How much debt are you in?
Post by: MindlessJD on 26 November 2008, 08:13:36
Fortunatly, I'm too young to be in debt!  :y
Title: Re: How much debt are you in?
Post by: platty on 26 November 2008, 08:36:21
All I have left is the dregs of my student overdraft which will be cleared soon, then I don't intend on having any debts until the mortgage I guess!
Title: Re: How much debt are you in?
Post by: Marks DTM Calib on 26 November 2008, 08:38:11
Never had student loans (which is debt as it can count against you as part of a mortgage application) because I worked during holidays.

No debt, just a mortgage.

Got a large financial liability in the form fo a wife though....
Title: Re: How much debt are you in?
Post by: Marks DTM Calib on 26 November 2008, 09:11:54
I have to say that I think the real dangerous situation is not knowing how much debt you have !
Title: Re: How much debt are you in?
Post by: shyboy on 26 November 2008, 09:19:07
Learnt my lesson many years ago as a youngster and spent the rest of my working life ensuring that I never got over my head. Thankfully been completely in credit for many, many years. It's a very comfortable feeling and worth striving hard for.
Title: Re: How much debt are you in?
Post by: Martin_1962 on 26 November 2008, 09:20:18
1 mortgage
1 consolidation loan
1 finishing next year car loan
0 credit cards
Title: Re: How much debt are you in?
Post by: doog on 26 November 2008, 09:46:56
well im one of the ones on the yellow line  and officialy in the shit
ah well   :-/ :-/
Title: Re: How much debt are you in?
Post by: markey mark on 26 November 2008, 10:53:04
im not too bad about £2000 but have a £90k mortgage !! only one credit card £500 limit just for emergancys and overdraft but have a wife and three teenage lads !! ::) ::)
Title: Re: How much debt are you in?
Post by: waspy on 26 November 2008, 11:12:57
No dept at all & just the way i like it. My parents taught me that if you can't afford, you don't buy.
I save for what i have & for me that's the best policy :y
Title: Re: How much debt are you in?
Post by: Darth Loo-knee on 26 November 2008, 11:39:57
Quote
No dept at all & just the way i like it. My parents taught me that if you can't afford, you don't buy.
I save for what i have & for me that's the best policy :y


Had to chuckle at this as I am sure all parents say the same thing to there kids, but do we listen?
I for one didn't, had loans for motorbikes and cars etc and had to learn the hard way.
Ain't go no debts now though but feeling the pinch at the minute :(
Title: Re: How much debt are you in?
Post by: The Red Baron on 26 November 2008, 11:45:05
My pub company went bust for around the 50k mark. currently about 1200 on loans. No credit cards or overdafts.
Title: Re: How much debt are you in?
Post by: Mr Skrunts on 26 November 2008, 11:55:50
Currently £100 on CCard.  Plus Phone Bill.  Everthing else paid by Direct Debit or Standing order.  Mortgage paid off and some pennies in the bank for back up.
Title: Re: How much debt are you in?
Post by: Kevin Wood on 26 November 2008, 12:01:53
I've never been prepared to go in to debt for anything other than a roof over my head, and I plan to be rid of that debt in a few more years. Something doesn't "feel" like it's mine until I've paid for it.

I guess it's a bit like smoking. If you don't start the habit in the first place it's easier not to lapse into it.

Kevin
Title: Re: How much debt are you in?
Post by: Martin_1962 on 26 November 2008, 12:07:57
My total debts including mortgage are less than 2/3rd of my house value

All dropping quite nicely now
Title: Re: How much debt are you in?
Post by: Andy B on 26 November 2008, 18:00:58
Quote
.....
I for one didn't, had loans for motorbikes and cars etc and had to learn the hard way. ......

If you can afford the repayments for a loan for bike/car/whatever, I can't see a problem. You know you're gonna pay more for the item than if you'd saved for it .....
Title: Re: How much debt are you in?
Post by: Humpy on 26 November 2008, 18:11:45
Got a couple of quid on my credit card and 24K on a Mortgage otherwise nothing. I'm like others on here, if you can't afford it, you can't have it, that's why I paid £500 for my Elite estate :y

Humpy
Title: Re: How much debt are you in?
Post by: Omegatoy on 26 November 2008, 18:39:17
am only indebted to some of the guys on here for all the help they have given!!! :y :y :y :y :y
Title: Re: How much debt are you in?
Post by: Markie on 26 November 2008, 18:49:56
Just a mortgage.

Do Have 9 credit cards between me and SWMBO, 5 clear, 3 less than 20% of balance and intrest free (balance transfers) and one that i use for petrol etc and clear monthly.

Savings far outweigh Credit Cards easily so i`m saying no debt.
Title: Re: How much debt are you in?
Post by: Peter H on 26 November 2008, 19:08:00
My wife and I have about 12k in terms of non mortgage debt...

... and a 300K mortgage!
Title: Re: How much debt are you in?
Post by: matt-sboro on 26 November 2008, 19:11:36
i have a 4.5k loan that paid off credit cards etc that i wasted doing cars up - i get back pay next month from the pay deal finally agreed at work so this should cover the repayment of the loan in december.

i also have a sofa agreement that is £1200

and my mortgage so that wont be going anytime soon! :D

i certainly wont be getting any more finance agreements for cars as i get bored within 6 months and look at something different - i have wasted too much buying and doing up cars!

so at the moment i am comfortabe as i know a few months work plus all the extra working over chritsmas should easlily pay my 2 loans off  :)
Title: Re: How much debt are you in?
Post by: Tony H on 26 November 2008, 20:02:18
I have a loathing of paying interest( cos I'm a tight wad)so I avoid it like the plague if at all possible. All credit cards are on direct debit and are paid off in full every month. As has been said I also was brought up in the mindset of if you want it you save for it, and not buy now and pay later, unless of coarse it's an interest free deal :y
Title: Re: How much debt are you in?
Post by: amigov6 on 26 November 2008, 20:41:36
Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
   What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?
Title: Re: How much debt are you in?
Post by: tunnie on 26 November 2008, 20:43:32
Quote
My wife and I have about 12k in terms of non mortgage debt...

... and a 300K mortgage!

 :o

What are the monthly payments on that?
Title: Re: How much debt are you in?
Post by: ngrainqey on 26 November 2008, 20:44:04
Quote
Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
   What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?

some people guy use credit cards that have a years free interest then spend upto the limit, come the end of the year transfer credit from another card and then continue like that, if you do it right then you can actually make money lol!
Title: Re: How much debt are you in?
Post by: amigov6 on 26 November 2008, 20:50:34
I've heard about that, Martin Lewis? I'm to disorganized though, i'd break it right up & incurr charges so i leave well alone. ::)
Title: Re: How much debt are you in?
Post by: Chopsdad on 26 November 2008, 20:52:55
Now is the time to look at what you have borrowed, check out the rates you are paying and lump it all together for a cheaper deal.

High street banks are keen to lend and have targets to achieve so may be more sympathetic than you think, so now is the time to do it.

Look at how much you pay out on all of them and that's your monthly budget - no more!

Be wary of finance deals for kitchens, furniture, computers etc after any initial free period ends they can be as much as 30%+
Title: Re: How much debt are you in?
Post by: Jay w on 26 November 2008, 22:17:04
i have a loan for Mia's additional tuition , that was interest free, i had the money to pay for it outright but decided to stick it all in a buliding society account and have it pay the loan on a monthly basis, i know i am not earning a lot of interest but anything is better than nothing at all......

My other debt is a directors loan from my business, and again that is interest free....

My mortgage is 89K and we want that taken care of in the next few years
Title: Re: How much debt are you in?
Post by: Radar on 26 November 2008, 22:30:24
Quote
Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
   What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?

It is a matter of convenience (i.e. not having to carry a big wad in your pocket at all times or cheque book). Also you can get protection/assitance in areas of disputes, lots offer reward schemes and to shop online where most of the best deals are had.