Reply to: Who on here has the biggest debt?

[ZeroDegrees1234]

88K mortgage

12 months into IVA

[foritisme]

If you want any help with the specifics please PM me. Good luck mate

Thanks Zippy. A fair chunk is one a low interest until balance paid off credit card. I did have 0% virgin, until I missed a payment over xmas. So transferred off and waiting for their next offer til I transfer back.

[Jawz]

One house paid off and owe £50'000 on my second house. But they are in Oz, so I guess thats cheating..

[scooterscot]

No mortgage, still renting
£50k cash in the bank
waiting for the next houseprice crash just like atw

Buy a house in Scotty land we've not seen a house crash in the last 90 years, onwards and upwards softly and gently, crash & boom can only bring doom...

[Lockhouse]

I would have retired by now but women have kept me poor....

[stackpole]

Go IVA / bankrupt. Easy these days.

[Zippy]

Well technically yes..................just wish I could get rid of the 45K. Have thought about adding it to the mortgage but wanted to try the save up and pay in off in a cpl of years route. Everytime I get a bit of money together to pay a chunk off something happens that just seems to eat into it.

I don't agree with OracleSmith (a rare occasion!) that you should add the debt to your mortgage. At the moment - I'm assuming! - this debt is unsecured so please don't secure it against your house unless you really, really have to. You also say that you are trying to save up and pay it off so you don't really want to commit for 15/20 years payments??

What I'd recommend you do (and I've done this - allbeit with a smaller sum) is transfer as much as possible onto low interest credit cards e.g. the M&S More 3.6% life-of-balance deal, Virgin 0% for 12 months deal, 0% GE Money card. I transferred off other cards then closed them but have kept one empty for life-or-death situations or groceries or future cheap balance transfer deals .

There are a few money saving/value websites out there so have a look around for some deals before you bet the farm.

If you want any help with the specifics please PM me. Good luck mate

[expat]

lots of savings which I plan to invest in fairly aggressive high risk shares which will yield big divis, provided all goes well.

Ah, so no big debts yet?

[boredsenseless]

I'm asset rich, cash poor! I have two small properties worth £350,000 each both mortgaged to thier maximum. I'm about to plunge money into my huisbands resturant but its ok I have £700,000 in assets to fall back on. My IFA is great!

Sayara Beg

I was about to take the p155 out of you sockpuppet but then i noticed the sarcasm in the last line and it made sense then.

[andy]

No mortgage, still renting
£50k cash in the bank
waiting for the next houseprice crash just like atw

[Sockpuppet]

I'm asset rich, cash poor! I have two small properties worth £350,000 each both mortgaged to thier maximum. I'm about to plunge money into my huisbands resturant but its ok I have £700,000 in assets to fall back on. My IFA is great!

Sayara Beg

[basshead]

350k mortgage plus 17k credit card debt plus 10k personal loan. The house is worth around 500k. The wife and I make about 110k p.a. between us

[PRC1964]

House bought for 345,000 in early 2000 (120k mortgage) spent about 50k on it since and now valued at £800k


Cleared all other debts, but still got the 120k mortgage. That'll be the next challenge.

[rootsnall]

I'll give you a clue. http://news.bbc.co.uk/1/hi/business/6357551.stm

Currently in Blighty is best mode. With all this global warming Costa Del Lancashire will be the place to be come my retirement !

[sunnysan]

Debt

I have about £300 left on my credit card.

I have a 135k mortgage (Was 128k but the wife had app 7.5k debt which I bombed on the mortgage). Flat is worth about 175k.

Wife (For richer or for poorer so they say) has about 1k debt outstanding.

On the downside, I got married last year so I have no savings (About 2.5k) and about (1.5k) invested in shares which are seriously underperforming.

So theoretically I am in the black but FFS it would be nice to have some more chedder in the bank.

Onwards and upwards