how financially stable / screwed are you?

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how financially stable / screwed are you?

130 posts & 75 voices | Started 5 months ago by enduro-aid | Latest reply from druidh

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enduro-aid - Member

Just been reading quite a bit on the bbc pages and money saving expert about financial planning and debt etc etc and it got me wondering am i in a bad way or really just average or actually quite healthy debt wise...

so how good / bad is your debt world and financial out look

I'll start

mortgage 90,000ish
credit card debt 2000ish
overdraft 500 quid

so single male under 30 approx £92500

stable job but no savings as have just renovated a house so just started to build them back up

you better or worse??

Posted 5 months ago #
trail_rat - Member

Couple - stable jobs

15k in student debt between us at a silly low rate

No other debt

a full years wages in the bank ( saving for a house deposit)

Posted 5 months ago #
tony24 - Member

Living at parents still with my partner. £12,000 in savings but still no hope of getting our own morgage yet

Posted 5 months ago #
Karinofnine - Member

Single female, owe £7k, have a job. Was in minor debt at the beginning of this year, then my car got stolen and my back worsened dramatically. Replace car + not getting paid for time off sick due to back = massive debt.

Edit: no assets, no savings

Posted 5 months ago #
Kieran - Member

I would say your financial status largely depends on how much your house is now worth, and how much it may increase by in the future.

Me, I'm 29 single male, I have zero debt, credit card is paid off every month (only really use it for security and I get cashback) and about £3K in savings, however I don't own any property.

Not bad after 9 months out of work, however the savings account had over £10k in before i lost my job

Posted 5 months ago #
flip - Member

mortgage none (house paid for)
credit card debt none
overdraft none

No debt, self employed.

I really feel for people loosing their jobs right now with big overheads, i count my blessings every day.

Posted 5 months ago #
BoardinBob - Member

I'm assuming you're talking about this article

http://www.bbc.co.uk/news/magazine-15197860

I'm fairly certain "Kate & Jai" are up to a bit of tax evasion, probably on behalf of Jai.

She's s nurse

He's an electrician

They have a combined income of £40k

They have a £300,000 house

They buy a new car every 2 years

Something doesn't add up for me. If the bloke's self employed, he must be doing a shed load of cash in hand jobs...

Posted 5 months ago #
jota180 - Member

Family of 5
2 working - eldest daughter and me
2 still in education [just]
1 looks after the house - wife

Mortgage paid off
No debt to speak of

Feels OK now but we had some very hard times in the 80s

Posted 5 months ago #
trail_rat - Member

Or the business owns the house and the cars ?

Posted 5 months ago #
jambon - Member

Building house in Spain with no loans.

Last savings dwindling and house no where near comfortable to live in.

Refuse to borrow any money though so it's work like a dog when I can in London until life levels out. At least I will owe money to noone at the end.

In the maen time.
No new road bike.
No upgrading HT MTB.
Having to try to sell the full susser. (2005 Giant Reign anyone?)

Feeling very skint indeed, but I'm sure it'll be worth it.

Posted 5 months ago #
FunkyDunc - Member

Couple + 1 toddler + 1 dog

£180k mortgage debt
£100k mortgage debt
£25k student loans
£2k credit card (currently)
zero overdraft
£13k car loan

But thats only half the story though isnt it.

£130k ish equity in houses (after debt paid)
£1k ish in car after debt paid.
£5k in the bank for a rainy day.

Posted 5 months ago #
mudshark - Member

mortgage none (house paid for)
credit card debt none
overdraft none

Main liability - 17 month old son

Posted 5 months ago #
MrTall - Member

My job will probably go at the end of 2012 but i've known this for a while so i've been saving to make sure i'm ok if (when) it does.

Mortgage £124k but currently on 0.98% deal so payments silly low. By my reckoning i should have enough savings to allow me to 'exist' for around 2 years with no additional income whatsoever so in reality a bit longer even if i picked up a minimum wage job in desperation. Wife works in local government in a stable (ish) job which would allow for the household costs to be covered. No kids as yet which makes the situation simpler but that may change. Have some equity in the property as well if things got really bad.

No credit card debts (paid off every month) and no other debts either. I'm a firm believer in only buying something if i can afford it (house aside).

Posted 5 months ago #
5lab - Member

under 30 male - got a gf but financially single

mortgauge about £155k left (started with 200k)

credit card - about £500 (mostly paid off monthly so no interest to pay)

other debt - none

savings - none

currently moving out of my 5 year mortgauge in the middle of the term to move to a cheaper deal - going to cost me 5k up front but will be cheaper in the long run. Getting that fix was a dumb move but at the time I thought rates were going to sky rocket.

With xmas coming up, just bought flights to Vietnam for my first holiday next year and buying some shiney parts for a road frame i'm building next year, I'm broke in the short term, but financially stable long term

Posted 5 months ago #
mrmo - Member

worse on the unsecured front, don't get made redundant. I have a job and am trying to dig myself out of the hole, but it will take time.

Posted 5 months ago #
BoardinBob - Member

Bit pointless listing figures without taking income into account?

Our pre-tax household income is 47.5% of our total debt (mortgage, bank loan, student loan) which will increase to about 51% once the loan is paid off in March

Posted 5 months ago #
gwaelod - Member

I'm assuming you're talking about this article

http://www.bbc.co.uk/news/magazine-15197860

I'm fairly certain "Kate & Jai" are up to a bit of tax evasion, probably on behalf of Jai.

She's s nurse

He's an electrician

They have a combined income of £40k

They have a £300,000 house

They buy a new car every 2 years

Something doesn't add up for me. If the bloke's self employed, he must be doing a shed load of cash in hand jobs...

They don't know how much their house is worth unless someone buys it off them.

Maybe the mortgage they have on the house is a lie to buy...and they have been extending the mortagage every few years to buy a new car.

Posted 5 months ago #
MrSmith - Member

Something doesn't add up for me.

lots of debt.

Posted 5 months ago #
enduro-aid - Member

yeah bob that the article i agree seems a bit off to me either that or she is just plain fibbing!!

looks like from the above reading that the STW massive are loaded with cash all those folk with no mortgages!!

I would like to pay off the credit card debt asap but things like xmas keep getting in the way!! have managed not to actually add anything to them tho as its a 0% balance transfer card

Posted 5 months ago #
BoardinBob - Member

I would have thought a nurse and an electrician would have earned more than £40k?

Posted 5 months ago #
neilsonwheels - Member

On the bread line here.

Time rich and money poor.

Posted 5 months ago #
ton - Member

couple
£60k joint income
3yrs left on mortgage @ £300 per month
no other debt.

Posted 5 months ago #
FunkyDunc - Member

I never understand people who wont have debt. I know its each to their own etc, but our cc debt is on 0% so we get the thing we want now (ie in part my current bike ) and pay for it over the next 12 months, rather than saving for 12 months and then being able to buy the bike.

Posted 5 months ago #
jota180 - Member

Bit pointless listing figures without taking income into account?

Our pre-tax household income is 47.5% of our total debt (mortgage, bank loan, student loan) which will increase to about 51% once the loan is paid off in March

OK then - our pre-tax household income is 0% of our total debt

Posted 5 months ago #
hungry monkey - Member

under 25 (just)

9k savings
14k student debt
no CC debt
accomm comes with job
currently earn enough to cover immediate costs, but not to save
shareholder in a business which may or may not be successful within the next year.

happy for now, but will be looking for more financial security within a year.

Posted 5 months ago #
5lab - Member

I'm assuming you're talking about this article

http://www.bbc.co.uk/news/magazine-15197860

I'm fairly certain "Kate & Jai" are up to a bit of tax evasion, probably on behalf of Jai.

I think that the house is fully paid off (inheritance??) as they don't mention any payments towards it. In addition a newish car (say 10k) every 2 years isn't that much money if you get, say, 6k for hte old one - 2k per year would be 5% of their pay

Posted 5 months ago #
Tom B - Member

25 years old and married-don't own a house yet and have no kids.

Between us we earn quite abit more than we spend on bills/general living, and excluding my 8k of student loan debt have no debts or savings......starting to save for a deposit on a house after xmas, but with me being self employed I'll be amazed if we can get a mortgage on house that we'd want to buy before I'm 30

Posted 5 months ago #
joolsburger - Member

Just a mortgage for about 25% of the value of my house and no other debt.

Posted 5 months ago #
gsp1984 - Member

It amuses me that they say they own a £300000 house, yet have a £360000 mortgage on it.

The banks owns the house, then some.

The only deby between my girlfriend and I is our mortgage. Which is small and more than affordable.

Posted 5 months ago #
flip - Member

Bit pointless listing figures without taking income into account?

I've no debt, i earn enough to pay the bills and buy stuff.

Posted 5 months ago #
dangerousbeans - Member

Time rich and money poor.

I am really considering this becoming my aim in life.

Posted 5 months ago #
gsp1984 - Member

I am really considering this becoming my aim in life

A happy middle ground is probably a better thing to aim for.

Work/Life balance.

Posted 5 months ago #
nickf - Member

Equity : debt ratio 4.5. Actual debt level would scare most people.

No credit card debt, no overdraft

Posted 5 months ago #
bigthunder - Member

Piss poor. No mortgage(council house),about 9grand in debt and no leeway to save. No pension and no foreign holiday ever. Im qualified and experienced and work 6x13hr days and we are getting nowhere fast. To be honest I dont really see the point of working anymore - Id be better off doing nowt and signing on. At least Id get a bit life to myself. Edit getting geared up for christmas/birthday hammering. Just glad that we both like the free things in life like walking the dog and riding my bike. Still makes me very sad at times though.

Posted 5 months ago #
binners - Member

Wrote off a crazy amount of money last year when my business folded.
Lost everything.
A period of unemployment, while not entitled to a penny in benefits, as I was still listed as a company director. And therefore technically 'employed'. Despite having no income
Racked up massive further debts just to live and feed my kids etc
Found a job eventually earning 30% less than I was 10 years ago.
Servicing said massive debts now takes a huge wedge of my reduced salary
My only possessions are my bikes. No car or owt

So to summarise: MAHOOOSIVE debts! No assets at all.

On paper - well and truly ****ed!!! In reality: Happier and more content than I've been in a long time

Its all just 'stuff' innit? Strangely liberating to be without it

Posted 5 months ago #