Saturday, Feb 16, 2008
Will be the same again for many celebs this time round
Telegraph: Fame and fortune: Dexter Fletcher
I was doing a lot of work by then and I guess I was under the impression I had more money than I did. But I was very wasteful – I bought a brand new Land Rover for £13,000 having gone to the showroom looking for a second hand car. When the salesman didn't take me seriously I decided to show off and prove I could buy something new and expensive, just to see the look on his face. Then along came the 1990s property crash. All the equity I thought I had in the house disappeared. My credit cards had racked up and I owed money to friends. Having defaulted on my mortgage I was a month away from being repossessed, so I put up a 'For Sale' sign and a couple knocked on the door who had just been gazumped on a house nearby.
Posted by lvmreader @ 08:44 PM (604 views) Add Comment
1 Comment
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1. lvmreader said...
I was doing a lot of work by then and I guess I was under the impression I had more money than I did. But I was very wasteful – I bought a brand new Land Rover for £13,000 having gone to the showroom looking for a second hand car. When the salesman didn't take me seriously I decided to show off and prove I could buy something new and expensive, just to see the look on his face. Then along came the 1990s property crash. All the equity I thought I had in the house disappeared. My credit cards had racked up and I owed money to friends. Having defaulted on my mortgage I was a month away from being repossessed, so I put up a 'For Sale' sign and a couple knocked on the door who had just been gazumped on a house nearby. They offered me £155,000 and after I paid off my mortgage (and anyone who'd loaned me money), I only had £10,000 left. I still owed a total of £90,000, so there was no other option than to go bankrupt. For a while afterwards I slept in my car, but eventually I moved into a rented flat in Finsbury Park.