Saturday, Apr 24, 2010
Should actually read £55 Billion !
BBC: Hidden debts 'amount to millions'
In the words of Confused76 MWAHAWHAWHAW.
Only ever had one loan myself (for a car). Realising it was 26 months to pay for the car and 10 months to pay the
interest I decided it was better to save up for things.
Posted by tenyearstogetmymoneyback @ 09:14 AM (1440 views) Add Comment
20 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. cyril said...
technically £55bn is 'millions' - 55,000 of them!
2. vacuouspolitician said...
How is this funny? I actually find this story and other similar ones rather tragic - simple minded folk being conned into living 'the dream'.
You should be ashamed of yourself - Mwah indeed!
3. mdmick said...
It's an Austin Powers reference - relating to how millions are as potent as billions in a modern huge sum of money.
'Austin Powers - International Man of Mystery'
I wouldn't look any deeper than that baby, yeah!
4. tenyearstogetmymoneyback said...
vacuouspolitician
A few years ago you used to get car stickers which said
"This car might be old and clapped out but at least it is paid for and in front of you"
I suppose that sums it up. Having spent five years going to college and thirty years at work
you look at other people and wonder how they are doing so well in comparison to yourself.
As the article shows a lot of the time they aren't, it is all a lie paid for by borrowed money.
The problem is a brand new BMW every couple of years looks far more impressive than
25 years of payments into a final salary pension scheme.
5. tenyearstogetmymoneyback said...
Just though I would add (which links in with the "Honey, I Lost the House. Now It’s Time to Party:" thread
that for a long time I have advocated the US principle of jingle Mail which would offer lots of these people
a chance and stop the banks from being so reckless.
6. greenshootsandleaves said...
Headline v article - Concealing the true extent of the debt from the partner
Looks like Auntie is in on the act !
7. icarus said...
The BBA said being a "home owner" has nothing to do with securing a loan....and it would be "a last resort to force a sale". That doesn't exactly take the sting out of this narrative. And they go on "More commonly the debt is covered when the house is sold voluntarily". Hmmm, it would be interesting to see their definition of "voluntarily".
8. mken said...
More numbers from the study appear in Hidden Debt
The figure given - personal debt in the UK is £9,731.51 (excluding mortgages) - is greater than the April 2010 figures at Credit Action - which gives a figure of £8,920 (excluding mortgages).
Total UK indebtedness is £30,000 per person, £114,000 per household.
9. enuii said...
TYTGMMB@4, always have this problem with the Mrs when she says so-n-so is going to xy&z on holiday, has bought 4 bed det or has merc/beemer etc up drive. I just remind her that a) they have the same sort of jobs and income as us, b) you can't see in their bank accounts and c) you don't know how much money they have borrowed.
Works most of the time but she still subconsciously thinks that somehow they are doing better than us.
Personally I'd rather get the man off my back, after all a house keeps you warm and dry, a car gets you from A to B and if you had a decent stress free lifestyle you wouldn't need an expensive holiday to get away from your job!
10. Borrowed Time said...
enuii
I'm all for saving, having a decent house and car but why not take your wife away on a nice holiday?
Crack open that wallet of yours and live a little. Life is for living.
11. gone-to-colombia said...
Another example of how stupid people can be.
12. icarus said...
enuii 9 - what are you going to say to her if she argues that by borrowing to consume your neighbour is doing more for the economy.then you are?
13. alan_540 said...
@2 vacuous politician - couldn't agree more, sad indeed.
14. tenyearstogetmymoneyback said...
In an attempt to justify myself here are two examples of the type of person I am thinking of.
My previous Landlords Granddaughter who had lived in the house before, seemed to have debts with
dozens of companies. Because she never got her mail redirected I was having to fend off Bailiffs on a
monthly basis. I simply told them to contact the lettings agent.
After about six months she needed to come round to collect something from the house and to see the letting agent.
To our amazementthey turned up in a three year old BMW Convertible ! Having caused trouble at both locations,
the lettings agent decided they no longer wanted anything to do with house, and moved me.
The one time I went to the council office to pay my council tax I got stuck behind a woman for about ten minutes
while the clerk explained how if she paid a buit of this and a bit of that she would only be about nine months
behind with her payments. Having paid my bill (which took about 30 seconds) I walked out of the office to see
her driving off in her BMW (a bit of a theme developing here)
People keep talking about Government cutbacks. I wouldn't laugh about any job cuts anywhere as they are
usually outside the persons control.
As for debt, the only options I would give are a three times salary mortgage and Hire Purchase for everything else.
15. Exiges said...
Interesting to see that the title has been changed to billions
16. mark wadsworth said...
@ Tenyears, Ennui and I and plenty of others know exactly what you mean and think much the same. Don't apologise for saying what you mean.
17. tenyearstogetmymoneyback said...
Thanks Mark
A final comment before bedtime.
In reality it will probably be the Debtors going MWAHAWHAWHAW when they increase our taxes
so they can have have a reasonable life when they retire.
18. tenant super said...
Aside from the silliness of people buying on the never never... I think there's a point here about financial autonomy. My debts, assets, salary and other financial circumstances are nothing to do with my partner. Things would be different if we lived together and owned a home. Nigel from Bath with the wife of the seven store cards should ensure she has no access to any of his money (no doubt it's him with the bigger pension pot). If I were I man I would never marry or put my partner on the house deeds because this is what happens. I've seen it first hand with my long suffering and hard working father and my dumbass mother and her handbag habit.
19. devo said...
tenant super
though i disagree with a lot of what you say
you have the ability to tell it how it is in a most poetic and unselfconscious form
20. tenant super said...
I hope that being totally honest and expressing such a singular (and often unpopular) view will aid dialogue that will improve my position. You disagree with much of what I say and most of my friends, colleagues and associates do and always have! And they can't all be wrong, surely? So there must be something that everyone else sees and understands, that for some reason, I just don't get. So I keep on trying!