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juvenal

Young And In Debt

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Install Real Alternative instead. It allows you to play Real Media files without all the crap that Realplayer includes.

COOL!! - I knew about it, but assumed that it wouldn't work on streaming stuff for some reason.

I was wrong - It works fine!!

Many cheers fella!

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I listened to it, wasn’t very insightful at all.

The one brief point, which ended flatly, was that they basically threw credit at (young) people with no oversight at all.

Her answer was of course to tell him to return to work as a bar man as if he can etch some sort of future from it.

The fantasy is unravelling.

They threw, even man handled, young people into debt to keep the bubble economy going, a decision that will have stark consequences further down the line.

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Install Real Alternative instead. It allows you to play Real Media files without all the crap that Realplayer includes.

www.filehippo.com is just fantastic.

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21 Year old's with £75 000 debt!!! Thats some crazy shit man. The parents should have been teaching them about budgeting.

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21 Year old's with £75 000 debt!!! Thats some crazy shit man. The parents should have been teaching them about budgeting.

How on earth . . .

What could they possibly . . .

:(

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21 Year old's with £75 000 debt!!! Thats some crazy shit man. The parents should have been teaching them about budgeting.

I can imagine GB trying to educate the little Browns

"Yeah right dad, dont spend what I havent got...., be prudent etc etc"

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How on earth . . .

What could they possibly . . .

:(

Young son of family friends in Eastbourne:

Fast cars, girls, drugs, girls, endless holidays, girls, the best gadgets, girls...

...and this was in 2004! He seems to be OK now. Hmmm...

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If I were 20 again and they were offering me £75000 in credit I'd grab it with both hands. I'd combine sensibility (getting a good degree, study hard, etc) with having some fun. Then I'd declare bankruptcy (with a handy little stack of cash under my bed) and wait six years before getting serious about credit again. If you're going to go bankrupt, get it done early I say. I think these kids have the right attitude.

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I can imagine GB trying to educate the little Browns

"Yeah right dad, dont spend what I havent got...., be prudent etc etc"

Just bung it on expenses son.

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You can quite easily be a 21 year old who has always behaved "responsibly" by trying to educate yourself and still be 24K in debt through student loans. And that includes working through the summer too.

The fees alone for a 3 year course are going to 9k plus interest. Borrow another 5k a year through student loans to live off/pay rent and it soon mounts up. Of that 5k you can easily be paying 4k in rent.

So because of top up fees driven by the governments policy of educating 50% of the population to degree level, graduates will be arriving on the job market aged 21 with upwards of 25k debt.

All at a time of rising unemployment and diminishing opportunities.

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Supposedly the youngsters are choosing the bankruptcy route. Programme researcher called me back, and I'm hoping to get the chance to ask why these bankrupts think that I, as a tax payer ( and thus bank-owner), should pay for the profligate lifestyles of feckless idiots.

As we know, defaults on bank debts are one of the reasons savings rates are so low, as banks rebuild their cash pile. Debts to companies push prices up, and can push firms over the edge. Job loss is a potential consequence.

Running commentary for anyone interested:

Here we go with caller Sean - £75K in debt at 21. Loans, expensive motorbikes, electronics. 'Owned' his own bar, and had a job which he lost. Been out of work three years. Can't take bar work, because a new baby is on the way. Won't work nights. So it's got to be the bankruptcy route.

Tanya, 22 - £60K in debt. Mortgage, loans. Unemployed, baby. Lost job. Went bankrupt. Repossessed (bought house at 22?) Now has council house; on benefits. Now has two kids.

Both felt that if they had the right job, they could pay back their debts! Yeah - £20 a week paid back for sixty years will clear it - whoops! - that's without the interest....

Expert and debtors saying it was too easy to get credit. Nothing about personal responsibility.

Onto Tony. Nurse. Owed £34K. His partner (also nurse) owed another £34K. Both purchased cars, and bought PPI. Diversion onto PPI, and problems with it. Victoria not asking how they felt about getting into £70K of debt. Expert explaining PPI agreement problems.

Expert explains consequences of bankruptcy. Victoria D. wishes two would-be bankrupts the best of luck with the future! Not a word of criticism of any kind. They were treated sympatheticially, as victims of some unforseeable catastrophe.

Two emails read out which were critical of the debtors; one more wishing Sean the one-time barman good luck! Probably his mother. 'There's light at the end of the tunnel' said the well-wisher. FFS

Rachel, 20's owes £7K. Has recent pay cut. It's too easy to get a credit card, she says, Has three cards. Too easy; sucked in.

Coventry Dave had credit cards. Too easy to get more cards, without checks.

Simon started a magazine. HSBC gave credit. 6 years on, the magazine collapsed. Bankrupt. But life goes on, new baby has arrived. Now freelance, but has a fiver in his pocket, and no credit cards. Simon has the gall to give banal 'inspirational' address to the feckless and potless in our kingdom. Bankruptcy gives one incredible relief, he says.

Another self-employed Sheffield Dave has £91K of debt after losing house. Wants advice. Repossessed, and now rents. Now in rental arrears. Has seven credit cards. 'Where did it all go?' says bemused Dave. Claims modest lifestyle, with 2 kids.

Sheffield Dave suggested Consumer Credit counselling and CAB. Bankruptcy gave him a 'wonderful feeling'. 'The best thing I've ever done..'.

Onto the nuts and bolts of going bankrupt. Fees incurred. Stays on credit record for six years.

Sheffield Dave didn't tell wife about debts. Claimed he was working to wife, when actually jobless. Lived on credit cards. Marriage splitting up.

Chris has £47K of debt on seven cards. Didn't go bankrupt. Got involved with IVA's, who did deal with creditors. Has managed to reduce debts down to £3K. Works 60 hours a week. Hopes to be completely clear of debt in 5 months. He's irritated with the feckless callers from earlier, who too casually accept bankruptcy as an immediate choice. It's taken 4.5 years, but he's going to pay all his creditors.

Victoria D doesn't appear to know who carries the can; what happens to debt default, or what its ongoing consequences might be for the lender.

And that was that.

The overall impression anyone in deep debt would have got was that their debts were little more than unforeseeable ill- luck, compounded by irresponsible lenders thrusting credit at them. Bankruptcy is an inconvenience, not much more, and gives a euphoric feeling as the letters demanding payment stop arriving.

Oh, and I didn't get a call back from the programme.

Too judgemental, I suppose..

Edited by juvenal

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On a more positive note :P

My cousin and his wife (very nice people by the way) have unsecured debts of £80k.

A few years ago she had an affair (she's the kind of girl that turns up to her wedding in a black limo and thinks it's classy ;) ), and I believe that he was stupid to a. take her back, and b. think that he needed to offer a lifestyle far beyond what they could afford.

Anyway, they tried to go the bankruptcy route, however as he's a fireman and she works for the state also (therefore both in secure jobs) the court told them they would not accept bankruptcy or reduced debts, and they had to pay them off in full.

I was very pleased to hear this, as they have to pay their debts, rather than the collective public. :rolleyes:

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On a more positive note :P

My cousin and his wife (very nice people by the way) have unsecured debts of £80k.

A few years ago she had an affair (she's the kind of girl that turns up to her wedding in a black limo and thinks it's classy ;) ), and I believe that he was stupid to a. take her back, and b. think that he needed to offer a lifestyle far beyond what they could afford.

Anyway, they tried to go the bankruptcy route, however as he's a fireman and she works for the state also (therefore both in secure jobs) the court told them they would not accept bankruptcy or reduced debts, and they had to pay them off in full.

I was very pleased to hear this, as they have to pay their debts, rather than the collective public. :rolleyes:

excellent

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On a more positive note :P

My cousin and his wife (very nice people by the way) have unsecured debts of £80k.

A few years ago she had an affair (she's the kind of girl that turns up to her wedding in a black limo and thinks it's classy ;) ), and I believe that he was stupid to a. take her back, and b. think that he needed to offer a lifestyle far beyond what they could afford.

Anyway, they tried to go the bankruptcy route, however as he's a fireman and she works for the state also (therefore both in secure jobs) the court told them they would not accept bankruptcy or reduced debts, and they had to pay them off in full.

I was very pleased to hear this, as they have to pay their debts, rather than the collective public. :rolleyes:

She should only attend weddings in future if they are on a bus route. That'll save a few quid.

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The overall impression anyone in deep debt would have got was that their debts were little more than unforeseeable ill- luck, compounded by irresponsible lenders thrusting credit at them. Bankruptcy is an inconvenience, not much more, and gives a euphoric feeling as the letters demanding payment stop arriving.

Very well known mostly-public-owned high street bank just gave me a credit card. £11.5k limit (asked for 2k).

If I actually spent up to all my credit limits, just servicing the minimum payments would almost certainly push me into a bankruptcy spiral.. although there is an element of personal responsibility in this, it would help if people had to actually ask a human before being allowed enough rope to hang themselves.

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On a more positive note :P

Anyway, they tried to go the bankruptcy route, however as he's a fireman and she works for the state also (therefore both in secure jobs) the court told them they would not accept bankruptcy or reduced debts, and they had to pay them off in full.

I was very pleased to hear this, as they have to pay their debts, rather than the collective public. :rolleyes:

What a heartwarming tale!! It's put a spring in my step!

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She should only attend weddings in future if they are on a bus route. That'll save a few quid.

sometime, Minos, you're so full of the warmth of human empathy and family-love that I feel I could warm my hands against your radiative charm

honestly, I could ;)

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Young son of family friends in Eastbourne:

Fast cars, girls, drugs, girls, endless holidays, girls, the best gadgets, girls...

...and this was in 2004! He seems to be OK now. Hmmm...

I wish I'd done this now.

I could have a fast new . . . tractor. Lovely 170hp Ford or John Deere. A new plough too. A muck spreader. A proper rice dryer. A few new silos.

The best bit would be they couldn't repo any of it.

I'm too honest.

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Very well known mostly-public-owned high street bank just gave me a credit card. £11.5k limit (asked for 2k).

I think we have the same card issuer. About 18 months ago when the news was dominated by NR and credit crunch I asked for £1k limit so that I could keep my own money seperate from my business expenses.

Got card and letter stating that minimum limit was £5k and they had started me off with £6k.

The week after I activated my card I got a junk letter telling me I had been approved for a £6k loan and all I had to do was sign and return the enclosed loan agreement. It had all my details already completed. I could have had £6k for a signature and a trip to the pillar box.

If they thought that was responsible lending there's no wonder they needed a bail out!

I am not surprised a lot of people have debts around their ears, its too easy to get hold of. I know someone who declared himself bankrupt after running up nearly £30k on credit cards to fund his gambling addiction. He had 10-12 cards and kept making cash withdrawals to make minimum payments and expanded his cards and limits in order to fund his gambling.

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So because of top up fees driven by the governments policy of educating 50% of the population to degree level, graduates will be arriving on the job market aged 21 with upwards of 25k debt.

Fees = government spending cuts.

Its one of those 'hard decisions' everyone says that they want when its kept nebulous and then don't want when it gets specific.

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