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Gavin

Anecdotal Debt

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Spoke to a friend of mine over the weekend, early 30's.

He told me he earns 75k a year. He has 2 kids. His wife was a nurse and has been forced back into work because of the interest payments on all the credit they have taken: 2 new cars, mortgage etc.

Now I happen to think this guys job (in the city) is not particularly specialised. I would imagine that over a 5 year horizon he must be a prime candidate for redundancy, even if he doesn't assume the same. A 25 year old willing to be paid half the amount could take that job easily, and perhaps do it more hungrily.

Why are people so arrogant that they think they will be earning more next year than this?

I would have thought that when you are on a decent wage you should be looking to get cash positive, because who knows whats round the corner.

I am actually an optimist in life, so I don't want to sound too negative but I just think people don't understand their true worth in a world where 20 million Chinese graduates are entering the global workforce annually. Please tell me I am wrong....

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Why does anyone need a new car except to boast about their wealth?

If you can afford a new car every 2 years without taking out a loan then fair play, but I wonder how many people have bought sports cars on the back of MEW (I know of one who bought an MG like this) or use loans/lease agreements?

I know someone who admitted they drive round in a leased Porche and pay more in costs than their mortgage

The correct thing to do is drive a cheap car until the mortgage is paid off, then save up... it's not rocket science.

Edited by NotDavidIcke

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One of the reasons I wont get a mortgage now (even though I can afford it) is cos I wouldn't be able to pay it easily if I got made redundant and had to take a 5-10K pay cut. I'm factoring that in!

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Why are people so arrogant that they think they will be earning more next year than this?

Because that's what they've been brought up to believe, just as they've been brought up to believe that property always goes up in value and that you should mortgage yourself to the hilt to get on the property ladder. Yet more reasons why the housing market has lost contact with reality...and it's instilled into pretty much everybody that the party will go on and we should celebrate those who've seen their houses rise in value because it'll be our turn next.

Dream on, 'cos - it's different this time!

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Saw a sticker on the back of a car some time ago (aren't they always funny???!!!!) Said "I know it's slow but it's paid for and it's in front of you"

Arf

Seen that, although it said "It may be old, but it's paid for...and in front of you"

A lot of the people I know have maxxed credit cards and all sorts of debts/HP/cars on finance etc, very scary, the worst offenders seem to be girls in their early twenties from what I've seen, they scrape by month to month (usually running out of cash at least a week befroe payday) just to keep up this appearance of wealth, wtf is the point of that! They should flog these silly things, lose as much finance/credit as possible and buy that old(er) car!

Edited by FTB

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Call me old fashioned.

75K a year with two kids and he sends his wife out to work.

He should be ashamed of himself.

Really? Have you actually tried to live in London on £75k a year and bring up two kids?

A small three bed semi is £300-350k round these parts, so there's more than half his monthly take home pay in mortgage alone. Factor in his annual travel costs (post tax) - a fortune in London - and there's even more gone! Now add in the cost of two kids...

Believe me, £75k is not the huge sum it sounds.

Nomadd

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Really? Have you actually tried to live in London on £75k a year and bring up two kids?

A small three bed semi is £300-350k round these parts, so there's more than half his monthly take home pay in mortgage alone. Factor in his annual travel costs (post tax) - a fortune in London - and there's even more gone! Now add in the cost of two kids...

Believe me, £75k is not the huge sum it sounds.

Nomadd

Other people manage it, on almost half that amount.

He's obviously not heard of 'living within your means'.

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He sounds like he's spoilt.

When you have kids they come first along with the wife.

He should buy outside of London and commute like many thousands of other people do each day.

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Guest Charlie The Tramp

Maybe once again we should be reminded how bad the debt situation is.

There is a big black cloud of debt hanging over the UK.

Credit Action August Stats

Debt, recession, and unemployment = Large correction in HP.

Add stagflation with higher IRs and that correction will be fearful. :(

Edited by Charlie The Tramp

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Maybe once again we should be reminded how bad the debt situation is.

Credit Action August Stats

Debt, recession, and unemployment = Large correction in HP.

Add stagflation with higher IRs and that correction will be fearful.  :(

Britain's personal debt is increasing by £1 million every four minutes.

*Looks guilty* :unsure:;):D

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Those links you posted. So funny some of the stuff.

"

hi

we emigrated 2 years ago to australia on the understanding of a good payed job.

unfortunately it didnt work out and we got into debt with our credit card companies back in the uk.

we wrote & told them of our differculties offering what we could some were ok but 1 has been sold to an australian recovery agent who have told we have to pay $500 a month instead of $50 we were paying to the uk ones.this is to much and we cant offord to pay all this..they said they take us to court and we would get blacklisted also have the baliffs sent in to take our posessions.

would we better going bankrupt both here in aussie & the uk

"

:lol::lol::lol::lol:

I suppose they must have had some "differculties" in their new "good payed job".

Perhaps it was teaching English !

Oh sh!t this is killing me :lol::lol::lol::lol:

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Blimey that debt forum is terrible.

Read the thread entitled "selling up and running" where some bloke is talking about the cr@p he is in, and that he is considering selling his house and running with the cash.

Then the reply is from someone who is touting for business, suggesting he ring her on 0800........

Disgusting!

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Hi all!

Just found this place and thought that I would seek some advice! Hope you don't mind?

For about 10 years now i've been building a huge debt! What started off as a small loan and the odd credit card or two has escallated into something i'm worried sick about! I predict that with-in the next 6-8 months my outgoing repayments will be more than my income!

My girlfriend has her own place so I never needed to worry about rent and the usual stuff, I guess technically i'm still living with my parents! Due to not having many outgoings I started borrowing money from the bank to treat myself, my girlfriend, her kids and now my kid! We bought a new car, done up the house and the kids want for nothing!

Before I knew it I was moving balances around and borrowing money from one lender to pay off another one! Things deffinately got out of hand!

I'm 30 years old and I guess now owe various lenders and credit card companies something in the region of £40,000 and to top it all off I don't really own anything other than an 8 year old Ford Mondeo!

I've concidered bankruptcy but don't really understand how it all works!

The other thing is that I have run all of these debts up and feel as though I should pay them! Trouble is it won't be long before I can't!

Please help!

http://www.debtquestions.co.uk/debt_forum/...opic.php?t=1686

£40k and nowt to show for it! Muppet!

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From the same thread.

'Only a bit? I am the complete introvert apart from when I've had a few, which is never nowadays and then I become the stroppy extrovert. I beat you neh neh neh neh! I had 22 loans, cards, etc and owed 50k. '

Jaysus F Christ!!!

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Oh no. This one is classic.

1) Collapsed business - Bad luck.

2) Huge business debts were secured against the persons themselves - Ouch!

3) bank abandons ship - Looks bad.

4) Sell everything off including endowment policy - makes sense.

5) Go on holiday to Tenerife !!!!!!!

:lol::lol::lol::lol::lol::lol:

http://www.debtquestions.co.uk/debt_forum/...topic.php?t=532

Edit: Numbering wrong

Edited by Losing Faith

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Same thread again

'I would have to pay £300 p/m (big difference from £870) for the next 11 years  !

I said I would like to think about it and talk it over with my partner who quite rightly stated that 11 years was a hell-of-a long time! My loans, if not topped up, could be paid off in 5 years but I said that with the interest and the off-setting of balances I would probably still owe that sort of money on CC's in 11 years time!

I think that I should go for it???????? '

Well durrrrr!

Edited by libitina

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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