Jump to content
House Price Crash Forum
grizzly bear

How Is This Possible?

Recommended Posts

I have just watched "Beat the Bailiffs" and I am gobsmacked.

Bloke earning £25k as paint sprayer managed to get £100k into debt on credit cards, mainly funding extravagant lifestyle - eg buying all latest gadgets, mac, gas BBQ, pedigree cat, leather sofas, mercedes, even spending £2k a year on magazines and £2k a year on booze. And lots of interest and late payment charges :lol:

The presenter said no real choice but to sell house only £15k equity and enter into IVA with creditors.

Bloke said, not my fault, credit card companies have insurance and they shouldn't have given me the money :unsure:

They pointed out even to pay the monthly minimum payment he'd have to have salary of over £120k :o

How is this possible - he had 10 credit cards :angry:

Share this post


Link to post
Share on other sites

to a degrree he is right - possibility of default on loans is essentially a part of the implied lending contract

this SHOULD go on his credit record and affect future decisions to lend him money

it is wrong tho that we have all paid for this lax initial lending

Share this post


Link to post
Share on other sites

Part of me thinks it was all an elaborate scheme by liebour to force socialism and equality through the back door by giving out endless loans never to be repaid.

Only they didnt contend with the fact most the population are idiots who would p1$$ it up the wall and end up poorer than when they started.

Share this post


Link to post
Share on other sites

Bloke said, not my fault, credit card companies have insurance and they shouldn't have given me the money

Although this man is a fool, he is basically correct. The lender should not give money to people who clearly cannot pay it back and they should do due diligence. Having said that, he should also reap the whirlwind by being made bankrupt and never being lent money to ever again.

Hope he had fun, cos it should all be downhill from here

Share this post


Link to post
Share on other sites

Good on him!

We need free spenders of his calliber to get the economy rolling again.

Yer he took down the banksters and taught them a lesson.

I do hope that now they have payed for there education they will comprehend the meaning of this lesson

Share this post


Link to post
Share on other sites

That's all OUR money this bozo has "stollen".

He should be locked up for 5 years.

We need more draconian measures to stop these people.

You really are an utter utter berk at times. So the risk should all be on the borrower, bring back the debtor's prisons? If you are being ironic, my apologies for not spotting it.

Share this post


Link to post
Share on other sites

Again, where is the FSA?

I have no interest in helping his extravagant lifestyle.

Surely this goes beyond running into difficulties and is bordering on fraud.

Both he and the regulators must be held accountable to stop this behaviour.

Share this post


Link to post
Share on other sites

You really are an utter utter berk at times. So the risk should all be on the borrower, bring back the debtor's prisons? If you are being ironic, my apologies for not spotting it.

Yes.

Taking money with no intention or ability to pay it back is theft. When did it become ecveryone elses fault when you do something wrong.

THis is part of what is wrong with the UK, people are not being responsible for their own actions.

They only way they will learn is by severe punishment. The time for being wishy washy politcal correct is over.

The credit card companies need to be regulated is someone is so easily able to defraud them but the person who took the money and spent it is responsible.

I may be a brek, but I am right. We need to see these people in Jail.

You can be fined for over-filling your bin but nick 100K and you get a pat on the back and helped. F**K OFF.

Share this post


Link to post
Share on other sites

Yes.

Taking money with no intention or ability to pay it back is theft. When did it become ecveryone elses fault when you do something wrong.

THis is part of what is wrong with the UK, people are not being responsible for their own actions.

They only way they will learn is by severe punishment. The time for being wishy washy politcal correct is over.

The credit card companies need to be regulated is someone is so easily able to defraud them but the person who took the money and spent it is responsible.

I may be a brek, but I am right. We need to see these people in Jail.

You can be fined for over-filling your bin but nick 100K and you get a pat on the back and helped. F**K OFF.

Chill, Winston.

He never borrowed any money.

Share this post


Link to post
Share on other sites

Again, where is the FSA?

I have no interest in helping his extravagant lifestyle.

Surely this goes beyond running into difficulties and is bordering on fraud.

Both he and the regulators must be held accountable to stop this behaviour.

Wouldn't the bankruptcy courts take a very dim view on the extravagant spending? I believe there is some sort of provision for these people not get off so lightly?

Share this post


Link to post
Share on other sites

You really are an utter utter berk at times. So the risk should all be on the borrower, bring back the debtor's prisons? If you are being ironic, my apologies for not spotting it.

You know spending or gambling with other peoples money that they have intrusted to you is a criminal offence.

Using the same thinking as some here. Why are the bankers in prisson right now?

They new all about the NINJA loans. no income no job

they played the odds and lost

I will tell you White collar crime is very rarely punished.

Share this post


Link to post
Share on other sites

That's all OUR money this bozo has "stollen".

He should be locked up for 5 years.

We need more draconian measures to stop these people.

Perhaps jail a too draconian, but yes I agree in prinicipal that his punishment should be more than selling his how and being able to write off his debts. Perhaps community service or similar. As I said he had bought every mod con for his house and had £300 of beer in the fridge. He spend £4k on his tiny garden. And had mercedes. Plus pedigree cat that cost £££.

TBH I would feel more sympathy for someone who had used the money for food, shelter etc. But no the money was used all on luxuries he simply couldn't afford.

Surely someone earning £25k shouldn't be allowed to borrow more than around £10k in total on credit cards. Even a £10k debt would have been hard for him to ever repay. If the banks can't self regulate then there needs to be limits on the amount of credit card debt someone can take on.

I would have thought that 0.25x gross salary would be about right, esp as this can escalate quickly if not settled.

Share this post


Link to post
Share on other sites

Perhaps jail a too draconian, but yes I agree in prinicipal that his punishment should be more than selling his how and being able to write off his debts. Perhaps community service or similar. As I said he had bought every mod con for his house and had £300 of beer in the fridge. He spend £4k on his tiny garden. And had mercedes. Plus pedigree cat that cost £££.

TBH I would feel more sympathy for someone who had used the money for food, shelter etc. But no the money was used all on luxuries he simply couldn't afford.

Surely someone earning £25k shouldn't be allowed to borrow more than around £10k in total on credit cards. Even a £10k debt would have been hard for him to ever repay. If the banks can't self regulate then there needs to be limits on the amount of credit card debt someone can take on.

I would have thought that 0.25x gross salary would be about right, esp as this can escalate quickly if not settled.

He didn't borrow any money.

hey ho.

Share this post


Link to post
Share on other sites

You know spending or gambling with other peoples money that they have intrusted to you is a criminal offence.

Using the same thinking as some here. Why are the bankers in prisson right now?

They new all about the NINJA loans. no income no job

they played the odds and lost

I will tell you White collar crime is very rarely punished.

This guy had a job. He earned £25k as a paint sprayer.

The point was he was spending like no tomorrow and they pointed out, just to service the minimum payments (as well as mortgage and other costs) he'd need a salary of over £120k.

Share this post


Link to post
Share on other sites

no he spend someone else's money.

there should be a limit on the amount of credit card debt that is allowed.

No, he didn't.

The banks pretended they had money and that was used to acquire goods.

There was no borrowing. bankers should be in jail for fraud, the property returned where possible and the debt cancelled.

Share this post


Link to post
Share on other sites

No, he didn't.

The banks pretended they had money and that was used to acquire goods.

There was no borrowing. bankers should be in jail for fraud, the property returned where possible and the debt cancelled.

I've decided that I cannot tell if I am dreaming or awake, therefore I'm going to hijack all threads to rabbit on about it since, until the question is answered, all other questions are meaningless... Injin, I'm sure that on some abstract level you are either right or right enough to make it an interesting issue. However, is it absolutely necessary to blather on about it everywhere? It's getting really boring...

Share this post


Link to post
Share on other sites

This guy had a job. He earned £25k as a paint sprayer.

The point was he was spending like no tomorrow and they pointed out, just to service the minimum payments (as well as mortgage and other costs) he'd need a salary of over £120k.

It is not just him!

he was only doing what 75% of the population does

Share this post


Link to post
Share on other sites

This guy had a job. He earned £25k as a paint sprayer.

The point was he was spending like no tomorrow and they pointed out, just to service the minimum payments (as well as mortgage and other costs) he'd need a salary of over £120k.

Well, what were the banks doing lending to him?

They must have known his income and current outgoings when they lent the money - if not then they were simply not doing their job.

With this attitude towards lending standards, they might as well replace cashpoints with skips of cash, and instructions to account holders to phone a call center to say how much money they are taking.

Share this post


Link to post
Share on other sites

No, he didn't.

The banks pretended they had money and that was used to acquire goods.

There was no borrowing. bankers should be in jail for fraud, the property returned where possible and the debt cancelled.

Then he never had any real money to spend either so obtained goods fraudulently, and is just as guilty as the bankers.

Share this post


Link to post
Share on other sites

Then he never had any real money to spend either so obtained goods fraudulently, and is just as guilty as the bankers.

Only if he knew that ahead of time, otherwise he's just another victim of the bank.

Share this post


Link to post
Share on other sites

I've decided that I cannot tell if I am dreaming or awake, therefore I'm going to hijack all threads to rabbit on about it since, until the question is answered, all other questions are meaningless... Injin, I'm sure that on some abstract level you are either right or right enough to make it an interesting issue. However, is it absolutely necessary to blather on about it everywhere? It's getting really boring...

Seems bang on topic to me.

Stick me on ignore though if facts bother you.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 142 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.