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Realistbear

I'll Die In Debt, Say One In Three

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http://uk.finance.yahoo.com/news/I-die-debt-say-one-three-tele-3816064496.html?x=0

17:40, Tuesday 30 November 2010
Nine out of 10 people have run up unsecured debt and many fear they will never be able to pay back what they owe, a survey has claimed.
Around 89pc of people aged between 18 and 35 said they owed money on a credit card, loan or overdraft, the research showed.
A third of people admitted they did not think they would ever be debt-free, 54pc of whom said they would always need to borrow money in order to fund the lifestyle they wanted.
:o
One in five of these people also claimed they were not worried about the possibility of their debts being passed on to their next of kin if they died before they were repaid.
Just over half who owed money said they did not feel in control of their debt, with 8pc admitting they had needed to ask for help with repayments from a friend or family member. Eight out of 10 people also told the research for discount website MyVoucherCodes.co.uk that they thought it was too easy to borrow money through their bank or on credit cards.
Farhad Farhadi, MyVoucherCodes.co.uk's personal finance expert, said: "The majority of British adults owe money in some way, shape or form, but to see that almost a third think they'll never be free from debt is quite alarming.

I am pleased to be in what is probably a tiny minority: debt free.

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http://uk.finance.yahoo.com/news/I-die-debt-say-one-three-tele-3816064496.html?x=0

17:40, Tuesday 30 November 2010
Nine out of 10 people have run up unsecured debt and many fear they will never be able to pay back what they owe, a survey has claimed.
Around 89pc of people aged between 18 and 35 said they owed money on a credit card, loan or overdraft, the research showed.
A third of people admitted they did not think they would ever be debt-free, 54pc of whom said they would always need to borrow money in order to fund the lifestyle they wanted.
:o
One in five of these people also claimed they were not worried about the possibility of their debts being passed on to their next of kin if they died before they were repaid.
Just over half who owed money said they did not feel in control of their debt, with 8pc admitting they had needed to ask for help with repayments from a friend or family member. Eight out of 10 people also told the research for discount website MyVoucherCodes.co.uk that they thought it was too easy to borrow money through their bank or on credit cards.
Farhad Farhadi, MyVoucherCodes.co.uk's personal finance expert, said: "The majority of British adults owe money in some way, shape or form, but to see that almost a third think they'll never be free from debt is quite alarming.

I am pleased to be in what is probably a tiny minority: debt free.

Was amazed to find out the other day that a friend of my father's, who has had his own successful business since the 1980's and is now 60 years old, has two properties on SVR interest only mortgages! One of them he bought in about 1988, but he re-mortgaged for various reasons. Apparently he believes house prices always rise, so there's no need to get a repayment mortgage.

Looks like he'll be retiring flat broke in a few years time :blink:

I imagine this is a small insight into why the banks and the nations finances are so shot to pieces.

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EITHER inflation will let rip and holders of cash will pay for it

or we'll have SOME inflation and SOME jubilees - jubilees are already happenjing, I read on another thread that someone overheard some kids back froma round the world trip who then did a deal with the credit card company to pay a lower sum back. This is how it will work. (it has to really, this generation was mostly failed by the government, it is all very well being an adult, but naive people should not have been allowed to take out so much debt)

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One in five of these people also claimed they were not worried about the possibility of their debts being passed on to their next of kin if they died before they were repaid.

That would seem to imply that 80% of these people think debt can be inherited, which seems a suspiciously high percentage to me. I'm not convinced of the validity of these number.

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You can't take it with you! :huh:

As I understand it, that's the legal position - only your estate can be liable for any debt you owe at the time of your debt, and if it can't cover the bill, then your creditors have to eat the loss. In other words, liabilities cannot be bequeathed or inherited, only assets.

It wouldn't surprise me if the number of people dying of old age with debts that their estates can't cover is set to increase significantly in the medium term. I wonder how long it will take for this risk to be factored into actuarial decision making, the inevitable consequence being that older people find it more difficult to obtain unsecured lending, and those that can having to undergo medical checks, a more thorough vetting of their financial affairs etc. etc.

Edited by The Ayatollah Buggeri

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As I understand it, that's the legal position - only your estate can be liable for any debt you owe at the time of your debt, and if it can't cover the bill, then your creditors have to eat the loss. In other words, liabilities cannot be bequeathed or inherited, only assets.

It wouldn't surprise me if the number of people dying of old age with debts that their estates can't cover is set to increase significantly in the medium term. I wonder how long it will take for this risk to be factored into actuarial decision making, the inevitable consequence being that older people find it more difficult to obtain unsecured lending, and those that can having to undergo medical checks, a more thorough vetting of their financial affairs etc. etc.

Early adopters get away with taking the piss, the second wave adopters will get torn new ones.

Not happened with is cycle of the housing market yet though, has it?

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http://uk.finance.yahoo.com/news/I-die-debt-say-one-three-tele-3816064496.html?x=0

17:40, Tuesday 30 November 2010
Nine out of 10 people h....ordarch for discount website
MyVoucherCodes.co.uk
that they thought it was too easy to borrow money through their bank or on credit cards.
Farhad Farhadi, MyVoucherCodes.co.uk's personal finance expert, said: "The majority of British adults owe money in some way, shape or form, but to see that almost a third think they'll never be free from debt is quite alarming.

I am pleased to be in what is probably a tiny minority: debt free.

The guy who setup and owns that Website was The Secret Millionaire on Channel 4 a few weeks back. A thoroughly decent chap, even gave £5 grand to a community worker so he could go on holiday.

Decent bods website

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As I understand it, that's the legal position - only your estate can be liable for any debt you owe at the time of your debt, and if it can't cover the bill, then your creditors have to eat the loss. In other words, liabilities cannot be bequeathed or inherited, only assets.

It wouldn't surprise me if the number of people dying of old age with debts that their estates can't cover is set to increase significantly in the medium term. I wonder how long it will take for this risk to be factored into actuarial decision making, the inevitable consequence being that older people find it more difficult to obtain unsecured lending, and those that can having to undergo medical checks, a more thorough vetting of their financial affairs etc. etc.

I can imagine our banker friends are already working on getting the legislation passed where debts do get passed on and we get to pay the banks interest forever.

The only real hope is a debt jubilee, the system I fear is too fecked for anything else other than that we appear to be heading towards Mad Max time, unless we can find some dumb aliens for the Giant Squid to fleece.

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As I understand it, that's the legal position - only your estate can be liable for any debt you owe at the time of your debt, and if it can't cover the bill, then your creditors have to eat the loss. In other words, liabilities cannot be bequeathed or inherited, only assets.

It wouldn't surprise me if the number of people dying of old age with debts that their estates can't cover is set to increase significantly in the medium term. I wonder how long it will take for this risk to be factored into actuarial decision making, the inevitable consequence being that older people find it more difficult to obtain unsecured lending, and those that can having to undergo medical checks, a more thorough vetting of their financial affairs etc. etc.

My nan is on the state pension and pension credit. She hasn't got any debt, but she has credit limits of multiple 000s adding up into the 10s of 000s. i.e. she could go spend £35k tomorrow if she wanted to yet has £300 or so in the bank, £250 of which is the recent winter fuel allowance.

I'm in debt myself. I have some £700 overdraft. However it is interest free for another year so it is nothing to worry about, I had paid it off, but seeing as the interest free period was being extended for another year, I dipped back into it.

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As I understand it, that's the legal position - only your estate can be liable for any debt you owe at the time of your debt, and if it can't cover the bill, then your creditors have to eat the loss. In other words, liabilities cannot be bequeathed or inherited, only assets.

It wouldn't surprise me if the number of people dying of old age with debts that their estates can't cover is set to increase significantly in the medium term. I wonder how long it will take for this risk to be factored into actuarial decision making, the inevitable consequence being that older people find it more difficult to obtain unsecured lending, and those that can having to undergo medical checks, a more thorough vetting of their financial affairs etc. etc.

another driver for a decade-long housing bear market

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My nan is on the state pension and pension credit. She hasn't got any debt, but she has credit limits of multiple 000s adding up into the 10s of 000s. i.e. she could go spend £35k tomorrow if she wanted to yet has £300 or so in the bank, £250 of which is the recent winter fuel allowance.

If you don't mind my asking, does she have any significant assets, e.g. a house owned mortgage free? In other words, if she went out and spent that £35k tomorrow and then passed away the day after, would her creditors be in any way likely to get it back? If the answer is no and her position is replicated among a significant proportion of the retired population, then things are going to get interesting to say the least.

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If you don't mind my asking, does she have any significant assets, e.g. a house owned mortgage free? In other words, if she went out and spent that £35k tomorrow and then passed away the day after, would her creditors be in any way likely to get it back? If the answer is no and her position is replicated among a significant proportion of the retired population, then things are going to get interesting to say the least.

She lives in a 3 bedroom council house and has done for 50 years. No assets whatsoever. She has a few friends all in similar positions, no assets and on pension+pension credit. One has over £40k in debts and gets deeper and deeper into debt each week! She says she'll never pay it off. My nan complains they shouldn't let her lend/offer such high amounts of money when she could never pay it back.

I asked her why doesn't spend it all (like her friend has done) and let the debt die with her, she says she doesn't know.

If I was in such a position (no assets) and at such an age I'd probably go crazy on the credit then top myself.

Edited by Unemployed Youth

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http://uk.finance.yahoo.com/news/I-die-debt-say-one-three-tele-3816064496.html?x=0

17:40, Tuesday 30 November 2010
Nine out of 10 people have run up unsecured debt and many fear they will never be able to pay back what they owe, a survey has claimed.
Around 89pc of people aged between 18 and 35 said they owed money on a credit card, loan or overdraft, the research showed.
A third of people admitted they did not think they would ever be debt-free, 54pc of whom said they would always need to borrow money in order to fund the lifestyle they wanted.
:o
One in five of these people also claimed they were not worried about the possibility of their debts being passed on to their next of kin if they died before they were repaid.
Just over half who owed money said they did not feel in control of their debt, with 8pc admitting they had needed to ask for help with repayments from a friend or family member. Eight out of 10 people also told the research for discount website MyVoucherCodes.co.uk that they thought it was too easy to borrow money through their bank or on credit cards.
Farhad Farhadi, MyVoucherCodes.co.uk's personal finance expert, said: "The majority of British adults owe money in some way, shape or form, but to see that almost a third think they'll never be free from debt is quite alarming.

I am pleased to be in what is probably a tiny minority: debt free.

Sadly this life for most of us wage slaves - its a taboo, imagine saying your life is pointless and your going to be stuck in debt for the rest of your life.

But then don't we need to be in debt, or have economic incentive applied to people - Who would do all the crappy jobs, in fact who would do most jobs.

But I think its terrible that many people work hard all their lives and just make a living at best, its not fair, we often hear in the US - where people have to work two or three jobs, and there still deemed as poor.

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I can't remember the exact quote but in one of Terry Pratchetts books he describes how wizards actually know when they are going to die and hence, many a wizard has passed away after just finishing the last of his wine cellar, and owing a large amount of cash to his ex-friends. Just about sums it up. Personally if some silly sods going to lend me a pot of cash before I shuffle off this mortal coil, I'll take it and distribute it fittingly just as fast as I can. :lol:

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EITHER inflation will let rip and holders of cash will pay for it

or we'll have SOME inflation and SOME jubilees - jubilees are already happenjing, I read on another thread that someone overheard some kids back froma round the world trip who then did a deal with the credit card company to pay a lower sum back. This is how it will work. (it has to really, this generation was mostly failed by the government, it is all very well being an adult, but naive people should not have been allowed to take out so much debt)

They probably took a deal from the collection agency working for the lender, they won`t see the world again on credit? Am i right?

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She lives in a 3 bedroom council house and has done for 50 years. No assets whatsoever. She has a few friends all in similar positions, no assets and on pension+pension credit. One has over £40k in debts and gets deeper and deeper into debt each week! She says she'll never pay it off. My nan complains they shouldn't let her lend/offer such high amounts of money when she could never pay it back.

I asked her why doesn't spend it all (like her friend has done) and let the debt die with her, she says she doesn't know.

If I was in such a position (no assets) and at such an age I'd probably go crazy on the credit then top myself.

:lol::lol::lol: classic.

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Sadly this life for most of us wage slaves - its a taboo, imagine saying your life is pointless and your going to be stuck in debt for the rest of your life.

But then don't we need to be in debt, or have economic incentive applied to people - Who would do all the crappy jobs, in fact who would do most jobs.

But I think its terrible that many people work hard all their lives and just make a living at best, its not fair, we often hear in the US - where people have to work two or three jobs, and there still deemed as poor.

+1

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The silly things, they needn't worry.. Merv has a plan to make their debts disappear by inflating it all away.

...but that will mean people would have to take on even more debt to buy anything, prices would go up....mortgages will be virtually paid for, but even more unaffordable........and wages would have to increase, this country with many others in the west can not afford to increase wages....customers would go elsewhere. ;)

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  • 309 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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