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Richard

Pick The Bones Out Of This One

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To be honest, if we could go bankrupt without losing our house I should welcome the chance for a fresh start

I bet you would love

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

This is a classic case of living so far beyond their means it is incredible. No sympathy...none at all.

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People living beyond their means? Incredibly common I'm afraid.

Wanting the easy way out? Also common.

Or did you mean "IMPORTANT NOTE 6 JAN: The site is currently under unprecedented demand" -

:)

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soory - couldn't help posting this. For all those who think the economy is fine and people who own homes could ride an economic downturn or a interest rate rise then take a look below

Balances of debts:

Overdraft £2000

Personal Loan £13334

Visa £3000

Amex £300

Personal Loan £9415

Amex £1000

Visa £3500

Mastercard £3600

Visa £2400

Visa £2800

Mastercard £700

Mastercard £3200

Catalogue £800

Visa £800

Visa £900

british Gas £960

Overdraft £1000

OVerdraft £650

Solicitors £650

Total: £51009

Our monthly income breaks down as follows: Husbands salary £1500

My income £ 500 (varies but never much more)

Child benefit £123

Tax credit £61

Total £2184

This is the reality of the UK today - this is what some people feel they have to do in order to maintain a lifestyle that has apparently been created by a 'miracle economy' and is very real.....b0llox

It is frightening that a young couple with a small family could get themselves into this situation.

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5x mortgage has crippled them, nuff said.

Don't you just love the shysters in the UK debt industry. As for all the other loans - where did they get their risk models from? Is the whole of the industry totally and utterly bereft of any sense of moral or financial stewardship - it certainly looks like it.

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In one respect there is a overwhelming sense of schadenfreude reading situations like this, but they are a quite common occurence on the MoneySavingExpert forum. Not a day goes by where a new thread appears with the latest poor soul with £20K+ in unsecured debt. It staggers me that the debt issue in the UK isn't played out in the media with much more vigour.

The £1.15T and growing figure is often bandied about in a very broad sense, but very rarely are situations like the one described here commented on.

The Guardian's Money section today was almost entirely dedicated to the Debt Mountain:

http://money.guardian.co.uk/creditanddebt/...1680818,00.html , yet they try to put a very positive spin on the situation giving two case studies with comparably miniscule debts that were "solved" using Credit Union style arrangements.

I suspect an optimistic sentiment is preferable to my doom and gloom perspective on the situation.

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That is really scary - felt a sinking feeling in the pit of me gut reading it. That morgage! WOW that's (give or take) a THOUSAND POUNDS MORE THAN MY RENT for a two bed house in Worcestershire in a nice road next to the countryside!

Dead money?? Yeah right.

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Mortgage £1489 (per month)

If the house is worth 210k, wonder what the monthly rent would be?

Dead money ehh!!!

What is frightening really is that she says the monthly mortgage payment is £1489 per month and her husband's salary is £1500 per month.

She does not say that there has been any change in circumstances causing her husband's salary to reduce.

So one can only assume that before the children came along they bought the house accepting the fact that it would consume his entire salary leaving her salary to pay the bills.

I am also shocked by her reason for having such a big mortgage

"It's only a 3 bed semi! i think the problem is that we live in an expensive area. So we'd have to move away from our friends and family to live more affordably which is obviously not something we would do lightly (particularly now that we have "the grandchildren"!)"

There is just no sense of reality here.

At no point has this person thought, 'you know what, I can't afford to live in an expensive area'.

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Explains why almost everyone I know is driving around in a 30 or 40K car these days. I think I will ask my local mechanic if they can get my old banger through another MOT this Summer.

:D Back in the day a crisp £30 note would have got you an equally bona fide MOT certificate .

Having been a bottom feeder in the car market for many years, I have concluded that

the only way to minimise the money pit that is car ownership is buy new or nearly new

and drive the thing into the ground for 10 years or so, then repeat.

New cars are incredibly cheap at the moment.

ABB

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Having been a bottom feeder in the car market for many years, I have concluded that

the only way to minimise the money pit that is car ownership is buy new or nearly new

and drive the thing into the ground for 10 years or so, then repeat.

New cars are incredibly cheap at the moment.

ABB

agreed - I tend to think buying a yr old is ideal to miss out the biggest chunk of depreciation.

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  • 301 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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