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Zaranna

Anecdotal - Debt Levels

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A statistically meaningless anecdotal :D which nevertheless just adds to the growing mood "on the ground" about personal debt....

I was in "Miss Selfridge" this morning buying some reduced "mid-season sale" embroidered pyjamas - very nice they were too for four pounds ("Miss Selfridge" can't be making much profit at the moment, I shouldn't think). The woman in front of me at the cash desk was paying in cash for a coat, and was asked by the salesgirl if she wanted to take out the usual 10 percent off storecard instead. Rather than just saying "no", the woman launched into a lengthy explanation of how she couldn't take out any more storecards because she'd run up over 20k worth of debt on them and was having to sell her house to pay it off ("you don't realise that they're going to charge you so much interest", she said). The salesgirl agreed with her and said "I know what you mean - I don't have any cards myself because I've seen so many people get into trouble with them". I thought it was interesting not only that both were talking about refusing credit, but were so open about talking about it.

What with Beat the Bailiff and all of that stuff, it looks like people's awareness of the problems of personal debt is growing and growing.....how many more people are going to have to sell their houses to pay off debts?

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I think some people are so sick of having credit pushed at them they're ceasing to care what people will think and are talking quite openly about it. I practically have to stick a label saying "I DON'T WANT A CREDIT CARD" on my forehead whenever I go into the Halifax.

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she'd run up over 20k worth of debt on them and was having to sell her house to pay it off ("you don't realise that they're going to charge you so much interest", she said).

Urm... so she's run up a five figure debt on store cards, and there she is buying a new coat. Presumably the last 20k of stuff is starting to look a bit "last season" :huh:

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I think some people are so sick of having credit pushed at them they're ceasing to care what people will think and are talking quite openly about it. I practically have to stick a label saying "I DON'T WANT A CREDIT CARD" on my forehead whenever I go into the Halifax.

I actually went into Alliance and Leicester on saturday to make an overpayment on my mortgage. The bint behind the glass informed me I had been "pre-approved" for a personal loan and would I be interested. I pointed out I was there to pay my debts off, not increase them, and why on earth would I need a loan when I have enough spare money every month that I pay 3 times more on my mortgage than the amount required ???

She just snorted and stuck her face back to her screen like I was stupid for turning down their free money. :huh:

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I would love to think of a quick cheeky retort to sales people and bank cashiers who would like to offer credit or "upgrade my account" or whatever...

I can only think of...

"I ve won the lottery, and dont need it, thanks but no thanks...." [sorry weak it is]

Or

"Its ok, I m a Buy-to-Let landlord, the credit comes from my ever increasing assets"

Edited by notanewmember

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Urm... so she's run up a five figure debt on store cards, and there she is buying a new coat. Presumably the last 20k of stuff is starting to look a bit "last season" :huh:

Ha ha - yes, I thought the same :D It was reduced because it was damaged and they also talked for ages about how it was non-refundable because of that, so maybe she was being more frugal than she seemed, poor thing!

I was pretty mad at having to wait in the queue for so long while all this yapping was going on, though :lol:

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Urm... so she's run up a five figure debt on store cards, and there she is buying a new coat. Presumably the last 20k of stuff is starting to look a bit "last season" :huh:

Indeed, from just these few musings we can firmly conclude that she is indeed a cow. <_<

Edited by BuyingBear

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I have a friend who sold their house to pay off debts - really sad to see.

As I have posted before, it looks ever more likely a friend of mine might have to do the same.

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I have a friend who sold their house to pay off debts - really sad to see.

Serious question, but why is it sad to see? It's only a house, not a limb or vital organ they are selling.

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Serious question, but why is it sad to see? It's only a house, not a limb or vital organ they are selling.

Two possiblilties:

Its sad to see people making such a mess of their personal finances that they have to sell their home to pay off debts spent acquiring useless tat.

Either that or its sad to see hard working people unable to make ends meet (usually due to HPI) whilst others taunt them with their mewed BMW's etc.

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Either that or its sad to see hard working people unable to make ends meet (usually due to HPI) whilst others taunt them with their mewed BMW's etc.

Maybe, it certainly pisses off those with real un-mewed BMW's.

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I say: "I'm not in debt, and i'm not going to start getting in debt now. Would you like to borrow some money off me?"

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Serious question, but why is it sad to see? It's only a house, not a limb or vital organ they are selling.

I think their are people out there that would be happy to trade off a vital organ for a house (a lower intestine for a house? and stupid enough not to read the fine print. ie. You've only got one)

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Serious question, but why is it sad to see? It's only a house, not a limb or vital organ they are selling.

Because my friend isn't good with money, has a kid and I can see the cycle coming around again - getting into debt. Some people just aren't good with money. Friend has 10K in bank, I've advised about ISAs and High interest savings, but friend has gone to Disney world and bought new sofa etc....I tried!

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Guest Charlie The Tramp

Because my friend isn't good with money, has a kid and I can see the cycle coming around again - getting into debt. Some people just aren't good with money. Friend has 10K in bank, I've advised about ISAs and High interest savings, but friend has gone to Disney world and bought new sofa etc....I tried!

Neither are these and it grows day by day.

Another Long List For Tomorrow

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Both my current and previous landlord are having to sell up to pay off debts. The first bought using the right to buy scheme about five years ago for about £45k but ran up some debts and sold up to pay them off. She sold for £165k, made a mint and went on another spending spree. Her new husband also decided to do the same and spent a sizable chunk of her money on his own debts.

My current landlord owes in excess of £45k in loans and recently discovered his £65k mortgage is interest only, realising this he's decided to sell up and has accepted a offer of £125k (asking price was £145k).

Hopefully me next landlord will have some financial sence, moving house is a pain in the back side.

Edited by HomeAlone

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I would love to think of a quick cheeky retort to sales people and bank cashiers who would like to offer credit or "upgrade my account" or whatever...

I can only think of...

"I ve won the lottery, and dont need it, thanks but no thanks...." [sorry weak it is]

Or

"Its ok, I m a Buy-to-Let landlord, the credit comes from my ever increasing assets"

If they pull a snotty face and keep trying the hard sell then how about:

"Listen, I don't need to borrow any money. But if I had a low paid job like yours, I probably would..."

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I would love to think of a quick cheeky retort to sales people and bank cashiers who would like to offer credit or "upgrade my account" or whatever...

I can only think of...

"I ve won the lottery, and dont need it, thanks but no thanks...." [sorry weak it is]

Or

"Its ok, I m a Buy-to-Let landlord, the credit comes from my ever increasing assets"

Reminds of a time when I said in reponse that I didn't need another credit card. I already had two and I cleared them every month.

The clerk sneered "Well, that's fine if you can afford to do that"

I replied "I can afford to do it, because I pay them off every month - geddit?"

I actually sympathise with these bank clerks. They are pressured into selling like mad these days and get ridiculed by management if they miss their target.

I now fill out slips in advance and post them in the box in the branch. This means, I get the branch to do the work, but don't have to suffer these inane sales chats.

Back OT I know to people who have flippantly suggested selling their houses to pay off their debts. I don't think they are serious, but you never know.

NDL

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Reminds of a time when I said in reponse that I didn't need another credit card. I already had two and I cleared them every month.

The clerk sneered "Well, that's fine if you can afford to do that"

I replied "I can afford to do it, because I pay them off every month - geddit?"

:D Brilliant ! :D

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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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