Jump to content
House Price Crash Forum
Sign in to follow this  
Manic Miner

Anecdotal From Moneysavingexpert

Recommended Posts

I really wonder why people post on the that forum asking whether putting money into property is a good idea, when they are soo much in a debt

Its pretty obvious to THEM they are taking on a huge gamble, and they need support and comfort from strangers that they are not MENTALLY INSANE!

Beggars belief - dont they watch those property renovation shows ? Surely by the nuggets of knowledge from beeny etc they should easily make profits on any property. No need to ask people on forums doh

Edited by notanewmember

Share this post


Link to post
Share on other sites

Someone's up to their eyeballs in debt but they've got a plan:

From MoneySavingExpert Forum

Borrow more money, move house and build an extension of course :o

Almost forgot to mention, BTL investment gone wrong is part of the cause of the debt.

Here's a plan....

Stop buying things you cant afford!

Edited by jp1

Share this post


Link to post
Share on other sites

How about

Stop buying things you cant afford!

NO!

Because I m worth it !

+ my lifes empty if i dont buy the best, and now!

+ i want to impress my peers

+ I want to impress strangers

+ its the latest fashion

+ I will be happy (in the short term)

+ I deserve it

+ Jordan has two

+ you only live once

+ I could get hit by a bus tommorow

+ the item I want to buy may not be there tommorow

+ everyones got one

+ I want little johny the BEST things in life - I dont want to be labelled as a bad parent

there are so many reasons - the will to give in to the consumer age is hard to resist!!! HELP !

Edited by notanewmember

Share this post


Link to post
Share on other sites
Current debt

M&S Money £3450 0% apr for next 5 months

LLoyds £5500 0% apr till Aug

Barclaycard £1170 0% till Aug

Citi £3294 0% running out. Paying off this month with egg money.

Capital 1 £3919 0% till Aug

Virgin £0.11 (paying off with difficulty!)

Nationwide £566.39 (not really a debt because i pay this off each month.

DHs petrol card. High amount due to purchase of

router for my laptop)

Total £178995

Also have £9400 out with Egg Card but that is resting in my A&L savings account gathering interest

:blink: That's not a good situation to find yourself in.

Rule #1 - Don't Live Beyond Your Means.

Share this post


Link to post
Share on other sites

:blink: That's not a good situation to find yourself in.

Rule #1 - Don't Live Beyond Your Means.

Total £178995

No wonder they're in debt, they need a calculator ;)

Either that or theres a lot they haven't mentioned in that list

Share this post


Link to post
Share on other sites

I really wonder why people post on the that forum asking whether putting money into property is a good idea, when they are soo much in a debt

Its ignorance about investment and money.

And it is pandemic in this country.

Property is still considered a rock-solid vehicle by a frightening majority, whereas equities and commodities are seen as "too risky" or a "gamble".

Share this post


Link to post
Share on other sites

That woman's approach is frightening.

Income not enough to cover outgoings. No increase in income, so you must cut outgoings to survive.

BUT, she was paying school fees for a kid who had already flunked his GCSEs at a grand a month, she's paying for the daughter to get p1ssed up at university (been there done that, so please don't tell me you can't stand on your own financial feet when there), she's already in serious monthly cash flow problems and has several cards loaded up with small(ish) amounts - that indicated to me that she can't get high credit limits or she would have consolidated.

They have already played the BTL game and lost - surprise surprise.

How can the obvious solution of not moving and paying debt down (assuming that income will match the £4K outgoings) for a year and a half and not killing her husband through overwork NOT have dawned on her.

I get the impression she is simply looking for a cheap mortgage deal and looking for the property miracle on the next house - hence the extension plans.

Utter madness or total brinkmanship - I know which one I think it is - I know it's easy for me to sit here in wonder, but ferchrissakes, what is wrong with some people - if you start going under, don't take on more water....

Share this post


Link to post
Share on other sites

i hadnt got to the end of that thread yet but one thing sticks out

"Virgin £0.11 (paying off with difficulty!)"

pay the darn thing off and close the account

Time to simplfly ones life methinks, and live at one with the birds and bees (and the postman will thank you for one less statement each month)

Share this post


Link to post
Share on other sites

Borrowing money you don't have to impress people you don't like to buy things you don't need!!! :)

That was me, you paraphrased me. It is the definition of consumerism:Buying things you don't need, with money you don't have to impress people you don't like.

Share this post


Link to post
Share on other sites

Having read the entire thread, they bought it in 1987 and paid £50K - it's only worth £179K now - ????? what the hell were they playing at even then ?

BUT, they have already played mortgage games - with a £668 mortgage their mortgage is now over £100K, so they have already played the MEW route by at least 50K - presumably to fund a lifestyle they don't earn and to buy BTLs.

Then it looks like the killer has been school fees and funding the daughter - that's the entire £17K in one hit. The kid flunked, don't pay to sort him out. Let him work it out himself and take a better route - say try an apprenticeship - if he's bright enough and flunking was an aberration, he'll get a skill and a trade anyway, if he's not, they are chucking money away.....

By her numbers OH earns about £40K a year on average (taking middle of 1.8 and 4.4 and charitably saying that's gross) and she earns £15K a year.

They are simply overspending all the way - taking on debt after debt and living lifestyles they can't meet with their appalling money skills - they have the cash coming in and he's a builder, yet they are in a house with less than £70K of equity after 20 years - what the cluckin' hell sort of builder is he if he's not made in the last 20 years....

Share this post


Link to post
Share on other sites
Guest horace

Somehow, something is telling me that this `is a wind up merchant`.

I will believe it when the poor lass claims she has a newspaper bill from her newsagent for the daily purchase of The Star.

h.

Edited by horace

Share this post


Link to post
Share on other sites

That board on mse is sometimes strange sometimes funny sometimes downright pitiful.

Its often like one of those fat buster clubs or AA's, people post how stupid they have been, then people offer advice and encouragement to sort out their debt. You can almost feel the pats on the back, and the understanding nods.

Replace "oooh, i've lost 2lbs this week by only eating cabbage, mind, my partner left after three days of the smell"

With "i've spent £10,000 a year for the last 10 years more than i've earnt and have nothing to show for it, oh, and my partner left because of the mountain of debt."

Thats OK says everyone, just put £2 a week into a pot and it'll be ok in a thrice.

Still, its better than eastenders or coronation street i suppose

Share this post


Link to post
Share on other sites

Thats OK says everyone, just put £2 a week into a pot and it'll be ok in a thrice.

Hey... don't knock the £2 coin savers club. I'm not averse to a bit of that myself (£68 so far!) B)

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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 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.