Jump to content
House Price Crash Forum
Sign in to follow this  
AFineMess

The Observer - 1/5 Of British Adults With High Debt

Recommended Posts

I know the debt level issue has been reported before, but there was a horrifying story in the article:

A 36 year old guy with take monthly pay of £1600 borrowed a total of £75,000 from three high street lenders:

"I joined a property consortium and borrowed the money to invest in two off-plan properties. However, the project ran in to numerous problems. The survey they did was wrong, some of the information I bought on the basis of was inaccurate, and the building wasn't completed when they said it would be. This has left me with huge debts to pay off - my overall debt is about £120,000 now and I'm waiting for one of the properties to be repossessed before I can tackle this."

Share this post


Link to post
Share on other sites

These are the type of idiots propping up this gargantuan bubble.

I know of someone currently taking out a mortgage at 8 times their salary, because they think houses are a great investment.

I'm so glad I'm out of their stupid game.

Edited by BandWagon

Share this post


Link to post
Share on other sites
The survey showed that more than 80 per cent of those with debts of over £10,000 felt their lenders had been irresponsible in making credit and loans available.

this is NO excuse.

jumping off very tall buildings is also available 24/7, but they dont do that.

i hate this 'it was the banks fault' excuse for poor self discipline.

oh well. voluntary payment agreement plan councilor.......

Share this post


Link to post
Share on other sites

Of course, had this been 5 years ago and the property prices doubled, would people blame the banks or praise their own genius? These sort of stories only come out once the music stops and people realise they've MEW'ed all the chairs.

Share this post


Link to post
Share on other sites

I know the debt level issue has been reported before, but there was a horrifying story in the article:

A 36 year old guy with take monthly pay of £1600 borrowed a total of £75,000 from three high street lenders:

"I joined a property consortium and borrowed the money to invest in two off-plan properties. However, the project ran in to numerous problems. The survey they did was wrong, some of the information I bought on the basis of was inaccurate, and the building wasn't completed when they said it would be. This has left me with huge debts to pay off - my overall debt is about £120,000 now and I'm waiting for one of the properties to be repossessed before I can tackle this."

Thanks for the story. What a d*ck this guy is, he clearly couldn't afford to invest in this way. I'm a big fan of easy money, but I'm also a big fan of personal responsibility.

Andrew reckons paying off the debt will take him 'until retirement' and says he is looking at two routes: earning more money by going freelance or going bankrupt. 'I really don't want to go bankrupt as I don't want to lose my home,' he says.

He'll probably end up losing his home anyway!

:blink:

Share this post


Link to post
Share on other sites

Thanks for the story. What a d*ck this guy is, he clearly couldn't afford to invest in this way. I'm a big fan of easy money, but I'm also a big fan of personal responsibility.

He'll probably end up losing his home anyway!

:blink:

You see the same on TMF every day - muppet, sorry, poor unfortunate, gets into debt but won't go bankrupt because they would loose the equity in their house. wont consider selling it because 'its and investment/ its for my retirement innit?'

Wait until prices have fallen - how many who are now working two jobs to survive will just hand over the keys?

Share this post


Link to post
Share on other sites
Wait until prices have fallen - how many who are now working two jobs to survive will just hand over the keys?

why wait for that ?

[bells toll. light switch to red. radio springs to life]

"increase fund tank pressure to 500 bar and reset the IR level for 00.25% up.

release the flood valves and balance out at 14 fathoms."

"assume crash positions. dive dive dive....."

Share this post


Link to post
Share on other sites

this is NO excuse.

jumping off very tall buildings is also available 24/7, but they dont do that.

i hate this 'it was the banks fault' excuse for poor self discipline.

oh well. voluntary payment agreement plan councilor.......

isint debt now classed as an illness, like taking copious amounts of drugs and alcohol are.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness

isint debt now classed as an illness, like taking copious amounts of drugs and alcohol are.

T'other war round surely. Those of us who don't have debts, or CCs (or CCJs) are the weirdos and oddballs in society today.

There's the television. It's all right there - all right there. Look, listen, kneel, pray. Commercials! We're not productive anymore. We don't make things anymore. It's all automated. What are we *for* then? We're consumers, Jim. Yeah. Okay, okay. Buy a lot of stuff, you're a good citizen. But if you don't buy a lot of stuff, if you don't, what are you then, I ask you? What? Mentally *ill*. Fact, Jim, fact - if you don't buy things - toilet paper, new cars, computerized yo-yos, electrically-operated sexual devices, stereo systems with brain-implanted headphones, screwdrivers with miniature built-in radar devices, voice-activated computers...

(Jeffrey Goines, 12 Monkeys)

Share this post


Link to post
Share on other sites

this is NO excuse.

jumping off very tall buildings is also available 24/7, but they dont do that.

i hate this 'it was the banks fault' excuse for poor self discipline.

oh well. voluntary payment agreement plan councilor.......

If there was someone handling out leaflets, giving interviews, and creating plans for people, saying what a great idea it was to jump off a very tall building and how it would solve all your problems, then I think they'd be partially responsible if some of their "clients" jumped off tall buildings.

Billy Shears

T'other war round surely. Those of us who don't have debts, or CCs (or CCJs) are the weirdos and oddballs in society today.

I'm one of the oddballs who doesn't like debt, though I have cards.

But I have in my pocket an Alliance and Leicester card for an account with a 0% £1K overdraft for 12 months. So I could take money out of that account and put it into another interest bearing account. Or in plain language, I could stooze. It's tempting, but I think I'll resist it.

The thought occurred to me that while I presume this offer is to try and get new customers, there is another cynical and paranoid interpretation. I.e. get people used to overdrafts and debts (even if balanced by interest-earning deposits elsewhere) to overcome initial relunctance to take on debt so that they can become productive customers later on once the psychological barrier of having an overdraft at all is overcome.

More likely though that the banks bank on people using the overdraft, then not being able to clear at at the end of the time period. Or forgetting.

Billy Shears

Share this post


Link to post
Share on other sites
Guest Guy_Montag

Wait until prices have fallen - how many who are now working two jobs to survive will just hand over the keys?

If, by that time, they can find two jobs. Recession & house price crashes apparently go hand in hand.

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.