Jump to content
House Price Crash Forum
Sign in to follow this  
Bear Goggles

High Earners In Debt Firing Line

Recommended Posts

News article from the BBC High earners in debt firing line

"But large mortgages, rising school fees, keeping up with the Joneses and the increasing availability of credit have made debt a normal part of life for many of the middle class."

Wait! Don't tell me high house prices make us POORER rather than richer?

But mish moneypenny, there mushed be shome kind of a mishtake.

I thought high house prices made us all rich? :rolleyes:

Share this post


Link to post
Share on other sites

The higher you fly, the harder you fall...

They never learn - too busy keeping up apperances

etc...

<bitter, twisted individual laughs manicaly>

Share this post


Link to post
Share on other sites

The higher you fly, the harder you fall...

They never learn - too busy keeping up apperances

etc...

<bitter, twisted individual laughs manicaly>

Of course a significant minority live better than they earn. That's their problem. But the difference is that apart from the truly stupid, they will have a chunk of equity to fall back on, their downsizing won't be to a caravan.

What's your idea of a big mortgage ? £500K ? What if you earn £200K a year ? Still the same ?Reading the article, I also see that the amount of over £30K earners (which is not high, it's above average in my book), has rocketed by 257% to make up 5% of those talking to CCCS....., good story, crap facts backing it up.

Edited by Rachman

Share this post


Link to post
Share on other sites

Of course a significant minority live better than they earn. That's their problem. But the difference is that apart from the truly stupid, they will have a chunk of equity to fall back on, their downsizing won't be to a caravan.

What's your idea of a big mortgage ? £500K ? What if you earn £200K a year ? Still the same ?

Interestingly, the article refers to 'high earners' as people on 30k.

Makes you wonder really doesn't it?

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

... And I assume they call you "Father Christmas"; why on earth are you paying the fax monkey 20k? :huh:

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

Can I come and work for you. I can make tea for 40k

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

:o Any position for a tea-boy going?

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

I'm a bit puzzled why your on here - should you be on a supercar forum or something?

Edited by dnd

Share this post


Link to post
Share on other sites

The more you earn, the harder you fall.

Back in the late 80s I was totally priced out of the housing market. I could only dream of buying a place and was therefore spared the financial cremation suffered by some of my more senior colleagues.

It won't be any different this time.

Agreed. I expect there to be high earners stuck with negative equity on "unwelcoming" estates, while the prices have dropped so that others who might continue the "gentrification" are now choosing "better" areas.

Billy Shears

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

It depends upon where you live. Ealing or East Fife, Sevenoaks or Swansea, Tunbridge Wells or Truro.

Secretaries on 48k? Not in 95% of the UK.

Share this post


Link to post
Share on other sites

The higher you fly, the harder you fall...

They never learn - too busy keeping up apperances

etc...

<bitter, twisted individual laughs manicaly>

And the higher you fly, the more likely your wings will melt.

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

This problem was published in The Mail back in May 2005.

To their friends and neighbours. they probably seem like high fliers who are sitting pretty. They earn at least £50,000 a year, have high powered jobs, big houses, and expensive cars.

But looks are notoriously deceptive and debt experts warn that impoverished professionals are on the increase.

There has been a sharp rise in the number of people or families who take home £3,000 a month net but are seeking help from the Consumer Credit Counselling Service.

Large numbers of middle class families seem to have gone deep into hock through credit cards, loans and remortgages to keep up appearances.

But rises in interest rates and higher household bills have driven many to the edge of financial meltdown.

Share this post


Link to post
Share on other sites

Why can't people just spend what they earn (after paying the rent first of course :D )?

I literally this miniute received my Equifax SPAM containing:

This month Equifax is involved in a media campaign that explodes some of the myths that surround bankruptcy. We want our Equifax customers to be among the first to hear what we have to say, so that you can protect your long-term credit interests.

5 bankruptcy facts everyone should know...

1. Bankruptcy is NOT an easy option

It’s true that your bankruptcy could be discharged within 12 months but you may not be able to get credit again for up to 6 years. And even then you’re likely to pay a lot more to borrow money, because you represent a greater than average risk to a lender.

2. It actually COSTS money to go bankrupt

You need £460 to cover court costs and the Official Receiver’s fee – and it has to be paid in cash.

3. You STILL have to pay your creditors even if you go bankrupt

If you have any assets, such as a house, they may be sold to pay your creditors. If you are deemed to have more monthly income than you need to live on, some of the surplus may also be paid to your creditors for up to three years.

4. You CAN’T keep bankruptcy a secret

Bankruptcy orders are published in the London Gazette and local newspapers. The information is also displayed on the Individual Insolvency Register – which is accessible on the internet – for a period of 3 months after you are discharged.

5. Your CREDIT file is affected for 6 years

After bankruptcy you are likely to find it difficult to get credit – including a mortgage, loans, credit cards – even a mobile phone.

Proactively manage your credit – act now. Apply for your Equifax Credit Rating™, which also includes a copy of your Equifax Credit Report™. These will give you a clearer picture of all your credit agreements and help you understand your total monthly credit repayments. With this information you can then ensure you have sufficient money every month to cover your payments.

Get your Equifax Credit Rating™ now – apply instantly online.

Naturally you can pay by CC :rolleyes:

Share this post


Link to post
Share on other sites
Secretaries on 48k? Not in 95% of the UK.

Probably more like 99.9% of the UK. Secretarial jobs I've seen advertised around here seem to be more like 16k.

Share this post


Link to post
Share on other sites

In the last year, my secretary made £48K with overtime. She was not what I could call a high earner....

The office manager made £100K, the office personnel manager makes £75K, the lad delivering the faxes made more than £20K last year...... - so please tell me what a high earner is ?

hang on - only civil servants earn that much....

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

You CAN’T keep bankruptcy a secret

Bankruptcy orders are published in the London Gazette and local newspapers.

You can check here

The Sinners

Share this post


Link to post
Share on other sites

Rachman where on earth do you work as this sounds like an AWOOGA!!!

Secretarys on 48K - surely not heading into a recession unless shes blowing the manager.

Now I know what Awooga means - no, City of London, corporate finance.

Base sec pay is £33K to £35K plus overtime and (small) bonus dependent on performance.

Fax boy delivers faxes, puts up bits of furniture and makes his money coming in at weekends doing office moves. He gets paid well, but we need someone who will actually turn up every day and will do what we need when we need it.

Office manager gets paid more than most of the lower level lawyers. Christ knows why.

My sec worked about 50 hours a week every week last year and gets double bubble for Sundays. As for blowing the manager, I think my missus may have something to say if that were the case....

HR manager is responsible for hiring people who consider themselves BSDs and as such are high maintenance.

My old sec in the provinces is making more than £30K (I still keep in touch with her..... and she's not blowing the boss either). What I find odd is that the SE based ones of you who work in the financial services sector find this so odd and assume I must be lying.

[i liked the supercar forum comment by the way, just sold my decentcar....]

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
Now I know what Awooga means - no, City of London, corporate finance.

And yet you take the time from all your important daily business to visit our humble little forum.

I can't say I'm not touched.

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.

  • 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%



×
×
  • 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.