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I Took Too Much Debt On, Btl's Are Making A Loss, I Am In Deep Shit

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http://news.bbc.co.uk/1/hi/business/4997170.stm

Poor little pregnant me, they did this and won't do that, and it's unfair that my BTL's will make a loss, i had to borrow the money, it's everyones fault except my own.

Get used to the excuses, we will be flooded with them soon enough, of course it has nothing to do with taking too much debt on.

Sam

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http://news.bbc.co.uk/1/hi/business/4997170.stm

Poor little pregnant me, they did this and won't do that, and it's unfair that my BTL's will make a loss, i had to borrow the money, it's everyones fault except my own.

Get used to the excuses, we will be flooded with them soon enough, of course it has nothing to do with taking too much debt on.

Sam

This has already been posted under a different, less scathing title. :P

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http://news.bbc.co.uk/1/hi/business/4997170.stm

Poor little pregnant me, they did this and won't do that, and it's unfair that my BTL's will make a loss, i had to borrow the money, it's everyones fault except my own.

Get used to the excuses, we will be flooded with them soon enough, of course it has nothing to do with taking too much debt on.

Sam

All part of the new paradgm(sic) middle class debt,and to think that there was a real stigma to such things 10 years ago now its just sooooo common!!

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Yep, people love people with money - ANY weakness and they pounce on you and tear you to shreads

Winging middleclass people like this who've never had a bad day in their lives make me want to vomit

"...questioned whether this was the right time for me to be having a baby" - yeah, so what? - does the world owe you a living?

Edited by dnd

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I can't understand it. I thought having lots of debt was liberating and sort of terrific all round. That is certainly the impression Carol Vorderman gives me. I have a recording of the advert she's in where she sorts out people's financial problems by allowing them to 'consolidate' their debts leaving them with a bit left over for a car or a holiday. I often play it in a darkened room with the sound turned down while I do a bit of yoga.

That ad creates a wonderfully relaxing and calming environment.

It seems clear to me that that woman's problem is that she does not have enough debt. I don't know why she doesn't have a chat with Carol about it.

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I can't understand it. I thought having lots of debt was liberating and sort of terrific all round. That is certainly the impression Carol Vorderman gives me. I have a recording of the advert she's in where she sorts out people's financial problems by allowing them to 'consolidate' their debts leaving them with a bit left over for a car or a holiday. I often play it in a darkened room with the sound turned down while I do a bit of yoga.

That ad creates a wonderfully relaxing and calming environment.

It seems clear to me that that woman's problem is that she does not have enough debt. I don't know why she doesn't have a chat with Carol about it.

LMAO good post.

On a side note, if you PLAN to get pregnant when financially you don't know where you will be, and you DON'T liquidate your assets when you are struggling (i.e. sell the 2 BTL's) the amount of sympathy i have for you is less than zero.

I would dearly love to be able to afford a FLAT in my area, and start a family with my wife at some point, but that's out of the question, so if i sound like a harsh bas*ard, go figure.

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Guest Fiddlesticks

I can't understand it. I thought having lots of debt was liberating and sort of terrific all round.

It seems clear to me that that woman's problem is that she does not have enough debt. I don't know why she doesn't have a chat with Carol about it.

Will everyone please stop calling it debt, that has far too many negative connotations. It's credit.

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Why not see if it's easier, faster and cheaper to ...

...GO BANKUPT !!!

Edited by Solvent Celt

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" My debts are not a result of going on spending sprees and exotic holidays. Instead, I and my husband have borrowed to finance our future. "

Oh dear oh dear.....

Krusty and Carol won't be popular in years to come. Just wait until the interest rates go up, and even NuLabour croquet players won't escape the backlash. Reminds me of Adrian Mole's last book with him financing his future at Rat Warf using one debt to pay off another.

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http://news.bbc.co.uk/1/hi/business/4997170.stm

Poor little pregnant me, they did this and won't do that, and it's unfair that my BTL's will make a loss, i had to borrow the money, it's everyones fault except my own.

Get used to the excuses, we will be flooded with them soon enough, of course it has nothing to do with taking too much debt on.

Sam

What about the excuses of those that wouldn't make sacrifices in order to get onto the property ladder like the rest of us.

Now it's the fault of homeowners, btl'ers, BoE, the government. Everyone except theirs.

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Its interesting to hear peoples reaction to this persons problem. While she has got herself into a major problem, as I'm sure so many people have in the UK at the moment, she is not asking for help. In my opinion, the mistake that she has made is re-investing in the restaurant. If she hadnt, she may still have had some equity in the BTLs and may be able to fight her way out of the mess, perhaps her partner could get a salaried job. Importantly she is not looking to go bankrupt, (which unfortunatly looks like the reality), she is trying to take responsibilty for her debt and dig her way out of it.

She has made a series of decisions, which in hindsight look like obvious mistakes - hindsight is 20/20. If the restaurant had worked out then great, but it doesnt look like it has. It is a huge decision to let go of everything and throw in the towel, particularly if you run your own business, and stubborness can be a major problem for some small businesses. I do agree having a baby now is extremely risky for them, and not the best planned.

The comment by dnd, i think is completely inappropriate:

"Winging middleclass people like this who've never had a bad day in their lives make me want to vomit. "...questioned whether this was the right time for me to be having a baby" - yeah, so what? - does the world owe you a living?"

1. Who cares what class they are! - the class obsession in this country is ridiculous. Do you know she is middle class, are restaurant owners all middle class, dont be ridiculous.

2. "Never had a bad day in their lives" - do not judge people unless you have "walked a mile in their shoes"

3. "does the world owe you a living" - she does not ask for the world to give her a living, she is trying to make a living.

Importantly what I think she may achieve by this process is:

1. Give her a chance to vent her frustrations and effectively give her someone to talk to.

2. Allow other people in similar circumstances to see how to deal with the issues she is facing.

3. Highlight failings in the system - e.g. lax lending

4. make people aware of what can happen if you take on too much debt.

Remember she is pregnant, both her and her partner are probably not sleeping well at night if at all, and that can seriously affect the baby.

Jumping on the bandwagon to slag off people who have ended up the creek is not the best solution, offering your advice in how to deal with the problem and to take responsiblity for their debt seems like a better solution.

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Its interesting to hear peoples reaction to this persons problem. While she has got herself into a major problem, as I'm sure so many people have in the UK at the moment, she is not asking for help. In my opinion, the mistake that she has made is re-investing in the restaurant. If she hadnt, she may still have had some equity in the BTLs and may be able to fight her way out of the mess, perhaps her partner could get a salaried job. Importantly she is not looking to go bankrupt, (which unfortunatly looks like the reality), she is trying to take responsibilty for her debt and dig her way out of it.

She has made a series of decisions, which in hindsight look like obvious mistakes - hindsight is 20/20. If the restaurant had worked out then great, but it doesnt look like it has. It is a huge decision to let go of everything and throw in the towel, particularly if you run your own business, and stubborness can be a major problem for some small businesses. I do agree having a baby now is extremely risky for them, and not the best planned.

The comment by dnd, i think is completely inappropriate:

"Winging middleclass people like this who've never had a bad day in their lives make me want to vomit. "...questioned whether this was the right time for me to be having a baby" - yeah, so what? - does the world owe you a living?"

1. Who cares what class they are! - the class obsession in this country is ridiculous. Do you know she is middle class, are restaurant owners all middle class, dont be ridiculous.

2. "Never had a bad day in their lives" - do not judge people unless you have "walked a mile in their shoes"

3. "does the world owe you a living" - she does not ask for the world to give her a living, she is trying to make a living.

Importantly what I think she may achieve by this process is:

1. Give her a chance to vent her frustrations and effectively give her someone to talk to.

2. Allow other people in similar circumstances to see how to deal with the issues she is facing.

3. Highlight failings in the system - e.g. lax lending

4. make people aware of what can happen if you take on too much debt.

Remember she is pregnant, both her and her partner are probably not sleeping well at night if at all, and that can seriously affect the baby.

Jumping on the bandwagon to slag off people who have ended up the creek is not the best solution, offering your advice in how to deal with the problem and to take responsiblity for their debt seems like a better solution.

I wonder how she would react if the tenants in her BTLs told her they could not afford to pay the rent for a few months but wanted to continue to live there rent free for a while till things got better?

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Jumping on the bandwagon to slag off people who have ended up the creek is not the best solution.

You're not from around here are you...?

The impression I got was that she actually seemed affronted that the Banks had the sheer audacity to actually want their money back.

After all, she had written to them TELLING them how she wanted to pay it off. What more did they want for God's sake ?

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Your "business" is failing. Do you

a ) cut your losses, close "the business" and try to find paid employment

b ) borrow money to "invest" in the failing "business" putting your home and BTL "investments" at risk?

answers on a postcard please.

Edited by Solvent Celt

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While she has got herself into a major problem, as I'm sure so many people have in the UK at the moment, she is not asking for help.

No?

"Instead of burying my head in the sand, I am determined to be open with my creditors about the financial problems and see if they can help."

This muppet has borrowed a ton of money, helped price us out of the housing market, got herself pregnant with a baby she can't afford, and is now upset that the people who lent her the money want it back.

she does not ask for the world to give her a living, she is trying to make a living.

Borrowing a ton of money, throwing it away on money-losing ventures and then expecting the creditors to let her off is hardly a good way to make a living. Why should the responsible people of the UK have to pay for the irresponsible?

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But she is asking for help - she wants payment holidays (which some are agreeing to) and interest freeze (which they won't agree to)

Interest rate freeze - worth 6% or more. Payment holiday - worth another 5-6%. So she is in effect asking for 12% plus reduction in her debts. Given that most of the debts are secured, most of the lenders will loose less than that if she doesn't make it, so...

As I said in the other thread, one of her troubles is that the debts are amongst so many different firms. If all with one, they might take a more holistic view

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As I said in the other thread, one of her troubles is that the debts are amongst so many different firms. If all with one, they might take a more holistic view

Sounds like a job for Carol Vordeman.

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Bankrupt within a year I reckon.

That or she formulates an IVA then fails to make the payments in which case bankrupt inside 2 years.

Edited by Solvent Celt

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Yep - owe bank 1000 in unrecoverable debt, they won't blink an eyelid. Owe them 100,000,000, you don't blink an eyelid!

Somewhere in the middle is an amount where you can negotiate on cash flow. Don't think she is there.

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I wonder how she would react if the tenants in her BTLs told her they could not afford to pay the rent for a few months but wanted to continue to live there rent free for a while till things got better?

If I was her tenant I'd be tempted to try that :lol::lol:

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  • 338 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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