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BBC News - Guy in debt

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Labour know what's going on, they are going to inflate their way out this mess. 1970s here we come, all those who have saved instead of getting into debt are going to look like muppets as the overspending hoards laugh at us from their convertibles bought with MEW.

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Labour know what's going on, they are going to inflate their way out this mess. 1970s here we come, all those who have saved instead of getting into debt are going to look like muppets as the overspending hoards laugh at us from their convertibles bought with MEW.

How can they inflate wages? Didn't Brown state that some pay rises will be frozen?

Companies will just offshore if they have to pay more!

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Labour know what's going on, they are going to inflate their way out this mess. 1970s here we come, all those who have saved instead of getting into debt are going to look like muppets as the overspending hoards laugh at us from their convertibles bought with MEW.

How exactly are they going to inflate wages? Wages are going to be crushed by immigration and foreign competition. Costs may inflate, sure. That's just going to make the MEW'ers lives even more intolerable.

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Labour know what's going on, they are going to inflate their way out this mess. 1970s here we come, all those who have saved instead of getting into debt are going to look like muppets as the overspending hoards laugh at us from their convertibles bought with MEW.

http://business.guardian.co.uk/story/0,,1820184,00.html

Inflation is not things getting more expensive, it is the increase in the money supply to pay for the more expensive things.

Both Gordon Brown and Mervin King have been promising for years that wage push inflation will be paying of no ones mortgage.

Mervin King said this in 2003, said people would take a while to twig, and at that point house prices would crash.

There will be little in the way of inflation,

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So, in the end he extended his mortgage and "settled" his debts. Am I right in thinking that he has basically ended up paying less for the stuff he bought than the rest of us?

I think that is bang out of order. We have to pay credit charges for these muppets. 37K for crying out loud, that is nuts, how did he ever run that up? Am I being cold-hearted here?

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So, in the end he extended his mortgage and "settled" his debts. Am I right in thinking that he has basically ended up paying less for the stuff he bought than the rest of us?

I think that is bang out of order. We have to pay credit charges for these muppets. 37K for crying out loud, that is nuts, how did he ever run that up? Am I being cold-hearted here?

I think you are right RichM. This chap probably has paid back less than he would normally have paid back under more normal circumstances (though the article only says he settled with them and they accepted it).

Whats amazing is that the BBC present his point of view as valid ie "I am a normal bloke fallen on some bad times, and all these institutions are preying on me and hounding me, so of course I am justified to some sort of compensation. THEY are the ones who are being unreasonable."

It's basically because everyone knows someone who this has or could happen to so we naturally rally around the little guy vs the corporations.

Edited by The Colour

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"They advertise that you will be free of debt in five years, but the budget they worked out for me was ridiculous. After all my outgoings they left me with just £15 a month to spend.

"What was I to do if I was hit with a sudden one-off expense?

"What is more, they did not take into account the costs of buying my kids Christmas presents. The whole thing was inhuman," he says.

I remember a few years ago having to restrict myself to £20 per month after essencial outgoings. It was hard but it was the only way I could save money for the future and pay my rent. I used to walk for 1 1/2 hours to work rather than get the bus, take a ruck sack and an hours walk to the cheap supermarket. It might sound ridiculous but, if I hadn't taken this step I would have been living hand to mouth for god knows how long.

I get the feeling that a lot of people think that bankrupcy and IVAs are a simple case of sign up and watch your debt disappear. Having only £15 per month is certainly not enough to indulge kids at christmas (this could well have been where the gentleman's troubles began), but frankly the kids christmas presents have to take a back seat in this kind of situation.

When I was a kid, my Dad made me a dolls house out of scraps of wood he had in his shed because we had no money, why does he need to buy expensive toys? (I'd better stop before I start saying things like "Kids today!")

It's tough (very tough even) but I'm afraid that's what happens when you run up debts of that magnitude.

EDIT: (I forgot the last part of my rant)

Ofcourse now though, he has 'got rid' of his debt by using the equity in his home. I wonder if his time on £15 per month taught him anything? If, like I suspect, it hasn't, I wonder how long it will be before he's back writing to the Beeb about how he's about to loose his home?

He seems to think that his mistake was jumping into an IVA without thinking, personally I think it was more in relation to handing over the plastic without thinking.

Edited by laughing_goat

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This chap probably has paid back less than he would normally have paid back under more normal circumstances

Afraid I disagree...entirely possible that he paid a fortune given that late fees/charges etc would have been slapped on at an incredible rate. We just don't know.

I read the whole point of the article as 'don't do something as serious as this off the back of an advert'

Hey, I don't need telling that.....but I guess there are plently who do.

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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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