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Waiting Patiently

Debt-fuelled Shopping Addiction

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"With bankruptcy inexorably rising each year and more and more of us finding our debts debilitating I realised that looking at the human cost of spending too much was potent dramatic territory."

The burgeoning debt crisis goes mainstream ............

Shiny Shiny Bright New Hole in My Heart

The story of how a woman's obsession with shopping leads to devastating consequences for her family and her relationship.

Wednesday 26 July 9pm

Shiny Shiny

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The burgeoning debt crisis goes mainstream ............

Shiny Shiny

And on the macro level--how Britain, with the help of an accomodative Chancellor, spent itself into a rabid frenzy with house prices so high that very few could afford to buy.

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Whoever came up with title should be shot.

Talk of tv, suprised there's no Property Ladder thread on hpc as its on now. Brighton £2 million Penthouse with owner nearly down to borowing on credit cards & some Country wreck.

Edited by Saving For a Space Ship

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A little bit glitz and glammy but felt real enough. Probably dodged the point that even small spends on these store cards its fatal.

A £1000 bill on a 19.9% card is -

£1723 to pay back after 3 years

Nearly 3 grand at 6 years.

If were talking seriously ugly stuff, 29.9% (Bright Home, Capital Scum, etc etc)

£1000 =

£2196 after 3 years

£4824 at 6 years. :blink::blink::blink:

People dont need to spend loads, just give them a card, dont educate them and wait for the ticking time bomb to go off!!

People should be made ot take tests before offerred credit and shown what their debt will be in 'x' years should they not pay it off.

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Talk of tv, suprised there's no Property Ladder thread on hpc as its on now. Brighton £2 million Penthouse with owner nearly down to borowing on credit cards & some Country wreck.

The debt thing was excellent - I turned to Mrs FP and said "as this is on telly, it has started"

What happened to Mr big Brighton developer. Did he make any money? We know his was valued at £X ridiculous but did he actually sell?

Edited by Financial Planner

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What happened to Mr big Brighton developer. Did he make any money? We know his was valued at £X ridiculous but did he actually sell?

no, nor did he even finish the project - or for that matter, come close to finishing it.

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no, nor did he even finish the project - or for that matter, come close to finishing it.

The project was costing about £2.1M all done.

Tpyical bank lending with a known customer will get you about 80% leverage on that sort of project, i.e. he put about £420K down. Given he had a £40K Merc SL and was not otherwise working, I guess he had come out of the City with some money (or had family cash) - I don't think he was risking anything other than his free cash and should be surprised if he did not make an overall profit on the deal...... - though not putting in a lift was financial suicide....

what I do find interesting is the spin even PL puts on it now, you make the money with the EA valuation, not what someone actually pays, which tells me a lot...

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The debt thing was excellent - I turned to Mrs FP and said "as this is on telly, it has started"

What happened to Mr big Brighton developer. Did he make any money? We know his was valued at £X ridiculous but did he actually sell?

Agreed, the shopaholic drama was superb, It really made me shiver and thankful not to be in debt or gripped by such a common / hidden addiction.

The project was costing about £2.1M all done.

Tpyical bank lending with a known customer will get you about 80% leverage on that sort of project, i.e. he put about £420K down. Given he had a £40K Merc SL and was not otherwise working, I guess he had come out of the City with some money (or had family cash) - I don't think he was risking anything other than his free cash and should be surprised if he did not make an overall profit on the deal...... - though not putting in a lift was financial suicide....

what I do find interesting is the spin even PL puts on it now, you make the money with the EA valuation, not what someone actually pays, which tells me a lot...

I noticed the increasing upbeat spin on PL generally as well, but in defence did not Beeney say that 'he has not made a profit until its sold' about the country place?

This one liner did not counteract the spin IMO though. The device to focus on the downside at the beginning to create a bit of shadenfreude and suck in the viewers, then trump up the plus points at the end seemed more severe this week.

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I can see Sarah Beeney turning quite Bearish now, she's made her money with the properties, TV and book deals so doesn't care about developing anymore but she has two children, how will they get the same opportunities unless she and her cronies start talking down the market.

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I can see Sarah Beeney turning quite Bearish now, she's made her money with the properties, TV and book deals so doesn't care about developing anymore but she has two children, how will they get the same opportunities unless she and her cronies start talking down the market.

i think she's being fairly reasonable, she's looking after her own kids.

However, she's pointing out the huge risks people are taking in the market, either overstretching, or buying duff properties or doing them up in a bizarre fashion or all of them.

Last night's cottage looked good, but inappropriate and badly designed, but I suggest he could have made all the money in half the time for less exposure if he had been sensible. The Brighton bloke had to put a lift in to sell 4th floor flats (surely) - he could have made the money for less grief and risk. Each time I watch it, I am staggered at the people who are spending the banks' money doing bizarre things - most of them don't seem to have a 'proper' job either.....

There is still money to be made out of developing, there always will be, the problem is buying the right house at the right price - at the moment, the market is full of relatively inexperienced people buying everything and relying on capital growth - the TV does seem to have stopped telling us which ones have sold though, I take it that's an indication of so many not having sold for the valuation.....

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............ the TV does seem to have stopped telling us which ones have sold though, I take it that's an indication of so many not having sold for the valuation.....

That's a good point Rachman, and seems to have been the case throughout most of this series of Property Ladder.

It may even be the case that not only have some not "sold for the valuation" but not not even sold at all so far.

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That's a good point Rachman, and seems to have been the case throughout most of this series of Property Ladder.

It may even be the case that not only have some not "sold for the valuation" but not not even sold at all so far.

Pl used to be good for that, you could laugh at the people who only broke even because of a rising market.... but now it's all cloak and dagger, either people don't want to be embarrassed about having lost cash/not made it yet or they have not sold in time for the programme being aired.

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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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