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Austin Allegro

Spendaholics: Ignorance Of Housing Market

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Spendaholics last night featured the usual twenty-something fantasist with about 36k worth of debt. We had the usual common sense advice from 'lifestyle guru' Jay 'Lenno' Hunt and the usual psychotwaddle from 'Gentle' Ben Fry.

However, this programme showed a real ignorance of the housing market. They seemed shocked that the lady in question lived in one room in a shared house and kept calling it a 'tiny' room (it wasn't, it was a good sized double bedroom by modern standards) and made out that this was because she only earned 16k a year. But the house was in one of the nicest parts of London (the Crouch End/Muswell Hill area as far as I could tell) and even a well paid professional would struggle to get more than that.

Then we had the usual nonsense about 'getting on the ladder' and having to own property.

Also, they came out with some twaddle that if she followed their savings plan, in a couple of years she could save 17k, which would be 'enough for a deposit'. A deposit on what? The woman earns 16k a year for God's sake. In London that would not even buy a parking space!

Then to cap it all, they got her an interview as a fashion buyer, and the company claimed 'within seven years she could be earning 100k'. That seemed to me a bit like telling a member of Accrington Stanley Reserves that they might one day be playing in the Premiership!

Are these programmes made by the same people who make all the property porn? Usually the advice (at least from Jay Hunt) is sensible, but this was just misleading.

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Guest Bart of Darkness
Spendaholics last night featured the usual twenty-something fantasist with about 36k worth of debt. We had the usual common sense advice from 'lifestyle guru' Jay 'Lenno' Hunt and the usual psychotwaddle from 'Gentle' Ben Fry.

Yeah, it's getting a bit too formulaic these days. It was always fairly formulaic, but now that the novelty value has worn off.........

Then we had the usual nonsense about 'getting on the ladder' and having to own property.

Also, they came out with some twaddle that if she followed their savings plan, in a couple of years she could save 17k, which would be 'enough for a deposit'. A deposit on what? The woman earns 16k a year for God's sake. In London that would not even buy a parking space!

Occasionally they come out with these statements that seem to indicate that the housing market is "normal" and that all it takes is a bit of saving and you'll soon be able to afford to buy somewhere. 17k would be a reasonable deposit on an ex-LA house in Sheffield for example, but in London that wouldn't get you much more than a cheap garage.

Did the savings plan involve repaying any of her vast debt? Living in London on 16k, repaying 36k AND saving 17k for a deposit. Now I consider myself to be a natural born saver but even I couldn't do all that!

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Did the savings plan involve repaying any of her vast debt? Living in London on 16k, repaying 36k AND saving 17k for a deposit. Now I consider myself to be a natural born saver but even I couldn't do all that!

Her best bet would probably be to go for an IVA and get it over with. Plenty of time to start again at her age.

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Yeah, it's getting a bit too formulaic these days. It was always fairly formulaic, but now that the novelty value has worn off.........

Occasionally they come out with these statements that seem to indicate that the housing market is "normal" and that all it takes is a bit of saving and you'll soon be able to afford to buy somewhere. 17k would be a reasonable deposit on an ex-LA house in Sheffield for example, but in London that wouldn't get you much more than a cheap garage.

Did the savings plan involve repaying any of her vast debt? Living in London on 16k, repaying 36k AND saving 17k for a deposit. Now I consider myself to be a natural born saver but even I couldn't do all that!

I can't remember - I always glaze over in that programme when Gentle Ben starts his pop-psychology waffle with his incredibly....boring....voice....zzzzzz...Uh? wasssup? Erm, sorry. I think the idea was to pay off the debt first then start saving.

But yes, I suspect the programme makers a. don't live in London or b. bought flats in the slump and don't realise how expensive things are now. The description of her room as 'tiny' was really annoying - if you added a small bedroom, kitchenette and shower room that would be the size of most 'luxury' flats in London selling for £350k.

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Also, they came out with some twaddle that if she followed their savings plan, in a couple of years she could save 17k, which would be 'enough for a deposit'. A deposit on what? The woman earns 16k a year for God's sake. In London that would not even buy a parking space!

Yeah, I picked up on that too, and was yelling at the telly in my usual way. :lol: I wondered if the programme was perhaps several years old.

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Then we had the usual nonsense about 'getting on the ladder' and having to own property.

Also, they came out with some twaddle that if she followed their savings plan, in a couple of years she could save 17k, which would be 'enough for a deposit'. A deposit on what? The woman earns 16k a year for God's sake. In London that would not even buy a parking space!

Remember it is a miracle economy £17K would probably get her £300K mortgage :lol: whether she can pay it back or not, who cares?

The muppets will soon care whom they are lending to! I didn't watch it last night but recorded on PVR so I shall watch it this weekend with smile on my face :lol:

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Yeah, I picked up on that too, and was yelling at the telly in my usual way. :lol: I wondered if the programme was perhaps several years old.

No, it's a new series apparently. I think it's just that people like Jay Hunt probably have spacious flats in nice areas, that they bought for 50k in 1995, and still think all you need to get a flat is a 5% deposit and that renting is 'dead money'.

I'm also sceptical about her working as a fashion buyer. For someone obsessed with collecting clothes, isn't that a bit like putting an alcoholic in charge of an off-licence?

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I caught this episode and thought b0ll0x. There is no way that with the coming rise in food prices and the fact she wants to buy too many clothes are going to help her survive in London. She was typical of most of the Claphamites I used to date in London. As they thought at 22 with a place in London a degree in Native american art and a reception job at a busy London estate agent they were living the dream; so they spend money on clothes in Bond street that they can't afford to repay and then wonder why they can't make the leap from earning 20K to 100K in light of their brilliant phone answering abilities. Seriously cut the credit supply to these losers fast.

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Maybe if she doesn't, eat, drink, go out, buy clothes etc, then maybe she could save the money. I'm pretty sure if i was on 16K, i wouldn't be able to make ends meet living conservativley.

Maybe she could work, drink water and bread, finish work, go home have a nice cup of water and Maybe (if she saves) toast some bread for tea. relax in dark room with no tv / radio, then buy a massivly over inflated house.

Sounds good it to me :blink: , the world has gone mad!!!!!

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I like it when on "cold turkey" they give them £90 to spend in the week! :blink:

Phoney

To be fair, this week the lady got £25 a week cold turkey, and they showed her in Tesco's buying economy stuff and noodles etc. She was reasonably good at economising when she had to (I had to laugh at her buying her £1.49 bottle of Lambrini...) but had a sort of bi-polar approach to money - compulsive spending then compulsive thrift. Gentle Ben of course had to illustrate this with a rollercoaster ride...strewth...

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I caught this episode and thought b0ll0x. There is no way that with the coming rise in food prices and the fact she wants to buy too many clothes are going to help her survive in London. She was typical of most of the Claphamites I used to date in London. As they thought at 22 with a place in London a degree in Native american art and a reception job at a busy London estate agent they were living the dream; so they spend money on clothes in Bond street that they can't afford to repay and then wonder why they can't make the leap from earning 20K to 100K in light of their brilliant phone answering abilities. Seriously cut the credit supply to these losers fast.

I agree 100% with that sentiment !

It used to be that one had to work and save to buy something. Not anymore. And the worst part is many expect to be bailed out by the govt / taxpayers when it all goes pear shaped. And who can blame them when all they see on the tv and papers is that anyone with debt problems is "a victim".

It goes all through society and isn't restricted to the lower classes. look at the markets and the way the hedge funds/banks etc are hoping to be bailed out by govt due to the errors they have made with risky funds etc?

I despair, sometimes.............. :(

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£16,000 is take-home of £1000/month

She'd be the official Second Coming of Christ if she could perform the financial miracles outlined in this thread.

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Maybe she could work, drink water and bread, finish work, go home have a nice cup of water and Maybe (if she saves) toast some bread for tea. relax in dark room with no tv / radio, then buy a massivly over inflated house.

That's what Orbital did anwyay.

:lol:

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Yeah, I picked up on that too, and was yelling at the telly in my usual way. :lol: I wondered if the programme was perhaps several years old.

The calender showed the 4th July being on a Friday...my research shows that that took place in 2003

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... but had a sort of bi-polar approach to money - compulsive spending then compulsive thrift. Gentle Ben of course had to illustrate this with a rollercoaster ride...strewth...

Wasn't Gentle Ben a bear? :lol:

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