Liquid Goldfish Posted August 18, 2008 Share Posted August 18, 2008 Her husband is a surveyor! OMG Quote Link to comment Share on other sites More sharing options...
we the sheeple Posted August 18, 2008 Share Posted August 18, 2008 omg, the details on this thread just get worse and worse. ManzanillaWhen I started putting this down I realised how dire our situation is. We have been robbing Peter to pay Paul and only took stock because NR had increased our monthly payment to where it was now affecting our other monthly commitments.Unfortunately part of this debt was caused by 1. Helping my sister(she was up to her eyeballs in debt and I took out a loan and sent her a credit card to help out. Needless to say she isn't repaying anything (£35000) and is in no position to. 2. Foolishly I invested £40000 over some years in the cleaning business by buying contracts. Stupid idea as the contracts were not worth the paper they were written on. There was always a get out clause for the companies. 3. I had a First Plus loan that I had to consolidate last year as they were increasing the interest even though the rates did not change. 4.My husband has a company car. He is a surveyor and I work in the bank. 5. My son knows the position and has decided to work and pay his own way with the help of the students loan. 6.My house is bigger than the one on the market but I can't see any of the houses selling for the forseeable future due to market conditions. 7. The electricity also includes gas. This gives us a clue why there wasn't a wave of BTL sellers earlier in the year. They haven't got a clue till they write it all down. (Still don't know what the 2500 "other income" was. BTL rents only 1100. Probably the tooth fairy) Like the Great Depression, sheeple keep spending on the lifestyle they "deserve" until they hit BKrupcy. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted August 18, 2008 Share Posted August 18, 2008 Like they ****ing need it [child benefit]!!! The cost of means testing child benefit vastly exceeds the cost of just giving it to all parents irrespective of their income, the latter being cheap and simple to administer. This is part of the reason Gordo's tax credit obsession is so costly and inefficient (e.g. all those horror stories about the government trying to claw back overpayments). The expense of administering such complicated means testing on an individual basis is staggering, and the system is also error prone on a massive scale. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted August 18, 2008 Share Posted August 18, 2008 (edited) (Still don't know what the 2500 "other income" was. BTL rents only 1100. Probably the tooth fairy) I worked it out eventually, I think She works full time as a bank cashier - that is the primary £1450 income The £2500 "other income" is made up of the BTLs and the income from the cleaning business Edited August 18, 2008 by newdman Quote Link to comment Share on other sites More sharing options...
macfarlan Posted August 18, 2008 Share Posted August 18, 2008 Combined with your avatar, this seems to be taking up a lot of your thinking time. Just accept, as in other aspects of life, men sometimes miss!p-o-p Yes Laura, what is going on in your avatar, i mean, are you grasping a phallus? Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted August 18, 2008 Share Posted August 18, 2008 40k buying up cleaning contracts. Which all turned out to have get out clauses. Ouch. Quote Link to comment Share on other sites More sharing options...
JimM Posted August 18, 2008 Share Posted August 18, 2008 40k buying up cleaning contracts. Which all turned out to have get out clauses. Ouch. Talk about getting taken to the cleaners. (groan) Quote Link to comment Share on other sites More sharing options...
General Melchett Posted August 18, 2008 Share Posted August 18, 2008 The cost of means testing child benefit vastly exceeds the cost of just giving it to all parents irrespective of their income, the latter being cheap and simple to administer.This is part of the reason Gordo's tax credit obsession is so costly and inefficient (e.g. all those horror stories about the government trying to claw back overpayments). The expense of administering such complicated means testing on an individual basis is staggering, and the system is also error prone on a massive scale. As anyone who's ever had to deal with the tax credits system will tell you. To summarize my own experience: Please, stop, I dont want to play this game any more. These credits are not worth the aggro: Answer: You cannot stop, you are in the system now, even once you are out of the system we will pursue you for years to sort out the mess we made of the payments, and no, you cannot just write a cheque for the full amount we overpaid and be rid of us....... We have to drag it out for YEARS........ Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted August 18, 2008 Share Posted August 18, 2008 I can see the setting up of BTL Anonymous. They all sit down at the start of the meeting and say "I am a BTLaholic and I am Bankrupt". Then lots of hugs and self therapy sessions. Quote Link to comment Share on other sites More sharing options...
Bosh Posted August 18, 2008 Share Posted August 18, 2008 Yes Laura, what is going on in your avatar, i mean, are you grasping a phallus? Reminds me of going out for the night with the missus, keeps changing and is waiting for me to say " You look great" Well sorry Laura I prefer the spring hoover collection Never rush a lady Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted August 18, 2008 Share Posted August 18, 2008 As anyone who's ever had to deal with the tax credits system will tell you. To summarize my own experience:Please, stop, I dont want to play this game any more. These credits are not worth the aggro: Answer: You cannot stop, you are in the system now, even once you are out of the system we will pursue you for years to sort out the mess we made of the payments, and no, you cannot just write a cheque for the full amount we overpaid and be rid of us....... We have to drag it out for YEARS........ It's easy to blame Labour, but it was just as big a mess under the Tories when they called it Family Credit OK maybe not quite as bad as there are more claimants now, but still it was a nightmare Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 18, 2008 Share Posted August 18, 2008 As anyone who's ever had to deal with the tax credits system will tell you. To summarize my own experience:Please, stop, I dont want to play this game any more. These credits are not worth the aggro: Answer: You cannot stop, you are in the system now, even once you are out of the system we will pursue you for years to sort out the mess we made of the payments, and no, you cannot just write a cheque for the full amount we overpaid and be rid of us....... We have to drag it out for YEARS........ yep, still getting reminders, think we last claimed but didnt qualify in 2002. Quote Link to comment Share on other sites More sharing options...
quantinghome Posted August 18, 2008 Share Posted August 18, 2008 It's easy to blame Labour, but it was just as big a mess under the Tories when they called it Family CreditOK maybe not quite as bad as there are more claimants now, but still it was a nightmare Quite why they don't just raise personal allowances is beyond me. Or am I missing something. Quote Link to comment Share on other sites More sharing options...
PricedOutNative Posted August 18, 2008 Share Posted August 18, 2008 PPR: ? http://en.wikipedia.org/wiki/Private_Product_Remaining Private Product Remaining or PPR is a means of national income accounting similar to the more commonly encountered GNP that provides a more accurate assessment. Quote Link to comment Share on other sites More sharing options...
we the sheeple Posted August 18, 2008 Share Posted August 18, 2008 I worked it out eventually, I thinkShe works full time as a bank cashier - that is the primary £1450 income The £2500 "other income" is made up of the BTLs and the income from the cleaning business Thanks for that. So that's 1400 per month "income" from the 40K she overpaid on the cleaning contracts. Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted August 18, 2008 Share Posted August 18, 2008 Don't folk ever make contingency plans....just in case?? That's the problem isn't is. People have always said "i'm in it for the long term!" but without stress testing their finances as such. I mean, did people really think 4/5% mortgage rates would last forever? Weren't rates in 2003 at 40 odd year low? Crazy how the (relatively) low mortgage rates still being offered are causing such chaos out there. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted August 18, 2008 Share Posted August 18, 2008 Thanks for that.So that's 1400 per month "income" from the 40K she overpaid on the cleaning contracts. yes, she clarifies this later in the thread - actually she says its £1450 from the cleaning business Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted August 18, 2008 Share Posted August 18, 2008 BTL a business that went wrong thats all. Businesses go out of business everyday. They didn't plan or check out the market. Its no different to opening a Ice cream parlour in the North Pole - theres a percieved shortage of Cornettos up there you know! Quote Link to comment Share on other sites More sharing options...
Bemused Badger Posted August 18, 2008 Author Share Posted August 18, 2008 They didn't plan or check out the market. ...and judging by the way the BTL fiasco market has fallen off a cliff, they're not alone. Most of those gnashing their teeth and bemoaning their fate wouldn't have had the nous to check out the market - even if they knew how. If only I had a fiver for every time I've overheard some pretentious twit waffling on about their BTL "investments". Quote Link to comment Share on other sites More sharing options...
Laura Posted August 18, 2008 Share Posted August 18, 2008 Yes Laura, what is going on in your avatar, I mean, are you grasping a phallus? It's a rolling pin dear boy More useful by far.... Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted August 18, 2008 Share Posted August 18, 2008 It's a rolling pin dear boyMore useful by far.... Well I preferred the "naked apart from the apron" one personally. If you squinted you could pretend the yellow tape wasn't there. Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted August 18, 2008 Share Posted August 18, 2008 40k buying up cleaning contracts. Which all turned out to have get out clauses. Ouch. Like they say: if you don't know who the mug is in any deal, it's most probably you. Quote Link to comment Share on other sites More sharing options...
Paddles Posted August 18, 2008 Share Posted August 18, 2008 I've just read the motley fool link. It's painful, isn't it? How many times is this repeated up and down the country? How is this person and her husband ever going to retire? Who will pay? I'm afraid I think I already know the answer. Quote Link to comment Share on other sites More sharing options...
juvenal Posted August 18, 2008 Share Posted August 18, 2008 It's a rolling pin dear boyMore useful by far.... The rolling pin is OK for flattening the pastry, but when it comes to crimping the edge of your pasties... Quote Link to comment Share on other sites More sharing options...
Cogs Posted August 18, 2008 Share Posted August 18, 2008 Apologies for being a thread hijack but I found this just now, it is kind of related, and it isn't really worth its own thread. Stumbled randomly across this thread looking for something else. Bit mean really but we do get mocked half way down the page. It isn't very long. aye, our IFA came up with a few places, the first place knocked us back, but the place we went with was northern rock as they were 2nd best and offered us more than the price of the house.Gotta say, an IFA is the best way to do it. oh aye, we also got stung by the solicitor fees, £700! ooft! there goes 1/3 of our refurbishment cash! but thankfully our IFA is a family friend so he did it as a favour. So, < 2k in the kitty, > 100% mortgage from "The Rock" in April of last year. The free IFA's services were clearly worth every penny... Quote Link to comment Share on other sites More sharing options...
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