Thursday, Jun 29, 2006

Latest instalment

BBC News: Debt diary

The latest from our BTL-er coming to terms with the real world. Note that she has concluded that she has to offload one of her BTL's. This is significant if she is in any way typical of the hordes of wannabe property tycoons who have jumped on the BTL bandwagon, as the property market is now utterly dependant on new BTL sales to sustain prices. Any reversal of the trend toward more privately rented property - even a stabilisation - will completely undermine the market.

Posted by uncle tom @ 01:33 PM (1930 views)
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8 Comments

1. This comment has been removed as it was found to be in breach of our Blog Policies.

 

2. Dave Lammi said...

I wonder if the property is worth what she thinks it is?

And interest rate rises anyone?

Thursday, June 29, 2006 02:13PM Report Comment
 

3. sebastian said...

Forgive me for being dumb but she calls herself "Asset Rich" how does this work when she has her mortgages maxed out on those properties? I was under the impression she had been drawing equity from these houses? Surely you have to actually own an asset to be asset rich? Is this just more of the false sense of security people have in owning homes?

Lotsa questions...:P

Thursday, June 29, 2006 03:27PM Report Comment
 

4. inbreda said...

She says her problems stem from losing her work a few months ago. She also says that the pregnancy was planned, and also that she cannot work now as any income generated would be wasted on childcare costs. So basically she is saying that she was planning to have a child without a big enough cash cushion to last even a few months. Absolute stupidity.

She says she's going to do a course that ONLY costs 300. Correct me if I'm mistaken, but 300 to someone who doesn't even have 300 is a lot of money.

And her debt counsellor is a bit behind the times if he thinks the biggest reason for getting into problems is a sudden change of circumstance - unless you count 'suddenly running our of credit' as a sudden change of circumstance.

Absolutely no sympathy.

Thursday, June 29, 2006 03:44PM Report Comment
 

5. sebastian said...

Haha, well pointed out inbreda! I must admit I also found it quite daft that she had started this course, even more amusing that she hadn't checked the costs of the course later on too. This woman clearly has problems planning more than 5 minutes ahead.

Thursday, June 29, 2006 04:24PM Report Comment
 

6. Japanese Uncle said...

It is clear that she should not have trapped into her current debt had she not invested beyond her means in the two buy-to-let properties in the first place. She is just learning the lesson the hard way. She who plays with fire must expect to burn her fingers. All she should do is just sell out the properties and get rid of the debt, and determine the loss. It should involve bitter tears, but it cannot be helped. This may well be giving her unborn child a prenatal education through her mind. Stay away from any property investment on earth! Never ever!

I have little sympathy for this person, either, as it is these thoughtless people that caused the unwanted housing bubble, after all. How silly!

Thursday, June 29, 2006 10:33PM Report Comment
 

7. Geed said...

At first, reading this tale of woe, I did have a general sense of empathy for this lady. After all for many women the course of pregnancy, birth and subsequent early motherhood are some of the richest experiences in life. Yet through her own actions and those of no one else, she has found herself in a truly depressing quandry. She does not need a Restaurant, she does not need no1 BTL, she does not need no2 BTL. I am all for people trying to better themselves but this is sheer greed and excess which is commonplace amongst the sub 40 year old western generation of today.

My investments comprise of high interest bank accounts and the odd managed fund, sensible stuff really at this stage i my life, I owe not a penny and I am 100% in charge of my destiny. I too could have chosen to stretch myself with BTL's and high risk business's, but I weighed up the odds and chose to wait for more favourable housing markets and economic climates. Those who are not greedy, those who dont need it now, those who can be patient will be rewarded in the coming years.

Friday, June 30, 2006 10:03AM Report Comment
 

8. Bfskinner said...

Astounding still!

what would have happened she said, if she had not checked her statement. I suppose, again it would have been everyone eles fault but her own. The fact that she suggests that some one in such dire straits as her, would not be checking every penny that comes and goes. She seems be operating on the premise that banks are charaties and that the money I have saved in my bank is some toy or plaything available on demand for her to squander without consequence.

I really wish banks would start protecting the assests of their customers in stead of allow people like her to p*ss it all down the toilet

the bank should just take her BTL and resutrant to cover the debt and give her back the change (if there is any that is)

BFS

Friday, June 30, 2006 01:52PM Report Comment
 

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