Thursday, Jul 13, 2006

The latest installment!

BBC News: Debt diary: A serious blow

From the beginning I have tried to be open and upfront with my creditors. Some have been fine and accepted the plans drawn up by me and my debt counsellor. However, some have been bureaucratic and have simply refused to countenance coming to an arrangement which will allow me to have my baby in peace.

Posted by webmaster @ 02:01 PM (570 views)
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21 Comments

1. Sm9ai said...

Moan moan moan. The banks do nothing blah blah blah.

I'm sorry but why should the banks help her out. She has assests, She said herself she is asset rich and cash poor. Does she you really think the bank is going to take pitty on someone who has lots of assets.

Basically she is asking for free money off the banks.

If she had absolutly nothing then it would be a different story.

Thursday, July 13, 2006 02:13PM Report Comment
 

2. Bfskinner said...

what planet does this person continue to live on

my advice:
"They both hit me with charges for being in arrears, despite the fact that I had warned them weeks ago that I would not be able to afford my repayments. "

What did she expect them to say " there there, despite the fact that you have mismanaged your own finances at the rest of our customers expense, its ok, becasue you warned us it would happen".

also
"It's a real win-win scenario for Halifax. No wonder they are making huge profits! ",

yes they are a bussiness afterall, not a soup kitchen. And I suppose she only had the alturistic common good for man kind in place when she bought BTL properties. Would she have allowed someone to deffer rent, or pay less over a longer period, if they fell in to rent arrears. I doubt it.

she goes on to say "I risk defaulting on my mortgages"
well the fewer mortgges you have the fewer to default. Not exactly rocket science.

and still

"I hoped that my property would be my pension and spent 10 years working hard to buy it. My current situation threatens all my hard work."
yes, it all happened to you, done by someone else, not of your own doing at all"

and her own final advice
"Work out a budget early " YEP
"Consider the timing of starting a family" Definately
"Cut up your credit cards" pretty sound advice

none of it rocket science though

BFS




Thursday, July 13, 2006 02:23PM Report Comment
 

3. sebastian said...

"I hoped that my property would be my pension and spent 10 years working hard to buy it. My current situation threatens all my hard work."

I do wish people wouldn't see property as a 'pension', that really does annoy me.

Anyway! I am confused here, she has worked hard and spent a long time in order to buy it. Yet if she sold it she wouldn't be any better off?!?! What she is really saying is she took a huge 100% interest only mortgage and other people have worked hard for the past 10 years to pay her mortgage while she spends credit cards, buys up another property and throws money into a now failing restaurant business...

Aye, I love the comment about it being win win. Heh, half the advice she is now giving out I am pretty sure she was told before getting into this state. The timing of her pregnancy was questioned and she got all uppity about it. Cut up your credit cards? Better yet! Don't have one! Try spending your own money! Wow, perhaps she should become a financial advisor..

She seems totally incapable of accepting the blame for the mess she is now in. She really does seem like the want to get rich quick type. Consultant after all...

http://www.egreeley.com/messages/939.html



Thursday, July 13, 2006 02:40PM Report Comment
 

4. kpjcomp said...

> I look again at selling my buy-to-let property.

> I do the number crunching and due to fees and tax it just does not make sense

Erm, how can that be?. I'm not sure of this womens number crunching abilities. Surely the only way that could possibly be is if she's in negative equity, and currently I don't think that's the case, but it will be soon be "misses Begger" if you don't get it sold, silly moo.

Thursday, July 13, 2006 02:46PM Report Comment
 

5. inbreda said...

Oh how I wish I was renting one of this dimwits BTL properties so I could write her a really polite letter saying that I had been planning for some time to buy a large family pet, and as large family pets eat a lot of food I would no longer be able to meet the rent payments, but only for a certain period. Say, 15 years? I'm sure she'd understand. After all, telling her in advance has got to count for something, surely?

Selfish and greedy.

And stupid.

As regards the BTL not being worth seling - she needs to find out what repossession charges are going to be applied. Selling it now without profit will be better than having it repossessed next year and sold at a loss, such that she still owes a large sum of money plus charges.

Thursday, July 13, 2006 03:09PM Report Comment
 

6. Rosy said...

You lot are being pretty harsh. I agree that getting into horrendous debt without any clear exit strategy is idiotic, but she was also sacked for being pregnant, which is something you'd hope would have gone out of fashion by now.

Thursday, July 13, 2006 03:23PM Report Comment
 

7. P. Doff said...

I'm afraid I must also join the 'no sympathy' brigade as her situation is largely of her own making.

One thing stands out though - she considers herself asset rich (like most BTL) however, her comments would suggest she is mortgaged up to the hilt, in which case the asset mostly belongs to the lender. Again, most (amateur) BTLers don't appreciate that the treasury will want their share on disposal if there has been a significant capital gain in value. Trouble is, many have already spent that capital gain by remortgaging to buy the next house.

Asset rich not!!! If I were her I would cut my losses and take advantage of current inflated prices and sell now as a defence against a possible HPC. Mind you, knowing the Beeb, everything will work out rosey in the end to confound us.

Thursday, July 13, 2006 03:36PM Report Comment
 

8. Dadm1975 said...

> I do the number crunching and due to fees and tax it just does not make sense

She is clearly a dim wit...as the only tax issues are either rent income. Which she would have already or capital gain.

As she has stated, she will be in a loss situation. So no capital gain, but a loss. Which could be carried back or forward.

She has no idea what she is talking about.

Stupidity is no excuse when it comes to paying back what you owe.

As a wise man once said, "you can have today and go without tomorrow, but tomorrow you will pay and you will go without"

Thursday, July 13, 2006 05:01PM Report Comment
 

9. Twinkle said...

I seem to remember from her earlier entrys that she had MEWed to fund the second BTL and then MEWed the second BTL to fund the restaurant, so that is why she will won't make any money from selling.

Thursday, July 13, 2006 05:47PM Report Comment
 

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

 

11. uncle tom said...

> I do the number crunching and due to fees and tax it just does not make sense

The tax element (capital gains) is a potential trap for many BTL-ers

They bought the property, it went up in value, they MEW-ed away the gain, but when it comes to selling up, the difference between the purchase price and sale price is taxable, as the property was not their principal residence.

Still, she should sell them, as she will have no sympathy from the banks until she does.

> I hoped that my property would be my pension

Classic phrase!

Thursday, July 13, 2006 06:00PM Report Comment
 

12. Paul said...

"They won't leave me alone to have my baby, innit"

Yes love. That's right. Now you're in dire financial straits through your own stubbornness, go and have some children to add to the mix.

Dear Ms Beg,

Your Breeding License G038446S has been revoked.

Yours

Ministry For Dumb Parent Control

Thursday, July 13, 2006 06:10PM Report Comment
 

13. Nasha said...

I can't take this woman any more I agree with all the comments above plus I'm equally insulted that she's now considering legal action using other peoples money because her "contract" was terminated. I'm an IT consultant and it's people like her who forced the inland revenue to introduce IR35 (a tax for disguised employees that makes proper contracters lives really hard) a cotnract is a contract and if you can't forfill it (including getting yourself pregnant, breaking a leg and numerous other ways of not doing what the client wants) then it will be terminated according to the contract terms. arggg sorry a little off topic had to get it off my chest.

Thursday, July 13, 2006 07:54PM Report Comment
 

14. Indiablue19 said...

Inexplicable attitude of irresponsibility. Anyway, her wrongful dismissal suit should be open and shut from the description she's given -- so find a solicitor who agrees to be paid when he/she wins the case. But then, for God's sake, pay the legal bill and don't make that yet another debt unhonoured.

Not to be excrutiatingly old-fashioned, and maybe I missed a chapter in this tear-jerker, but where the hell is Dad-to-be? Did he play some "planning" role in this farce, or did he simply fly the coop fearing they might have an offspring of similarly woeful intelligence?

Thursday, July 13, 2006 11:22PM Report Comment
 

15. Paolo88888 said...

She does say about selling her BTL: "I will be able to pay down a little of my debt but, ...". If she is successful in her request to the banks to "take an interest holiday" or "freeze the interest", then she is effectively ring-fencing her assets to hold on to them rather than use them to repay debts. If this works, then it means there is another attraction of the debt-culture and a disincentive to saving, that by borrowing to make oneself cash poor then repayments can be reduced. A dangerous precedent! Where should we put our money? Can't buy houses because of HPC, can't use banks because they may collapse if they cannot collect on their loans.

Friday, July 14, 2006 12:39AM Report Comment
 

16. bidin'matime said...

Nasha is right - if she is freelance, she has no right to all the employment protection laws and can quite rightly be kicked out for getting pregnant. She chose that route to avoid paying tax and NIC and now she pays the price. No sympathy from me.

Friday, July 14, 2006 07:02AM Report Comment
 

17. sebastian said...

I must admit I was thinking the same Nasha and bidin. Not sure how she thinks she can get a freelance contract and then expect the same rights as a full time employee. Obviously contracting pays more in cash. How stupid, who would plan to get pregnant without being in stable employment. Out of the number of stupid things she could do she seems to have done them all.

Friday, July 14, 2006 08:40AM Report Comment
 

18. Poppy10 said...

I can't believe how pig-headed and stupid this lady is. She spent recklessly on 3 properties and a failed dream of a restaurant business. She PLANNED to have a baby even though she was in dire straits financially. And now she expects her creditors to bail her out, while refusing to sell her own assets. She deserves what's coming to her.

Friday, July 14, 2006 09:24AM Report Comment
 

19. Miniftse said...

Rosy, she is freelance, i wouldn't be surprised if it turned out her contract expired and just wasn't renewed. Anyhow, imagine how you would feel if you gave a contract to a plumber to install central heating, they said it would take 4 weeks, after 3 weeks work she says I can't finish the job for another 12 months because I've decided to have a baby, but I want you to pay me every week till I finish. What would you do? This lady clearly thinks she can live for free, sorry but that's not on, and she should expect to be labelled 'thick as they come' if she thinks she is an exception!

Friday, July 14, 2006 11:11AM Report Comment
 

20. inbreda said...

Thick though she may be, she must be feeling pretty bad at the moment. Swamped with all those debts and the inevitable bankruptcy looming. No light at the end of the tunnel. Creditors chasing her. Bailiffs about to start knocking on the door.

Hope she doesn't visit this forum too often - it's enough to push an idiot over the edge !!!!

Friday, July 14, 2006 12:38PM Report Comment
 

21. The Haunted said...

Joker! Not only another person that thinks society owes them a living but also thinks that it should be to the standard she is accustomed too!

Walk a mile in my shoes love and then tell me how poor you are.

Friday, July 14, 2006 01:17PM Report Comment
 

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