Friday, Aug 04, 2006

Debt Diary: Part 5

BBC: Debt diary: Repossession threat

More moaning from the delightfully stupid Ms Sayara Beg.

"I have decided to put my buy-to-let property on the market. I realise now after several months of trying to negotiate with my creditors, and with the birth of my child due, I need to take drastic action.

I had hoped that the property would be my pension but it looks like I will be back to square one"

Posted by little professor @ 08:14 AM (2849 views)
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24 Comments

1. sebastian said...

*sigh* It's the same old from her isn't it? Everybody elses fault. The reason you are in this situation is because you have completely mismanaged your funds and been stupid enough to get yourself pregnant without stable employment.

Did she ever get the full details of how she lost the job or even how long she had been in the contract? I bet anything that they simply did not renew her contract. She has to have been in the job at least a year or something before she can claim unfair dismissal anyhow?

She keeps on with the home is my pension nonsense as if putting it that way makes her more deserving. A home should not be a god damn pension! It's a home!!! Something that people should live in and not be deprived of just because some idiot thinks they are clever by borrowing a ton of money then applying the pension sticker.

I have slowly lost all respect for this person because of their inability to admit their faults. They wanted to get rich quick, it didn't work. She gambled her future and lost, she should face up to it.

Friday, August 4, 2006 08:35AM Report Comment
 

2. Lloyd said...

I hope no sane person has any sympathy for this fool. She gambled and lost end of. The more BTL'r going bust the better! Then I can afford my first home, not my second or third like some them!!!

Friday, August 4, 2006 09:26AM Report Comment
 

3. sebastian said...

Aye, I have no sympathy for BTLs going bust. Why the hell should other people be getting rich on borrowed money off the back of other peoples hard work.

I can't believe we are now in the situation that people actually believe a debt driven economy is a good thing.

The response to the IR raise from the masses seemed to amount to "Think of all the people in debt". I can't believe some people were actually so naive to believe that some people could actually get into this situation and it not be their fault. Nobody can be forced to take on debt, the rest of us manage without excessive debt.

In all the nonsense all these people seem to miss one thing, the money is NOT theirs!

Friday, August 4, 2006 09:41AM Report Comment
 

4. paul said...

The WHOLE POINT of freelance is that you don't have a contract - was that her plan? Sue her ex-boss to repay her creditors? Her stupidity knows no bounds.

"I realise now after several months of trying to negotiate with my creditors, and with the birth of my child due, I need to take drastic action."

Yeeeees. So after spinning stories to your creditors, they've stopped listening and started finally closing in? I love the way that she's using her pregnancy to play the sympathy card/threaten her creditors. I suppose that if the baby is born premature "from stress", she'll probably look to sue her creditors too? I also love the way the BBC has picked up on her case, and made a mini celebrity.

Like I said a few weeks ago, she is living proof that breeding licenses need to be introduced.

Friday, August 4, 2006 09:41AM Report Comment
 

5. sebastian said...

Haha, Duke:

"You're a reason for birth control".

Friday, August 4, 2006 09:56AM Report Comment
 

6. Delboypass said...

she has managed to reach the top of my 'Hate List'

Like all women, all she can do i s moan and blame other people...

I can see her at her dinner parties now...'Do you know what my creditors are trying to do..sell one of my 3 houses because I havent paid them...can you believe the cheek...'

Take all her houses I say..all 3 of them, and the restaurant!!

Friday, August 4, 2006 09:57AM Report Comment
 

7. japanese uncle said...

"I had hoped that the property would be my pension but it looks like I will be back to square one. "

Absolutely not. She will be in short of 'square one', and it will take years before she reaches square one. That is the hard-boiled reality
for those silly property investors, arrogant enough to sustain her retirement livelihood at the cost of those less arrogant.

Friday, August 4, 2006 09:59AM Report Comment
 

8. uncle tom said...

Although she comes over as being selfish, and a lot dumber than she realises, I will put in one word in her defence -

- When it comes to kicking people when they're down, the banks and mortgage lenders are plumbing new depths.

I'm not up to speed on employment law, but I think she started a new job without forewarning her new employer that she was pregnant - who was then less than impressed when she turned up for work carrying baggage.

I would say that she witheld a material fact when applying for the job, and that the employer was fully entitled to void the contract because of that - but what the law says now, I'm not sure....

Friday, August 4, 2006 11:04AM Report Comment
 

9. George Monsoon said...

Lloyd has got it right,

How nice it would be to own a house of my own, never mind buying extra properties and fueling the housing problem further.
This woman deserves to lose the house through repossession.

My prediction is that she will lose the house through repossession, lose her court case for unfair dismissal and lose the restraunt. Maybe she will learn a valuable lesson, something like "Stupid is, as stupid does".

Watch this space............. . . . . .

Friday, August 4, 2006 11:06AM Report Comment
 

10. Nick said...

I do feel sorry for her,just because it's all her fault doesn't mean it's going to hurt any less, she has already gone bust, but hasn't worked it out yet, how can you all not feel sorry for someone who is shattering their lives, I didn't hear many cries of George Best, served him right

Friday, August 4, 2006 11:27AM Report Comment
 

11. Emptywallet said...

I have found this website quite interesting and up until today enjoyed reading contributor's comments. The sadistic and hurtful comments written above though are quite honestly pathetic.

Obviously this person has made some mistakes and has some views that we may disagree with. But it also appears she has been a victim of banks and other companies lending inappropriately and the misinformation propagated by the media about the house price boom.

I too have borrowed heavily to invest in businesses which have become very successful (through luck as much as hard owrk, consideration and planning) and I would never criticise other people who have suffered from circumstances which may have been outside of their control. If you read the full diary it appears problems at the restaurant are due to London bombings - how the hell are individuals meant to protect small businesses. You can't even realistically insure against this these days.

Please be a little more considerate with future comments whether you agree or not with an individuals situation - in this case a story that could so easily have been a success 5 years ago may now result in a homeless family with new born child. I wish this on no-one.

Friday, August 4, 2006 11:28AM Report Comment
 

12. The Bald Man said...

All these BTL investing for pensions. Do people not understand that property can be an illiquid asset in difficult times. A balanced share portfolio can give a better return and can be offloaded quickly.

Friday, August 4, 2006 11:34AM Report Comment
 

13. sebastian said...

Emptywallet, I think many of us have been reading the diary in full. Everyone has been pretty honest and constructive with this diary and yes, perhaps some comments have been harsh but this woman accepts no responsibility for her own mistakes. The fact it is a diary has given it a personal feel, perhaps why we see so much emotion.

Things happen that are out of ones control and people strike out, such is life unfortunately. The situation she has put herself in was a big gamble which hasn't paid off, I think a lot of us are annoyed at the fact she blames everyone else but herself. She believes the world owes her a living.

What about the people who will now be pushed out of her BTLs? The fact that this woman has been so inconsiderate to the people around her is what has got people angry. I very much doubt anyone here wants to see a homeless family.

I certianly don't agree that she is a victim. It all adds up to this modern mentallity of blaming everyone else.

Friday, August 4, 2006 11:49AM Report Comment
 

14. sebastian said...

Also I am glad that your business worked for you but very little of this was out of her control, she took on more than she could manage. Her failings are not purely down to the failing restaurant business either. When taking on huge amounts of debt, as I am sure you were aware, there is always a great risk.

Friday, August 4, 2006 11:52AM Report Comment
 

15. indiablue19 said...

Well, this gives away the game a bit but.......It all depends how you want to live and can afford to live. But, in the end since when is it impossible to work and be pregnant? For that matter, since when is it unheard to have a baby and just keep on working? Where I worked at the stage of having children I WAS the "Shore Patrol," as one of the founding executives, and had three babies, never leaving my post for more than a few days each time. Even having a child by Caesarean, I plugged in the computer at home for a week and kept going. I have nursed babies in Business Class on the airplane and kept a baby cot in the office, set up a home office and worked online if a child was ill. At some stages relatives helped. OK, it's perhaps not streamlines, and not for everybody, and not every employer will wait even a few days when a baby arrives, but there are probably many versions of this lifestyle for those who require options. It's maybe not the ideal from the story books, but my kids are more than normal -- they are terrific -- and they understand that you can't just sit down and quit because times are tough.

Friday, August 4, 2006 12:37PM Report Comment
 

16. indiablue19 said...

Well, this gives away the game a bit but.......It all depends how you want to live and can afford to live. But, in the end since when is it impossible to work and be pregnant? For that matter, since when is it unheard to have a baby and just keep on working? Where I worked at the stage of having children I WAS the "Shore Patrol," as one of the founding executives, and had three babies, never leaving my post for more than a few days each time. Even having a child by Caesarean, I plugged in the computer at home for a week and kept going. I have nursed babies in Business Class on the airplane and kept a baby cot in the office, set up a home office and worked online if a child was ill. At some stages relatives helped. OK, it's perhaps not streamlined, and not for everybody, and not every employer will wait even a few days when a baby arrives, but there are probably many versions of this lifestyle for those who require options. It's maybe not the ideal from the story books, but my kids are more than normal -- they are terrific -- and they understand that you can't just sit down and quit because times are tough.

Friday, August 4, 2006 12:38PM Report Comment
 

17. kpjcomp said...

Emptywallet.

You make a good point, but I soppose it hard to be sympathetic when nobody has given people on this site any!!
I beleive what you are seeing is people letting of steam!, and too be honest can you blame them?.
Like you kind of pointed out, the real victim here could be her child.

Friday, August 4, 2006 12:44PM Report Comment
 

18. Retiredbanker said...

What worries me is that there may be someone with more money than sense who will take pity on this
feckless woman and clear her debts.

A restaurant has always been a speculative investment. At my last branch in central London I had four
restaurants in account; two of them enjoying the highest rating in "The Good Food Guide" ,and another
one with a medium rating.

All four of them went out of business in the 1990 recession.

Friday, August 4, 2006 01:07PM Report Comment
 

19. sebastian said...

Kpjcomp, exactly. I am confused by this sudden surge of "oh those poor indebted people", what the hell?

Friday, August 4, 2006 01:35PM Report Comment
 

20. Bfskinner said...

I feel totally empathy with this woman,

These big companies and corporations are terrible. Only last week my brand new Ferrari was taken back by the dealer when I couldnt afford the monthly payments and then my local supermarket wouldnt let me have a trolley full of food for only 2,17, and demanded that I leave it at the checkout so they put it back on the shelves. What a cheek! After all it's not my job to make sure I can afford to pay is it?

What is the world coming to when business expect us to pay for the products we have purchased from them?
Whats next, the government expecting me to pay tax! Surely they should have thought that I might not want to, and divide my bill among every one else.

gimme, gimme, gimme, gimme, gimme!

BFS

Friday, August 4, 2006 01:46PM Report Comment
 

21. Hard Cheese said...

Let me think about this, she is an adult? she has an education? understands the meaning of life? well she has only one person to blame, never mind, I am sure that some where along the line, her human rights as a BTL investor have been violated and that we, as the humble tax payer will end up paying all the BTL'ers compensation for some thing or other...................... my heart bleeds.

What a greedy, selfish, give me it to me now country we live in.

Friday, August 4, 2006 02:56PM Report Comment
 

22. Thesqueeze said...

I find it difficult to emphathise or sympathise with this woman. The excessive borrowing of people like this have kept my savings interest low, my pension low and been part of the over inflated bricks and morter valuation of the last 7 years. I decided to stick with my savings, and pension and stay in the same flat rather than move. Now it looks like it is going to blow up she is going to crash and burn. She is the same age as me, she has access to the same financial information. I chose a more long term and stable view of my finances, she didn't. Nobody promised her anything, or sold her anything. She didn't have to get credit cards either. Feel sorry for her? Why? She's a freelance IT consultant so obviously not short of a few brain cells.

Friday, August 4, 2006 03:30PM Report Comment
 

23. paul said...

Emptywallet

I'm not letting off steam, but I still don't have an ounce of sympathy for her phony hardship.

If she was a young mother, had borrowed from parents to get on the housing ladder and was now facing negative equity and had a baby on the way, whose husband worked for one of the many manufacturing companies that has recently gone to the wall, then I'd feel sorry for her.

The very fact that the BBC is holding up her case as an example of debt hardship is outrageous and disingenuous to those facing real hardship.

It's akin to interviewing someone who's skipped lunch claiming that they know what a famine is like.

Idiots.

Friday, August 4, 2006 05:01PM Report Comment
 

24. paul said...

"in this case a story that could so easily have been a success 5 years ago may now result in a homeless family with new born child. I wish this on no-one"

Emptywallet, you've also missed the point there completely - THE HOUSE BEING REPOSSESSED IS HER BUY TO LET PROPERTY.

Friday, August 4, 2006 05:03PM Report Comment
 

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