Jump to content

Bloody DEBT....define debt


Jay Jay Sea
 Share

Recommended Posts

Christ.  Met me mate for a swift pint at dinner time and knew straight away something was wrong with him.  He tells me his house is to be repossessed becasue he and his wife had built up debt (including a mortgage) of £330,000 (mortgage £210,000).  Chap is a broken man and is a f*ckin diamond fella.  Man he has even thought about ending it all. 

Out of curiosity, how many of us on this forum would confess to being up to the eyes in debt? What is debt in your opinion? I've got myself a good whack but nowhere in the region of £330k.  38years old this chap with a good job, wife a nurse and 3 kids.  Nightmare of the highest order other than being terminally ill?

Link to post
Share on other sites

At this point in time I have more wealth than debt but most of my personal wealth is invested in shares so it could change just like that. That being said its invested in a pretty stable company which is making regular profits so I think im quite safe.

Link to post
Share on other sites

I had a PA once who only found out the bailiffs were coming round 4 days before - she'd just left everything to her husband to handle and he always hoped sommat would turn up - and it never did

 

truly awful

 

IF you ever get in the shit it's really important to go out and get some decent advice - even the buggers you owe the cash too will help a bit IF you get to them first

Link to post
Share on other sites

Christ.  Met me mate for a swift pint at dinner time and knew straight away something was wrong with him.  He tells me his house is to be repossessed becasue he and his wife had built up debt (including a mortgage) of £330,000 (mortgage £210,000).  Chap is a broken man and is a f*ckin diamond fella.  Man he has even thought about ending it all. 

Out of curiosity, how many of us on this forum would confess to being up to the eyes in debt? What is debt in your opinion? I've got myself a good whack but nowhere in the region of £330k.  38years old this chap with a good job, wife a nurse and 3 kids.  Nightmare of the highest order other than being terminally ill?

I was up to the eyes in debt, and I took "the easy option", declared myself bankrupt.  I was no where near £330,000 in debt like, but I know how he feels, because it takes over your life.  My debt was purely my fault, I was trying to live the lifestyle of someone who had a far better income than I did.  I think it must be worse for him because it sounds as if his woman is to blame for his problems.  The thing is it might sound really bad for him at the moment but I bet he has some equity when it gets sold so he'll be left with something surely?  The best thing for people with no kids that are in their twenties who have debts over £30,000 and see no way out is bankruptcy.  My credit ratings fucked for now, but it won't be forever, I feel much better since I did it put it that way.

Link to post
Share on other sites

Feel for him, especially with having the kids. This sort of thing doesn't happen overnight though.

 

Aye. There was a bloke on the radio the other month talking about his debt and he was blowing money left right and centre on Armani suits and the like (he admitted as much), then expected sympathy when he got in the shit. He had to declare himself bankrupt in the end. People think it's easy to get out of debt these days, so they pay lip service to it.

 

I suppose i'm lucky, but the folks always taught me to only buy things I can actually afford, so the only debt I have is on my first car. I'm buying my new one outright, and have no credit cards, only a single debit card.

Link to post
Share on other sites

Christ.  Met me mate for a swift pint at dinner time and knew straight away something was wrong with him.  He tells me his house is to be repossessed becasue he and his wife had built up debt (including a mortgage) of £330,000 (mortgage £210,000).  Chap is a broken man and is a f*ckin diamond fella.  Man he has even thought about ending it all. 

Out of curiosity, how many of us on this forum would confess to being up to the eyes in debt? What is debt in your opinion? I've got myself a good whack but nowhere in the region of £330k.  38years old this chap with a good job, wife a nurse and 3 kids.  Nightmare of the highest order other than being terminally ill?

I was up to the eyes in debt, and I took "the easy option", declared myself bankrupt.  I was no where near £330,000 in debt like, but I know how he feels, because it takes over your life.  My debt was purely my fault, I was trying to live the lifestyle of someone who had a far better income than I did.  I think it must be worse for him because it sounds as if his woman is to blame for his problems.  The thing is it might sound really bad for him at the moment but I bet he has some equity when it gets sold so he'll be left with something surely?  The best thing for people with no kids that are in their twenties who have debts over £30,000 and see no way out is bankruptcy.  My credit ratings fucked for now, but it won't be forever, I feel much better since I did it put it that way.

 

How on Earth do you come to that conclusion?

Link to post
Share on other sites

i wonder how can someone run up £300,000 ?

 

personally i was dropped in it by my ex with regards to our old property a few years back,led to a bit turmoil at a bad time(wife 8month into a very traumatic pregnancy),unable to pay off those debts till recently when wife could go back to work.debt free in december,really quite money savvy now and looking at investments for next year.

Link to post
Share on other sites

Guest Redcar Mag

I've got about 40k to pay off on my mortgage and about 5k to pay off on the car. Everything else is paid for and the credit cards are cleared and paid off every month.

 

I've spent more than I've earned the last couple of months due to christmas and a hefty chunk coming out of my current account to go into my pension every month. Can't understand how people can get themselves that deep into trouble, what has the money gone on?

Link to post
Share on other sites

Naive as I am, could someone with a credit card explain to me why they got one in the first place...?

more flexible than a loan

 

Presumably then, one realises that they're living beyond their means though, non?

 

The only loans people should take are for houses/education/sure-fire business ventures. None of these are put onto a credit card... right?

Link to post
Share on other sites

Naive as I am, could someone with a credit card explain to me why they got one in the first place...?

more flexible than a loan

 

Presumably then, one realises that they're living beyond their means though, non?

 

The only loans people should take are for houses/education/sure-fire business venture. None of these are put onto a credit card... right?

sometimes the only way to live is beyond your means (my case was)
Link to post
Share on other sites

I've not been without my problems the past couple of years like.

 

My credit rating is pretty fucked at the minute, 4 months ago, it was fine. In that time, I've had one bank pull my £400 overdraft off me, and demand it back as I wasnt using the account. I did the daft thing and ignored them, then the account defaulted. At that point I got too worried to talk to them, but when I actually did, they sorted me out. If I'd done that earlier, I'd never have had the default. My fault entirely and I'd seriously encourage anyone to sort that kind of thing out as soon as it comes to light.

 

The second one wasnt my fault, and I'm taking the bastards to court for it if they don't refund me or take the default off my record. I asked for my Orange contract to be cancelled at the beginning of September, and they said I had to give 30 days notice, so it would be cancelled at the beginning of October. Got the letter of confirmation, and shredded it with all my other orange shit. Stupid, stupid idea. They didn't cancel my contract, and I got a bill for Oct, Nov and Dec. They then decided I owed them those 3 months bills, even though I'd asked for it to be cancelled, I refused to pay and along comes Mr. Default. Then shortly afterwards 'Northern Debt Recovery' sent me a letter. I nearly shit meself. Currently sorting it out with them, and it looks as though they're going to cave in, the shitbags.

 

Other than that, I've got 2 credit cards, and a loan. All under control though.

Link to post
Share on other sites

Guest Gemmill

I've got a ton of credit card debt which I'm trying to clear off, although it'll take a few years I reckon.  Plus side is that my job pays alright and there's plenty scope for my wage to go up, but I still recognise how important it is not to let it get any worse. 

 

Nothing like your mate JayJay, that's fucking horrendous.

Link to post
Share on other sites

I've got two grand in total but I've just found out the other day that wor lass has got about 15. I always wondered how she was skint and knew she had a couple of lonas but 15 grand, I don't know what she's done with it tbh

Link to post
Share on other sites

Guest Knightrider

Christ.  Met me mate for a swift pint at dinner time and knew straight away something was wrong with him.  He tells me his house is to be repossessed becasue he and his wife had built up debt (including a mortgage) of £330,000 (mortgage £210,000).  Chap is a broken man and is a f*ckin diamond fella.  Man he has even thought about ending it all. 

Out of curiosity, how many of us on this forum would confess to being up to the eyes in debt? What is debt in your opinion? I've got myself a good whack but nowhere in the region of £330k.  38years old this chap with a good job, wife a nurse and 3 kids.  Nightmare of the highest order other than being terminally ill?

 

No debt for me thank fuck and it is something I'll never ever allow myself to get into, the above is shocking though and you have to ask how come your mate got in so deep? Debt problems are often the result of people living well above their means (Stevie) and in which case, there is a degree of "your own fault", but this country doesn't make it easy to stay debt free and debt is a massive problem in this country so I sympathise. He needs to seek professional help, debt consolidation could be the answer. If you're willing to pay off your debts, there is help aplenty to be had so it shouldn't be the end of the world, even if it means downsizing to a smaller house, having to use public transport etc. Anyone who thinks about topping themselves over debt though is an idiot.

 

Some debt facts:

 

Total UK personal debt has exceeded £1 ¼ trillion and at the end of October 2006 it stood at £1,268bn. The growth rate increased to 10.4% for the previous 12 months which equates to an increase of ~ £110bn.

 

Total secured lending on homes has exceeded £1 trillion (£1,000 billion) and at the end of October 2006 it stood at £1055.9bn. This has increased 11.3% in the last 12 months.

 

Personal debt in the UK rises by £1 million approximately every four minutes.

 

The total of credit card debt in the UK is approximately £56 billion.

 

It is estimated that two million households are living on a financial knife-edge, and would be plunged into serious debt in the event of an economic downturn or change in personal circumstances.

 

14 million adults (35%) are reliant on overdrafts to get through the month.

 

3.5m people are overdrawn permanently.

 

Two million people in employment begin the month overdrawn, even after they have been paid.

 

10% of single people believe their finances are out of control.

 

41% of single people have already suffered a financial crisis at some stage, compared to 28% of married people.

 

Total consumer credit lending to individuals in October 2006 was £212.2bn. This has increased 6.2% in the last 12 months.

 

Total lending in October 2006 grew by £10.9bn. Secured lending grew by £9.8bn in the month. Consumer credit lending grew by £1.1bn.

 

Average household debt in the UK is £8,592 (excluding mortgages) and £51,343 including mortgages.

 

Average owed by every UK adult is £26,971 (including mortgages). This grew by £225 last month.

 

Average interest paid by each household on their total debt is approximately £3,227 each year.

 

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,514 per average UK adult at the end of October 2006.

 

Britain’s personal debt is increasing by £1 million every four minutes.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...