Following a thread on here today (please lets not drag it all up again)...How well do you think you manage your debt?

Who's fault is it if someone gets themselves into debt?

How much blame should lenders take for loaning money to those that cannot afford to pay it back? (im thinking sub-prime US market collapse here not person to person loans)

Have you been in debt? How did you get out of it?

Anyone had an IVA or been declared Bankrupt?

I know a guy who is well over 40k in debt due to credit cards and personal loans when he was about 18-24. He just borrowed as much as he could and didn't worry about paying it back.

I helped him sort out an IVA with reasonable paybacks...and now he isn't keeping up the payments.

I washed my hands of it now. I cant physically help him anymore.

 

See above.

 

i run up alot of debt few years ago, was in a good paid job and paid them every month without fail..
i ended up being signed of sick from work and i had the insurance on the cards to cover when that sort of thing happened but only one would pay up on this
so i asked them to have reduced payments till i went back to work as was finding it hard to pay again only 1 done this so i had to carry on paying but finding it very hard to meet the lowest payments
i had a baby and carried on paying as they were mostly my debt along with bf's at the time

i lefted in the august of last year and all the debts were in my name so i carried on paying them but getting more and more stressed because i felt i wasnt giving the baby the things she needed and was always struggling with the money i was getting a week

i spoke to the companys i owed money to many times but they couldnt help me anymore than what they were at the time

i looked into the iva because i knew was my debt and i did want to pay them but they told me the money i was getting in they cant help me

so i went bankrupt end march this year

 

Gred greed and more greed.

I know people who start with a few store cards, get a credit card to clear the store cards, run them back up to the limit, so get a better card to clear the other card and the store cards, then run them all up to the limt.

THEN, get a loan to clear it all, then, yep you guessed it, run it all up again, end result, 2-3 of my mates in 10-20k of dept, this was when they where 20-25yrs.

I DO partly blame the lenders, but you have to be a c*ck to not realise you can't afford what your spending.

Personally in the cases where people are lent massive amounts more than they could earn, I think the lender should be made to the debt to an amount that was reasonable to lend in the first place.

This, if done some time ago would have haulted greedy lenders in their tracks and stopped the dumb f**ks getting in trouble.

 

i just read porkies thread and was about to reply with a goodun, but its fookin locked

rad a mate of mine was strapped so used to stuff envelopes in their spare time, couple of hours a night for at least Ł50 a week. if your a jobless cunt and got plenty of time on your hands, you could almost pay lee back in a month or 2 i reckon. (they even deliver the stuff to your house, and then collect it so you dont even have to get off your arse...)

as for being in debt, i am yes, to the tune of Ł100k - but thats a mortgage for you...

 

Do as I told you and leave the country.

Benni.

 

I owe 88K 85k of it is the mortgage.

I been in debt as a student and got a couple of defaults but thats about it and its off my record now!!

Generally id say its your own fault you get into big debt unless its due to redundancy or sickness which is just bad luck.

The lenders have lent too much money. I think they should never have gone above the 3.5 x income. enforcing such limits would have reigned the housing market in a bit so it didnt spiral up as much.

getting a screwed up credit reference is completely different thing though. I had identity fraud back in 2000 and that took a year to fully sort out. Good job it happened really as it highlighted my credit file being linked to my brother!!!!

 

or ignore your debts until they become statute barred and uncollectable lol

 

I've been doing this with parking fines since I passed my test five 4 years ago.

Benni.

 

Dont owe anyone a bean

I did though, had Ł1k on a card but payed it off through some shrewd business stuff

 

getting in debt as most people know is quite simple and happens to most people its easy to get into it but not so easy getting out i had credit cards etc when i was about 21 and a few loans but nothing to show for it i cleared them off and took out a 10k loan last year because i split up with my bird and was gonna give her the 10k so i could keep my flat but we got back together a month later and i went mental with the cash it was good at the time but pants paying it back ive got just under 8k left to pay which i plan to pay off in the next 3 months so il be debt free apart from a mortgage and the 220 quid i pay a month will be saved instead of paying the loan
i have somefriends that are up shit creek with debt ive said my piece to them and i think they are slowly realising this now when the debt has caught up with them

 

probably not lol as youd be registering address in foriegn country and in europe the CRA's share info easily anyway.

you need to go dark man

 

went a wee bit silly many many years ago and could not afford to do anything because of the strap i got on a new out Crapi 2.8i (yes,that long ago)
Anyway, i gave the car back and paid of the dept and have learnt from then thats its just not worth it
Now i wont have anything unless i can buy it and have nothing on credit
My lifestyle is mine and not dictated by the bank or building society like so many people's these day
Credit crunch, what credit crunch, just bargains to be had

 

408,000 mortgage is a bit scary. Nothing else though.

Charlie

 

from wot i was told if you leave the country for five or more years or so they write them off because it costs them to much to try and trace you up,not sure how true it is tho. when i was in debt i went to the citizens advice and they got all intrest stopped and arranged a silly payment scheme where i only payed minor amounts on things.

 

fook that.......

 

Yes, I have been in debt, but apart from my mortgage I have not been in any form of debt for a number of years...... so I don't care about it anymore!

 

never borrow never lend never win or lose a friend

my dads old words.

 

Yeah..... my old man is tight as well!!!

 

Well i was ticking along ok until Feb this year. Drunk driver pulled out in front of me and bang. So still signed off work now, 1000 in my overdraft and the 75 ssp just covers my debits. Waiting for a claim to be settled but what can i do in the meantime? Some debts cant be helped but others are through either greed or just pure stupidity.

 

but its the truth..its not being tight ..not a MUG is the word

 

Well things recently have been a bit tight and now after a 1500 euro fine at the ring I'm rather skint, the sooner I'm home the better lol.

I do try not to put myself in any situations I can't cope with

 

I owe no one any amount of money, i don't have a well enough paid job to be able to get into "bank" debt

Ginge

 

are you allowed out of the muppet room Punk?

 

other than the mortgage, nothing

if you haven't got the money in your pocket, you can't afford it

 

With no mortgage i'd say i've got about Ł35k of debt at the moment, about 3/5th of that is on a car (PCP).

 

you owe Ł20k+ on a car?

i'm sorry sir, but, in my books, that makes you a twat

 

i have Ł400 on my credit card and a sofa on interest free credit, other than the mortgage thats all i owe, if you cant fold it and put it in your pocket, dont spend it!

 

Apart from our mortgage, we have maybe just over 1k on a credit card, (new cooker) & bed for the guest room.

thats it tho, the cars are bought and paid for so we have 20k sat outside

before we decided to take plunge on the housing ladder we paid all our oustanding debts off

 

the thing is if you owe say Ł100k on a mortgage you really owe about Ł160k by the time youve paid off all the interest

 

i've got a few debts here and there.. mostly due to over zealous management companies on properties and an unhealthy disrespect for money when i was younger. however, i don't lose sleep over it because at the end of the day i know i have enough money tied up in property to easily cover it all if i needed to.

 

105k mortgage and 10k personal loan.

The personal loan was done as a consolidation - 5k was to cover random previous debts and 5k was used as a housing deposit to accompany the above mortgage.
Loads of folk will say that's stupid and I'm an idiot for borrowing to finance a deposit (and I'd agree) but its all managed. I can afford the payments and I'm happy with my situation.

I have no credit cards and the odd overdraft of a couple of hundred quid now and then.

 

not really in debt, was really unwise with cash when i was younger, was earning a good packet and blowing it in style aswell, grew up

 

Is it bolloxs making him a twat!

 

Yes, only on Weekdays. I get silly at weekends.

 

A lack of decent financial education is the main problem.

I dont see how you can blame the lenders, I get post through probably once a week offering me a loan and telling me im pre-approved etc from my bank and credit cars etc, I simply dont ever taken them up on it.

 

simple instead of borrowing the money to buy, save it ! you appreciate things more too if you work hard and save the money then buy it. the biggest borrowing we have to do is for a house and the easiest time to save is while your at home with your parents. a good deposit goes a long way to a mortgage 10 years is better than 30 !