Grant, essentially yes thats correct, which is why so many people are doing it, which I would imagine is part of why the banking system is fucked, its not just about subprime mortages its also about the banks having to write off so much money lent to people who go brankrupt.

 

RS Grant... i think youve got it pretty much spot on fella!

 

The system is wrong!! 30 years ago if you went bankrupt, that was IT... No more.

Which is why when you're playing monopoly, if you go bankrupt you're out the game. They don't make you miss a couple of turns then give you a load of money and tell you to get buying do they??

 

Banks lend money to make money, people then cant pay it back, so they take whatever assets they have to pay the debt off and thats the end of it.

They make judgements when you apply depending on your status about how much to lend you and take it from there.

If it comes to it that you cannot pay it back then the above is all they can do then you are left with nothing, and no debt either.

I wonder how many people are out there that have applied for big loans, sold the assets/hid the money and then declared themselves bankrupt?

I bet a LOT.

 

unbelievable....

I often wondered how people afford to go to the ring etc when I assumed that they were not on great money...

Why go if you simply cannot afford to?

Why buy anything if you cannot afford to.. especially luxury's!!

Sorry, but when I sold the RS, I was using a 1.0l Citroen AX, yes and AX which was green also but a year late, I had saved the money to buy myself a Civic Type R Trust me, its much more enjoyable knowing its yours rather than paying it back for years and years... Saved a fortune driving that 1 litre about, fair play, looked a right tit in it..

 

lets face it, when all the banking organisations run by the so called top money minded execs have to go cap in hand to the taxpayer because theyve lost billions what chance has joe public in getting his finances right?

 

Who will charge you 300 notes and then tell you to fuck off.

If you want to pay it off or as much as you can in 5 years an iva is the one.

If you want to fuck it all off bankruptcy is the way.

 

Best place to look is www.moneysavingexpert.com and check out the debt free wannabe bit.

One of my mates went bankrupt for Ł25k which he'd simpy spunked over 3 or 4 years on booze, coke and clothes. I didn't and still don't agree with it, but given the circumstances Jim seems to be in it might be the best way.

 

....and that in a nutshell is it....not often I agree with you Rich it must be said, but that sums it up nicely.

 

spot on with the ring comment.


after skimming this post.....no wonder this country is fucked......lets spend money we dont have then go bankrupt

and jim i did wonder how you managed to go from a sierra held together with gaffer tape to a thing like an m3 plus ring trips in a short space of time.....now i know

 

Harsh but sotrue!

 

i think u'll have to askyourself have you really made any effort to clear it? even balance transfering some onto a 0% cc for 12months and pay what u can on it to clear any debt at all??

i've had credit cards since i was 18 i think its more about getting good advice when your younger than any hand out you could get. i remember i racked up 4.5k on a card in a year at the age of 19. and i payed it off in 3 months being sensible and doing overtime. brought a house with savings and no debt (except the mortgage of course).

i have debt now but i will never be at a point i cannot live as all the moneys gone on intrest payments etc.

Does jim have his own house or rent a place etc? maybe simply moving home for a year or two and being strict would sort the issue?

Crowds

 

by the sound of things jim will be buying another sierra shortly to live in

just fit a bumper dumper and it will be fine

 

LMAO @ Bumper Dumper

 

I LOVE the high and mighty on this thread. Some people make mistakes, some people may find it hard to live. Ever thought about if someone lost their job and using CC to pay mortgage etc? Not all people have family etc to fall onto. Yes there are a lot of keeping up the Jones' etc. But not everyone.

I had about 2k loan once and hated it so paid back eventually and tore CC up. I now dont own a CC as they are evil! lol Only loan i have is Student loan and a Mortgage. Much better to work then pay.... Or Credit is ok when you budget properly!!! Used right its good. I just got a Sofa on Intrest free.. Why pay straight away?

 

I use credit, I have 2 credit cards both with about 100 quid on them, and I have a loan that I got for my super sensible Avensis

I won't pretend I save up for everything, because I don't. I'm too impatient!! But, on the other hand I think very carefully before taking out credit, to make sure I can pay it back! I even take my electricity meter readings weekly to make sure I am keeping enough money to pay the bill And to stop the wife using the tumble drier every day

But, credit is too easy to get! I got a new VW on tick when I was 21 and I was between jobs at the time How dumb was that??? Thankfully CAB told me about the halfs and thirds rule so I gave it back after I made my 18th ridiculously high payment I had no idea what I signed up for, the salesman just convinced me I wanted it... Worst bit, was driving the thing for 18 months HATING it, and wishing I'd spent my money on a Escort Cossie instead...... That taught me that expensive cars on credit is bad becuase you can't sell them if you don't like them!

After that I saved up 2 grand and that was my budget. I used the same 2 grand for about 7 years! If I made money on the car, my next car had a budget of 2k+, if I lost money I lost budget!! And that worked really well!

Then I impregnated the wife, whist she was on the pill amazingly, and that went out the window! But in a year or 2 I'll do the same thing. Save up 2k, and then buy a toy. And use the same 2k all the time! Much cheaper in the long run!

 

rhys thats where morgage payment insurance comes in, those stupid enough not to take it out is there fault, thats the risk!

thats why you have insurances in place, and back up plans should you become unemployed, there is a saying ¨your only 3 paychecks away from bankcrupcy¨, and i tihnk for a lot of people that is true and very sad.

ironically my mrs is a morgage and financial advisor and its been drilled into me how important it is, especially in today circumstances.

 

I dont understand what its is that has made people have different thresholds before they go "oh shit lets have a look at this problem shall we!"

maybe they were always bailed out of shit as kids?

nothing personal to anyone on here I just cant understand it

........i mean 50k of personal debt with no assets i cant get my head round

 

rab, very sensible way to do things mate, i think unfortunately its todays society that tell us we need these nice things even if we cant afford them.

 

andy, i think that may well be the case, i belive my parants bought me up very well, if i wanted anything i had to work and pay for it, i.e got a paper round at the age of 13, and worked 3 round for like 2 years, god that was shit pay, but i was very proud of every penny i earnt. really was pennies

i didnt get pocket money at all, and never got spoilt, which people find hard to believe being an only child, but i think that helped me, i was never jelous or what my brother or sister ever had as i didnt have any. lol.

alot of my friends all got bought their 1st cars, i bloody didnt, and also got bailed out occationally and ironically its those friends who are in debt today aswell. so maybe it is partly the parents fault?

 

It's the same with houses mate! I know a few people earning less than me with 300k mortgages. Fuck knows how though, I look at a 100k mortgage and would stuggle to pay it back comfortably.

My limit for repayments and still having spare money is about 80k! Unless someone wants to give me a mortgage at 0%

 

i agree with some of what your saying but who knows how long life will be? whats the point in spending years in saving for something if you can have it now no one knows whats round the corner live life for today

i like reading this thread though makes me feel better as my 3k debt seems quite small lol

 

IIRC the sierra owed him upwards of 20K more than he sold it for.
The M3 he lost a few grand on.

The M3 was actually the CHEAPER of the two to own, ridiculous though that sounds

 

Careful, that attitude is how it starts!

 

I dont like talking about him rather than TO him, but since he's not here and I want an answer to my question... I'll continue...

I took a wee while off passionford when I was jap to the core, did I miss him getting a reasonable spec Cossie... last Sierra I remember him having was a Red Saph with a 24v Cossie engine in it??

Surely 20k+ on a V6 Saph is a bit mental... although I suppose there are some people that would say spunking 20k+ on any old Ford is a bit funky.


Cheers,
Grant

 

No mate, same car, just went through lots of changes, lol

To be fair, by the end it was actually a nice motor, but a shit investment, lol

 

Am pretty sure he went from the red 24v to the M3 mate

 

It would fucking want to be with that amount of money poured into it surely

I genuinely thnk there is a lot of keeping up with the Jones on this site, debt is all relative some people earn alot of money some people earn a shit load of money, and it aint always those with the fast highest spec cars that make the most, they just may get on with the c/c companys or bank...

I am lucky that my wife has a great job that pays well so she can contribute 2 good incomes make a difference and she is very good with money,

How in gods name though do you get to 30k in the can with out stopping yourself?

An example l give my guys that work for me, they want to come out on the piss with me and our chef now we both earn upwards of 4x's the amount the deck crew do so it stands to reason that l can still afford to save there salary and go on the piss a number of times over, they suddenly become aware of the fact that they can not afford to go pissing it up every night and still save the numbers dont add up at the end of the month.

Finacial education at school would l believe go along way to preventing these types of situations in the future, it would not eradicate them but certainly prevent some,

Mike

 

thats what she told you!!

 

I don't often post my personal stuff on this site but there are a lot of people asking "how do you get that far in debt"
The answer is that its SO easy to credit its untrue and that I was stupid.

Mine all started before I went to Uni at 18… I got given a credit card with a 10k limit and an over draft for 3k. Then at Uni you use to get 3k a year in student loans. I DIDN'T HAVE A JOB so why did they lend???

So instead of using my parents to fund me completely I tried to pay my way as much as I could. Part time work in EVERY holiday only paid off a tiny amount.

Then Uni started to go wrong, basically I hated the course I was on (Physics BSc). So I started playing around with cars and using my credit card to fund it.

By the second year I'd decided to change courses but didn't know what to do and took a years placement in industry with Mercedes Benz working between their premier Dealership in London and Milton Keynes… My parents situation had changed and they couldn’t help any more and living in London on 12k a year is hard - so the student loans didn't get touched, more credit card bashing etc etc.

I then decided to go back to college and study Automotive Engineering HND. Again this cost money but it all seemed ok at 1st.
Then the bills started getting too much and swapping credit cards seemed a good idea - it wasn’t LOL
Wind this forward to 4 years ago and my choice of education and playing with cars (where lots of money went) lead me to a 40k a year job….

Since then I have paid my student loans back, consolidated all my debt down to 16k and got a mortgage as well as getting my business up and running.

So in short if I hadn't of got into debt I wouldn’t be in the position I am in now… There is always a way out - I chose to pay as I could and I feel that’s the thing to do.

I know others on this site have done EXACTLY the same thing. So getting out of debt can be done

Alex

 

I just thought I had supersonic sperm!! I also feel slightly vindicated now about all the crappy cars I've had over the years that everyone on here has slagged off

 

They are mate. I personally know TENS of people who have done just that. It boils my piss as thats one of the reasons this country is so expensive to live in. At the end of the day, someone always pays, and its usually the people who work hard for the things they have.

Before anyone tells me to climb of my high horse, when I met Nicole 10 years ago I was part way through paying off the Ł30+K of personal debt i had accumulated by the time i was 28.

Ive worked my arse off and paid back every dime. Bankruptcy was offered to me many times, but I just couldn't take that option. Why should you guys pay for my bad money management and inability to work for my toys?

The UK's lending policy's used to be an absolute joke, and we are all now paying the price. Whilst i dont blame the companies for lending me money, I do wish they had made it a bit harder!

 

How can people get 30 grand in debt and living with their parents and working is fucking beyond me
his own bastard fault the silly c&%t

 

Double post.........

 

Man, why did no one tell me this in 2000.... I could have just given that shitty Polo GTi back and done without for 12 months

I seem to be getting penalised for being sensible during the 'boom', as now I have enough money to buy a nice house with a 10% deposit, I need a 15% deposit.... But 2 years ago I was getting offered 100% of 280k Which I couldn't afford...... So I figured I'd wait and save up some more before buying something I could afford.... And now no fucker will give me a 95% mortgage

AND... I noticed my credit rating changed in December through nothing I did...... They re-orginsied the scoring system so I went from 'Good' to 'Fair'............................................ .............. Even though my score increased Wankers

 

know what you mean rab, bue to me being self employed at only 2 years books, self cert wasnt an option, so i had to put down a whopping 25% or face a monster shitty rate.

hence where my car fund went.

luckily for me i made some sensible choices when i was younger and decided to invest in property and although i've lost money due to the crash in the overall scheme it was a very good choice and investment.

 

Well Ryan, I'm totally out of the car game at the minute. I have a sensible motor, and I have an allowance of Ł100 a month for spending!! So not going to be buying much on that, but all my bills are paid, I'm saving a bit every month for this house I might be able to buy one day in the future and my wife and kid have enough money to live on! Hopefully once we're in a house we own, and I get promoted I'll have enough spare money every month to save a few grand for some rusty pile of shit If I could win the lotto I'd be sorted, but I can't

 

To the guy who is posting that the bank is partly at fault for his partners level of debt. I am gonna say this and it may look like a personal attack, ts not, but there is no other way to say it unfortunately. Get your head out of the clouds and stop trying to pass blame to banks etc.. Admit to yourself that you both are at fault for the level of debt and this is your first step to getting rid of it.

If you have Sky TV, Cable TV, internet, mobile phones, landline phone, magazine subscriptions, multiple cars or project cars get rid or cut the outgoings on them down. If you have multiple credit cards then pay the minimum payment only on the ones with the lowest interest and pay as much as you can on the highest interest one to pay it of first. You also need to cut the cards so you dont spend on them again. Also if you gamble, stop at once as this is a big waste of money.

You may need to look at the shopping list as well, some people are broke, yet they manage the old few bottles of wine and a couple of 18 cans pack of beer in the trolley. Buy only the minimum needed to get by. People I know would love an extra Ł80 a month income, but they cant see they can get this by saving Ł3 a day on maybe getting a bus instead of a taxi or taking a pack lunch to work as opposed to eating out.

Good luck with your debts.

 

I was brought up with the mentality of "if you cant afford it you dont need it" and everything was paid for at home by my hard working parents. They never had "finance" on anything apart from the mortgage and that mentality rubbed off on me (thankfully).

Id rather go without TBH than be dripped up to the hilt. Hence i drive a cheap but economical daily driver, have a cheap old but reliable track car and manage our money sensibly. Hopefully the way me and my missus are (financially) will rub off on our kids?

Some stories on here have me shivering, especially the massive debts accrued at an early age by some people.

 

btw jim, if you're looking to offload you motor for quick cash i could be interested. can do you a trade for a nice economical little fiesta 1.25