Britions face a lifeftime of debt...
#1
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Britions face a lifeftime of debt...
http://news.bbc.co.uk/1/hi/business/5009510.stm
We have the banks slack lending policies and Labour's example of "spend today, **** tomorrow" attitude to thank for the situation
What really takes the pis$ is we have idiots borrowing huge amounts to spend on cars and holidays - then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money
Time for a big clamp down on lending IMO - Im sure if i went around the banks today I could probably borrow well over £100k unsecured, and something silly like 5xincome for a mortgage
We have the banks slack lending policies and Labour's example of "spend today, **** tomorrow" attitude to thank for the situation
What really takes the pis$ is we have idiots borrowing huge amounts to spend on cars and holidays - then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money
Time for a big clamp down on lending IMO - Im sure if i went around the banks today I could probably borrow well over £100k unsecured, and something silly like 5xincome for a mortgage
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Ooooh I can't wait to hear Pete's reply, you've slated HIS party LOL
I think the low interest rate over the past 4 or so years has encouraged borrowing as it was seriously cheap, and as a result everyone (I say everyone but I mean a lot of people ) has their mortgages maxed and owe hundreds if not thousands on credit cards. No one seems to be spending on the high street, and it looks very much to me as though we are in a Recession in all but name.
Time for a change of government I think, but they all seem to be idiots at the mo.
Just my tuppence anyway.
Dan.
I think the low interest rate over the past 4 or so years has encouraged borrowing as it was seriously cheap, and as a result everyone (I say everyone but I mean a lot of people ) has their mortgages maxed and owe hundreds if not thousands on credit cards. No one seems to be spending on the high street, and it looks very much to me as though we are in a Recession in all but name.
Time for a change of government I think, but they all seem to be idiots at the mo.
Just my tuppence anyway.
Dan.
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Originally Posted by kingofturds
What would happen if you took out loans/credit cards out to the value of say 150k then declared yourself bankrupt? and fooked off to another country
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Originally Posted by danwrx1980
No one seems to be spending on the high street, and it looks very much to me as though we are in a Recession in all but name.
Its clear things cant continue the way they are going - but its the same in a lot of other Western countries - debt levels have just gone off the scale, fuelled partly buy property booms.
Interest rates are set to go up, and even while theyre near record lows we have record numbers going bankrupt!!
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Originally Posted by DazW
Nothing to do with it now being easier to declare yourself bankcrupt then?
You could almost borrow £200k, launder the money - go bankrupt, and 1year later youre back at square 1 pretty much. Do that a few times whilst working on the side and you'd be sorted.
They seriously need to clamp down on lending, not just make it easier to walk away from debts
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#8
I don't imagine that PSL will reply since we all know that all he can tell us is the opposite of what the Government is actually doing.
This business of going bankrupt for about £450 is a disgrace. It only takes two years to be cleared as well.
It actually amounts to legalised theft!
Les
This business of going bankrupt for about £450 is a disgrace. It only takes two years to be cleared as well.
It actually amounts to legalised theft!
Les
#9
Why is it Labours fault, this lot was all brewing years ago, when I was younger (19) I got a loan, I was so overcome I muffed my acceptance speech, it was so difficult back then, and I was earning good money, nowadays you get 12 grand a year call centre workers driving brand new cars and living a 30 grand lifestyle.
#10
Originally Posted by Petem95
then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money
Now this may or may not affect that particular company's lending policy and they may increase the interest rate to cover this cost, but if you don't borrow money it won't affect you in the slightest.
A very odd comment, IMHO.
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Scoobysport: debts £100k, assets £20k.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
#12
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Originally Posted by speedking
Scoobysport: debts £100k, assets £20k.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
Should come out of shareholder profits not interest rates
#13
Originally Posted by Petem95
Its almost certain that we will be in a recession sooner or later, and it will be nasty.
I'll be waiting to buy up a few properties when the axe falls.
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I totally agree that the lending attitudes should be changed and the whole system should be better regulated. Every morning there are half a dozen ads for credit cards, remortgages or loans in the mail.
Pre-approved this, pre-approved that. Every magazine and newspaper you pick up is full of inserts and page ads. Let alone the internet and television. I know several people who have got into plenty of mess with a card too many.
The worst case is the consolodation loan. They actively appeal to people who can't manage their finances, knowing full well when the loan is used to clear credit card debt, the credit cards will no doubt be run up again sooner rather than later.
Buyer beware and personal responsibilty is obviously the main thing, but I think it should be much harder to acquire several thousand pounds from several different sources at once. Being that heavily in debt cannot be pleasant.
Pre-approved this, pre-approved that. Every magazine and newspaper you pick up is full of inserts and page ads. Let alone the internet and television. I know several people who have got into plenty of mess with a card too many.
The worst case is the consolodation loan. They actively appeal to people who can't manage their finances, knowing full well when the loan is used to clear credit card debt, the credit cards will no doubt be run up again sooner rather than later.
Buyer beware and personal responsibilty is obviously the main thing, but I think it should be much harder to acquire several thousand pounds from several different sources at once. Being that heavily in debt cannot be pleasant.
#17
Originally Posted by speedking
Scoobysport: debts £100k, assets £20k.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.
Bad debt magicaly disappears and even chavs on the dole never miss a payment. Do the banks:
a) pay more interest on current accounts?
b) give the chief exec a bigger bonus and pay a larger dividend to the shareholders?
If you hold shares in a bank, then I'll concede that you're perhaps getting a lower yeild on your stock.
#18
nix nut
Originally Posted by Petem95
http://news.bbc.co.uk/1/hi/business/5009510.stm
We have the banks slack lending policies and Labour's example of "spend today, **** tomorrow" attitude to thank for the situation
What really takes the pis$ is we have idiots borrowing huge amounts to spend on cars and holidays - then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money
Time for a big clamp down on lending IMO - Im sure if i went around the banks today I could probably borrow well over £100k unsecured, and something silly like 5xincome for a mortgage
We have the banks slack lending policies and Labour's example of "spend today, **** tomorrow" attitude to thank for the situation
What really takes the pis$ is we have idiots borrowing huge amounts to spend on cars and holidays - then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money
Time for a big clamp down on lending IMO - Im sure if i went around the banks today I could probably borrow well over £100k unsecured, and something silly like 5xincome for a mortgage
You have shown yourself to know diddly-squat about the banking industry and even less about politics. Why not stick to subjects you actually know something about rather than making a complete tool of yourself starting threads like this one?
I for one would love to hear about your new 'Bob The Builder' DVD!
#19
Originally Posted by Suresh
You have shown yourself to know diddly-squat about the banking industry and even less about politics. Why not stick to subjects you actually know something about rather than making a complete tool of yourself starting threads like this one?
I for one would love to hear about your new 'Bob The Builder' DVD!
I for one would love to hear about your new 'Bob The Builder' DVD!
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Originally Posted by saxperience
I'm in 14k of debt at the tender age of 19
All because I bought a Civic Type R, it's not all bad. My old man lent me the money, so hopefully I will not have to pay him back!
All because I bought a Civic Type R, it's not all bad. My old man lent me the money, so hopefully I will not have to pay him back!
Your lucky...I had a £400 Renualt 5 at 17. I had to get a saturday job to pay for/insure/mot/tax etc etc.
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Originally Posted by saxperience
I'm in 14k of debt at the tender age of 19
All because I bought a Civic Type R, it's not all bad. My old man lent me the money, so hopefully I will not have to pay him back!
All because I bought a Civic Type R, it's not all bad. My old man lent me the money, so hopefully I will not have to pay him back!
#27
Saxperience,
How very responsible of you not to intend to pay your dad back. You really ought to be ashamed to take advantage of his generosity like that.
Les
How very responsible of you not to intend to pay your dad back. You really ought to be ashamed to take advantage of his generosity like that.
Les
Last edited by Leslie; 25 May 2006 at 11:56 AM.
#28
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I'm sure his dad knew full well he wasn't getting that money back. Just wait 'till he asks for some more - there will be apoint when he'll tell him to bog off
Or maybe he's one of those fathers who holds their sibling to ransom by conditionally sugar coating love with money? Fine, as long as he stay on the right side of him
I had experienced the latter, but with a twist...nothing annoyed them more than refusing their "conditional" money and paying everything yourself and "still" keeping on top of personal finances
Or maybe he's one of those fathers who holds their sibling to ransom by conditionally sugar coating love with money? Fine, as long as he stay on the right side of him
I had experienced the latter, but with a twist...nothing annoyed them more than refusing their "conditional" money and paying everything yourself and "still" keeping on top of personal finances
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Originally Posted by saxperience
Same question as "does most scoobynetters need a scooby".
I work full time, live at home, have nothing to pay for, why do you think I cant afford it?
Is someone jealous?
I work full time, live at home, have nothing to pay for, why do you think I cant afford it?
Is someone jealous?
P.S Can I bring my washing round for you Mum to do? I'm sick of doing it! Cheers!