Young, dumb and in debt
Options
Comments
-
I should mention I loaned my niece £15k for her wedding but seems like I won't see that money again.
Could sue her through the small claims court for your money..?
At 22 I was living with my rents, earning £20k a year and blew it on cars, TVs, stereos, gadgets and nonsense. Got married at 26 and we have rented up to this day and we still don't have savings to buy a house. Do I regret it? yes! was I told to save by my debt advisor mother? yes! however, I was young and "independent" enough to make my own decisions, and I have learnt lessons because of it, and am now more sensible with my money, and am slowly beginning to save (having a new job with more pay is helping that!)
Only things I did differently were bought second hand cars outright, and did not get into high amounts of debt with family members.
Nothing you can do about her attitude, but there is something you can do about the debt you're owed... it's called tough love...0 -
I can't begin to tell you the number of young couples I've come across, not on the property ladder but renting, relatively low incomes yet have a PCP/car finance for some fancy new wheels.
My niece who is 21 years old rents with her partner (22 y.o) and has a brand new Audi A3 on finance. She works in retail with an annual salary of £14k while her partner works as a hotel receptionist with an annual salary of £17k. They rent a studio flat that probably takes up more than half of their monthly combined salary. What really annoys me is that they both have the option of moving in with their parents who live close by and are more than ademrnt on them doing so, in order for them to save for a flat deposit but they refuse. They both want to be"independent" yet live on credit cards buying fancy new clothes, Virgin active gym membership and and now the flash new car. I told my niece to save for a flat deposit rather than splashing out for a new Audi and putting them both under debt but she just didn't listen. I realise I'm ranting but what can I really do now???
They earn £30K and you say rent is half of that, £15K for a studio flat? If they live somewhere where studio flats are £1000/month how on earth do you think they will afford a mortgage? Let alone save up for a deposit?
Also, new cars can end up being affordable, even if not outright cheap. Compared to an older, cheaper car, that may need significant work doing to it regularly, would use more petrol, etc. Also many deals include breakdown, tax, servicing costs.
And unless you know how much they're actually paying I don't see why you're bringing it up. You can get some very good deals... and German makes are often cheaper than you expect on finance because they hold their value so well that after your 3 years are up the dealer can still sell it on for a good price.
Ultimately it's their money, don't know why you need to get involved or they need to do what you want. They're living together and sounds like they are enjoying their life. Let them be.
The days of young people buying houses are long gone. There is nothing wrong with renting.0 -
It's up to them how they spend their money.
Apart from the payments on the loan the OP made that is. Personally I wouldn't have lent them money, but it needs to be pursued for proper repayment IMHO. Otherwise it's a bad learning experience, in that normally loans do need to be repaid.0 -
Leasing new cars gives a pretty predictable expense - it's essentially lease payment + fuel. That's ideal for people on a budget, who rely on the car.
Older cars are generally cheaper to buy, but tend to be inconsistent - repayments + MOT + tyres + repairs etc. My 7-year old car has cost me nothing but the repayments (£120) for about 6 months, then £450 in tyres, then repayments, now an A/C compressor (£600!).
That's awful to budget for unless you've got a lot of flexibility.0 -
It's up to them how they spend their money.
Apart from the payments on the loan the OP made that is. Personally I wouldn't have lent them money, but it needs to be pursued for proper repayment IMHO. Otherwise it's a bad learning experience, in that normally loans do need to be repaid.
Its stunning that the O/P has an issue with his niece and her partner living beyond their means but lent them £15,000 to live beyond their means.... :eek:0 -
Seriously, why are you bothered by this? look after your own business and keep your nose out of others. It has NOTHING to do with you!0
-
-
Not really anyone's business but the person involved but hey ho!
The fancy car thing is typical though... its the social media generation, everyone wants to look rich etc, digitalised keeping up with the Jones'0 -
What really annoys me is that they both have the option of moving in with their parents who live close by and are more than ademrnt on them doing so, in order for them to save for a flat deposit but they refuse.
I told my niece to save for a flat deposit rather than splashing out for a new Audi and putting them both under debt but she just didn't listen.
Why are you so insistant your niece puts her life on hold to save for a deposit for a flat when on another thread you put -Andy, what's wrong with renting a house? Depending on your circumstances, renting can be far more beneficial to someone. In fact, look at Germany's housing market. Most people there rent.0 -
Motorguy see my post above OP has a history of posting inflammatory threads.
Perfect example of a Troll, posts up to start arguments between other members on here.
Lending someone financially inept £15k :rotfl:0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards