Are YOU responsible for your spending & debt?

MABLE

I do think the goverment have to take some blame for people getting into debt. The reason I say that is it has become far too easy for people to go bankrupt. Theres a couple I know they maxed out on their credit cards to the tune of over £30,000. They live in council flat and have a car under the mobility scheme.

They will no doubt be discharged after 12 months and can then start on their spending spree again.

The law needs to be harder when it comes to bankruptsy and in particular when people deliberately put themselves in that position to avoid paying their debts.

crawley_girl

I am responsible for my debts. I spent the money, therefore it is my responsibility to repay.

I do, however, feel that there should be some kind of education going on in schools about credit cards, loans, mortgages etc especially around APR and minimum payments... cos I really didn't have a clue aged 18 when I was offered everything under the sun!

Ultimately, it is my debt and will work my socks off to repay asap

:heartpuls CG :heartpuls

PROLIANT

Take the car off them; give them a mop and a sweeping brush get them earning a living! Mobility my a*se, the woman a couple of doors along has a very nice people carrier on mobility to ferry her sproggs around in, yet she is always shopping and carrying around heavy items, what is wrong with her? Lazy !!!!ard syndrome, this is not fair and these people are allowed to get away with it, "ooooh my back is in agony, I can’t get around very well" then why are you sitting in the bar everyday spending MY TAX CONTRIBUTIONS! I am now so wound up this is a sore subject for me sorry about the rant.

ZTD

Ames wrote: »

But will money management in schools really achieve much? I mean, if kids at school are being told to budget and live within their means and only spend what they have, but then go home to watch their parents buying on credit cards and taking out loans and having a (seemingly) great life, which is going to have the biggest impact?

I'm personally not talking about "teaching" them not to get into debt. You can't "teach" attitudes - it's not teaching it's propaganda, and there is already too much of that going on in our schools. I mean the comment before about "Shares are good." - utter mindless rubbish. It's like saying sharp knives are good. Yes they are, except when they're not.

I'm talking about teaching stuff "What is APR?" "What happens to my debt if I pay less than the interest." "How many hours will I have to work for those shoes paid by credit card vs saving up for them" "What is a CCJ?" "What's the probability of me getting laid off?" - etc.

Information, not thought-control.

ZTD

PROLIANT wrote: »

Take the car off them; give them a mop and a sweeping brush get them earning a living! Mobility my a*se, the woman a couple of doors along has a very nice people carrier on mobility to ferry her sproggs around in, yet she is always shopping and carrying around heavy items, what is wrong with her? Lazy !!!!ard syndrome, this is not fair and these people are allowed to get away with it, "ooooh my back is in agony, I can’t get around very well" then why are you sitting in the bar everyday spending MY TAX CONTRIBUTIONS! I am now so wound up this is a sore subject for me sorry about the rant.

It'll never happen. It's too convenient for the Goverment to leave them how they are. Only thing that will shift them will be a collapse of the social security system.

bank_of_slate

In reply to Ames....

True, but it's got to start somewhere!

When my son asks for new things now, we pack up the old stuff he doesn't want and do a car boot sale.

You could also say that about families who don't speak english at home, why teach them english at school?
...Linda xx

kel123_2

We have moved off the original thread but even so it is interesting to read opinions as to why we are in debt. I think to a greater and lesser degree that we are all correct, there is no simple answer.

I think that we would all mostly agree that it is a state of mind, some may call it properganda, conditioning or simply following society? There does however seem to be a distinct split between those who use the full benefits of the law (legislation) and those who prefer the longer route (self cratification)

This thread is great because it allows both sides to find out about their differences and were they hold common ground. Unfortunately the one liners who post in CCA threads and run ruin it for others to find out all their options and make the best decision based on as much knowledge as posible. If one thing comes from this thread is to stop this happening it will be useful.

Kel
Proud to be faceing my debts and tackling them in the way that suits us best

Jacks_xxx

Hiya Lovelies! :wave:

What was that show that Martin did with all the 15 year old school kids? Whatever he said to them it seemed to have an effect!

Whilst I'm all for personal responsibility for ones own actions you can't exonerate the banks / financial institutions.

They know that there's almost nowhere to get financial advice so we're all sitting ducks for their sales techniques.

And I hate the way that they target the vulnerable on purpose, and the way they seemingly operate above the law and have those bright smiley TV ads but if you have a problem they enforce their will with henchmen.

And if you go to see them because you can't handle the amount of debt you're in, what do they suggest? More debt! Or they try to grab a chunk of your house by suggesting secured debt.

I've been doing some secretarial work for a mortgage broker / independent financial advisor and he's offered to pay for me to take my CeMAP mortgage broking exams but I don't think I want to work in the financial sector -It stinks.

(No disrespect to anyone who does. of course.)

Love Jacks xxx

PS I know where the MrsMortenHarket is coming from though.

brainfreeze

'Our debt' is all totally MY fault. DH would disagree with me and say he had the benefits of the loans, credit cards etc. But, being totally honest, I managed our money and I decided what we could or couldn't afford (obviously didn't do a very good job of it). DH feels he is as much to blame as me because he just sat back and assumed things were running smoothly and with hindsight he could have done some mental arithmetic and realised all was not as is seemed.

But, whatever - our debt is down to me (or us) and not the fault of the banks. I am in the very fortunate position of being just about to pay off well over half of the debt in one go and do want to try and negotiate with the lenders. But I don't see this as avoiding the debt or blaming the lenders - I just want to negotiate down some of the interest as the rates have changed considerably since we originally took on each debt.

babyharry5

Deep_In_Debt wrote: »

Yes and No.

I am responsible for my debts. The banks and lending houses offered it to me and I took it, I didn't have to, but I did. No-one was holding a gun to my head.

I have a mortgage which I've had since I was 20 (got 5 years left on it), I've never defaulted or been in arrears on it. I was at uni at the time I got my mortgage, had no regular income and was very irresponsible then (how I ever managed to pay it then, I shall never know!) but the bank still lent me the money. Luckily, it's turned out ok, although because of my "good custom" my mortgage company are still offering all sorts although I've told them I don't want it and can't afford it.

My ex OH was lent £25k unsecured (as he had nothing) by his bank 3 years ago. He went bankrupt last year - he didn't have a regular job at the time that he was lent 25k but as he'd been with the bank for over 20 years they were happy to give him the money - how daft is that?

All i would say is that I am pretty confident having worked in financial institutions that your ex didn't give them the full story!
are you completely confident that he went into the loan interview told them that he had no regular work at the time and they said no problem heres 25k -not being in regular employment would be a definite turndown for any loan! especially one of that size
A lot of people conveniently forget certain information - not necessarily telling porkies but witholding certain information that may be deemed unfavourable in order to secure cash!
what did he spend 25k on??