One to make you wonder about the sanity of the Nation.

Kenny4315

Thought most CC companies had cottoned on to this a while back and now the balance transfer fee, is like 3% or something like that which should have detered most folk.

itsnever2lateisit?

ad9898 wrote: »

You know why Kenny ??, because it's always someone elses fault, it's never theirs. How the hell do people ring up 10's of thousands on credit cards ??, they do it because they can then throw the towel in and walk away.

I would make bankruptcy (when incurred by reckless spending, rather than, say a failed business attempt), I would make it hang your neck for 25 years, no credit, nothing. It might make them think, if that's possible.

I agree, and that includes the banks who have been irresponsible borrows, borrowing from savers and wrecklessly lending it to people whose debt would be overwhelming when interest rates rose to their historical norms, just to get that little bit more profit. When that strategy failed the Banks also threw in the towel and blamed others. Then mugged the taxpayer for £500,000,000.

Perhaps we should return to the days when credit was regulated, and the law laid down minimum deposits required.

Kenny4315

I think that a minimum deposit of 15% and a maximum lending of 3.5 times salary would have stopped any of this nonsense from happening. for higher rate tax payers the multiplication should be less for example 3 times, to take into account the increased effects of tax.

fatpig_2

Kenny4315 wrote: »

I think that a minimum deposit of 15% and a maximum lending of 3.5 times salary would have stopped any of this nonsense from happening. for higher rate tax payers the multiplication should be less for example 3 times, to take into account the increased effects of tax.

That should be enforced in law. And proper proof of income too

Conrad

I get enquiries all the time like this one. Just the other day had someone come in that has been given a large deposit by the state to go and buy a home, so what did he do? He left his job to start a new one - with an agency!

Honestly, I could write a book about all the mad people I get wanting to borrow money.

I've had people 1/2 through a mortgage application process do things like 'suddenly' go self employed into a totaly new industry and then wonder why I might struggle to get them a mortgage - "I want my survey fee back init"

Lotus-eater

Conrad wrote: »

I get enquiries all the time like this one. Just the other day had someone come in that has been given a large deposit by the state to go and buy a home,

Huh?
The state gives out large deposits to buy houses?

Generali

You get $24k to buy a new build in New South Wales ($21k from the Federal Govt and $3k from the State Government). I think you also get extra if you move to a rural area.

House prices are as shocking out here as in the UK though. A 90% repayment mortgage will cost roughly double to service compared to renting. My brother in law pays out pretty much his entire income in mortgage repayments to buy a place in Ultimo (v. Central Sydney). He has to work behind a bar to make ends meet.

seraphina

Am I alone in wondering what the hell I am doing in working like a mug to actually earn a living when I could potentially get handouts of around £25000 p.a.?

moanymoany

Kenny4315 wrote: »

Check out that debt free forum, about the person with debts of over £200k and the DOGS. Then you'll see why the country is so scr£w£d up.

http://forums.moneysavingexpert.com/showthread.html?t=1327113

This makes two.

The difficulty you have Kenny is that the posters on DFW are or have been in the debt boat. So, when criticism is posted it is taken personally by them all. I've read through the thread and I think it is a wind up. The OP has no hope in hell of ever paying it back, they must have been living one hell of a life!

A couple of times I've told someone something they didn't want to hear and was roundly attacked by the DFW faithful.

Generali

moanymoany wrote: »

The difficulty you have Kenny is that the posters on DFW are or have been in the debt boat. So, when criticism is posted it is taken personally by them all. I've read through the thread and I think it is a wind up. The OP has no hope in hell of ever paying it back, they must have been living one hell of a life!

A couple of times I've told someone something they didn't want to hear and was roundly attacked by the DFW faithful.

I've posted a few comments along the lines of, "You're not entitled to Sky TV or a mobile phone or even to eat at everyone else's expense. You got into this mess now you have to get out of it. Not us but you! And you take take your (((hugs))) and fck off!". I've banned myself from posting as the self-pity makes me too angry.

Some (many?) posters have bad luck stories and bad things do happen to good people but so much of it is, "I've lived beyond my means for years and I just want to carry on partying at someone else's expense".