Secured vs Unsecured Borrowing

desmonds

BTY all my debt is unsecured and solely in my name. So I have no joint credit with my wife.
I reckon that I have less than 50K equity in my house, so, all I would have to find is my 50% which would be about 20-25K.

Conor_3

desmonds wrote:

So, yes I do blame financial institutions because they are totally to blame for the buy now pay later culture.

Did they hold a gun to your head when you decided that you absolutely MUST HAVE that thing in the shop that you couldn't afford? No. You decided of your own free will in full knowledge that you must have that thing in the shop NOW even though you didn't actually have the money.

By that reasoning, you surely must lay the blame at the door of the shops for selling stuff that you want.

desmonds

Conor wrote:

Did they hold a gun to your head when you decided that you absolutely MUST HAVE that thing in the shop that you couldn't afford? No. You decided of your own free will in full knowledge that you must have that thing in the shop NOW even though you didn't actually have the money.

By that reasoning, you surely must lay the blame at the door of the shops for selling stuff that you want.

Life is what you make of it and if you sat and thought how people manage on the breadline then you'd understand. Obviously not.

You appear very supportive of credit companies that do not support responsible lending.

Cut the crap Conner.

As long as companies continue to rip people off then I say play them at their own game.

If they are prepared to risk lending more money to someone that already is in debt and they have all the tools in front of them to decide then that's there greedy fault

Remember, they've already accounted for unpaid debt in there charges so we've already paid them if things go wrong.

Loyalty does not pay anymore.

Banks try it on all the time remember them trying to charge for cash machine statements.

What about extortionate letter fees and unpaid direct debit fees.

Instead of saying well we don't think this account is suitable you'd be better with this one because you'd incur less charges.

No, they'd rather you incur the charges.

Conner why don't you join something like the Spice Girls 'cos you'll always be a Wanabee

Alleycat

Hi desmonds,

I think you are being a tad blinkered if you feel (obviously very strongly) that the sole responsibility and blame of todays debt culture can be laid at the door of the lenders. Yes, many do not practice the best of responsible lending, often offering further unnecessary financial products the moment someone takes out a loan, credit card etc with them, but it is still down to the individual to make the choice to say "yes please, I do want to extend my loan" etc. A credit agreement has to be signed by the borrower making them fully aware of how much they are borrowing, what the interest rate is, what the monthly repayments are.

We are all responsible for our own actions, and to try and remove all blame, is quite frankly very naive and would be laughable if I was sure you weren't serious.

Your attitude is unfortunately becoming all too common in todays society and is in itself encouraging the buy now pay later (or in another post of mine the "buy now, sod paying") attitude.

Fine, loyalty doesn't always pay these days with large multinationals everywhere we look, but I really can't see what that has necessarily got to do with people taking on more debt than they can truely afford. I myself have been in a situation with too much debt and not enough earnings to pay it. Yes, on a few occasions I probably did blaspheme at the companies which lent me the money, but it was ME that decided to take what was on offer, and ME who spent it. Why should I be able to wangle my way out of it with absolutely no comeback? If you lent someone a tenner and they then refused to pay it back, who would you blame? Yourself or the so called mate?

You mention people living on the breadline. In my opinion, if you own your own home (even partially) you are nowhere near the bottom of the pile. Especially if there is any equity in the property that could be seized. If you could elaborate on that point maybe I would understand what you are trying to say there.

desmonds

Has anyone read any of DChurch posts!!

He doesn't cut any crap!!!

bank_of_slate

Hi Desmonds,
It seems that you feel very strongly about this,
however, arguing a point with your creditors will not alter the fact that you owe them money.
They don't care how they re-coup their funds as long as they do.
Start to think about what you CAN do about the situation, thinking about the terms of the loan that you Can't change will only have you more stressed and going round in circles.
By making a plan to tackle the situation and learning from the experience you CAN gain control and learn how to play the creditors at their own game.
Keep posting on here as there are many who have extensive experience at getting back on track after being in major debt.
...Linda xx

desmonds

People on the breadline can still own there own home andhave equity on it. This does not mean that they are not on the breadline.

A friend of mine has recently bought his council house and has 4 kids to feed a does all sorts of jobs to make ends meet his wife working as well.

But although he has managed to buy his council house not outright of course but he now owns it at least he has some pride.

He still struggles though and loan companies still insist on wanting to lend him money even though he is already in default with others.

If companies still insist on "trying it on" with vulnerable people who are already up to there necks in debt then I have no pity on them if people end up not paying.

People on the breadline end up surviving on hand outs and borrowing money.
You would if you had little or no money even if you knew you could not afford it.

People who have to survive from day to day are not concerned what happens down the line so long as they are comfortable.

My mate lives on a rough estate in Sheffeld known as the Manor Estate high in unemployment, benefits, but, they still have pride and some do and have bought there councl house.

Conor_3

desmonds wrote:

Life is what you make of it and if you sat and thought how people manage on the breadline then you'd understand. Obviously not.

I guess you've not read some of my other posts. I spent my entire childhood in REAL poverty living on egg and chips and all of us sleeping in one room during winter. I've personally had to live on £22 a fortnight. I got good at doing weekly food shopping for a fiver. When was the last time you managed to do that?

I know what REALLY living on the breadline is about and I didn't have credit as a backup either. It's about paying for the roof over your head, cheap food in your mouth and electric because that's all you can afford. No mobile phone, no car, no Sky TV etc etc.

So don't you DARE EVER tell me what you THINK living on the breadline is about.

Conor_3

desmonds wrote:

People on the breadline end up surviving on hand outs and borrowing money.
You would if you had little or no money even if you knew you could not afford it.

WHAT ABSOLUTE UTTER DRIVEL.

Our family, according to the Govt, earn about £6000 UNDER the national average wage even though both of us work. Our monthly income for a family of four, including working tax credits is £1100. Am I struggling? Nope. Have I any credit facilities? No. Do I need them? No. And yes I do have a mortgage, I don't qualifty for CT benefit so pay that in full and we run two cars (used to be 3 until last month when I sold the classic I wasn't using), Sky TV, £40 a month on the internet, take two holidays a year and still manage to not only put money in my kids savings every month but ours too.

How? Quite easy. When all those letters come through the door offering us thousands of £100 a month, they go straight in the bin. ITS CALLED IGNORING IT. It really is quite simple. I guess will power is a phrase you don;t understand.

bank_of_slate

desmonds wrote:

A friend of mine has recently bought his council house and has 4 kids to feed a does all sorts of jobs to make ends meet his wife working as well.

But although he has managed to buy his council house not outright of course but he now owns it at least he has some pride.

He still struggles though and loan companies still insist on wanting to lend him money even though he is already in default with others.

If companies still insist on "trying it on" with vulnerable people who are already up to there necks in debt then I have no pity on them if people end up not paying.

People who have to survive from day to day are not concerned what happens down the line so long as they are comfortable.

My mate lives on a rough estate in Sheffeld known as the Manor Estate high in unemployment, benefits, but, they still have pride and some do and have bought there councl house.

Good on your friend!
He's obviously working very hard to keep afloat, the people who are on or just above the breadline are the ones who get little or no help, despite the fact that they often deserve it more than those who live on handouts.

You seem pretty angry about something desmonds.....trying to work out what it is!
...Linda xx