Martin just watched your show but I disagree with what you said about the people with the two cars and a caravan. You said that they had to sell the 2 cars, caravan AND their house. But why couldn't they just sell the 2 cars and the caravan to get back in control of their finances.

I believe that selling the house was too drastic and I feel that you advising them to do this was misguided.
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  • Edinburghlass_2Edinburghlass_2 Forumite
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    Interested to know, in that case, how you suggest they pay their mortgage, having remortgaged up to the hilt?

    Apart from debts they actually couldn't afford their mortgage let alone other payments.
  • MSE_MartinMSE_Martin MoneySaving Expert
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    Do remember you get only a snapshot in the programme - the reason all had to be sold was what it didnt say was they'd added £130k of debt to their mortgage in 6 years and now couldn't afford the repayments, it also didnt note he'd lost his jobs and all their repayments in total before any living expenses where much more than their income!
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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  • Smiley_MumSmiley_Mum Forumite
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    No wonder Martin was frustrated and angry going in looking to make savings for the couple and found that things were so bad financially that he couldn't do much for them.

    I could just shake some people when I tell them about the MSE site and they just pay it lip service, like they enjoy throwing their money away to credit card companies, paying insurances, interest etc etc. Like if you aren't paying through the nose for something it isn't worth having. If you let them know of a way of getting something the same but cheaper they think it isn't worth having, they have to pay top dollar for everything as they think paying less for the same or similar people are going to think less of them for doing so. Snobbery - huh!! Saving money isn't stupid, it's savvy.
    “Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.” - Oscar Wilde
  • Pat__3Pat__3 Forumite
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    Martin I've just finished watching your programe and I think that you obviously were wanting to help the Balding family make saving's but thing's were so bad you couldn't help them in that way.
    But saying that you did still help them, you stopped them going further into debt and totally loosing all and ending up with nothing. :)
    You helped them come to term's with what mainly the wife had done and she said it herself about burying her head in the sand probably hoping thing's will just go away and thing's will be just fine and dandy so to speak, which you help them see this was never going to happen only get even worse.
    So all in all they may be selling ther home and cars etc, but they will have peace of mind to get a fresh start and a new way of thinking thanks to you.
    And perhap's when they get enough together they may get a computer and log in to your site permenantly, to keep them on the straight and narrow.

    At least with the other couple they proved how good it is to get to grip's with debt and were totally a lot happier not as much money but they knew exactly where they were upto with there finances and were very happy with the way thing's had turned out for them, plus the Golden word didn't have any stress anymore which is an enormous relief in it's self.
    They looked very happy.

    So even though the first couple wasn't helped the way you wanted to help them, you did still help them probably even more as you gave them the wake call which probab;y no one else had the gut's to tell them, and I'm sure they will thank you again in the near future for opening there eye's.

    Really good work Martin, and good for what you managed to get in a 30mins show.

    Did you notice that when Travor Mcdonald intoduced you he said OUR financial expert. ;D
    Your on a winner there Martin, please keep up the good work. :)


    Sorry if I have waffled a bit. :)
  • MartinslovechildMartinslovechild Forumite
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    Did you notice that when Travor McDonald intoduced you he said OUR financial expert. ;D
    Pat, Trevor introduced Martin as 'Our Money Saving Expert'.

    I enjoyed the show immensely Martin.

    I hope some people watching woke up to the fact that they may be in exactly the same boat. The number of people in similarly dire financial difficulties seems to be on the increase, and this will be further impacted in January when those people on annual-interest mortgages get hit with a rate increase of 1% (or £68 per month on £100,000 - total of £816 per annum).

    Thanks to the stoozing tips i've picked up on this site, I prefer my effective mortgage rate of 0.0% :D:D
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • Pat__3Pat__3 Forumite
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    Pat, Trevor introduced Martin as 'Our Money Saving Expert'


    MLC, Did you clock the time I typed this up :o were not going to split hair's over a couple of word's are we ;D
    I was trying to draw attention to the fact he said OUR, :P I know what I meant I just didn't get it word perfect, sorry I was quite tired. ;D


    No offence intended by the way :)
  • MartinslovechildMartinslovechild Forumite
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    No offence intended by the way :)
    Not at all Pat.

    By the way - i've recently finished a FANTASTIC book called Eats, Shoots & Leaves (second only to Martin's fabulous effort).

    The reason I mention this is because (please, please don't take this the wrong way), i'm a stickler for correct spelling & punctuation.

    I think that you would love it too.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • trutru Forumite
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    MLC, the author of that book was on This Morning a while ago, I agree with everything she said. I don't notice when it comes to what others have written, but when it's my posts I keep editing them to make sure the punctuation is right. (Sorry, correct) ;D
    Bulletproof
  • MartinslovechildMartinslovechild Forumite
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    Thanks Little Elf.

    You've just earned a GOLD STAR.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • trutru Forumite
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    ;D
    Bulletproof
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