Neil Morrisey in Millions of £'s of debt due to Property Investment Collapse!!

b0rker

JCS1 wrote: »

This raises a very good point. Years ago if you wanted a loan to buy a car you had to make an appointment to see bank manager at local bank and take in copy wage slips etc,

Over the last few years some banks and credit cards gave credit to people who had no way of paying back. Whilst there is one side which says credit should not have been taken, there is also another side to the argument which says the credit providers should have been more responsible.

I agree that credit was made too easy to come by and not regulated enough.

I took some seriously easy credit for my mortgage.

I would not take credit for anything that I could save for in the first place.

I don't even use my credit card. I only applied for one as I thought it may be a way to improve my credit rating.

I could not save for a house so I took easy credit for it. Not for a new bike, holiday, TV, fridge, conservatory, penis extension, car, wig, breast implants etc.

As Martin says. Debt is not bad. Bad debt is bad.

thegoodlife

Well I can assure you I have no "toys" I have a car that is barely roadworthy , and a house that is in need of serious attention.
I dont blame anyone for my circumstances, but over the years I have been constantly harrassed to come in to the branch to "reveiw" my account, offered loans ,insurance, aa cover , you name it I have been sold it, I was loyal to my bank! They constantly upgrade my account so I paid more monthly fees, over the years , the loans I got from them , that I could afford! I had to cancel the ppi because they just added it on anyway! You need eyes in the back of your head with these people and not everyone has! As I say I dont feel guilty because I have been a profitable customer! they have made there money out of me , I have paid about £5000 in bank charges alone over the last two years so , there comes a time when it has to stop.
I admire Neil for going the iva route but wonder if he has to live on a very tight budget buying tesco value for the next five years I dont think so.

Pobby

b0rker wrote: »

At the end of the day if you cannot live within your means and take on debt that you cannot afford you are going to end up in trouble.

I have sympathy for those who have needed debt that they cannot afford to pay for necessities.

Anyone who is going bankrupt and has spent their debt on toys deserves everything that is coming to them.

Please listen again. Not everyone going br has spent it on toys. Example. When I entered into a large loan I was mid 20`s. Bought a semi. Massive inflation so wages went up, I rose through the ranks in about 4 years in my company to become sales director on a wage that was 3 times greater than my when I took out the loan, also my partners wages increased greatly. Great days for being in debt.

These days are different. Wage inflation has collapsed. My income is down from a high boom level to 65% less. Folk losing there jobs, relationship failures, silly mortgage deals coming to an end..... how many more examples shall I give? It isn`t about " toys " in many cases.

Look, I have lost 10`s of thousands on people going br on me, not happy but there ya go. Welcome to New Labours ponzi world!

Graham_Devon

thegoodlife wrote: »

in fact I feel that I have been screwed, I have paid back my debt twice over and still they want more!

Deleted the rest of your post as I don't want to seem as if I'm commenting on that, as I'm not.

You haven't been screwed. You have however, entered into agreements. Finance agreements. As part of that agreement, you accepted to pay interest on the loans you were given.

You haven't paid your debt back twice. You have paid the price for the service. It was always up to you how much you wanted to pay for the service.

This is where the responsibility part comes in that I was blabbering on about earlier in this thread.

Pobby

Yes but Bendix. We know that you are a wealthy guy. You keep banging on about it. I would be a lot more impressed if you could show a little more compassion to the folk that are having a hard time right now.

bo_drinker

FallenAngel9898 wrote: »

I'm no fan of Morrisey (although I must commend him for his ability to get Amanda Holden:D), but I believe he has taken out an IVA of some kind, which would indicate a certain form of responsibility, which is more than can be said for the low lifes that are Bovey & Turner.

What you said, I was never a fan. I watched the thing where they were setting up a brewery Morissey Fox I think, that was okay. But fair play to him he's going to try and sort it out. Good luck to him :T
Amanda Holdens okay until she talks, she can be annoying.;)

SingleSue

b0rker wrote: »

At the end of the day if you cannot live within your means and take on debt that you cannot afford you are going to end up in trouble.

I have sympathy for those who have needed debt that they cannot afford to pay for necessities.

Anyone who is going bankrupt and has spent their debt on toys deserves everything that is coming to them.

For a lot of people, at the time they took out the credit, they could afford it and it was within their means to pay back.

It only takes one change for the whole house of cards to come falling down, something I try to warn others about on this board when they are talking about being in good jobs and easily being able to afford the repayments for that nice new car/sofa/loan.

They only have to have a wage reduction or lose their job and it all goes slightly pearshaped and the process of depleting savings, using credit cards to buy food etc starts up.

It's why I have always dealt in cash and not credit (apart from our mortgage)....when hubby left and I was forced into being at home with the children, I didn't have to worry about huge (or even small) responsibilities to credit payments.

We could have taken all the credit as in the 3 or 4 years before we split, our combined earnings were over 60k a year but we didn't.

I don't judge others though because they do, I just try to warn them that it is better not to have the financial commitments as a just in case scenario.

thegoodlife

Graham_Devon wrote: »

Deleted the rest of your post as I don't want to seem as if I'm commenting on that, as I'm not.

You haven't been screwed. You have however, entered into agreements. Finance agreements. As part of that agreement, you accepted to pay interest on the loans you were given.

You haven't paid your debt back twice. You have paid the price for the service. It was always up to you how much you wanted to pay for the service.

This is where the responsibility part comes in that I was blabbering on about earlier in this thread.

Yes I entered into an agreement but how is it fair to increase your interest rates form 9% to 29% ? I never agreed to that and I would have had to have a solicitor to go through the small print and legal crap because they dont make it easy to understand do they, as I say I am not making excuses ,it is my fault for not reading every last word on the forms I signed.It is my mistake and it wont happen again.

Pobby

Another totally sensible post from Sue. I have a mate, mortgage free how lives on next to nothing. Does odd jobs when he chooses, fixes his ancient car himself, barely uses it. Fills his lean to garage with others casts offs and sells those. Although he is late 50s has a number of lady friends. Uses free cycle. Just loves the little things in life. A very happy soul I would say.

Graham_Devon

thegoodlife wrote: »

Yes I entered into an agreement but how is it fair to increase your interest rates form 9% to 29% ? I never agreed to that and I would have had to have a solicitor to go through the small print and legal crap because they dont make it easy to understand do they, as I say I am not making excuses ,it is my fault for not reading every last word on the forms I signed.It is my mistake and it wont happen again.

Believe me, I'm not getting at you!

You wouldnt have needed to read all the blurb, it's either variable interest or it isn't. It's just this sort of thoughtpath, not specifically yours, but the type of thoughtpath that kind of gets to me personally.

I would have thought almost everyone should know whether interest is variable or not when taking a credit agreement and that if you don't repay, your interest will go up.

Maybe it's me, and maybe I just don't get that people DON'T know this. But the other side of me say's there isn't an excuse not to know, if you see what I mean.