£100k debt in 7 years

Nargleblast

Please tell your friends not to be afraid of coming on here and asking for help - they will get honest advice from people who have been in similiar situations. Remind them that they can be totally honest on here as nobody will be able to identify them (unless they are daft enough to post their real names, address and places of work, of course!). At least they could just surf around the site and get some idea of how to sort their situation out, then post for advice once they feel more confident.

10past6

welshmoneylover wrote: »

They've been very foolish haven't they?

Most people would give their right arm to have a house given to them so they're mortgage free.

Borrowing so much money is just plain crazy.

And the purpose of your post is what exactly?

How someone got into debt is not open for discussion, read the sticky at the top of the forum.

The purpose of this forum is about assisting those finding a solution to their debts.

Button21

Thanks DarkConvict....it's quite frightening for them and they see remortgaging as their only way out.....they believe that remortgaging will cut their interest rates ie loan rates, credit card rates etc....

Perhaps they should contact the CAB or some other organisation to get some debt counselling?

Button21

10past6.....no honestly....don't worry.....blunt replies welcome! I am honesly trying to be as honest and direct as possible! They don't have a computer or internet access.......again, no luxuries......

This is why if I try and get to the bottom of where their money goes, I might be able to help them.

Her husband won't talk about it.....I think he is burrying his head and just blaming her for running up the debt.

DVardysShadow

10past6 wrote: »

And the purpose of your post is what exactly?

How someone got into debt is not open for discussion, read the sticky at the top of the forum.

The purpose of this forum is about assisting those finding a solution to their debts.

I dunno. The OP [Button21] is not the person in debt, just someone trying to help. I would say that the post in question is fair comment. It looks to me like Button's friends don't really get it and are nowhere near a LightBulbMoment. So a starting position that they are crazy may be a good point to start a discussion on getting through to them. Which is where I think Button21 is coming from.

10past6

DVardysShadow wrote: »

I dunno. The OP [Button21] is not the person in debt

I’m aware of that; did you actually read who I referred to in my post? My comments were not directed at Burton.

Button21

Thank you DVardysShadow and 10past6.....I don't mean to offend anyone on this forum and have the greatest respect for people who are trying to pay off their debts. I honestly do. I think it is a brave and courageous thing to do.

I just think that they don't realise the full extent of their problems and think that it's no big deal to remortgage....that is why I welcome blunt replies.......a LBM moment will have to come before they will realise what is going on.

gingerwhinger

The soa looks great but if they've run up debts of £100k in only 7 years it's really not accurate. The soa is more likely a "wish list" of what they would like their monthly budget to be. In reality there is about £1600 of expenditure unaccounted for (100k over 7 years plus the surplus which hasn't been saved).

10past6

Button21 wrote: »

have the greatest respect for people who are trying to pay off their debts

So do I, however, members coming on here and being judgemental as to how one got into debt is not required.

DVardysShadow

10past6 wrote: »

I’m aware of that; did you actually read who I referred to in my post? My comments were not directed at Burton.

Yes, I wrote fully aware that you were rebuking welshmoneylover6 for commenting that the people Button21 was trying to help were crazy.

To reiterate, I am not so concerned about welshmoneylover making such a comment as I would be if it were directed to the people in debt. I think it is a very fair point to be made in terms of what kind of outcome Button21 could expect from any intervention.