Colleagues with poor money management skills

CannyJock

And 67 before you get a state pension ....

Starting to save for a pension at nearly 50 is pretty much a waste of time, he really needs to look at investing to get a return that will see his through his retirement - like property.

izools

An ex colleague has been incredibly lame with regards to money lately.

He's young (22) but every week asking for a fiver here and a fiver there, so many people give in. He keeps asking me for budgeting tips seeing as I can support a two bedroom flat by my lonesome on a lower salary than him in a shared house, but takes no notice.

More recently he declared himself bankrupt - for £3,500 debt.

£3,500!?!?!?!? What kind of !!!!!! judge authorised that!? One that can't do maths clearly.

It sickens me and fills me with rage to see people abusing the system. There was I £47,500 Unsecured + £137,000 Mortgage in the hole paying payments, plans endeavouring to do my utmost to stop spending and repay debt, on a lower salary than him, offering an IVA and taking it to be bitter end before I declared myself bankrupt.

To see someone not eve bothering to try when they owe such a pitifully small amount and blag their way through beer preying on other people's charity, rage!

If he ever asks me for five pounds, that's exactly what he'll get :beer:

/rant

andys15

izools wrote: »

An ex colleague has been incredibly lame with regards to money lately.

He's young (22) but every week asking for a fiver here and a fiver there, so many people give in. He keeps asking me for budgeting tips seeing as I can support a two bedroom flat by my lonesome on a lower salary than him in a shared house, but takes no notice.

More recently he declared himself bankrupt - for £3,500 debt.

£3,500!?!?!?!? What kind of !!!!!! judge authorised that!? One that can't do maths clearly.

It sickens me and fills me with rage to see people abusing the system. There was I £47,500 Unsecured + £137,000 Mortgage in the hole paying payments, plans endeavouring to do my utmost to stop spending and repay debt, on a lower salary than him, offering an IVA and taking it to be bitter end before I declared myself bankrupt.

To see someone not eve bothering to try when they owe such a pitifully small amount and blag their way through beer preying on other people's charity, rage!

If he ever asks me for five pounds, that's exactly what he'll get :beer:

/rant

LOL pot calling kettle. I am sure this is a wind up, but if not, at least your ex workmate had the grace to admit defeat at £3500, you still carried on regardless and wracked up nearly £50k. Then you went bankrupt. Yeah you are a fine example of someone I wouldn't lend 50 pence too.

You shouldn't even have a spare £5 to lend. How you can even have the gall to rant. I bet you enjoyed spending £50k at our expense.

izools

andys15 wrote: »

LOL pot calling kettle. I am sure this is a wind up, but if not, at least your ex workmate had the grace to admit defeat at £3500, you still carried on regardless and wracked up nearly £50k. Then you went bankrupt. Yeah you are a fine example of someone I wouldn't lend 50 pence too

Hang on a minute...

You seem to have missed the point. The points being

1. I made an effort to repay. I offered reduced payment plans, and an IVA before considering bankruptcy.

2. My debt consisted of a loan and credit cards taken out to render a house that my ex and I had just bought live-in-able. I later found out that the mortgage lender (Abbey) lent my Ex and I 90% more than their Mortgage Application System said as being our "Maximum Lend". Ergo the resultant unsecured debt, which I still tried to tackle and am still paying for by way of an IPA, because I don't walk away from my responsibilities.

3. At no point through out my financial struggles did I ever ask any friends or family for a single penny.

I was trying to demonstrate that there are two ways of dealing with personal financial troubles.

1. Privately
2. Publicly

Trying to re-enforce the OP's point, which I agree with.

In so much as one person who has a history of bankruptcy having a go about another bankrupt can be viewed as hypocritical, I was trying to emphasise the actual reason for my disappointment with my ex colleague, in so much as making personal financial troubles everyone else's problem, which I would never consider

I personally consider this a key principle to taking responsibility - admitting that there is a problem and resolving the situation yourself, which I feel I did.

The "colleagues with bad money management" being those that don't admit there's a problem, let alone consider resolving it, instead thinking it is their god given right to ask whoever they know for dosh to stash behind the bar.

The difference is I would never ask for 50p from you. If you offered it to me freely I would tell you that it is not your responsibility to cater for my lack of income

andys15

izools wrote: »

Hang on a minute...

You seem to have missed the point. The points being

1. I made an effort to repay. I offered reduced payment plans, and an IVA before considering bankruptcy.

2. My debt consisted of a loan and credit cards taken out to render a house that my ex and I had just bought live-in-able. I later found out that the mortgage lender (Abbey) lent my Ex and I 90% more than their Mortgage Application System said as being our "Maximum Lend". Ergo the resultant unsecured debt, which I still tried to tackle and am still paying for by way of an IPA, because I don't walk away from my responsibilities.

3. At no point through out my financial struggles did I ever ask any friends or family for a single penny.

I was trying to demonstrate that there are two ways of dealing with personal financial troubles.

1. Privately
2. Publicly

Trying to re-enforce the OP's point, which I agree with.

In so much as one person who has a history of bankruptcy having a go about another bankrupt can be viewed as hypocritical, I was trying to emphasise the actual reason for my disappointment with my ex colleague, in so much as making personal financial troubles everyone else's problem, which I would never consider

I am not missing the point, as you never made them points in the first place.

ICan'tStandIt

izools wrote: »

An ex colleague has been incredibly lame with regards to money lately.

He's young (22) but every week asking for a fiver here and a fiver there, so many people give in. He keeps asking me for budgeting tips seeing as I can support a two bedroom flat by my lonesome on a lower salary than him in a shared house, but takes no notice.

More recently he declared himself bankrupt - for £3,500 debt.

£3,500!?!?!?!? What kind of !!!!!! judge authorised that!? One that can't do maths clearly.

It sickens me and fills me with rage to see people abusing the system. There was I £47,500 Unsecured + £137,000 Mortgage in the hole paying payments, plans endeavouring to do my utmost to stop spending and repay debt, on a lower salary than him, offering an IVA and taking it to be bitter end before I declared myself bankrupt.

To see someone not eve bothering to try when they owe such a pitifully small amount and blag their way through beer preying on other people's charity, rage!

If he ever asks me for five pounds, that's exactly what he'll get :beer:

/rant

It's a Catch 22 situation in that the bank that gave him the £3,500k limit / loan probably shouldn't have given it to him in the first place and he shouldn't have spent what he could not afford to repay.

Part of the problem is, is that the guy you mention won't face much in the way of negative consequences in going bankrupt. In a few years he might be back to running up debt again when he should be being forced to live within his means.

I work in collections and on a daily basis speak to people of all ages that are in massive debt. It's not uncommon to speak to someone aged 22 that is going bankrupt, it's not uncommon to speak to someone aged 52 that is going bankrupt for the 2nd or 3rd time.

Most people I speak to tend to wear their bankruptcy like a badge of honour.

Our attitude to debt in this country is all wrong.

pelirocco

andys15 wrote: »

I am not missing the point, as you never made them points in the first place.

Those


You managed to find out some info. why not the rest ?

andys15

pelirocco wrote: »

Those


You managed to find out some info. why not the rest ?

I didnt seek info in the first place. I commented on the facts that were given.

mlz1413

Mr.Mulla wrote: »

Has anyone here experienced coworkers coming to them 2 or 3 days before pay day asking -"can I borrow £20 until payday?" And I'm stunned because some of these people are 45 and older and are having trouble managing their money. But what's even worst is when payday comes, the person who borrowed the money does not say a word about the money they borrowed from you. They act as if they never borrowed any money from you at all which is why my lending out days are over at the workplace.

I'd go and ask your co-worker for the money, do it discretely and if they act without shame then I'd start asking on payday and every day thereafter until I received my money.

Next time someone asks if they can borrow money just say ' I don't lend money any more since XXX didn't pay me back'

If anyone trys to make you feel embarrassed then ask them to pay you XXX £20.

izools

andys15 wrote: »

I didnt seek info in the first place. I commented on the facts that were given.

Fair enough, I take that on the chin.

I hope that my subsequent post made my earlier post clearer (muddled head at the moment after speaking to BT... urgh)