The Sub Prime Credit Thread - Part V

ElkyElky

izools wrote: »

Yes I know! They did lend it to me, and I willingly accepted it, and I take full responsibility for the results and I fully admit that I did not calculate affordability as thoroughly as I should have.

I applied with a joint applicant. He was earning £14,500 and I was earning £15,800. There was additional income by way of DLA for both myself and my partner totalling £3,400 bringing the grant total gross joint income to £33,700. Not really enough to qualify for £150,000. It was compounded by the bank providing me with a personal loan to cover the deposit deficit! Mental lending, and mental taking them up on the offer.

Bad choices, too little thought, consequences noted, lessons learned, mistakes not repeated, life goes on... And still repaying via an IPA.

Can we move on now? Other ex'bankrupts don't get such a grilling. This is the sub prime thread after all.

33k?! Is that all? That certainly gives me hope in being accepted for a mortgage. I thought you'd have to be earning 50/60k for a mortgage that size.

I hope to apply for one soon.

BugsyBrowne

izools wrote: »

Yes I know! They did lend it to me, and I willingly accepted it, and I take full responsibility for the results and I fully admit that I did not calculate affordability as thoroughly as I should have.

I applied with a joint applicant. He was earning £14,500 and I was earning £15,800. There was additional income by way of DLA for both myself and my partner totalling £3,400 bringing the grant total gross joint income to £33,700. Not really enough to qualify for £150,000. It was compounded by the bank providing me with a personal loan to cover the deposit deficit! Mental lending, and mental taking them up on the offer.

Bad choices, too little thought, consequences noted, lessons learned, mistakes not repeated, life goes on... And still repaying via an IPA.

Can we move on now? Other ex'bankrupts don't get such a grilling. This is the sub prime thread after all.

Don't want to get involved in another bust up,but to be honest izools i personally don't think you have learned your lesson as a person who has been bankrupt.

TBH yes you want to build your credit file back up ,but if you were accepted for more credit cards you would take them,you have 2 sygma cards 1 barclaycard applied for another sygma card the other day,if i was you keep a credit card and overdraft but stop appyling for more credit.

As you are an ex bankrupter the last thing you should be doing is getting yourself back in to debt,out of everyone on this thread you should know better.

izools

ElkyElky wrote: »

33k?! Is that all? That certainly gives me hope in being accepted for a mortgage. I thought you'd have to be earning 50/60k for a mortgage that size.

I hope to apply for one soon.

It shouldn't. They made a mistake. The system only approved us for a shade over £100K. The underwriters obviously didn't take heed of their computer's suggestion as they approved £150K anyway.

It was a long time ago offered by a bank that made a mistake. No financial institution will make the same mistake again methinks...

And Star-Fire, I'm well aware what my limits are when it comes to borrowing and repaying - and I've already explained I only applied for another Sygma card to get more interest free but as they didn't give it to me I used my low interest overdraft. I'm not trying to get more credit just make servicing my debt as cheap as possible.

I don't owe too much, I have a lot of spare money each month and knew when I borrowed it I'd have it repaid by Easter. And I will.

There are debtors on this forum who will take many years to clear their debt who get more respect that me so explain to me please why I should put up with being told I made a bad decision in borrowing an amount that I can comfortably afford to repay within six months?

And if you think I am being irresponsible and reckless with my credit facilities, why I am leaving my barclaycard and silver card at zero balances with DDs set up to take the full amounts each month?

Surely someone irresponsible would spend up on them again? Not me. Because I don't want to spend more than six months paying off what I owe and I don't use credit just because I have it. I made a concious decision to upgrade my PC and audio equipment knowing how much it would cost to service the debt, how much I'd have to repay each month, and how long it would take to clear. And knowing that the time it would take to clear is a brief timeframe, suggesting I am not borrowing beyond my means.

never-in-doubt

Oooh, that's assuming you did pay them off - you get paid next week right? So what, when that's gone you'll spend on the cards - I give you 6 months before you're back in the !!!!!!.... point here, I have 5 or 6 cards now - each is £0 except my 0% HSBC which has £2k on it.

I have the £2k (plus more) in a saving account, so can pay it in full when the deal expires - I owe 0% - you owe a silly amount, being almost £2k in debt to an overdraft than can be recalled at any moment is like bonkers - considering you only bring in £1500 per month (tops)!

I know the council salary and grading structure remember.... wife works there lol so don't try and BS a BS'er :cool::cool:

How dare you suggest I am against BR's - you know little of me. I have just set up my own site after leaving a BR site (as he closed it) - i've spend 100's of hours on it, hundreds of pounds on it all for what? Me? You think?

Of course not you silly fool - for the poeple that need non judgmental help and I for one do not judge people, anyone that knows me knows that - including the people I help on the forums. You are so way off the mark there you're in new zealand.

For the record, I was referring to you - being irresponsible, desperate for credit, maxing out all your cards and paying them off with an overdraft as being nobody suitable to offer any contructive advice regards to credit or debt - you're like an alchy giving guidance to recovering alchies.....

Why do you feel the need to quote section to me, i.e. s7 DPA - lol. Do you think that makes you sound better....? Remember its me you're talking to mate lol :cool:

I tell you now if the bank placed you in a finacially worse position as you describe, regardless of whether you took it or not you DO have a valid claim for recompence, I would pursue this (free advice for ya!).

I mentioned finger pointing, i.e. it wasn't your fault you went BR, it wasn't your fault that sygma recently declined you (it was a change in policy wasn't it lol), I can go on....?

:rotfl:

izools wrote: »

How'd you work out 70% then huh? It's 42%.

Read my signiature.

By suggesting that just because someone has been bankrupt that means for the rest of their life they will give bad advice and have learned absolutely nothing whatsoever from the experience shows you are judgemental to the point of not being able to see through your preconceptions.

I don't ever tell people what to spend their money on or deal with their finances, I answer direct questions with direct answers which most people are greatful for.

If you don't believe Abbey / Santander lent me nearly 50% more than they agreed in principle PM me your postal address and I'll send you the sheet in question I got as a result of my S7 DPA request. It's all 100% substantiable as I don't lie, irrespective of what you choose to believe or tell yourself and others.

I never claim to be "The Man". If you make that misconception through the fact I am a regular poster that is your perogative. But it is also your misconception.

Pray tell what makes me "finger pointer extraudinaire"? Who am I pointing the finger at and for what? You mean blame? I don't blame anyone except myself for my bad choices from years past... that's how people learn duh... Just more unquantifable clap trap because you have so many preconceptions about finance you're incapable of thinking outside the box and accepting the fact that I'm a quick learner, don't repeat mistakes in my life, and have done well to achieve the speedy walk back up the credit ladder that I have.

Believe what you want. Say what you want. Shout what you want. None of it changes the reality of the situation.

never-in-doubt

ElkyElky wrote: »

33k?! Is that all? That certainly gives me hope in being accepted for a mortgage. I thought you'd have to be earning 50/60k for a mortgage that size.

I hope to apply for one soon.

Most are only allowing 3x salary now mate plus you'd need a huge deposit. My mortgage is around £200k and I pay £1395 per month - that's over 20 years :eek::eek:

As mine is a self cert (those were the days) I did have to pay a £100k deposit to borrow that so I only owe 60% LTV which ultimately helps. I would shudder to think of repayments on a £300k/100% + LTV mortgage would be lol....

Miche*

Oh my god! nid's new best mate is an ex BR, deary me - ignorance smeared all over this place. YAK

izools

OK mate, like I say, think what you want, say what you want, shout what you want, it's your prerogative, and your misconception to make and repeat.

I wasn't trying to sound "cool" by quoting S7 DPA I was merely explaining how I got hold of the data save you rebuttling with a comment like you usually do along the lines of "I've worked in / with the industry doing x y and z and I KNOW that they wouldn't just give out that information so you must be making it up".

If I hadn't been bankrupt, and I cam on here as a new member, mentioning only my current circumstances:

£2625 in debt with two empty credit cards
Up to date on all my accounts with no arrears or other outstanding adverse data
NET monthly income of £1,500 (Salary + Tax Credits + DLA)
Repaying £600 a month of my debt after having replaced some ageing and faulty electrical goods
Not using my cards again simply concentrating on repaying my debt with the intention of paying the maximum annual subscription into an ISA from March onward

Would you be ripping into me accusing me of making bad decisions?

No. Because I've been bankrupt that somehow makes the decisions wrong. But if someone hadn't been bankrupt made the same decisions they wouldn't be viewed as bad, or as putting them in a crippling / ovecomitted / irresponsible position, would they?

EDIT: The message I'm trying to get across, and what I'm trying to help you appreciate, is the subtle difference between "Learning from credit mistakes" resulting in two possible mindsets:

1. A fear / phobia of credit / unwillingness and / or inability to go near it again
2. A respect for credit and ability to use it to your advantage

I consider myself to fall into the latter category but I feel you (and your followers) are chastising be because I don't fall into the former category.

never-in-doubt

izools wrote: »

I don't owe too much, I have a lot of spare money each month and knew when I borrowed it I'd have it repaid by Easter. And I will.

Thought you also had to pay back the BR - so with that, rent, bills etc you won't have "that much" left will you... lol

izools wrote: »

There are debtors on this forum who will take many years to clear their debt

Or those that went BR and then decided to stay away from mass applications.... :whistle:

izools wrote: »

And if you think I am being irresponsible and reckless with my credit facilities, why I am leaving my barclaycard and silver card at zero balances with DDs set up to take the full amounts each month?

DOH You have only moved the debt to an overdraft that is exempt from CCA and also repayable upon demand you divvy lol.... basically you're a nuggat for doing this and if you can't see that then you need serious help dude!

:rotfl::rotfl:

never-in-doubt

Miche* wrote: »

Oh my god! nid's new best mate is an ex BR, deary me - ignorance smeared all over this place. YAK

Miche, as someone that knows me - am I judgemental to BR's....? lol

Miche*

pmsl.. nid that's the funniest thing I 've read all day.. he's got more time for bankrupts than anyone I know who hasn't been through it, and you know something else? This bloke here also gave me very personalised advise on how, as an ex BR, I could climb back on the ladder re: credit repair this very week.

It seems izools, your own perception of what you think people may think of you are not the actual way people perceive your situation at all.