Everyone I know is sinking under a decade of DEBT..

abaxas

noh wrote: »

The evidence to support your assertion is?

A year working for a UK sub-prime lender which was a subsidiary of a very well known American bank.

The threat of bankrupsy and taking of someone's home, to obtain greater debt.

I call that blackmail and extortion.

bendix

abaxas wrote: »

Blackmail and extortion

Whooooooosh . . .

"What was that?"

"Oh nothing, just abaxas's credibility flying out the window"

rich744

FTBFun wrote: »

Err....fractional reserve banking?

Smart post..... How many are even aware of this.....

NO DEBT = No MONEY.

bendix

abaxas wrote: »

A year working for a UK sub-prime lender which was a subsidiary of a very well known American bank.

The threat of bankrupsy and taking of someone's home, to obtain greater debt.

I call that blackmail and extortion.

Did you turn yourself in, knowing that you were working for a criminal organisation?

StevieJ

rich744 wrote: »

Smart post..... How many are even aware of this.....

NO DEBT = No MONEY.

Not another of them

abaxas

bendix wrote: »

Did you turn yourself in, knowing that you were working for a criminal organisation?

I was on contract!

But that wasn't the worst bunch of criminals I've worked for. That is reserved for BT.

Sold a product to the government for billions and the final product didnt actually correspond to the spec.

Hence I was forced into a position of either lying to the CFH or leaving. I always take option 2, protect yourself first, not the corporation.

And dont get me started on my time in insurance.

rich744

StevieJ wrote: »

Not another of them

Is this a falsehood....?

WHITEVANMAN

michaels wrote: »

Brewsters Millions?

Its was easy enough for him.
He was working on a S/Employed basis.
Girlfriend worked full time and their home, car and domestic bills etc were all in her name.
His funds were spent mostly in cash by themselves, on regular daily drinking, take aways and eating out, and 2 to 3 holidays a year.
The rest on equipment for work (and any Self employed person knows what that can mean), he maintained a couple of credit cards and some leases for equipment, this helped to keep some semblance of credit rating.
His GF would only use her funds when his ran out.

The HMRC took years to finally have enough of trying to remanage the debt, and threatened to take him for bankruptcy, this took them over a year to do, and even at court on the day the HMRC representative tried to change this and get him to once again agree a new payment plan.

Moving out alone early on into furnished rented accomodation, using credit cards for food, essentials and holidays, paying minimum payment only, cash for everything else, he quite easily managed to convince the court appointed reciever, he had nothing of worth that could be used, from what he told me they didnt push particularly hard, and the bankruptcy court is particialrly busy.
On the day I think at Carey st he was quite a long way down a very long list, although he did mention a majority were not in attendance, the court appearance took no more than 5 mins, and the appointment with the reciever a couple of weeks 2 later lasted less than an hour.

As I have said, he's not the sort of person to worry about saving for the future, but seemed quite well educated in the ways and means of working a number of systems.

For all those here who work hard to build and save for the future the rules are desinged to make you tow the line, for those who dont the consequences are innefective deterents.

smeagold

rich744 wrote: »

Is this a falsehood....?

No its a trueism, some just don't like being reminded though

RenovationMan

WHITEVANMAN wrote: »

For all those here who work hard to build and save for the future the rules are desinged to make you tow the line, for those who dont the consequences are innefective deterents.

Then perhaps its time to play the game to your own rules? I did all the living within my means and careful saving to watch my returns dwindle down to zero.

In the end I decided to finally take a calculated risk and gamble on low interest rates being around for a few years. I sold our home and bought a large 5 bed stone farm house with a large £300k mortgage that was six times the outstanding mortgage on my previous property.

Surprisingly, my new mortgage is about the same amount each month as our previous one because we were on a fixed rate. Our new mortgage is a tracker and costs us £574 per month. Instead of saving our cash in a bank account paying zero interest, we are using the money to overpay the mortgage and to renovate the house.

I'd say to anyone that its far more productive to stop sitting on internet forums moaning about your lot and instead start doing something about it. You only have one life and its wasted if you live it in fear, afraid to make any decision just in case its a wrong one. Thats what I used to be like, now I'm not. I have to say that things are going swimmingly so far.