Recent SOA'S and Debt Help

moneybuster

Have been looking at recent SOA's and some of the working's out leave me under no illusion as to why some high earners are in dept, if they can not get the SOA's right what chance have they with there personal finances,

Also it saddens me to say but on here we can shave off a few quid for most people to help with there monthly and debt repayment, but recently even i have been talking a sharp intake of breath and scratching my head as to how much debt some people are in.

just a observation but the higher earners look like the hardest to help there just no room for squeezing much out of there bills.

what with redundancy, recession, wage freezes, inflation increase, cost of living, fuel increases, in the near future there's going to have to be some serious rethinking of how to help people on here.


MB

MrsTinks

MB - the thing with debt is that it's all proportional - of course until redundancy sets in and those with a high debt who until recently had the same % of annual income debt as those on lower incomes. Suddenly they loose a huge income and things look very dire indeed.
We have been looking at moving house near where we live and I'm shocked at the number of repossessions coming up on the market at the moment.
I don't know if you're right in that the advice we give will change but I think increasingly we might see more and more having to opt for IVAs and BR instead of a DMP purely due to the sheer volume of debt to new lower incomes.

silv.surfer

Hi Mrs Tine

I am trying to help a Neighbour Friend - Please see my Thread Pros and Cons of O/D v Loan - The circumstances are at the beginning of the Thread - and I still think the Bank is having him over because they keep adding charge and 1/2 the charge is over limit -I have got a copy of his Balance Transaction dates 1/8/11 --1/10/11 and I think they are also charging £8 for Insurance - he doesnt know what it is - Could you please advise me so I can help him