MSE News: 'Bankruptcy light' hits young people



  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    First Anniversary First Post Combo Breaker
    missrlr wrote: »
    If you have a choice then aint life grand

    We all have choices, perhaps even more than we think should we choose to take off the blinkers.

    I've spent my life living in gritty Northern cities, and there are as many opportunities as elsewhere for those willing to seize them.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • John_Pierpoint
    John_Pierpoint Posts: 8,391 Forumite
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    edited 3 January 2012 at 5:55AM
    Aless wrote: »
    You seem to be ignoring the fact that house price increases have by far outstripped increases in earnings (save ftse100 bosses who are not first time buyers). Easier to bash the young people than consider that things have changed a bit for the worse for young people trying to establish themselves over the past 30 years

    I've been there, the 1970's have a lot of similarity to the two thousands. House prices in London doubled in a few years.

    In the UK 30 years ago the economy was on its beam ends with 3 million on the dole. The UK was the devalued "sick man of Europe".

    Fortunately a bankrupt country went to war with us and got a hard nosed prime minister re-elected, just in time for a black gold bonanza that was rapidly paying off the national debt dating back to world war two.

    Unfortunately all politicians, including hard nosed ones, tend to have a vision that extends just as far as the next election.
    So the once in 8 million years bonanza was largely squandered on consumption and vote buying. Those with slightly longer term vision bid against each other to buy houses.

    Meanwhile I was paying off debts - not mine my father's - he had a life style ahead of his time and dumped in on me at the age of 21. So I was not buying houses, I was doing a clerical day job and building a house in the evenings and at weekends.
    The rest of the world was busy turning out another billion people every 15 years and yes something like 250k - 500k of those have been coming here each year to compete with you for housing and real jobs .

    So perhaps you are in the same position as I was 40 years ago?

    It is a pity I won't be around to see what sort of a mess your generation will have created in another 30 year's time.
    gadgetmind wrote: »
    I was chatting to a young couple today who are considering buying their first house, and all that's preventing them pushing the button is that prices are continuing to drift downwards. So, they're going to keep on building their deposit, sniffing around and making the odd cheeky offer, but they have time on their side.

    I see you have met my son and daughter in law.:D

    It is better to jump over the "flat" stage if possible - as a leasehold flat is by definition a depreciating asset with annual charges..
  • gorbo
    gorbo Posts: 1 Newbie
    edited 4 January 2012 at 10:05AM
    When we took out our first mortgage it was a huge deal, we had to be interviewed by the bank manager provide all sorts of financial information & references, then wait 10 days for our application to be reviewed.

    Simply money was made hard to get, very hard to get! its to easy now and banks are responsible for this, yes people should not get into debt, but some people can`t/don`t know how to control their finances, money is to easy to get, my bank keeps increasing my overdraft limit even though i never use it or want it, why? so I will be tempted to use it and they will make money out of me!

    Banks have got us in this mess they have to change their attitude or we are going to be in deep s&*t if we are not already
  • Lizling
    Lizling Posts: 882 Forumite

    The smart money is on emigration, ask the Irish.

    Did that back in 2008. Unfortunately I picked Ireland. :rotfl: Might as well stay where I've at least got friends and family now.
    Saving for deposit: Finished! :j
    House buying: Finished!
    Next task: Lots and lots of DIY
  • winnoch
    winnoch Posts: 30 Forumite
    First Post First Anniversary Combo Breaker
    camuk81 wrote: »
    Trust me Missrlr, I haven't an option and I wouldn't move, even though I did get better option elsewhere in the country. I passed two jobs for being out of area! Nothing I can do!

    This post does highlight a massive problem, which is, it seems unique to Britain; the extreme resistance of some people to move to where the work is. Recruitment companies and employers in general, pull their collective hair out when they can't get ideal candidates to move 50 miles up a motorway.:think:

    People in many other countries will happily up-sticks and move their families to wherever the best jobs are being offered. Here, as soon as a town's biggest employer closes, most of the employees choose the dole over relocation packages. I personally just don't get it. Many will cite family reasons, but we're not living in neolithic times; we can distance ourselves from our kin without them dying! very strange mindset the British have! (speaking as a Brit..)
  • downy2008
    downy2008 Posts: 33 Forumite
    My dad, who is now 88, has never owed a penny in his life...he lived within his means, always. If he couldn't afford something, he would never have bought it. He repaired things himself. He has a fear of debt. I, on the other hand, racked up £1000s of debt on credit cards and loans, for holidays and stuff that I didn't need. My attitude was - what does that old !!!!!! know, sure I'll just remortgage and release the equity...Not hard to see who was right, if I am now trawling a debt free forum!!
    MBNA Credit Card PPI 1 Upheld - £1314 :)

    MBNA Credit Card PPI 2 Rejected :( - Complained to FOS....MBNA Upholding....Awaiting Figures :)....Cheque Received £5712 :)
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