Huge Debt and First Time Buyer ADVICE PLEASE

Mr_helpful

kenshaz wrote: »

Use £60000 from your salary to pay off the debt and live on the remaining £40000 sorted in 12 months.

First class advice here:rolleyes: . If he earns just under 100K he will be a 40% tax payer plus he has national insurance. I cant be bothered to work out what he would be likely to take home but it is probably less than 60K.
Plus if he is used to being a high earner he is used to his spending as well. You have to train him slowly and show him every time he pays offf a debt he gets a little more to play with.

sarah_elton

Maggie30 wrote: »

Is there anyone who has personal experience of actually having debt and becoming a first time home owner?

Have you looked at the Debt-Free Wannabe board? There's a lot of advice on there and people in similar situations...

kenshaz

Mr_helpful wrote: »

First class advice here:rolleyes: . If he earns just under 100K he will be a 40% tax payer plus he has national insurance. I cant be bothered to work out what he would be likely to take home but it is probably less than 60K.
Plus if he is used to being a high earner he is used to his spending as well. You have to train him slowly and show him every time he pays offf a debt he gets a little more to play with.

Point taken,perhaps I should have added an additional comment or an icon.
I suppose it all really depends upon his commitments relative to his available income,but the real solution is to live within your means.
£60000 debt with no savings means that this site is possibly essential reading.
Mr Helpful I have often been shocked by your response to some posters,but you appear to be sympathetic to this persons predicament,talking about more to play with,any particular reason for that?

Mr_helpful

kenshaz wrote: »

Point taken,perhaps I should have added an additional comment or an icon.
I suppose it all really depends upon his commitments relative to his available income,but the real solution is to live within your means.

Very true but often gone out the window in todays easy credit society.

£60000 debt with no savings means that this site is possibly essential reading.
Mr Helpful I have often been shocked by your response to some posters,but you appear to be sympathetic to this persons predicament,talking about more to play with,any particular reason for that?

Kenshaz

Im sympathetic to the poster because I see a wish to learn from the past and do something about it. I was in debt once (didnt have high earnings though) and learnt more through debt than any financial training course. Too often posters like to blame someone else for their mis fortune instead of accepting responsibility and then either sorting themselves out or asking for help how to do it. I didnt get out of debt until I first accepted I was the one who overspent. Scrounging a few pence in possibly overcharged fees is not the way to deal with debt but a proper plan is. I have given the OP the benefit of my experience and its up to them whether they take it.
Wealth is like happiness ie a state of mind. I personally would change your signature to read "Happiness is the lack of desire"
Its the greed and envy factor which makes some posters so bitter and eager to claim back a few pence at any cost.

[Deleted User]

If you have debts you cant afford to buy a house the reasons are very simply if your in debt you have less income then it costs you to live, buying a house will make this escalate and the interest payments and missed payment charges will snowball. There are many people that earn 100K+ and end up going bankrupt .

Firstly get out of debt if you can pay off the debt at teh rate of 20K/year youll be debt free in 3 years and will then realise you can afford a 20K/year mortgage and what life style adjustments you have to do to be able to manage this. May I suggest you cut down on the cristal and cocaine.

(Im joking about the last bit but fill in with what ever vice/s it is that did it and dont say being a student as I know people that went to med school in london and they aint in anywhere near 60K )

kenshaz

Duplicated post sorry.

kenshaz

Dear Mr Helpful, Please allow me to explain my contentment ,I have a wife who I am in love with,children and grand-children who I love dearly,no mortgage ,no debt, one house in the UK and one abroad and a regular income.I have served in the forces and then the government,so I feel no desire for an adventurous career.
I strive for nothing,and when I want something I buy it,but that does not close my heart to those who perhaps have not made the choices I have.

I cannot understand your reasons for being on this site .This site is not for gain ,but sharing information which might assist you and others in running their life's,the ethics are simple,it is a community,some are rich and some are poor but who cares,some have made mistakes but who cares.

Always watch the pennies and have principle ,a lesson that I learned as a child,which has helped.
Yours Sincerely
Ken

MortgageMamma

Ah Ken I liked what you just wrote. Contentment at home is just plain great and I hope when I get to your age I can sit back and enjoy the fruits of my hard graft now.

One thing about Mr Helpful you should know, is that despite his Gordon Ramsay views on how to manage people who are in debt is, that one he is a realist and lives the the real world, he is not far off your age and his life has given him experiece on both sides of the fence, being rich AND being poor, struggling and in debt.

He didnt get to where he is now, (and believe me its quite a good place for a man to be), without first accepting that his debts were his fault and dealing with them. Helpful is one of the nicest people you could meet and I think his approach is good for the forum and that we needed someone capable of coming on and telling it how it is irrespoective of whether they will be popular or not.

Mr Helpful therefore is not being deliberately horrible to the forum users, he is just giving them a well needed lesson in priority, blame and straight talking at how they should manage their debts. You are right he doesnt agree with the reclaiming of bank charges etc and I too sit on that side of the fence as I think it damages the industry and only the consumers themselves will suffer in the longrun. He is a big softie in real life, one of the nicest people you could wish to meet, and I think his prescence is good for the forum its about time someone came along on a mission to make people realise where they went wrong without the fear of whether he will be liked or not

MM

kenshaz

MM you cannot possibly know how old I am.
I dislike Gordon Ramsey intensely he stands for everything I dislike in a human-being ,loud ,foul ,cruel and vulgar,without an once of sensitivity.Perhaps that is what you need to be successful ,but we are talking about happiness ,being a winner is a bonus but not essential for happiness.
But the rules of the site are simple Please be nice to all MoneySavers.Therefore shall we forget the lessons and follow the rules.

PS .MM why wait to be happy,you have my permission to be happy now,forget the work go and sit in the garden feel the warmth of the sun and listen to the birds singing,some people cannot even do that ,so perhaps we should be glad and content and forget about success.

Perhaps I can invite comment on the following.

Rich and unhappy for the rest of your life or Poor and happy for the rest of your life . No -one can be Rich and happy except Mr Helpful.

Maggie30

I am grateful for all the advice received so far. I don't wish to go into how exactly my partner has gone the large debt but it was built up over a decade and certainly wasn't on drugs or anything illegal!!!

I will take a look at the other topics on here.