More than a million people are on the brink of serious debt difficulties

Gemmzie

If it's half a percent we are screwed really and truly.

ManAtHome

Pobby wrote: »

Well I could have gone on and on about it but thought I might get boring ---lol.But yea,you are right about these different dynamics all playing a part.

Even worse....

Half an hour later I realised I should have added "GB(H) is a different kind of Canute altogether"...

Pobby

Not sure what the madness feeds on.Right now I have a couple of 40 plus year old friends in imminent trouble with their properties.Both are in sales,in the same industry that I am in.Our industry(luxury)is having possibly the worst down turn in 20 to 30 years.All of us are very reliant on performance related pay.A couple of years ago,me included,were earning very,very good money but as the market is falling at an alarming rate so incomes are tracking it.

Being bitten in the past I tended to stash my cash and clear off debt but certainly both these friends got caught up in the mayhem and had the holidays,big houses and so on.Now they have so much exposure to whats now happening.One of them has an interest only mortgage of 300k.:eek:

Sure theyn are not the only ones!

Jarlawuk

Credit is too easily obtainable so it's easy to see how people can quickly get themselves into trouble by spending beyond their means.

I mean I managed to get 14k credit (a few years back) with one bank alone when I was earning only 12k basic (+ commissions)! Thank goodness that even though I was stupid with my money I wasn't stupid enough to max out my limits.

rog2

The Insovency Service has announced a new record of 30,000 Insolvencies in England and Wales, in the first three months of this year - an increase of almost 24% on the same period last year (itself a record).
They also say that creditors are adopting a tougher approach to IVAs as a way of solving debt.
Ouch!

nelly_2

ZTD wrote: »

It's rather unfortunate to laugh at other people's misfortune. What do you think about those that lost their pensions? After all, no one held a gun to their heads either.

Thats totally different and not a good argument neither.

The pensions thing happend to them through no fault of their own.

Borrowing more money than you can afford to pay back is ONLY your own fault. A minority have bad luck like illness etc but the majority simply dont think things through whilst watching the norton finance adverts on tv

bulltraderpt

It is terrible that over 1 million people are in the doggy do do but some of those, I suspect, looked down on me when I drove passed them in an old but reliable and paid for car (as I still do today).

So, once the partying stops the pipers got to be paid!

Destressed sellers, I can't wait to meet them at car boot sales and the in the pages of the 'For Sale' adds, where I can play HARD BALL with them.

ZTD

nelly wrote: »

Thats totally different and not a good argument neither.

The pensions thing happend to them through no fault of their own.

Borrowing more money than you can afford to pay back is ONLY your own fault. A minority have bad luck like illness etc but the majority simply dont think things through whilst watching the norton finance adverts on tv

And do you have a percentage split between the "minority" and the "majority"?

nelly_2

ZTD wrote: »

And do you have a percentage split between the "minority" and the "majority"?

Of course not but at 1.3 trillion of debt if your gonna attempt to say that a high percentage of the huge numbers of people who borrowed that are suffering illness, then the NHS might want to take a deep breath

ZTD

nelly wrote: »

Of course not but at 1.3 trillion of debt if your gonna attempt to say that a high percentage of the huge numbers of people who borrowed that are suffering illness, then the NHS might want to take a deep breath

So is the issue the absolute level of debt - 1.3 trillion or

nelly wrote: »

Borrowing more money than you can afford to pay back is ONLY your own fault.

the ability to repay that debt? Or are you not sure?