Bank withdrew O/D today from us,with no warning, we are almost penniless!

Riq

ejones999 wrote: »

What's so different about it/
A debt is a debt no matter how you look at it or perceive it to be!

I have a £11k student loan debt, or something like that, not quite sure.
I could pay it off tomorrow if I so wished, but I don't as I believe my money is better in my savings account for a deposit on a house.

Financially speaking I lose out, but a student loan is not a debt in a conventional sense.

If I don't pay it, I am not going to be chased by some baliff, I wont lose my car if I don't pay and I wont be declared bankrupt because of it.

kcmatt79

Riq wrote: »

I have a £11k student loan debt, or something like that, not quite sure.
I could pay it off tomorrow if I so wished, but I don't as I believe my money is better in my savings account for a deposit on a house.

Financially speaking I lose out, but a student loan is not a debt in a conventional sense.

If I don't pay it, I am not going to be chased by some baliff, I wont lose my car if I don't pay and I wont be declared bankrupt because of it.

Are you sure about that? I was chased by a debt collection agency when I moved and didn't realise my deferrment was up!

Riq

Yeah, I am quite sure.

The student loans company will not chase me for payment unless of course I refuse to pay as i am eligible to start repaying if you get me.

Earning over £15k and paying 9% of my over £15k earnings to them.

jonesMUFCforever

sav4it wrote: »

What about people with mortgages. Are they allowed to be refer to themselves as debt free?

No of course not.

The only way you could argue that would be if the total value of your savings and investments was worth more than the outstanding amount of your mortgage (and any other debt)

MarkyMarkD

I think you'll find your definitions differ from many people on this site, ejones999, and with good reason.

You can definitely argue that you are debt free if your mortgage is less than the value of your property, because you could sell your property, redeem the mortgage, and be clear of any debt.

People on the "debt free wannabe" forum here generally don't intend to get rid of their mortgage; they want to get rid of their unsecured debt.

People who want to get rid of their mortgage are in a different category entirely.

karengr

this is my first post so please be gentle. OP we found ourselves in the same boat 6 years ago we had our large O/D suddenly taken away witth no notice.
We argued with the bank that they could not do this to us etc,etc.
we were in debt and were living off the O/D. anyway we sold our house to get us back on track a suggestion by the bank.
anyway 6 years on we our still in rented accomadation and vow never to have a O/D again which we have manage to do.
Now comes the interesting bit a week before christmas we receive a letter from the bank (who we no longer have an account with might i just add) that 6 years ago they made a mistake and took away an O/D that should not have been taken away from us therefore resulting in charges being made. they sent us an apology and said that they were refunding the amount back to us the amount is £576.52. we are waiting for the cheque as we no longer have an account with them to transfer it too. i never even applied to have the charges refunded to me this was done by the bank as they were reviewing all accounts. i am now very very careful with our spending and i thank everyone for all the tips i have picked up on this site for the past year i have been lurking.
Happy New Year.

Zebedee69

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Iv drawn a line under it. Cant we stop having a bash now!