Repossession, Repossession, Repossession

Biggles

KellsBells wrote: »

don't know why it's called repo, repo, repo - hardly any of it is about repos!!!

It was just about stupid people getting in debt. And, to be honest, not caring in the least about it. Very dull program with 'partying' clips to try and make us think it was in some way interesting.

KellsBells

I certainly hope it has the desired effect

Phirefly

Biggles wrote: »

It was just about stupid people getting in debt. And, to be honest, not caring in the least about it. Very dull program with 'partying' clips to try and make us think it was in some way interesting.

What a huge surprise. Glad I'm chained to the computer so I wasn't tempted to peek.

WTF?_2

KellsBells wrote: »

don't know why it's called repo, repo, repo - hardly any of it is about repos!!!

True - though it did make some very good points about debt and the need to pay it back along with the consequences (repossession in the case of mortgages).

Although a bit too heavy on blaming everyone in sight instead of some of the obvious idiots who indulged in completely reckless borrowing. Maybe they thought that the footage of some of the plonkers would speak for itself?


I do take the point expressed in this thread that not everyone who gets into debt does so out of stupidity or greed but the simple fact is that there is a huge debt crisis out there caused by over-borrowing and over-consuming, pure and simple.

It's not like millions of people suddenly found themselves in unexpected circumstances. There is a general attitude of laissez faire towards getting in debt and as one of the bods in the programme said, there is now a real culture of instant gratification regardless of the consequences,

Personally I have absolutely zero compassion for fools who borrow to splurge on a materialistic consumer binge and I make no apologies whatsoever for gloating at their self-imposed plight.

The real problem is only just kicking off now. We aren't yet in a recession and when it hits things are going to be bad, really bad. I remember reading articles recently that stated that most people couldn't fund their cost of living/servicing debt for more than a couple of weeks should they lose their income :eek:

Hermia

Biggles wrote: »

It was just about stupid people getting in debt. And, to be honest, not caring in the least about it. Very dull program with 'partying' clips to try and make us think it was in some way interesting.

I got annoyed that they used people who firstly seemed a bit dim and were also quite extreme examples because no one watching is going to recognise themselves in them. Most of the people I know who exceed their earnings are not going out buying race horses, but they are buying £30 moisturisers on an office worker's salary or they are insisting that they absolutely must have the latest game console. If they had showed ordinary people who are just confusing what is a necessity and what is a luxury the programme may have reached out to more people.

And have you seen that that model is claiming to be 24 on her website! I have friends in their 40s who look younger than her!

Hermia

!!!!!!? wrote: »

I do take the point expressed in this thread that not everyone who gets into debt does so out of stupidity or greed but the simple fact is that there is a huge debt crisis out there caused by over-borrowing and over-consuming, pure and simple.

It's not like millions of people suddenly found themselves in unexpected circumstances. There is a general attitude of laissez faire towards getting in debt and as one of the bods in the programme said, there is now a real culture of instant gratification regardless of the consequences,

Personally I have absolutely zero compassion for fools who borrow to splurge on a materialistic consumer binge and I make no apologies whatsoever for gloating at their self-imposed plight.

Absolutely, I do know people who got into debt through terrible circumstances. I also know that there are people out there who do have a low level of intelligence who are incapable of understanding finance. But most people I know who are having financial problems are not stupid and they are not the victim of circumstances, they are just spending more than they earn. It's like I said in my post above a lot of people in this country do not know the difference between luxury and necessity. As I said, the people I know are not going out buying ruby-encrusted yachts, but they are buying luxury goods that they don't need and which they cannot afford.

What worries me is how little research people do about financial products. I'm sure people spend more time researching what toaster to buy than what financial product to have. I did wonder whether I should get on the housing ladder a few years ago because all my friends were. So, I went into the library and borrowed a book about buying a house. I obviously borrowed this book for free and it was very thin and had lots of pretty pictures so it only took me an hour to read it. It had a nice table in it which showed what your repayments would be on a £100,000 mortgage if the interest rates went up. I soon realised that I would be a mug to get on the housing ladder on my salary. Only one other person had taken this book out and there were lots of untouched books about mortgages on the library shelves - why was no one reading them?!!

PasturesNew

It's not rocket science. My mental list is like this:

Necessity:
rent/mortgage, insurance, basic costs for electricity/gas/water, cost of essential transport (to work, doctor), basic foodstuffs (£10/week per person).

Comforts:
TV License, better food, cheap takeaway once a year, essential cheap presents (xmas/birthdays), hair cuts.

Luxuries:
cable/sky, holidays, nights out, new clothes, buying things for the house, attending weddings/parties, eating out, takeaway once a week, car on finance, new/improved car, anything on a loan, good/expensive presents

I am late 40s and not made it to all of the luxuries category yet. Last holiday was a cheap week in the UK in a 1-bed flat with my sister (I got the lumpy sofa bed) back in 1995. But I owe £0.

Gorgeous_George

I really wanted to watch this programme but business dinner took priority. Hopefully I'll find a link later.

Sounds pretty much as I would have expected.

GG

neverdespairgirl

emmy05 wrote: »

they should run financial classes at school, i am already nagging my 16 yr old about spending his wages, im a scrooge really, its the way i was brought up, save for that rainy day, but altho i know ill do it, i dont really want to be a parent whos bailing him out like many of my friends seem to be attempting to do nowadays

Some schools do. At my school, we had general studies lessons throughout, from 11 to 18, and at various times covered budgeting, mortgages, interest rates and compound interest, credit records, pensions, etc.

PasturesNew

It's had a few stories, and a few people whose stories span the length of the programme.

Glamour model Shelley Short: spending too much on trying to keep looking good. Overspending £1700/month. Thought she owed £25k, owes £41k. Shopaholic. She wasn't taking it seriously, was laughing at the fact she doesn't think she can stop spending on tat.

Mark and Diane + son (8-10ish): being repossessed. bought house 8 years ago with mortgage of £27k now owe over £140k (no explanation how/why). He is crushed and mortified and sees it as everything he ever worked for, gone. They showed them leaving the house. They got a council flat.

Jamie Masterson ran up debts of £17k. His debts are coming down by £71/month. 283 months. Nearly 24 years. Had credit to buy clothes, holidays and to pay for nights out with his mates.

Adrian Swingler. Owes £1million, his income enables him to afford the repayments on just half that. Just remortgaged his house for about £485k, they went through his card bills. He bought a share in a racing stables, bought some racehorses (one at least on a credit card), on his 3rd Land Rover. He blames the Govt for giving people the feel good factor. "I don't have a problem" he says.

General footage of student debt, saying it is teaching them that debt's OK.

People are now viewing luxuries as necessities. Debts have to be repaid. We are all responsible for our own actions.

And that was it.