Repossession, Repossession, Repossession

mjl_3

Hi all I listen to Talksport on the radio at night as i'm a taxi driver, not a sports fan but the phone in progs are exellent.
One of the experts on tonights programme was Mike Thomas, the "Debtwizard"
I listen to him on Mike Mendoza on Talksport about once a month in the early hours on Sunday (1am onwards)
This guy is really great with his advice.
Every time he guests on the radio the phone lines are red hot.
His advice is impartial, covers a lot of subjucts, bankruptcy, morgage indeminty guarantees, credit repair, reclaiming bank charges.
He offers callers (sometimes) one to one advice.
I've found his web site here http://www.debtwizard.com/site/home.html
You can look in the media section of his site for past phone ins.

Rabiddog_2

Well one man's luxury's .. I would consider a phone and a tv licence as necessity's but not a single takeaway or Xmas birthday presents (you cant afford them! If you don't admit it to your nearest and dearest, then you've got a debt problem).

Like all these programs it concentrates on extreme examples.. HOW did that bloke get his mortgage from 27 to 140? That works out at almost 20,000 per year! And the Smug knut who has many racehorses? Not enough detail .. where does he get the money.. what does he do?

If I regard my own situation I got into trouble with my many CC about 5-7 years ago, and after narrowly dodging repo, I am only now coming out the other side. No holidays or luxuries of any kind for about seven years. But I reckon this debt overhang is going to lay like a Pall over the country for about that time.

I like Gordo.

emmy05

i thought his mortgage went up that high cos he kept taking out loans against the house.... the trouble with buying council is you get them so cheap with a discount, its got to be too tempting for ppl to take out the extra money on the houses to their real worth?

John_Pierpoint

"And the Smug knut who has many racehorses? Not enough detail .. where does he get the money.. what does he do?"

Do I remember that he flogs furniture? He must be a complete idiot to even appear on the program (or is this another docudrama scandal like paying the "unemployed/striking miners" to pick up lumps of coal that the director had scattered on a slag heap).

Who are the real idiots here, the careful people who saved and did without and put their money into the bank which let him buy a racehorse on his credit card?

The latter will be in the Q when there is another run on the bank, the former will get a couple of year's bankruptcy; probably living with his better half, if she is fool enough to keep him?

"The trouble with buying council is you get them so cheap with a discount",

I tried to buy one of these about 10 years ago, but while viewing I got the impression that the household was somewhat "dysfunctional", mainly because they could not explain what they were going to do when they left. The house was in good condition and what had been the garage had been expensively converted into something akin to a granny flat, for a teenage daughter. However teenage daughter was not present and appeared to have moved out.

So I did some digging (talk to the neighbours, check out the Land Registry) and the family dynamics slowly slotted into place.

The property was in her name, though he was on one of the loans with a different surname (presumably jointly & severally). Daughter, who did not get on with her new "uncle" had gone off to live with her boyfriend and the household was probably up to their necks in debt. I'm pretty well sure the repossession department was breathing down their necks, even though it was a rising market (Asking price for 3 bed plus granny flat 90K).

Let us not be judgemental BUT the thing that really P'd me off was the interesting little clause on the Land Registry - The house could not be sold for another 6 months without paying back a big chunk of the discount - I had explained my three month deadline so I was being used as the patsy; someone who could go ahead and pay for surveys etc. and be used to lever up the price.

Some people need a basic training course in ethics, long before we need to worry about economics.

Lotus-eater

How did that guy get a £485 thousand mortgage? The only way I can see is by lying to the mortgage company, so for him to say its not my fault is stupid.
The rest of the prog was alright, but with too much filled space with the party scene, as all factual progs now it seems.

And how on earth did that guy go from the £27k to £140k.......thats a huge overspend per month and we were told that they both worked with decent jobs. Methinks something is not being told here, how could the original mortgage not be payable by them, it was only £27k? It didn't show them with loads of expensive stuff, I wonder if they were really stupid and just let the interest stack up so much and just continue paying the minimum off, until it was too late.

chelseablue

The bit that made me laugh was the guy from, I think HSBC, who said "Debt is good for society" :mad:

I actually laughed out loud at the TV!

Biggles

Hermia wrote: »

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!

You can't be serious (not that you actually went and looked at the website, I mean that she claims to be 24)? Worst advert for Botox I've ever seen.

DGJsaver

PasturesNew wrote: »

Comforts:
hair cuts.

You treat a hair cut as a comfort ?

do you look like captain caveman

emmy05

vanity pays a high price sometimes, but to be that much out of debt for a single person is pretty scary, i guess some ppl would spend as much as they can to try to get to the top:s

talking of capt caveman, i used to love watching that lol x

John_Pierpoint

DGJsaver wrote: »

You treat a hair cut as a comfort ?

do you look like captain caveman

You can cut your own or each others when push comes to shove.

On a more serious note, the economy of the country must be going to the dogs. I am paying twice as much as two years ago for a hair cut. But don't worry the money supply is not out of control and inflation will peak at 3% in spite of further interest rate cuts.
I know everything is under control because Gordon & Alistair have it in hand.