Young, dumb and in debt

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palgrave
palgrave Posts: 95 Forumite
in Motoring
I can't begin to tell you the number of young couples I've come across, not on the property ladder but renting, relatively low incomes yet have a PCP/car finance for some fancy new wheels.
My niece who is 21 years old rents with her partner (22 y.o) and has a brand new Audi A3 on finance. She works in retail with an annual salary of £14k while her partner works as a hotel receptionist with an annual salary of £17k. They rent a studio flat that probably takes up more than half of their monthly combined salary. What really annoys me is that they both have the option of moving in with their parents who live close by and are more than ademrnt on them doing so, in order for them to save for a flat deposit but they refuse. They both want to be"independent" yet live on credit cards buying fancy new clothes, Virgin active gym membership and and now the flash new car. I told my niece to save for a flat deposit rather than splashing out for a new Audi and putting them both under debt but she just didn't listen. I realise I'm ranting but what can I really do now???
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  • GothicStirling
    GothicStirling Posts: 1,157 Forumite
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    What's your point?

    What other people do with their money, is their problem, not yours. Stop interfering.
  • palgrave
    palgrave Posts: 95 Forumite
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    I should mention I loaned my niece £15k for her wedding but seems like I won't see that money again.
  • motorguy
    motorguy Posts: 22,473 Forumite
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    palgrave wrote: »
    I can't begin to tell you the number of young couples I've come across, not on the property ladder but renting, relatively low incomes yet have a PCP/car finance for some fancy new wheels.
    My niece who is 21 years old rents with her partner (22 y.o) and has a brand new Audi A3 on finance. She works in retail with an annual salary of £14k while her partner works as a hotel receptionist with an annual salary of £17k. They rent a studio flat that probably takes up more than half of their monthly combined salary. What really annoys me is that they both have the option of moving in with their parents who live close by and are more than ademrnt on them doing so, in order for them to save for a flat deposit but they refuse. They both want to be"independent" yet live on credit cards buying fancy new clothes, Virgin active gym membership and and now the flash new car. I told my niece to save for a flat deposit rather than splashing out for a new Audi and putting them both under debt but she just didn't listen. I realise I'm ranting but what can I really do now???

    Nothing you can do, and nothing to do with you, frankly.

    They have to "learn" for themselves.

    Also, do you really expect them to move in with their parents??? I would imagine they would rather !!!! on their hands and clap.

    And why would she want to save for a flat deposit? She probably at her age doesnt know even what she wants to do OR where she wants to live, and with Brexit coming up, is buying now the wisest thing to do?

    In fact there would be a school of thought that says buying ISNT the wisest thing to do - some of us (i am sure yourself included) remember the last property bubble bursting and the impact of that to home owners, and theres a growing belief that another burst is on its way.
  • motorguy
    motorguy Posts: 22,473 Forumite
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    edited 19 April 2017 at 8:47AM
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    palgrave wrote: »
    I should mention I loaned my niece £15k for her wedding but seems like I won't see that money again.

    How dumb was that?

    Never lend friends or family money.

    And by lending her a ridiculous amount of money for a "dream wedding" surely you were facilitating and encouraging her credit lifestyle? Surely encouraging her to have a wedding within her means would have been the sensible thing if you're really concerned about her credit lifestyle?
  • Car_54
    Car_54 Posts: 8,213 Forumite
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    palgrave wrote: »
    I should mention I loaned my niece £15k for her wedding but seems like I won't see that money again.

    So maybe age and dumbness aren't connected.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    palgrave wrote: »
    My niece who is 21 years old rents with her partner (22 y.o) and has a brand new Audi A3 on finance.

    Surely that should be husband? Or has she spunked your £15k and moved on already?
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    Is this really the right place for this thread?
  • DoaM
    DoaM Posts: 11,863 Forumite
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    neilmcl wrote: »
    Is this real?

    I've edited your post to reflect what you probably meant to ask. ;):D
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 13,989 Forumite
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    OP, you really shouldn't beat yourself up about it. You can't help being young but you should stop lending significant sums of money to people to avoid being in debt.
  • davidwood123
    davidwood123 Posts: 471 Forumite
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    Their decision.

    What is even more stupid is parents buying new drivers brand new cars. In fact, parents funding their adult children in general.

    They aren't doing them any favours.

    Teach them a valuable life lesson....if they want something, work for it.
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