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in fact we didn't think about it at all.
I have huge sympathy for you and your story, but that line above is at the core of people's problems, isn't it? They don't really think about what they're getting themselves into.
I've been massively in debt - £30k in credit cards excluding mortgage and student loans. The debt was the result of my father having a serious illness and me having to give up work for two years to look after him. I needed that money to pay my mortgage and my bills and 0% credit cards was the only way to get hold of it.
I paid back every red cent eventually. But I know plenty of people who spent their 0% credit card balances on shoes, designer handbags, holidays to Thailand etc etc etc, without stopping to think how and when they were going to pay it back. And whilst I love my friends, I can't say I have any sympathy to waste on their financial thoughtlessness.0 -
I don't read this part of the site often, and what I have read on this thread and a few others has made me a bit depressed and I feel sorry for some of you. There are some very smug people about and I really hope that what happened to me and my family does not happen to them. We overborrowed and got into problems with the mortgage about 8 yrs ago and we are still paying it off. It had nothing to do with finacial savvy or greed or even thinking we could afford it, in fact we didn't think about it at all. One day my daughter came home from school and said "I don't feel very well mum" and that was the start of our nightmare. We went from being a 2 income, settled family to a 1 very stressed out income family. We borrowed money to keep the house so that our other 2 children would have somewhere to live and didn't have to leave their friends and school, although god knows where we would have gone--looking for a new house was not important to us, just staying alive was hard enough. We didn't look at interest rates or who was the best lender, we just wanted to stay where we were, I would have taken money from the devil if he had offered(which, looking back I think perhaps he did). My rather rambling point is this--you never know what is around the corner, sometimes the insurance just doesn't cover it, and although we are all adults sometimes s!!t happens.
I also have huge sympathy for the unforseen circumstances that have happened within your family, but regarding your financial situation, I really don't have much sympathy.
When we bought our property, we looked at ALL the "what ifs":
What would happen if one of us died?
What would happen if one of us could no longer work?
What if we want kids?
What if we have a disabled child?
How much would childcare cost?
What if the interest rates go up to 12%?
What if we BOTH couldn't work?
What if we had a fire?
Borrowing thousands of pounds is a HUGE responsibility, and to not cover every avenue when borrowing that amount of money IS irresponsible.
I'm not being smug. I'm just being "financially savvy" as you put it. Of course you don't know what's around the corner, which is why you have to save and prepare for the unknowns when taking on such huge financial responsibility.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
morning all
like happinessfactory we also are paying back every penny, plus a lot more, to the people we have borrowed from. We spent it and we should pay it back. I think my problem with many of the posters on this part of the site is that they assume that all of us that are/have been in sreious debt are !!!!less, greedy and stupid. I am not blaming anyone else for what I did, although some understanding would have been very welcome at times. One woman from a DCA told me that she was not interersted in my excuses (staying in hospital with my daughter and not being able to work) and that I had spent the money and now it was time to pay back. I think that I wasn't trying to give excuses, only reasons why we needed more time--but it wasn't forthcoming and we ended up borrowing more to pay other borrowers. Yes it was the wrong thing to do, but I am not stupid, just a mum trying to make sure her family survived in one piece. People like me come here for support and ideas, not kicks when we are already down.
Originally Posted by pinkshoes
Personally I'd like to see people take responsibility for their own stupidity and actions, and stop trying to blame their failures on other people.....
They're not victims, they made their own mistakes, didn't do the maths, didn't plan into the future, didn't plan for unforseen circumstances.
Pinkshoes is right about this--I did not plan for my 13 yr old daughter to become so ill---I am sure that she has all the right insurances in place (if she has children or family) and will never end up like me.LBM-2003ish
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage0 -
I also have huge sympathy for the unforseen circumstances that have happened within your family, but regarding your financial situation, I really don't have much sympathy.
When we bought our property, we looked at ALL the "what ifs":
What would happen if one of us died?
What would happen if one of us could no longer work?
What if we want kids?
What if we have a disabled child?
How much would childcare cost?
What if the interest rates go up to 12%?
What if we BOTH couldn't work?
What if we had a fire?
Borrowing thousands of pounds is a HUGE responsibility, and to not cover every avenue when borrowing that amount of money IS irresponsibly.
I'm not being smug. I'm just being "financially savvy" as you put it. Of course you don't know what's around the corner, which is why you have to save and prepare for the unknowns when taking on such huge financial responsibility.
I'm not goping to disagree with anything in your post, its good that you were 'financialy savvy' to make sure you had considered every eventuality. The big problem in the UK is that many people don't have that level of financial awareness.
I always think its a shame programmes like Spendaholics are put on at 11pm, they should, IMO, be put on at prime time, on mainstream channels, to help educate the masses.0 -
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 nowadays0
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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
Do what my mum did, she took a third of my wages as rent and I didn't get it back to pay for a car or anything when I left home. I soon became aware that I needed to budget for things. It wasn't a shock when I left home & had to fend for myself, well except for the cooking & cleaning that I had to do.
Churchrat, I'm glad you came through it all. I'm sure sharing your experience will help others in a similar situation.0 -
I'm not goping to disagree with anything in your post, its good that you were 'financialy savvy' to make sure you had considered every eventuality. The big problem in the UK is that many people don't have that level of financial awareness.I always think its a shame programmes like Spendaholics are put on at 11pm, they should, IMO, be put on at prime time, on mainstream channels, to help educate the masses.
I agree. They should teach financially responsiblity perhaps in schools, but this is also down to parents to set an example to their children. Those that see their parents buying on credit will tend to follow suit. Those that see their parents save hard for something will respect that and do the same.
My parents enjoy nice holidays etc..., but they work hard and save hard for them, and they have always planned everything, including the unknown.
My dad ended up having quadruple heart bypass aged 49, and had to give up work as he would have dropped dead otherwise - but luckily my parents had planned a contingency fund and had a back-up plan for something like this happening.
Churchrat, the best thing you can do is teach your children to be financially responsibly, and it's good that you want them to learn from your mistakes.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
The level of financial illiteracy amongst kids these days is truly shocking, and we adults are to blame.
I know a kid who's going on a £980 school trip and his parents are stumping up the lot, including pocket money and new clothes on top. Yes, his parents can afford it without much difficulty, but is that really the point? They're giving him the impression that you can have anything you want, including luxuries like holidays, without hard work and saving.
When I told this kid, "You're a very lucky chap," he replied, "I get good grades", as if getting good grades (at his very expensive school, also paid for by his parents) was fair exchange!!
When did teenagers suddenly stop having holiday jobs or being paid for household chores?0
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