Credit Crunch Britain

Discussion in 'Finance, Property, Law' started by Plant-Pilot, Nov 6, 2008.

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  1. Just watching "Credit Crunch Britain" on BBC2.

    Never has my flabber been so gasted!

    The whole tone of the program is on of pity for those in debt. Even though one 'victim' was a mother on benefits, who repeatedly maxed out her credit card and got the limit extended and only paid off the minimum.... and was amazed when she couldn't afford the minimum repayments.

    Another spent £270,000 on goodies and holidays and found he couldn't afford the repayments. His excuse was they would give him the money so thought he'd spend it.

    These people would get themselves in trouble without the help of credit cards or banks.

    Pity? Not for such stupidity.... they deserve everything they get, which as they had both gone to debt councilors, is nothing but minimum repayments and much of the debt written off.

    Rant over and blood pressure returning to normal and safe levels.
  2. Like me, you are a dinosaur and completely out of touch with modern Britain. Learn to live with your condition or you will not make old bones.

    I think that I will just go and book my 'Round the World tour'.
  3. I think a health warning along the lines of 'these people are not representative of the general population' is needed.

    That being said, it took me 18 months to shake off the bayliffs who were looking for the previous owners of a house I rent to students as he owned so much, and that was before the credit crunch.
  4. One point is that, as you have experienced yourself, these stupid people who seem to want to live for free leave a wake of trouble behind them. They also leave the banks wanting to recover their losses by charging those who do repay what they borrow with higher interest rates. Both cause the rest of the population grief.
  5. It's an odd coincidence that the BBC are showing Little Dorrit at the same time. Now a lifetime's imprisonment in the Marshalsea until you've paid your debts off (err, hang on?), that might work.
  6. BiscuitsAB

    BiscuitsAB LE Moderator

    And what in your vast experience leads you to believe that these people aren't representative of the general public?
  7. Do you honestly think that half the population owes 50k+ as a result of expenditure on crap?
  8. They don't have to owe 50k, just more than they can afford to pay back. Anyone on benefits who gets more than the occasional thing on credit could fit in that category.
  9. BiscuitsAB

    BiscuitsAB LE Moderator

    since I deal with the general public in the matter of finance then the answer with reservation to the £50K is yep.

    credit was was easy for the last 10 years and not just credit cards but banks running main stream advertising campaigns having "sales" on loan rates.

    The greed was Bi partisan, people borrowing over their affordability and institutions happy to lend as they were lending at twice what they were borrowing at.

    Now individuals are losing assets and in some case property and yet the insitutions are getting bailed out. Well thats capitalism :)

    However that doesn't have to be the case a significant number of contracts written under the 1974 (as ammended) consumer credit act appear to be illegal and unenforeable. And clients are infact in many cases seeking all payments made plus interest form the institutions involved, it has the potential to be the biggest misselling scandal of all time.
  10. At 45 years old, I think I am fairly unique in that I don't owe anything to anyone. Having said that, I don't have a terrific amount of material possessions, but what I do have does actually belong to me. Commendable? Maybe, but sometimes I think I'm a complete dick for not taking full advantage like the majority.
  11. BiscuitsAB

    BiscuitsAB LE Moderator

    Can't fault you mate. rather be in your position than some of these people who owe so much that they'll never be able to pay it back. Mind you thats only a problem is you actually have an asset such as a property. For those that have no assets and shit loads of debt well bugger all anyone can do about it.

    Debt companies can chase and threaten but in reality theres bugger all they can do, if they get a ccj still bugger all they can do. Bailiffs have no right of entry all though they can walk in through an open door a an open window.

    Companies dont want to Stat 21 people with no assets because that draws a line under it.

    But back to your point, bloody well done you.
  12. msr

    msr LE

    Uniqueness is like pregnancy: either you are or you are not :)

    Frugal living is the way ahead.

    (At a Mess do recently)
    Me: No mortgage, no worries
    ROSO: What? You still live with your parents?
    Me: No, paid it off in June
    ROSO: Bastard, I've got another 10 years to pay
    Me: (Quiet snigger)

  13. Though, frankly, better to have a shite load of material possessions that you own :D