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[EMD]

 
Stuff the banks  , vultures all of em ! My monies hidden old style , no not under the bed .

[Vamps]

I can see trouble ahead for large numbers of people....again. How long is it since the biggest financial crash/credit crunch since the Great Depression? 8 years?
I got an email today telling me that my credit card limit had been raised to £13000. My bank have always made  £5000 over draught available to use as I please, and last week sent a letter saying that there was a loan waiting for me......£30000 over 60 months at blah blah apr.......just click the button and it's in the account within five minutes. Computer says yes....


That's £48000..........£48000......a very big number which means absolutely nothing to me. Numbers on a page, that's all...............with the potential to ruin our lives. It's sick.

If I pushed it I reckon I am good for about £100 grand, it I called it all in, rather worrying as I am about to take early retirement, and therefore become a pensioner.............

[Broomies Mate]

Put yourself in the other mans Boots.  They are investors.  The interest rate has been at an all-time low for years and doesn't look like it will increase for a while.  So.  Choice 1 is to keep all your dollar in a savings account and see it doing naff all, Choice 2 is to take a fairly safe gamble and lend it to people who can't afford it.  Afterall, if you are investing millions in a loan scheme, you would be taking out insurance policies to safeguard your investment.

I was the prime example of an idiot in my early 20's.  Bought a house, wandered into Land Of Leather and spent £4k on a Leather suite which was interest free for 4 years.  No payment required for 12 months and zero deposit.  I'll leave you to guess how that panned out!  In fact, no I won't.... I'll tell you.  I'm sat on it now, and I haven't paid a penny for it.

Credit is a bad thing - unless your current account is in credit - and that's a good thing.

[tigers_gonads]

After the financial shite I / we was in a few years ago, we have a No credit rule in the house.

There is a credit card in our lasses name sat in the draw with just under 9 grand available. That is there for emergency purposes only and has never ever been touched.

Nowdays, its save and spend only for us 

[steve6367]

As an alternative perspective, I still maintain the borrower must take responsibility - you need to know you can afford to repay and how you will repay if your circumstances change. I was always save save save, then 10 years ago I was very unwell for a couple of year and since have used sensible credit to do a lot now rather than waiting until it maybe too late.

[05omegav6]

Fair point well made...  At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....

Realistically, I should have stopped cabbing a 18 months or so ago, but there we are...

[tunnie]

Fair point well made...  At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....

So total debt was ~70℅ of your income? Not much room for error. Recession or not. 

[The Sheriff]

Fair point well made...  At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....

So total debt was ~70℅ of your income? Not much room for error. Recession or not. 

No. £7-800 per week is £3000-3300 per month. £1600 is nearer 50%.

[tunnie]

Missed word week, thought that was high.

Good income, so lack of planning ahead? Those figures mean should have able to clear the debt?

Based on those figures, how did you get into this mess? 

[The Sheriff]

Missed word week, thought that was high.

Good income, so lack of planning ahead? Those figures mean should have able to clear the debt?

Based on those figures, how did you get into this mess? 

Because the £7-800 a week went missing....the recession was mentioned?

[ronnyd]

Wasn,t all this irresponsible lending globally the reason we got into this sh*t in the first place? Short memories or what!

[tunnie]

So no planning ahead then? If clearing that much, should been packing it away for unknowns.

Without a mortgage and living at home, bringing in that amount, need to save while on the good times. Even more so if self employed?

[chrisgixer]

So no planning ahead then? If clearing that much, should been packing it away for unknowns.

Without a mortgage and living at home, bringing in that amount, need to save while on the good times. Even more so if self employed?

Tunnie, you let your arrogance get the better of you sir. What possible use is this statement, it's done. Where to go from here is the question!

[tunnie]

Trying to understand the background, as previous helpful suggestions were shot down with new information.

If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?

Not very nice is it?

[chrisgixer]

Trying to understand the background, as previous helpful suggestions were shot down with new information.

If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?

Not very nice is it?

So clearly deliberately antagonistic. That's one thing. But to do so in the face of a request for help is shocking. We all have a wind up now and then, but there a time and a place.

Ultimately... Always be helpful. ALWAYS! Reguardless of what's gone before. You mark yourself out as a nasty individual Tunnie. Noted.

But if you ask me for help, I will do so. Where I can. (I might make a balls or it may not work out as intended, but I will try at least)