Discussion UK debt advice

[Funkbunny]

Up to a year ago, I was a debt advisor. Did the job for 12 years. Spoke to many people. Students that owed a few hundred up to someone that owed just over 2 million. The one thing they all had in common, there's always a way to deal with it. Yes, sometimes with difficult choices, but an option is an option.
Breaks my heart that people kill themselves over money.

 

[Dead beat dad]

I have no debt, but for the benefit of those that may be struggling are you happy to be contacted to point people in the direction of help, if they want it?
Thanks for the post brother.
DBD

 

[Angst Filled Fuck Up]

Very wise post. I struggled with debt for a long time until there came a point where I was just like "well they can't eat me" and then somehow it got better. All you really have to do is attend any court appearances that may pop up, and that's only in the worst case scenario. If you're wealthy or have a lot to lose, it could be pretty bad though I guess.

 

[LivingToLong]

I reckon the UK is heading up shit creek because the level of poverty and personal debt is growing. Low wages, gig economy, zero hours contracts, high rent/accommodation costs - people need benefits to top up income, and the Govt has gotten tough (austerity) with benefits. I really wouldn't want to live there.

 

[Severen]

Some debts never go away. Never.

 

[Funkbunny]

I have no debt, but for the benefit of those that may be struggling are you happy to be contacted to point people in the direction of help, if they want it?
Thanks for the post brother.
DBD

Absolutely.

 

[LaBrava]

I reckon the UK is heading up shit creek because the level of poverty and personal debt is growing. Low wages, gig economy, zero hours contracts, high rent/accommodation costs - people need benefits to top up income, and the Govt has gotten tough (austerity) with benefits. I really wouldn't want to live there.

Sums it up. Large part of my wanting to CTB is how bad all this is getting.

 

[Funkbunny]

I hasten to add I had to resign to become full time carer for my mum. It's kinda ironic now being on 'the other side of the fence'. Money worries certainly don't help anything. But, the guys can't have what I don't have to give.

I reckon the UK is heading up shit creek because the level of poverty and personal debt is growing. Low wages, gig economy, zero hours contracts, high rent/accommodation costs - people need benefits to top up income, and the Govt has gotten tough (austerity) with benefits. I really wouldn't want to live there.

Spot on. Seriously, the amount of people that do end their lives over debt in the UK is shocking.... And drastically under reported.

 

[marcusuk63]

I just didnt pay them , A Bank loan they gave me when i bought my house £1k , catalogue £2k , credit card £500 , credit card £1k , HP on sofas £2k . i got in touch and told them i had lost my Job etc and agreed to pay minimum then they tried being arse holes with me so i told them all to F***k off and as they usually do they sell your debt on for less than half the price to another debt collector , you ignore them and they sell it so on and so forth , until the amount is so small they give up lol , this was 20 years ago

 

[Leesap]

I don't have that much debt, it's the thought of not being able to afford life that has me planning ctb. The idea of living outside horrifies me.

 

[marcusuk63]

I don't have that much debt, it's the thought of not being able to afford life that has me planning ctb. The idea of living outside horrifies me.

20+ years ago they just threw debt at you , you could walk in to you bank and they would just say ,yes how much do you want to borrow ? credit card applications would drop through you door daily and as long as you had a job you could get a mortgage in a week or two ,
This is why companies are all jumping on the Equity Release bandwagon now as then as i did i got an endowment mortgage and 100`s of thousands of people are going to be screwed by 2022 and not be able to pay the outstanding balance on their mortgage

There are 2.8 million interest-only mortgages in Britain, industry figures show, many of which were issued during a sales boom in the late Eighties and early Nineties.

However, an estimated 1.3 million are sitting on a "time bomb", the Financial Conduct Authority watchdog has warned, as they have little or no hope of repaying the debt.

Many customers were sold a type of savings plan called an "endowment" to cover the debt, but such policies have suffered poor performance

Borrowers face repossession if they cannot downsize to free up cash, as banks typically refuse traditional loans to people in their 60s or older, or ask for huge monthly repayments.

Experts said lenders were compromising by creating lifetime mortgages which allowed older couples to stay in their homes if they promised the keys would go to the lender, rather than a family member, on death.

I`m one of then i have to find £28k in 2 years

 

[Leesap]

20+ years ago they just threw debt at you , you could walk in to you bank and they would just say ,yes how much do you want to borrow ? credit card applications would drop through you door daily and as long as you had a job you could get a mortgage in a week or two ,
This is why companies are all jumping on the Equity Release bandwagon now as then as i did i got an endowment mortgage and 100`s of thousands of people are going to be screwed by 2022 and not be able to pay the outstanding balance on their mortgage

There are 2.8 million interest-only mortgages in Britain, industry figures show, many of which were issued during a sales boom in the late Eighties and early Nineties.

However, an estimated 1.3 million are sitting on a "time bomb", the Financial Conduct Authority watchdog has warned, as they have little or no hope of repaying the debt.

Many customers were sold a type of savings plan called an "endowment" to cover the debt, but such policies have suffered poor performance

Borrowers face repossession if they cannot downsize to free up cash, as banks typically refuse traditional loans to people in their 60s or older, or ask for huge monthly repayments.

Experts said lenders were compromising by creating lifetime mortgages which allowed older couples to stay in their homes if they promised the keys would go to the lender, rather than a family member, on death.

I`m one of then i have to find £28k in 2 years

Omg .. I feel ya that's for sure. Does that mean you can live there till death?

 

[marcusuk63]

Omg .. I feel ya that's for sure. Does that mean you can live there till death?

yeah you have to 55 or over and the house has to be worth at least £70k and the lend upto 50% , you dont pay them anything they just add interest and collect when you die , my house would just scrape the £70k i think and i`m 56 in 11 days . obviously if you have the lower value house they don't want you living too long and would probably send a hit man out to you once the interest and "loan" was getting close to the houses full value lol

I have had a couple of letter already off my mortgage lender telling me my mortgage is finished in 2 years and a form with tick boxes asking how i intend to pay it off , plus an application for Equity release , i haven't sent them back .

 

[BlessedOffal]

Debt is one of the matters that I believe can have caused me to go from years of casual suicidal ideation to coming here and finding solace in realistic exit plans. I don't know if you're still here. If you are, what do you mean when you say people always find a way? I'm in a lot of debt from school due to moronic decision making. I.e., my own doing.

Also @Angst Filled Fuck Up, thanks for the laugh. It was audible.

 

[Rachel74]

The day payday loans were introduced was the day that fucked most people up with 200% apr plus.