D Beddows
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| posted on 1/7/10 at 08:38 PM |
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Not a wise thing to do BUT have you accidently gone overdrawn on your current account recently?...... I'll bet if you add up all the charges etc
etc for going £5 overdrawn for a week it's easily equivalent to 2000 odd percent interest........
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big_wasa
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| posted on 1/7/10 at 08:43 PM |
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quote:
Originally posted by Ninehigh
Nothing wrong with it they display the interest rate clearly. You make damn sure you pay it back though!
I do wonder if in a few years we'll hear of people that forgot to pay it back, and the loan company didn't bother to say anything for
about 10 months then send a letter saying they owe £1800 from a £100 loan
You make out a cheque that is covered by the card. If you dont pay back the loan they cash the cheque.
You dont want it to bounce so you come and renew the loan and on it goes.
Thats how it worked years ago anyway.
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daviep
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| posted on 1/7/10 at 10:32 PM |
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quote:
Originally posted by 02GF74
quote:
Originally posted by daviep
How can you have an unexpected bill?
For example have a tyre pop due to a pothole that had appeared overnight.
Running costs for a car are not unexpected.
Same goes for buildings and women.
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Ninehigh
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| posted on 2/7/10 at 05:47 AM |
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There's running costs and unexpected maintenance, for example:
The tread on my tyres are running low, that's running costs.
The tread on my tyres have shredded off, that's unexpected
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ditchlewis
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| posted on 2/7/10 at 06:40 AM |
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i have just spent all night thinking about problems....
our oldest son came to us last night and said that he owed £25k from gambling (all to banks thank god). he is 20 years old ond earns 15K pa.
off to the bank and the citizens advice with him today to discuss bankrupcy for him. i am so so tired.
ditch
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Minicooper
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| posted on 2/7/10 at 09:22 AM |
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First of all is the debt unsecured?, if it is you do not go bankrupt for unsecured debt unless you let it happen by bad advice or by ignoring it.
Bankruptcy has long term consequences for his potential future career choices.
As it's over 15K and he is in work he could look at an IVA, make sure any interest is stopped. Good points about an IVA is a good chunk of the
debt will be written off, debt free in I think 5 years, doesn't affect potential career choices, prevents the banks from hasseling you night and
day by law. The basic problem I have with this, is if he has any assets usually a bit of equity in a house you are turning any unsecured debt into
debt secured against the house and if he dosen't pay at any time during the 5 years ie losing his job then he could lose his home and often they
want the equity in the house aswell.
Another option write to the creditors outline his income and expenditure be realistic, whatevers left split it pro rata according to how much is owed
to each bank. If they don't agree let them take him to court turn up and do the same thing present a realistic budget and the judge will split
what's left even if it's a token jesture of a pound a mouth
This is basic stuff it can get very messy and differcult especially when third parties get involved for instance companies who purchase the debt form
the banks but whatever happens don't ignore it, keep detailed records of any contact by phone, all letters, if any offers are made by phone ie
if you pay us a grand we will take that in full and final settlement of your debt, make sure you have that in writing always
Good luck
David
quote:
Originally posted by ditchlewis
i have just spent all night thinking about problems....
our oldest son came to us last night and said that he owed £25k from gambling (all to banks thank god). he is 20 years old ond earns 15K pa.
off to the bank and the citizens advice with him today to discuss bankrupcy for him. i am so so tired.
ditch
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ditchlewis
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| posted on 2/7/10 at 05:12 PM |
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Many thanks david.
we went to the bank and they said that they could consolidate the loans and over draft into one loan but it would be unlikely to be approved...
don't they want their money back he really wants to pay it back.
we pointed out their silly loans policy of lending £17k to a 20 year old who earns £15K and they agreed that this is a matter for the onbudsman.
All the loans are unsuecured and the citizens advice have booked him into one of their financial advisors in 3 weeks time to commence either IVA or
bancrupcy proceedings what ever is best for him.
he has no assets and the woman we saw was very scathing about what has happened to him and the fault of the banks.
We are making him go to gamblers annonimous. He lives with us in a granny flat on the side of the house so he wont be homeless.
may be i will get some sleep tonight.
ditch
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Ninehigh
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| posted on 2/7/10 at 07:14 PM |
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Actually that's a good point there are responsible lending rules... No sod will lend me 17K, even so I can do my job. Heck I was refused 10k
credit so I could get a car of my own to taxi in
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