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< Esato Forum Index > General discussions > Non mobile discussion > Are you in Debt? Or are you a Spend-a-holic Bookmark topic

Lloyds are terrible for that. I got my credit card when i was 18 and it had a £2,500 limit on it then, in 5 years it has gone up to £4,750. Got £1,700 on it at the moment but my bursary will pay over half of it off next week which will make things more manageable.

Banks really need to take a good luck at how they go about analyzing peoples circumstances. It wasn't long ago i was offered a £10,000 loan and i work 12 hours a week, ridiculous.



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Posted: 2008-02-13 13:39:56
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i learnt my lesson when i was 16 was paying debts till i was 21 ooops, cash only for me now lol
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Posted: 2008-02-13 13:59:51
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I don't have a credit card or anything like that, and I never do Hire Purchase or anything. I only pay for things when I can afford them (and that means having all the money at the time of purchase). I do, however, owe the government around $13000 on my student loan, but that is interest free. Also, I owe my parents about $1800 for my MacBook laptop, also interest free. I'll pay that back asap.
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Posted: 2008-02-13 14:02:22
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I got myself into pretty bad debt when i was 18 ended up with 3 credit cards and store cards and a bank loan had just over £15K in debt but luckily for me ma dad (who i never met or knew of) died and left me a lot of money so i paid off the debts and dont really have to worry bout money at the mo...

plus ma photography business is tickin over nicely lol...

My biggest piece of advice would be to stay away from credit cards, store cards, bank loans, hire purchases and anything with a stupid interest rate unless your going completely under in which case sometimes they can help but not very much and not for that long really!!!!

Plus i found talking to the bank (hsbc in my case) helped as they would rather help you out by giving you a managed loan than lose the money all together if you go bankrupt or IVA agreement route.

J.
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Posted: 2008-02-13 14:11:54
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I cancelled a Classic Credit card with Lloyds 3 years ago and last week I got a statement for it

I went into the bank and spoke to someone who put me on the phone to the department, I couldn't believe the stuff the woman was saying to me trying to get me to not cancel it when it had been years earlier lol

I had £3,000 on that but paid it off from £1,000 then took the Mbna card out, no probs with them present ive got one card I think now hoping the TSB ones gone for good now

I would never trust a loan from a bank btw,
its best if you have savings or you can get a Credit card with No Intrest for 12mths etc


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Posted: 2008-02-13 15:30:03
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I've now got nearly £3,000 on my credit card, I keep buying crap I don't really need, I'm sure I've got a problem! Also still got a £5,500 loan which is taking forever to pay off

One piece of advice I will give though is don't take out any of those loans based on the equity of your house. You know the ones, like the adverts in the UK for Picture Loans - get a loan secured on your house, use it to pay off all your other debts etc., and consolidate into one 'manageable' loan My wife took one of those out, it needed my signature too, and although I was wary I was stupid enough to sign it.

Fast forward a couple of months, and we go to see the bank to get an extension to our mortgage to pay off all our various cards, loans etc. including that Picture loan. Computer said no, due to that bloody Picture loan we couldn't do anything like that, basically we're pwned by that company! The bank couldn't do anything for us, the only choice is to get that loan paid off, along with the rest of our debt.

Upshot is, that I personally now have practically no disposable income, most of it's taken up with paying off loans and credit cards, and I'm not helping myself with impulse purchases and shoving them on my credit card. My wife's a bit better off, even though her debt is bigger than mine, we're paying all the bills we should but we seem to be only 'existing' rather than 'living', let this be a saluatory lesson for you all!
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Posted: 2008-02-13 15:37:55
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Sammy, keep out of the shops and try and think to yourself you don't need these things it's hard, every penny I get goes towards my bills,
i'd rather have those paid off so im better off.

when Im working (need the decent paid job)
then im sure i'll be ok, but im on my own and I cannot manage off low wage even though I can get some help i'd rather not take any help off DSS if I can atm it just pays my bills it doesn't pay for nothing else..

I feel like some poor person I need to get off it and find me the stable job so I can be better off and be happy!

im not happy present my lifes a shambles lol

I need a little ray of sunshine in my life

How much is the repayment charge you make per month?
have you spoken to a Debt advisor cos they can help you get them payments down quicker
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Posted: 2008-02-13 15:52:35
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Not sure I've gotten to the stage where I'm struggling to pay off debts, just that there's not much left for me after paying them, the mortgage, bills etc.

Shops aren't the problem, it's Ebay and forums - I've recently developed an interest in watches (especially older mechanical wind-up ones) and been buying a few off watch forums!

Though I am wondering about seeing someone about it before it becomes unmanageable... and also STOP SPENDING!
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Posted: 2008-02-13 17:38:14
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Personally I think you making a mistake there but not taking any help from the DSS if you are owed.

There is an old saying in business which goes "dont use your money, use someone elses" I suggest you start taking any benefits you are owed (you not doing anything wrong) and saving what you can an investing it at a later stage.

You've paid your taxes so make the most of it.
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Posted: 2008-02-14 04:56:56
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Not a spendaholic or anything...but i officially ran out of money today for the 1st time ever

My phone bill should be £15 and it's just come through as £61 for 1 month, and i don't have the money to pay it
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Posted: 2008-02-14 13:36:43
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