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The Debt Thread: Where's the Money I Probably Should Not Be Spending?

Eveleivibe

Eveleivibe

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Sep 28, 2013
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Hiya peeps,

I hope the weather is finding you all in good spirits.

Down to business. As so many of us are in debt I thought it an ace idea for us to share n give practical advice n help without judgement.

Everyone knows why I'm in my situation so I'm not going to go into all that again. But I just felt that it'd be nice to have a thread to help n support one another.

Please respect each others boundaries n not breach the BLUA - I don't want the mods to kick our **** n have to close the thread - I hope sincerely that people can help one another n try to find some sort of comfort in what is usually in extremely stressful situation for people going through it.

Good day, over to you all....

Evey
 
There are letters you can send apparently. I just ignore mine. I get lots of begging letters, and my credit rating is bad but I'm not botheres about debts. swings and round abouts. When I see the royal family and other monied people and all their riches my debts don't bother me. Money is an illusion.
 
pinkpapaver said:
There are letters you can send apparently. I just ignore mine. I get lots of begging letters, and my credit rating is bad but I'm not botheres about debts. swings and round abouts. When I see the royal family and other monied people and all their riches my debts don't bother me. Money is an illusion.
Click to expand...

Are you referring to the freeman of the land letters ?
I did that once and eventually they stopped chasing me.
I'm still not convinced that those templates do any good though and wouldn't recommend it.
I only did it as I felt I had been stitched up : an electric company wouldn't send me a bill and wouldn't release the code so I could change supplier so when I did get a bill it was huge.
Ignored the debt collectors for a while then sent the letter.
That did up the ante and they became more aggressive. I held my nerve and they sold the debt to a different company who I just ignored till they gave up.

I can relate to your attitude though : the powers that be bend the rules and get away with it so why should I loose sleep over a few grand ?
 
Eveyvibe said:
Hah. You do realise that brain's gone to mash after hours n hours and hours of staring at laminate flowing :D and after reading your post, consuming many vodkas? lol

lol

Sorry mods..... brain doesn't work on the weekend....

Evey
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I know that feeling all too well, only no vodka needed in my case! ;)
 
After years of credit card spending including buying rounds in the pub and booking holidays, my personal debt stood at £12,700

Something just clicked in my head then, a feeling that if this debt got any higher it would be entirely out of control. I got rid of the credit cards transferring the entire balances onto a 5%apr over 36 months personal loan.

This works out at about £400 a month and leaves things tight after bills are paid.

Watching the debt shrink is very satisfying. At the 9k mark now so a long way to go yet.

When I have cleared it I'm going to treat myself to an expensive watch to remind myself of the nice things being disciplined with money can bring.

Used wrong credit cards are a nightmare and I would recommend anyone who is not money literate to incinerate them immediately and get the debt onto the smallest interest rate possible.

I am more broke but far happier since I did so. Good luck
 
I believe I'm debt free. Certainly as far as banks go.

There are a few unpaid congestion charges and parking fines from London years ago but they shall remain unpaid.

And I have a $100 bar tab to settle next time I'm in town. Not too bad.

I made the mistake of taking a loan at 18 to pay for motorbike insurance in Ireland, defaulted and took years to pay off and had a 4k credit card which lloyds in England gave me as I didn't qualify for a three hundred quid overdraft, in 2007, so naturally I bought a lot of Mdpv, various 2c compounds, litres of Gbl, speed, cocaine and booze and had an extended sketchy solo tour of Europe at Christmas, lost a months wages and hit my credit limit all in about four weeks.

That put me off borrowing money=D
 
Im damn careful with that shit, a mate of mine once took out a 200 quid loan with wonga and never paid it back lol. had some hard nut cunts round his flat on the regs
 
After fucking up last term I've been a lot more careful with money recently and as a result have a grand left before my next student loan rather than being £300 into my overdraft. I've stopped buying shit I don't need as I've got things I actually need the money for coming up. I've always been good with money, last fuck up was due to basically always being used to having enough money to buy whatever I wanted so I didnt actually keep an eye on how much I was spending (on cocaine... literally).

Was a nice day (not) when I went to get some cash out, expecting to see £300 or so and only having a fiver in my account. In a state of shock, I walked into Sainsburys and since I could no longer do a proper food shop, I got a bag of cookies and some wine with the tenner I had in my pocket. Priority spending at its best.

Obviously I'm generally in debt because I'm silly cunt student (not for much longer) who pays 9k (except I only pay 7) a year for 9 hours of contact which is mainly sitting in a group talking about books or being read to from powerpoints. No debts that I'm going to get my legs broken for though, or other debts in general so I'm all good despite never having a job. I'd never borrow anything I had no way of paying back.
 
If its just a student loan you owe you're not in debt. If you dont pay the loan for 30 years it gets wiped off. And you have to own so much before you pay it. So try not to worry about it.

Look at Martin Lewis moneysavingexpert.com it has goid advice with money x

Evey
 
I do know if you do not acknowledge a debt letter then after 5 years a company can then do nothing about it. I do also know if someone is phoning you about debts you can say you are currently negotiating a trustdeed (in Scotland) don't know about the rest of UK or anywhere else for that matter, and the companies are not allowed to contact you. Just state you are currently in the process of and all your debts will be advertised in the Edinburgh Gazette and you can get in touch with the company then. They can not call you back, after 5 years its bye bye :)
 
Eveyvibe said:
If its just a student loan you owe you're not in debt. If you dont pay the loan for 30 years it gets wiped off. And you have to own so much before you pay it. So try not to worry about it.

Look at Martin Lewis moneysavingexpert.com it has goid advice with money x

Evey
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Think it's technically still a debt but either way, it's not something I'm worried about. I know all about the having to earn a certain amount before paying anything back etc, and even when you do pay it back it's a tiny percentage of your wages anyway. Apparently only a third (I think, might be less) of people end up paying it all back at all so yeah. Not a big concern.

I'm good with money, basically because I'm tight as fuck and rarely buy anything haha. If it wasn't for all the money I spent on coke last year I'd still have an amount left that makes me a bit sad to think about because there's so much useful stuff I could use it for if I had it now but meh. Can't change the past eh. I won't make the mistake of wasting money (becoming a cokehead) again that's for sure. Unless at some point I end up absolutely minted ;)
 
fifimurphycat said:
I do know if you do not acknowledge a debt letter then after 5 years a company can then do nothing about it. I do also know if someone is phoning you about debts you can say you are currently negotiating a trustdeed (in Scotland) don't know about the rest of UK or anywhere else for that matter, and the companies are not allowed to contact you. Just state you are currently in the process of and all your debts will be advertised in the Edinburgh Gazette and you can get in touch with the company then. They can not call you back, after 5 years its bye bye :)
Click to expand...

Scotland and the rest of the UK don't have the same regulations, but from memory the statute of limitations regarding personal debt in Engerland and Welsh land is six years.

If the lender allows six years to pass without receiving payment or making an effort to seek payment, and if after this period one does not acknowledge this debt then you may no longer be held liable for said debt.

If one were to acknowledge this debt, or make even a token payment toward it then you would become liable for the full amount.


I once worked for an insolvency practioner.
 
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