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

I will be debt free in 2025...from a 45k debt from several creditors -went to Step Change and went on a dmp - works for me , oh and any debt over 1000 and in 99%of cases if you dont pay they will send in the sheriffs.
 
I got in a massive problem a few years ago with payday loans, taking out loans to pay loans etc, ended up I was earning £1600 a month, and I had £2000 coming out on my payday just in loans.

In the end I took out a personal loan for £8000, paid off those vultures, my credit card, and my overdraft, and I finished repaying the loan in June last year.

Fuck going back to those dark days, apart from a mortgage I wouldn't touch credit with a 10ft barge pole
 
Only borrow money for the absolute necessary or when you're 100% sure you can pay it back within a month. That's the way I do it and it works fine. Sometimes I'm in debt for half a month, I then save money by living as cheap as possible while having a small loan, next month I can pay the money back and live 'normal' again.
 
I always keep a months wage in a savings account then I have a jar where I keep money in normally about 400 in case of washing machine breakdown or whatever. I keep a credit card and a catalogue my credit card I pay in full monthly and the catalogue I pay monthly as long as its interest free. When you think how much these companies make off of you makes your eyes water.

Jude my neighbour went through a trustdeed last year and she was told five years here, she was told to tell the companies she was going through a trustdeed and not to reply to any letters. she will have it paid off in 3 years which considering how much she had been paying a month and how long it would take I know she is relieved and the difference in her from not worrying was huge.

I honestly think that in this country we are not encouraged to save as much as what we are to get into debt and get on finance, its just keeping the rich rich and the poor poor.
 
fifimurphycat said:
Jude my neighbour went through a trustdeed last year and she was told five years here, she was told to tell the companies she was going through a trustdeed and not to reply to any letters. she will have it paid off in 3 years which considering how much she had been paying a month and how long it would take I know she is relieved and the difference in her from not worrying was huge.
Click to expand...

Sure,

I'm just highlighting that Scotland's financial laws and regulations do not apply to the rest of the UK. For example there's no such thing as a trust deed in England and the statute of limitations for personal debt there is six years, compared to Scotland's five.
 
I prefer here then lol I do realise there are differences and there are differences with bailiffs and the like, I think in England they can come and take away your furniture and basically everything where as here they can not take away basics such as fridges a suite etc I do think people here do have it a bit better for the shorter pay back period. Bet you heard some crackers working for insolvency companies for reasons people went bankrupt.
 
they cant take ya sofa. telly if its the only one. white goods, cookers n fridges.
tools. your car if its got a loan on it.
fuck em.
the bankers have had more than enough allready imo.
im off lol
 
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