Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i can not ever seeing myself having a credit card again in the future, i am learning very harsh lessons from the outset, money needs careful handling, even more so when it's not actually your own.They scare me, and should do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
quark2008 wrote:
Oh my goodness. Get a pre paid credit card if you need one, for god's sake, what about financial rehabilitation ? i shall shut up otherwise i shall get thrown off the forum for what i could say.
Alright pal, keep your hair on!! I intend to do everything I can to get my credit rating back up. That includes keeping my phone contract, getting a pre paid card and getting normal credit card to pay for a small amount of my living expenses but never incurring interest on it by paying it off in full every month. The latter being quite common practice from other people that I have spoken to that have successfully rebuilt their credit rating.
As for financial rehabilitation, like everyone on this forum I've got a story and reason for going onto an IVA and it's that story that teaches you the lesson. I leant enough of a lesson never ever to get myself in debt again but I'm also looking to the future and, as I've said above, I'm not stupid enough to think I'll never need to get a mortgage.
Sitting on a forum writing over dramatic childish respones to people that are doing things differently to you when you know nothing of their situationis absolutely pathetic in my opinion.
Last edited by elmintrude on Thu Nov 06, 2008 10:08 pm, edited 1 time in total.
I'll take the heat out of this one by saying that the new IVA protocol states that credit of up to £500 is allowed without the supervisor's permission. This is a new provision, and I don't necessarily agree with it, but nevertheless it has been decided that this is acceptable for Protocol Compliant cases.
As Elmintrude has stated that his/her card is being used as a convenience to fund items of expenditure which are already allowed in the expenditure. But as their IVA has been running for some time, it is likely that this provision has not been included, so potentially there may be a breach.
I am very suprised with the lack of reviewing work carried out by the IP in this case, as a further observation.
Just watched a good program called money for nothing which dealt with the last 10 years of the credit boom with intervirews with sad people like me with more debt than you can shake a stick at!!! although their story's were the same old same old that everyone has gone through I guess, anyhoo I can see why credit crunched needs to build his credit rating for a mortgage but my question is a mortgage financially better then renting? they have another program next Thursday dealing with this question, might be worth a look!
Only you can take that decision Fox. If you are looking for a long-term investment, you will probably do no better than bricks and mortar, however if you are mortgaged up to the hilt, on an interest only rate which is exposed to interest rate fluctuation, then renting can seem a far safer option sometimes.
2008 ? Who knows how long - my guess not too long. Banks can only make money if they lend and as soon as this starts to happen property prices start to rise again. Todays 1.5% cut in interest rates will help stimulate banks to lend to banks - my guess 18 months to 2 years.
Yes a mortgage if structured correctly must be better over 25 years than paying rent.
Have you ever come across a skint landlord?
Last edited by David Mond on Thu Nov 06, 2008 8:22 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
That is true David, I totally agree with your point about the historical rise in bricks & mortar & if I had any brains when i was younger I would have bought & it would have been cheap then, £45000 for a 2 bed flat in Wimbledon Village! makes me sick just thinking about it! however is it sensible to start on the property ladder in your early to mid forties? probably complete mortgage at 64 years & get run over by a bus! bit of a half empty glass going on here.
I wish I was in my fourties again! Go for it and a 25 year mortgage is cheap over that period.
Last edited by David Mond on Thu Nov 06, 2008 8:44 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
So if we say a average mortgage of a 2 bed flat say costing 180000 with a mortgage of £1100? renting will cost around £750 allowing £350 to invested per month over 25 years in a a mid risk market, I wonder in this day an age what would be more profitable? remember there is no borrowing involved here! maybe being thick but it seems a plan.
