How much debt do you have?

I thought you dealt in derivatives / shares etc.

 

No, that is an observersion term when looking into corporations that have greater income than revenue.

 

What do you mean thought? I did state it (CFDs and equities).

 

Nothing right now, but once I take a mortgage then alot forever

 

you an me both sir !! early married life was tough but * easy street now .

 

Yes I am and like accountants you will get dodgy IFA's as well, I could name a certain accounting firm that will only work with IFA's who are 'flexible' in charging clients shall we say, however thankfully most of us are honourable ya cheeky *

It is interesting although as you say it's harder now but once you have built a business you get the trust of the client and they appreciate the advice/are prepared to pay for it. I wouldn't like to start from scratch though as the rise in 'experts' who use the Internet is frightening ,a little knowledge is indeed a dangerous thing. One of the worst statements I hear is 'I have a friend/family member who recommends ...'
The one thing I would recommend, for anyone looking for an IFA, is check that they are actually a IFA as it is now possible for Restricted advisers to state they are IFA's - *.

[/QUOTE]agree with that mate....i'm going back over 10 years...for about the last 10/15 years i've got my own mortgage online and pretty much got the best deal going without the fees. In fact, probably the only financial product i would ask advice on is pensions (a minefield) and certain types of investment products.[/QUOTE]

As I said above mate and I have absolutely nothing to gain here but if the investments are anything other than very basic, I would look for advice given the wide array of 'investments' on offer and the risk categories they have.

 

Appeal it and you'll get it back: https://www.gov.uk/tax-appeals/penalty

Say you were given the wrong information by someone who works for them or something.

 

Only debt I've got is a tax return my missus filled in online wrong..

She * it up as I'm * with computers and details etc and they hit me with different penalties etc..

*'s..

 

I have a student loan taken out 14 years ago. I think it's still a few grand and I've barely paid any of it back. At the time I took it out you were only supposed to be paying it back when you are earning £30,000+ a year. Then that dropped to £25,000 and now £15,000. On a 40 hour a week contract £15,000 is pretty much minimum wage.

 

Appeal it bud they always end up giving it back.

 

I did Mick. Was dealing with the same * and explained I had it done for me. Big rigmarole and phone calls back and forth. He said he wasn't SATISFIED that it was a legitimate mistake and stuck on all these penalties..

I'm no paying it though. * them

 

It's not often I give away personal stuff on the internet, but here goes.....

I'm in a really good position these days with nothing to worry about, but that wasn't always the case. This house is fully paid, but we might take a mortgage out next year for a new house. It will be well within our means.

That's a cracking offer earlier in the thread for some advice. I hope people with any issues don't just bury their heads in the sand when in trouble and use that offer.

In my early 20s(about 15 years ago) I found myself one of those guys. Got together with a lovely girl, who had a daughter, and we moved to a new area together. The entire financial side of things was dependent on her working within 6 months of moving. I thought we had loads of breathing space. I was not long qualified and earning over £40,000, which I thought it was more than enough, to pay for our life of top of my nice car and some debt.

She was a lovely lass and also had a degree. We didn't anticipate such issues getting any old job in the area. Things went on and on with me paying absolutely everything with her only getting little bits of part time work not covering her own debt. She was dreadful with money and had put herself into a bit of debt prior to us getting together.

I began to struggle to cover things and started eating into my overdraft and credit card to pay the bills. On a couple of occasions the bank called me in to discuss my finances. This usually resulted in consolidating my debt with one loan. It was embarrassing.

I wasn't open with my other half about the scale of the problem. She had been diagnosed with depression and wasn't doing well herself. I was drinking too much and trying my best to hide the problem. I could have done better if i didn't spend so much on drink. It's a * awful place to be when you feel under so much pressure. I struggled to sleep at night and can't explain how bad I felt.

Once she finally got a low paid full time job she completely angered me with what she did. The first month she ran out and spent £600 on jackets for her and her daughter. She deserved a treat as they had gone without for a while was her point of view.

Money probably played a huge factor why our relationship failed. The debt we had prior to getting together didn't help at all either. I really wish I could rewind the clock and start again. It would be the early debt that I would cut out. When you start on the back foot it gets increasingly hard to dig yourself out of a hole.


What really annoys me these days is how many people rack up massive debt through choice. Look how many people manage to afford items that are top end prices. Far too many people think they are entitled to the very best of everything and try to live well outwith their means.

It's this blasé attitude towards debt that is spreading and that scares me even more. I've lost count of how many young ones won't think twice to financing £30-40k cars. These PCP deals mean guys can take on that level of debt after paying only £500 deposit. Often they get itchy feet after a year or two and trade the car in adding thousands more negative equity on to the next finance agreement. Their debt just gets worse, but they are having fun and can just about make the monthly payments means it's ok in their mind.

Like me in my youth they'll spiral to a point, or find themselves in circumstances, where they'll just not have enough money.

I'm not a financial expert, but I'd advise all the younger ones to do everything they can to avoid big debts. It seems fun at the time but it just knocks you so many years behind from making your own way in life. Living with debt is horrible thing when stretched too far.

 

If you phone up the * never give you anything. In that link I posted before there's details for appealing by post. That's their proper appeals process and they always give you the dosh back as long as you give them a good excuse.

 

I'll have a wee nut mate and see what she say's. Although she got me in to this debt in the first place anyway

 

4000 on a loan that I used to pay off finance on my car and 3000 student loan, should pay off the 4K by March and then just let the student loan pay off itself.

 

What rate of interest did you get on your student loan?

 

Phone contract would have been my only debt, but it's now paid off.

Two motors paid with cash. Never had a loan or a credit card. Haven't yet delved into the housing market, suppose that's when debts will start to occur.

Sitting pretty with a healthy 6 figure savings balance, which will eventually be put into property once the ridiculous house/land prices come down.