Debt free thanks
Yeah .... but me your boss who has taken a risk to build a company and has now 'hit the rails' and am now in serious debt ....... and I am afraid I have to make you unemployed ..... how long you got till you become in debt ??
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Repossession, Repossession, Repossession
- Thread starter Beach Hut
- Start date
Yeah .... but me your boss who has taken a risk to build a company and has now 'hit the rails' and am now in serious debt ....... and I am afraid I have to make you unemployed ..... how long you got till you become in debt ??
Rangdo
Registered Cider Drinker
I am assuming that none of you are actually 'self employed', when you actually take a calculated risk and then if successful, employ other people and drive our economy forward !!
However if demand dips and competition strenghtens, take China for an example , then you might find that your house that you gave as a guarantee might be repossesed. Silly irresponsible people !!!
You non risk takers, non contributers to our driven economy are sooo clever, with all your non debt
Look at your BOSS maybe just maybe if he didnt take that risk YOU wouldnt have a job.
Never realised that there were sooo many Civil Servants that posted
So who takes the bigger risk? Those who gamble with other peoples money or those who invest/spend their own money??
hart's shirt
Well-known member
I am assuming that none of you are actually 'self employed', when you actually take a calculated risk and then if successful, employ other people and drive our economy forward !!
However if demand dips and competition strenghtens, take China for an example , then you might find that your house that you gave as a guarantee might be repossesed. Silly irresponsible people !!!
You non risk takers, non contributers to our driven economy are sooo clever, with all your non debt !!
Look at your BOSS maybe just maybe if he didnt take that risk YOU wouldnt have a job.
Never realised that there were sooo many Civil Servants that posted
With respect, I'm a small business owner and have my own free zone company in Dubai that currently employs 4 people.
The difference between reckless spending and setting up a company / creating a brand / taking out a mortgage on a property is that with the latter you're owning an asset that has investable / saleable value which will appreciate over the long term. The former doesn't - the assets depreciate in value and often come laden with monthly payments, late payment charges, etc.
As a result of rash spending, the irony is that people are liable to lose the very thing that they use to keep all their nice new purchases in.
Curious Orange
Punxsatawney Phil
They didn't back in the days when my Dad was a bank manager, in those days they only lent you money if you could categorically prove that you didn't need it!
But that was a long time ago.
Blackadder
Brighton Bhuna Boy
The latest madness seems to be withdrawing credit cards from those that CAN pay off their debts each month. There is more money to be made out of people who are in financial doo-dah!
Responsible lending? Yeah right!
Responsible lending? Yeah right!
NMH
Banned
Yeah, annoying, that! What would be the point in asking for a loan, if you already have the money available?
NMH
Banned
Well if you compare the word "gamble" with "invest", you are making a bias from the outset. Spending future money by going into debt, is always a gamble - but with, say, a mortgage - you will have put up a lot of your own money as collateral, and the title is with the bank so that they can own the property if you default.
Credit is a higher risk for the lender, because their hope is that you'll pay back the debt while they own nothing more than the contract. You slide on that contract and they have to try finding you, then getting you to pay money you probably didn't have (otherwise you might not have reneged on the loan). There's also a risk that the borrower can be a fraud, and borrowed under a fictitious name - or assume one after hitting the skids.
Why banks lend so much on credit cards is beyond me - they should have a cap on all cards, at around £3,000
Adam Virgo's Shirt
I took Adam's shirt off!
Sorry but that is a short sighted view. If people didn't take the risk and become self employed, there wouldn't be jobs for 'jobbers' to be employed in
You need to 'think outside of the box' a bit and appreciate the risks people are taking in order to give you the financial security you obviously enjoy.
glasfryn
cleaning up cat sick
employed until I had a back op then had to go self employed because the fantastic employers I had before did not want to take a risk but had the last laugh because I could take off any time I wanted and still go back when I liked.........................I have never been in debt unless you include mortgages and how anyone could find themselves in 1m of debt God knows.
Thats fine I agree it is about choices. I also have no sympathy for the feckless spend spend spend individual.
But you must also recognise that our economy is driven by business.
Many of those raise funds based on sound business planning on their own houses or assets, it is likely that many of the repossessions you alude to are failed business's.
I gleen no self congratulation from any honest business individual paying the ultimate financial penalty of losing theirs and they're families home.
Adam Virgo's Shirt
I took Adam's shirt off!
I've watched this programme tonight. That bloke with the £1m debt was ridiculous. He bought a £9k racehorse on his credit card, had a £25k overdraft, and a mortgage of £485k yet his income only covered half the repayments! He obviously has self esteem issues, and was using the money to try and buy himself a status of some sort.
Equally the plastic barbie girl with a shopping habit and debts of £41k
I don't think either of them necessarily deserve sympathy. Both of them are fully aware that they are soending money they haven't got.
However, with the self emplyed v employed debate, some people choose to go self employed, others like Glasfryn felt they had no other choice if they wanted to bring an income into the household. If that business subsequently grows, it will end up employing people. However, every business that exists only exists because someone down the line took the choice of starting it. I personally know half a dozen people who owned businesses which employed people, and for various reasons, those businesses later failed. The banks are usually unlikely to lend money unless they have security, which means the Directors having to put up their assets as collateral. Therefore when the business fails, the Directors can find themselves many £000's in debt, and without an income stream to clear it.
I think as an employee, it is very easy to slag off people who do take this risk because all the employees have to do is turn up for work, and they are guaranteed a salary at the end of the month. But my point is, you are only guaranteed that salary because someone higher up the chain is taking these risks. Granted, some company owners do very nicely out of it, but if it fails, the very same people end up losing everything!
I agree that people who blatently fund their lifestyles on credit deserve no sympathy, but I stand by my point that everyone who is lucky enough to enjoy a regular salary payment should have some empathy for the person(s) who is taking the risks that fund that nice comfortable wage guarantee for you!
Equally the plastic barbie girl with a shopping habit and debts of £41k
I don't think either of them necessarily deserve sympathy. Both of them are fully aware that they are soending money they haven't got.
However, with the self emplyed v employed debate, some people choose to go self employed, others like Glasfryn felt they had no other choice if they wanted to bring an income into the household. If that business subsequently grows, it will end up employing people. However, every business that exists only exists because someone down the line took the choice of starting it. I personally know half a dozen people who owned businesses which employed people, and for various reasons, those businesses later failed. The banks are usually unlikely to lend money unless they have security, which means the Directors having to put up their assets as collateral. Therefore when the business fails, the Directors can find themselves many £000's in debt, and without an income stream to clear it.
I think as an employee, it is very easy to slag off people who do take this risk because all the employees have to do is turn up for work, and they are guaranteed a salary at the end of the month. But my point is, you are only guaranteed that salary because someone higher up the chain is taking these risks. Granted, some company owners do very nicely out of it, but if it fails, the very same people end up losing everything!
I agree that people who blatently fund their lifestyles on credit deserve no sympathy, but I stand by my point that everyone who is lucky enough to enjoy a regular salary payment should have some empathy for the person(s) who is taking the risks that fund that nice comfortable wage guarantee for you!
Beach Hut
Brighton Bhuna Boy
- Thread starter
- #34
The two huge debts were just stunningly foolish - £22K overdraft FFS and the woman had nothing to show for £41K except make up etc.
I am sorry to say this but nearly everyone could work for a company if they felt like whereas a lot chose to be self employed - it is a fact of life it suits some better than others.
However those I know that are self employed do whinge when on holiday about not being paid etc etc
I am sorry to say this but nearly everyone could work for a company if they felt like whereas a lot chose to be self employed - it is a fact of life it suits some better than others.
However those I know that are self employed do whinge when on holiday about not being paid etc etc
The Merry Prankster
Pactum serva
If you really believe that must be living in cloud cuckoo land. One day the capitalist beast will show you it's real face and I don't think you're going to like it.
1066familyman
Radio User
- Jan 15, 2008
- 15,189
....But let the exacting of usury stop !
NEHEMIAH 5:10
NEHEMIAH 5:10
Beach Hut
Brighton Bhuna Boy
- Thread starter
- #37
Why ?
So many self employed people I know do whinge about the fact they don't get paid when on leave and don't get automatic pension options etc where as they could have these if they worked for a company albeit they may not earn as much.
Enlighten me about the capitalist beast then...............
Naughty businesses, wanting to make a profit! Why on earth people think that banks do, or should, operate as some sort of public service is completely beyond me.
1066familyman
Radio User
- Jan 15, 2008
- 15,189
......capitalist beast......
Yep ! ; that just about sums up the shitstem for me.