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Debt


Dead Mike

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All I've got outstanding is a few hundred quid on my credit which were essential things that were required. My car is fully paid off and aside from the credit card I'm like you and save for everything. If I can't afford it, I won't buy it. Unfortunately I know people thousands upon thousands of pounds in debt or overdrawn.

 

It's quite strange that one of my friends who is driving about in a brand new VW Scirocco (25k) has so much debt. Saw his bank account on a night out and he was 3k overdrawn.

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Only debt I have is a student loan. Which to be honest I could pay off in full right now if I closed out some investments I have. So no, not really.

 

The mindset of going into debt to maintain a lifestyle is one of the great "first world" problems.

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I think the list of regular outgoings that I have that I couldn't do without is pretty short -

 

 

Rent, bills and payments on my car.

 

I have student loan debt, but wouldn't be paying that if I had no income, so I don't count that.

 

I have the same mentality as far as if I want something exepnsive then I save for it*. That said, I'm not great with my money - I should really be banking more savings than I am; I have a decent job, and I don't have a lot of things I need to spend money on.

 

 

* I could afford to pay off all of my car and loan payments if I really needed to.

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I'm totally debt free at the minute. I've only ever had car loans in the past, no mortgage either and all my direct debits are paid on time. I've been thinking of applying for a mortgage shortly, but recently I've been turned down on a few credit card applications (I've never used a credit card before.)

 

Just wondering why this may be? If someone who shares the same address as me with the same initials as I have, has a bad credit rating, would that impact on me? I guess I should send for a copy of my report.

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Including my Student Loan Debt, around 15k

 

Excluding my Student Loan Debt, around 2k

 

Considering I've had next to fuck all income for the past 5 years and still managed to pay off store cards and what not and lower my credit card balance then that's pretty good, I have fuck all in the way of savings, again, now though.

 

EDIT: Im not including mortgage payments in this. I have no outstanding loans other than the Student Loans, and the car has been paid off for a number of years.

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I suppose I'm at least 15k in debt to the Student Loans company but I don't really count that, it's more of a graduate tax to be paid once I enter the world of gainful employment.

 

Otherwise, I'm five hundred bar into the overdraft. No biggie really, if I flogged some shares/gold that I've got as investments I can pay it off no worries.

 

If I decide to do a masters or GDL or whatever, then I guess I'll have to get in debt unless the fam slips me the cash.

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I'm totally debt free at the minute. I've only ever had car loans in the past, no mortgage either and all my direct debits are paid on time. I've been thinking of applying for a mortgage shortly, but recently I've been turned down on a few credit card applications (I've never used a credit card before.)

 

Just wondering why this may be? If someone who shares the same address as me with the same initials as I have, has a bad credit rating, would that impact on me? I guess I should send for a copy of my report.

 

As mentioned above, it's most likely the electoral roll. I remember how humiliating it was walking into the carphone warehouse and getting rejected for mobile phone. I went onto creditexpert and found out my credit rating was at 'medium'. I had no debts, plenty of savings, and pay everything on time,so couldn't understand it.

 

After research it happened as I recently moved house and the electoral roll is only updated twice a year. If you are not down as living at the address you are applying with, your credit rating automatically drops. The annoying fucking thing is, you can't just add yourself to your address at any time and you just have to sit and wait till they post out the electoral roll registration.

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Fucking 3 mobile, I hate those bastards - I called monthly to cancel my contract, giving them advance warning that after the 24 month period, I wasn't renewing. They renewed, and are now threatening to turn up at my apartment to take shit. Good luck... I don't live there now. But several large Lithuanians do.

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