Debt pronWatching TV the other day we caught one of these "Bank of Mummy or the Wife" type shows and we thought, "This is Debt Pron." I.e. peoples financial problems exploited for the voyeuristic pleasure of others. Then we thought, "We bet lots of people on B3ta have massive financial problems. Let's exploit them." So, confess them all. Dodgy credit cards, lending money to some bloke in the pub, visits from the bailiffs, using one card to pay off another. We want to wallow in your fiscal pain. So, what is your biggest money fuck up?
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rob, Thu 23 Nov 2006, 19:50)
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Debt consolidation...Don't know if anyone else can confirm this, but.... I have a mate who used to work in the finance game, giving loans mostly to the armed forces people and he used to get really upset about these companies. He said they do 1 of 2 things.
1) The loan they give you to pay everthing of really, really, really screws you on interest. Its the term length that makes it look good.
2) They "give" you a loan.... Basically, they get all the details of your debtors, and then pay the installments for you, whilst you are paying them back the loan they sold you. However, if THEY default on a payment, it is YOU who gets in the shite-ola.
He says that the best people to see about a consolodaiton loan is your bank. If they won't give you a personal loan, TELL them its for consolidation, and they are usually more helpful.
On the flip-side, this mate is crap with money himself, but I don't think I ever met a Financial advisor who wasn't...
Length? Well your eyes rolled back in your head upon insertion my dear...
(, Wed 29 Nov 2006, 9:07, Reply)
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