credit card debt wiped out ??? anyone done this ??which companies?

This is nothing to do with people having their houses repossessed I didn't think. I thought the person who posted the thread wanted to know how to get rid of her indulgent debt without having to pay for it herself. Nothing was said about repossession.
 
Oh right. I thought credit cards tended to be a way of indulging yourself without spending your own money. The I want it and I want it now mentality. I am prepared to be proved wrong that the person posting this thread ran up thousands of pounds on a credit card so she could send money to charity. In which case, mea culpa.
 
All I am saying is I manage to pay for what I need to when I need to but I don't feel the need to assassinate someone on here when they have only made one post with no details what so ever about the background.

And I also know for example I could be pretty sure if something happened (god forbid) to my horse I would put the vet bill on my card and worry about how the hell I was gonna pay it later. These things do happen and people get out of thier depth through situations out of thier control not always through frivolous spending. I am not saying it is right to have the debt wiped and walk away and that is not what I would do.
 
Well I know plenty of people who have got themselves into debt on credit cards and it doesn't happen overnight. I for one wouldn't have a horse if I couldn't afford to pay for its vet care or I would have insurance to cover the vet care. I don't use credit cards and I am not rich at all. I live on my own and pay for everything myself. I struggle but I don't have nice things like new clothes every few months.
 
I also am not saying that credit cards are wrong. I just know if I spent on them I would struggle to pay it so I won't spend on one. If you have not enough money to buy things and use a card, you will know you won't have enough money in the end to pay the debt unless you think you might come into money. Some people use a credit card as a tab and that is fine for buying food and petrol, but to use it in a way to buy luxuries, including horse care, promising yourself you will pay it off is foolish.
 
CSLG38

I am exactly the same. I refuse to have a credit card. My OH ran up alot of debt on one and his mum ended up paying it off so he now owes her rather than a bank.

I would give anything to own my own horse but as such I just cant afford it. The only thing I do have on credit is my car, which I am quite comfortably paying off monthly and as it is cheap on tax, insurance and fuel it all balances out.

If you can't afford to make the payments don't get into debt!! Simple
 
lol wow..... Ok look this is pointless. I have 7 horses ranging in value from £5k up to a HOYS winning heavyweight hunter (pick your own value). How many vet bills would I have to have in a year to cover the insurance bill??????

I would say that was a prime example of people assuming things on here due to a missunderstanding and not having all the facts wouldn't you say?
 
So presumably you have enough money to pay off the credit card bill from your vets bill without having to have the debt wiped off for you. If you can afford to do that then fine. If you can't then you are irresponsible.
 
It was used as an example. My personal finances are not what is in question here. I would not have a debt from a credit card wiped, but if you read back through this thread things moved on from that to people like yourself implying that people use credit cards for frivolous matters. I am not interested in a slanging match on here all I am saying is things are not that black and white.
 
[ QUOTE ]
lol wow..... Ok look this is pointless. I have 7 horses ranging in value from £5k up to a HOYS winning heavyweight hunter (pick your own value). How many vet bills would I have to have in a year to cover the insurance bill??????

I would say that was a prime example of people assuming things on here due to a missunderstanding and not having all the facts wouldn't you say?

[/ QUOTE ]

Strange example to use given that you can insure a horse for minimal value and do not have to insure it for its true value and still have maximum vets fee cover on it. Of course you couldn't have worthwhile LoU policy, but all you are talking about is vets fees.

So as it costs about £20 a month to insure a horse for £1K value and £5K vets fees, for your horses it would cost you roughly £1700 a year in insurance. However if one of the horses coliced and needed hospitalisation, you'd easily get a bill much higher than that. Or alternatively, you could take the example of my horse - my premiums are about £700 a year for a Novice eventer with £5K LoU premium and £5K of vets fees. I've paid out 4 premiums for him at a total of about £2800 - last year (and continuing into this year) he has run up a vets bill of over £3K which will hit £5K before the year I have in which to claim ends. Did he do something horrendous to himself? No. He had gastric ulcers and the medication is megabucks! as 67% of competition horses have ulcers at some point, in your shoes I'd be hoping that a) I had a hefty credit limit on my multiple cards and b) a blinking good job in order to pay these costs off!

So the answer to your question is - one very common vets bill would easily cover the cost of your premiums!

BTW - not disagreeing with you re credit, merely pointing out what a strange example you have chosen to illustrate your point...
 
I didn't bring your personal finances into it. You did. I am not interested in a slanging match either but I am interested in giving my opinion and that is if you can't afford to pay off the debt then you shouldn't run the debt up. Credit cards are too easy to get forpeople who aren't good for the money. If you can't afford the sexy little black number in topshop then youre unlikely to be able to pay the debt off. If you are in a position to use a credit card as a tab then that is OK and they are useful for that. If youre using a credit card to pay bills and buy food then something is seriously wrong and you shouldn't have a credit card anyway. Simple really.
 

I ran up a massive loan between the age of 18-20, I was young, naive, foolish and not thinking straight (understatement of the year) due to various personal problems so can't blame the building society. It's my own fault.

Nowadays if I need something I can't afford I take out a loan over a year and pay it off months earlier than required, I've done this a few times to buy tia, a car etc - my credit rating is good lol. Not ideal no but I can afford to pay it off it off early and my debts overall have gone down massively thank god and continue to do so now my head's screwed on
grin.gif


I'm just useless at saving so have started locking the money away in bonds which is building up nicely so that's my solution to build up emergency capital.
 
Totally agree. I worked for a major bank for 20 years so feel qualified to make an observation. Please don't think banks see customers as fluffy individuals that need to be nutured and looked after. The only interest your bank has in you is how much money you make them. In my bank we spent years trying to make life as difficult as legally possible for unprofitable customers so they would go elsewhere.

Onto credit cards I do agree that if you borrow you should pay back but what some of these virtuous souls forget is that people will be paying back far more than they ever borrowed and banks have hiked up the interest so high people are giving up trying to even pay their debts because they know they will never make a dent in them. And don't be under the illusion that all debt is for teh latest Jimmy Choos some people are paying household essentials on credit as a necessity.

Banks are having the spotlight on them more than ever before and quite rightly so. If Banks were fairer people would be more encouraged to pay back their debts.

I don't see how everyone getting poor credit ratings helps the economy as no-one will get a mortgage or further borrowing so the banks are handicapping themselves for doing future business.
 
I totally agree with you but I don't see the point in insurance not covering the horses true value?? Would an insurance company not see this as strange if any claim came about regarding this horse.? Or would I then have to mislead them regarding the horses activities?
 
[ QUOTE ]
This is nothing to do with people having their houses repossessed I didn't think. I thought the person who posted the thread wanted to know how to get rid of her indulgent debt without having to pay for it herself. Nothing was said about repossession.

[/ QUOTE ]

I didn't say anything about repossession the economic climate we are in is not helped by things like this, they will have to get their money back from somewhere... I am in debt and I pay it I took it out its my responsibility to pay it back no one elses
 
Sorry MG I was talking to the other poster rushy. I think you and me are actually talking from the same hymn sheet.
 
I'm not holier than thou. I have a credit card. When I was studying I had debt on my credit card that I struggled to pay off. I was told when I took out the card what the interest rate was and that if I made minimum payments I would pay back a lot more than I borrowed. It was also in the terms for me to refer to at any time. I took it out as an adult and it was my responsibility to know what I was facing upto. And I never said anything about the banks nurturing poor helpless souls as I am under no illusions there. My posts are just my opinion that if you can afford to pay off debt then take it, if you can't then reassess your lifestyle.
 
[ QUOTE ]
I totally agree with you but I don't see the point in insurance not covering the horses true value?? Would an insurance company not see this as strange if any claim came about regarding this horse.? Or would I then have to mislead them regarding the horses activities?

[/ QUOTE ]

No, not at all - my horse is worth more than £5K, and the only reason I have LoU on him is because eventing is high risk and I don't have the capital to replace him should he no longer be able to event. Once I have that capital saved I'll drop the LoU part and just pay for minimal vets fee cover. All you need to remember is that if they die/are PTS the payout you get will be all they are insured for/their value whichever is lower. The vets fee issue is secondary to their value and premiums depend mainly on what you do with your horse.

It's entirely up to you as to the value you insure your horse for, it won't affect any vets fee payout, and in fact the only reason they will care is if you turn out to be doing some undisclosed activity with them. I've never been asked how successful my horse is as an eventer to get vets fee payouts - but I imagine I would be to claim loss of use.

As I say though, if you only insure them for £1K, if they die you only get £1K paid out - but then again I would be way more worried about vets bills as you are quite right, the premiums for the true value of a HOYS winning horse would be daylight robbery and the risk you take by insuring for that little is that the horse is more likely to stay alive than to die if you see what I mean?! I certainly couldn't afford to insure my horse for what I would advertise him for if I came to sell him.
 
i'm sorry but the OP has said nothing about the background to this and loads of people have started slagging them as dishonest etc etc- what happened to getting facts before judging people?! it was simply a question about HOW to do it...not initiating a debate about the rights and wrongs
FWIW i have masses of debt- all notched up whilst at university -i left in 2003 and have a good job but no end in sight. yes i have horses but i don't have otheer luxuries- my trailer and towing car are paid off and i rarely buy new clothes. i use my credit cards for necessities and can see myself doing for some time to come. whilts i would love to not have any debt at all i do want some sort of life i'm afraid. and no, before you all start slagging me, i'm paying off my debts, not trying to get them wiped- but, to be honest, if the banks/building societies haven't drawn the contracts up properly or chucked their paperwork then they deserve it- especially given the ripping off that they do (£30 for going 1p into an overdraft...ridiculous!)
mad.gif
 
Totally totally agree with TobyZaphod on this one Iam 36 and have got through life this far with no credit card and no debt, if I cant afford I dont have I drive a W reg Ford KA but its paid for, I buy working clothes from a charity shop, I had a friend who said I was disgusting waring second hand clothes so what I have some lovley designer stuff from Charity shops so what, as I replied to said friend at least I have no debt! Unlike her who just has to have if she wants a new horsebox, car etc just adds it onto her morgage, which incidently is an interest only morgage, and is always owing people money, but likes to large it up at the races pretending to be a millionaire drinking champayne! At least I can sleep at night!! On a lighter note said friend is no longer, think she didnt llike be told truth.
 
[ QUOTE ]
I have I said I don't think the debt should be wiped.

[/ QUOTE ]

but that wasn't the original question! he/she wasn't asking for opinions!
crazy.gif
 
Tax payers have not 'bailed out' banks - the government has bought shares in the banks, and once the recession is over, expect to make a profit. In the US, banks were 'given' money, in the UK they were not.

Bankers bonuses - the bonus structure is built in to the culture, to enhance performance. Many other industries pay bonuses. This year, bankers have seen hardly any bonuses, even for those who have exceeded their targets. "Banks" consist of many disperate parts, just because the mortgage department is up the creek does not mean the corporate lending department is as well.

Pensions are negotiated into the contracts. Yes, it is a lot of money, but the board of directors approved it. Ultimately, these are companies, and try to make the right decisions, if that involves agreeing to a pension plan to get the right person for the job, why should that person then be blamed for what is, essentially, a global problem.
 
Diggerbez I answered it on the first page of this oh so long thread lol...... and Emma don't think the bonuses are working lol
smile.gif
 
[ QUOTE ]
Diggerbez I answered it on the first page of this oh so long thread lol...... and Emma don't think the bonuses are working lol
smile.gif


[/ QUOTE ]

oh i know you replied rushy...just most other people seem to now think the OP is as bad as a mass murderer!
tongue.gif
 
The problem with bonuses is that they are designed to improve performance, but do not take into account external factors. Nevertheless, the majority of the banks are still reporting profits which run into many millions, in some cases, billions. In Canada, every single one of the big 5 banks posted a profit for Q1, some in the billions. Banks in the US have posted profits as well. In the UK, Lloyds TSB earned 3.38 billion pounds, Barclays over 6 billion pounds. In what universe is this not good performance, why should these people not see bonuses for making what most companies can only dream of making?

People hear all this negativity, because they are not making as much as they did the year before, yet these banks are outperforming most other companies in the world. I personally, have no issue with companies rewarding staff for making billions of dollars.
 
You must log in or register to reply here.
Top