Debt

[Tiercel 6,986]

I have been self employed, well more of a sole trader since 1978. about 12 years ago the wife and myself bought a small Ironing business. Things were going well and we talked about expanding into premises instead of working from home and out saucing the work we could not cope with.

 

One of our clients was a bank manger with Lloyd's, talking one day he asked how the business was going and I told him of our plans. Straight away he told me, be careful, things are not going to stay like this I can see a slump coming and it is not going to be nice.

 

That was enough to put doubt in our minds, while not giving up on the plans we decided to wait a while and see how things turned out. Lucky we did, in six months our work load halved, after a year the business was not taking enough to support myself and the wife.

 

Had we invested in the premises and new machinery to cope with the work load that we had at the time we would have been right in shit street now.

 

TC

[walshie 2,804]

Not doubting anyone here, more of a casual observation. Anyone who says they earn £100k a year, probably doesn't.

[Lab 10,979]

I have been self employed, well more of a sole trader since 1978. about 12 years ago the wife and myself bought a small Ironing business. Things were going well and we talked about expanding into premises instead of working from home and out saucing the work we could not cope with.

 

One of our clients was a bank manger with Lloyd's, talking one day he asked how the business was going and I told him of our plans. Straight away he told me, be careful, things are not going to stay like this I can see a slump coming and it is not going to be nice.

 

That was enough to put doubt in our minds, while not giving up on the plans we decided to wait a while and see how things turned out. Lucky we did, in six months our work load halved, after a year the business was not taking enough to support myself and the wife.

 

Had we invested in the premises and new machinery to cope with the work load that we had at the time we would have been right in shit street now.

 

TC

Not great when that happens but atleast it never dragged you under. This is what I mean about not throwing all your dosh at it when its not a dead cert of a return.

[Qbgrey 4,119]

I agree this bankrupt business is not good.a guy I know went down owing every one. Next week his same tarmac lorrys were all up London again just a different name on them....I could nt do it ,id be in a mental home knowing I owed money,especially mates.if your a payer your a payer.if your a piss taker then,..........

[Tiercel 6,986]

 

I have been self employed, well more of a sole trader since 1978. about 12 years ago the wife and myself bought a small Ironing business. Things were going well and we talked about expanding into premises instead of working from home and out saucing the work we could not cope with.

 

One of our clients was a bank manger with Lloyd's, talking one day he asked how the business was going and I told him of our plans. Straight away he told me, be careful, things are not going to stay like this I can see a slump coming and it is not going to be nice.

 

That was enough to put doubt in our minds, while not giving up on the plans we decided to wait a while and see how things turned out. Lucky we did, in six months our work load halved, after a year the business was not taking enough to support myself and the wife.

 

Had we invested in the premises and new machinery to cope with the work load that we had at the time we would have been right in shit street now.

 

TC

Not great when that happens but atleast it never dragged you under. This is what I mean about not throwing all your dosh at it when its not a dead cert of a return.

 

At That point in time it was a dead cert, if it was not for the tip off to hold back a little, we probably would have gone ahead. I am grateful for the tip off but 2 years later he retired and decided he would do their ironing, bas*ard!

 

TC

[WILF 47,353]

Anyway, bailiffs are all c**ts !

[j j m 6,553]

It must be nice to have money and have no debt problems

[Truther 1,579]

I watched my Dad work hard all his life, unless he was seriously unable to work, he worked, from 15 to his 65th birthday he grafted, we noticed he was acting a bit strange just before he retired, maybe around 64, we thought it was the thought of retiring that was stressing him out, but it turned out to be dementia, he retired on his 65th birthday, and ended up in a home by 66...........he had a few bob, but wasted his life earning it, and never got to enjoy it, died the day before his 70th birthday.

 

When he died i had my own company, doing pretty well, but the stress was bad, and i didn't take more than i needed out of it, my partner did though, all in all i lost well over £200,000, my own fault being to trusting, and lesson learn't

 

Now my philosophy is..........f**k it.............i work enough to pay my way...............i use extra money to buy my life back and do the things i want to do, like work my dogs, if i can't afford something i don't get in debt to buy it, i go without.............i still make money, cleared a grand last weekend, so i had the rest of the week off, bad back anyway Iv'e paid a shitload of tax in my time, and they spend it on things i don't like, fair enough i go without "luxuries" just making ends meet, but luxury to me is owning my life, not some big house, new car, or silly f***ing holidays i'd hate anyway.

 

To me people have lost sight of what really matters, family, friends and your own life............for what, bragging rights to people that think you're a c**t anyway if you're doing slightly better than them financially..............no thanks

[BGD 6,436]

Well if you're struggling to buy a house without borrowing,I presumed you wouldn't own any.

 

I bought moved in done up and sold a few houses,while working full time until I'd made enough profit to buy my own house without borrowing,then started again with a second house but obviously didn't have to move in.

 

I've made more money like that than I would have renting out a house in some shithole,not only do I have the profits from the previous sales (which more than paid off the mortgage) I get more rent and a more valuable property if ever need to sell.

 

This is honestly quite impressive, you managed to build up a property portfolio, spend "too much" time in the army (why are you so vague about your service record ) and father 5 kids all before your mid 20s. Where do you find the time. Oh and you had a full time job too

[unlacedgecko 1,466]

 

Well if you're struggling to buy a house without borrowing,I presumed you wouldn't own any.

 

I bought moved in done up and sold a few houses,while working full time until I'd made enough profit to buy my own house without borrowing,then started again with a second house but obviously didn't have to move in.

 

I've made more money like that than I would have renting out a house in some shithole,not only do I have the profits from the previous sales (which more than paid off the mortgage) I get more rent and a more valuable property if ever need to sell.

 

 

This is honestly quite impressive, you managed to build up a property portfolio, spend "too much" time in the army (why are you so vague about your service record ) and father 5 kids all before your mid 20s. Where do you find the time. Oh and you had a full time job too

Lol. I love the Internet...

[WILF 47,353]

I watched my Dad work hard all his life, unless he was seriously unable to work, he worked, from 15 to his 65th birthday he grafted, we noticed he was acting a bit strange just before he retired, maybe around 64, we thought it was the thought of retiring that was stressing him out, but it turned out to be dementia, he retired on his 65th birthday, and ended up in a home by 66...........he had a few bob, but wasted his life earning it, and never got to enjoy it, died the day before his 70th birthday.

 

When he died i had my own company, doing pretty well, but the stress was bad, and i didn't take more than i needed out of it, my partner did though, all in all i lost well over £200,000, my own fault being to trusting, and lesson learn't

 

Now my philosophy is..........f**k it.............i work enough to pay my way...............i use extra money to buy my life back and do the things i want to do, like work my dogs, if i can't afford something i don't get in debt to buy it, i go without.............i still make money, cleared a grand last weekend, so i had the rest of the week off, bad back anyway Iv'e paid a shitload of tax in my time, and they spend it on things i don't like, fair enough i go without "luxuries" just making ends meet, but luxury to me is owning my life, not some big house, new car, or silly f***ing holidays i'd hate anyway.

 

To me people have lost sight of what really matters, family, friends and your own life............for what, bragging rights to people that think you're a c**t anyway if you're doing slightly better than them financially..............no thanks

Brilliant post

[neems 2,406]

 

Well if you're struggling to buy a house without borrowing,I presumed you wouldn't own any.

 

I bought moved in done up and sold a few houses,while working full time until I'd made enough profit to buy my own house without borrowing,then started again with a second house but obviously didn't have to move in.

 

I've made more money like that than I would have renting out a house in some shithole,not only do I have the profits from the previous sales (which more than paid off the mortgage) I get more rent and a more valuable property if ever need to sell.

 

This is honestly quite impressive, you managed to build up a property portfolio, spend "too much" time in the army (why are you so vague about your service record ) and father 5 kids all before your mid 20s. Where do you find the time. Oh and you had a full time job too

 

 

Too much time doesn't necessarily mean a particularly long time,though I won't go into that with strangers online,if you or anyone else here doesn't believe me then so be it.

Stolen valour it is then.

I've worked full time since I left school,most decent young men do,in fact while doing up my first house I had 2 jobs.

 

Does that really impress you?

 

The property mogul on 100k a year who doesn't even believe in private property,surely has achieved a lot more.

[BGD 6,436]

 

 

Well if you're struggling to buy a house without borrowing,I presumed you wouldn't own any.

 

I bought moved in done up and sold a few houses,while working full time until I'd made enough profit to buy my own house without borrowing,then started again with a second house but obviously didn't have to move in.

 

I've made more money like that than I would have renting out a house in some shithole,not only do I have the profits from the previous sales (which more than paid off the mortgage) I get more rent and a more valuable property if ever need to sell.

 

This is honestly quite impressive, you managed to build up a property portfolio, spend "too much" time in the army (why are you so vague about your service record ) and father 5 kids all before your mid 20s. Where do you find the time. Oh and you had a full time job too

 

 

Too much time doesn't necessarily mean a particularly long time,though I won't go into that with strangers online,if you or anyone else here doesn't believe me then so be it.

Stolen valour it is then.

I've worked full time since I left school,most decent young men do,in fact while doing up my first house I had 2 jobs.

 

Does that really impress you?

 

The property mogul on 100k a year who doesn't even believe in private property,surely has achieved a lot more.

 

 

Well assuming you were in the army until you were atleast 20 than I'd say buying doing up and then flipping multiple houses within 5 years all while working multiple full time jobs is pretty fecking impressive, if unbelievable.

 

All that and your Da is still ashamed of you

Edited November 23, 2015 by BGD

[WILF 47,353]

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

 

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

 

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

Edited November 23, 2015 by WILF

[unlacedgecko 1,466]

 

 

 

Well if you're struggling to buy a house without borrowing,I presumed you wouldn't own any.

 

I bought moved in done up and sold a few houses,while working full time until I'd made enough profit to buy my own house without borrowing,then started again with a second house but obviously didn't have to move in.

 

I've made more money like that than I would have renting out a house in some shithole,not only do I have the profits from the previous sales (which more than paid off the mortgage) I get more rent and a more valuable property if ever need to sell.

 

This is honestly quite impressive, you managed to build up a property portfolio, spend "too much" time in the army (why are you so vague about your service record ) and father 5 kids all before your mid 20s. Where do you find the time. Oh and you had a full time job too

Too much time doesn't necessarily mean a particularly long time,though I won't go into that with strangers online,if you or anyone else here doesn't believe me then so be it.

Stolen valour it is then.

I've worked full time since I left school,most decent young men do,in fact while doing up my first house I had 2 jobs.

 

Does that really impress you?

 

The property mogul on 100k a year who doesn't even believe in private property,surely has achieved a lot more.

Well assuming you were in the army until you were atleast 20 than I'd say buying doing up and then flipping multiple houses within 5 years all while working multiple full time jobs is pretty fecking impressive, if unbelievable.

 

All that and your Da is still ashamed of you

Minimum age to deploy is 18. Minimum contract once over 18 is 3 years, so that's at least 21, unless medically discharged.