It appears we never learn from our mistakes as a nation:

  • (Oct 1929) The Great Depression – The worst systemic banking crisis of the 20th century.
  • Banking crisis 1973 – 1975
  • Banking crisis (Credit Crunch) Mar 2008

I believe we are now heading for a new banking crisis, the only difference is that the Tax Payer may not have to bail out the banks!!

Are we so stupid and greedy that we cannot learn a simple truth.  Our short cited electoral process doesn’t look at the long term prospects of this nation.  It is full of quick fixes only to have a new government 5 years down the line rescind any new proposals and replace them with short cited ignorance, and that is ALL political parties.

When will we learn that mutual cooperation is the only sustainable way to move forward to bring long term goals to fruitarian that are prosperous for all.

If you believe that we are out of the woods on this economical suicide ride, your wrong in my opinion.

So at this moment we are binging on Credit Card debt, the last financial quarter showed that credit card and personal loans rose by a whopping £1.4bn.  We are back to the heights of the Credit Crunch thanks again to cheap credit.

According to The Adam Smith Institute unfunded public sector pensions make up two-thirds of the £1.85 trillion liabilities – the equivalent to £53,822 for every man, woman and child in the UK…..and it is growing at an alarming rate.

This governments and others that are supposed to guide and support the nation have let us all down.  Our children and their Children’s, Children will pay for our incompetence for decades to come.

My daughter, Unless I help her has no chance of owning a property….ever!!!!

Again look at BREXIT were any of us given the facts of moving away from the EU, or why we would be better off in or out, no we were not.  A complete shameless waste of money and time and exaggerations and false promises and facts.

If you have a mortgage, remember if the interest rate goes up 0.5% on say £100,000 mortgage that equates to a further £60 per month on your monthly mortgage payments.

Baton down the hatches

Don’t be fooled that all is well, I believe the economy will go pop early to middle next year (2018).

Seriously start thinking about your own finances now, do not wait.

Try and transfer that credit card debt to a zero interest card and hide it until the debt has been cleared.  Start trying to save for Christmas now if you haven’t already, do so, so that you’re in control ad not your debt!!

The County Court Judgement

A lot of people seem to be under the delusion that a County Court Judgement means nothing and if you get one “so what”.  Ok let us look at this further and as I run a Debt Collection Agency I am in a prime position to tell you the impact a CCJ can have on you as an individual, as part of a married couple or a Sole Trader – and believe me you might think it is not an issue, it is.

A CCJ is granted when an individual or a company ignore a court summons or they do not clear the value of a potential CCJ.

If you ignore and a CCJ is granted by the courts, it’s placed on your Credit File and after 30 days it stays on your credit file.  You could clear the debt at 45 days and it will still stay on your Credit File but with the word SPENT on it, but it doesn’t go away.  It will stay on your file for SIX YEARS!!

What does that mean, well, no Hire Purchase, No short / long terms loans, no mortgage, a chance for you to be turned down on a property rental, no credit cards unless you want a high interest one!!, NO CREDIT when you need it.

You may not have a mortgage today, or in two years time but you never know what will happen in four, five or even six years.  You may want Credit, you may have the opportunity to buy, but with a CCJ you are nearly guaranteeing you will NEVER OWN YOUR OWN HOME.  Mortgage providers are not going to give you a mortgage if you have a CCJ.

You may not consider it an option or it’s something that you don’t care about.  Life is about OPTIONS, the more options you have the better, and that is why you personal credit file is vitally important.

As with so many of my generation, my home is part my retirement pension.  By having a CCJ YOU are screwing your future up, do you really want that.

You could say, well I’ll go BANKRUPT, pay a small fee and within a year all my debts have gone.  I have a friend that did exactly that, 8 years down the line they still cannot get any credit and they regret it and wish they never went down that route.

You could lie and say on a loan form you have never been bankrupt, they will know and will do checks before any funds come to you.

It is time to rethink your debt strategy, please for your own and your family’s sanity and stress levels, don’t delay.

You need to get advice, look at your credit file, see if you can improve your status.  Look again at your outgoings, can anything be reduced.  Is there a way to reduce my debt and stop paying extortionate interest rates.

You could even write to the creditor requesting that they freeze the interest whilst you try and clear the debt.  It is far better to do that than have a CCJ or go Bankrupt!.

Debt is personal, but we have the ability to ignore it until it is too late, don’t be one of those that do that.

I sincerely wish you all the very best, and remember we are not out of the financial crisis, in fact I believe we have another round to go.

If you have a mortgage work out what the interest would be if the interest rates went up 0.5% / 1% – could you still clear your monthly payments.  What about if your rent went up, again is this sustainable?

Don’t delay, start thinking today!! Debt can be a disease if not controlled! AND it has the capacity to destroy lives and families.

All the very best