What are you all up to

It only becomes debt, EasyT, if you default because you don't have enough money to manage the minimum monthly payment. Until then, it's available revolving credit! Card companies and banks can rely on me because I have a reliable track record when it comes to making payments on time. That's what makes the difference!

. There is therefore, no way, that I can ever be just two wage payments away from bankruptcy

I think that you may be referring erroneously to my typing ' Many are only a couple of paydays from trouble '. I hope that Malc has some contingency should he be laid off at anytime with a new car loan etc.'

You're right, EasyT. I need to avoid a fall to avoid losing pay from pizza deliveries! 6 weeks off work because of a fractured wrist last year certainly put a spanner in the works!

woke up to a light covering of snow here in Lancing but the out look from Thursday onwards is grim, local news says there will be substantial amounts along the south coast,several roads closed the other side of the downs. Went to Tesco yesterday fo normal weeks shop the place was very busy people stocking up just in case we get snowed in    

Debt = owing money no matter what you call it MM. In simple terms you have spent/borrowed money for goods or services because you didn't have it and have to pay it back, albeit with or with out interest. You also mentioned earlier about being in profit. How can this be? you still have the debt to pay back. You don't have your own money deposited with them putting you in credit which is then earning interest, they have just reduced what you had to pay them back so your debt has been reduced. But it still remains a debt.

You also said your a high value customer? I don't you will find your are. My wife was a premier bank manager for HSBC. Her high value customers had wealth and were Cash & Asset rich. this then qualified them for the kind of banking service and preferential treatment that us mere mortals can only dream of. 

Keep warm.

We have the same account and the points you make are worth having, especially the CC scheme for electrical goods.  But I can assure you some people are more premier than others if you know what I mean 

Can you explain how you are in profit, yet your wife wants you to reduce your dept. 

What did you say your previous job was, not an accountant or banker.

And there lies the problem, after my Wife retired the Premier Manager role was done away with and as you just said, you have relationship advisers now with no financial qualifications  (CEFA's) or authority when it comes to meeting the clients best needs.  Like I said, the Footballers , Show Bizz folk and alike had a very different premier experience. 

Once we get on to our seasonal pitch, the overall debt will get reduced, cariadon because of the over £600 per month savings in costs. Then my wife will be laughing all the way to the bank! This is because in 10 months there'll be £6000 of cost saving plus increased earnings from my index linked state pension and index linked civil service pension. Furthermore, the minimum wage goes up to £7.83 per hour compared to the present £7.50 an hour, so extra money in wages too! This is a financial position you should be envious of, cariadon!

If they have reached their credit and overdraft limits and cannot get increased credit but still need money, then I agree, they are in trouble, especially as this position will show up on their credit report which banks and financial institutions can access as soon as you apply for a loan or credit card.

Unfortunately, many people have a mortgage or rent to pay and household bills on top and younger people with no pension have to rely solely on earned income from wages to pay everything. That can be very hard on a minimum wage!

It's not the level of debt but the level of disposable income that is the important factor, JVB66. Debts can be reduced or repaid very easily when the disposable income level is sufficient to do so. I probably have a higher dispoable income than others because of having no house to pay for or household bills to go with it. What happens if your roof collapses in a storm? I doubt the repair bills would be cheap and the insurance can refuse to pay saying that it's an act of God that is not covered by your insurance! As the saying goes: 'Happy is a man whose wants and cares are less!'

What happens if your roof collapses in a storm? I doubt the rpair bills would be cheap and the insurance can refuse to pay saying that it's an act of God that is not covered by your insurance!

Ever hear of the Ombudsman Malc? If the roof is in good repair then such catastrophic storm damage is not an act of god. 

Malcolm seems to have an ongoing cash flow problem.  I doubt being laid up with a broken wrist did you any favours Malcolm

Nevertheless, I still had my job kept open for me for when I recovered and was able to get back to work. Furthermore, I still got all three monthly payments on my pensions whilst I was off work!

The debts are costing me nothing, Milothedog. The minimum payments are collected by direct debit from my current account and immediately become available to spend once again. That means that when the card company collects a minimum payment of £100 by direct debit, there is immediately £100 more money available to me on that card account and no interest charge either. So what exactly is it that you think I'm losing? How is that in any way reducing my disposable income?