| Victor Meldrew moment here 16:50 - Jun 29 with 2769 views | legoman |
https://www.bbc.co.uk/news/business-your-money-48776454
Is it just me, but who else thinks on reading this article that people like this should simply take responsibility for their own actions. First year university student takes out unaffordable finance on an Audi. FFS what is the matter with some people.
Another example of today's blame culture. |  |
| "M'sieur, you said your dog did not bite!"
"That's not my dog" |
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| Victor Meldrew moment here on 18:59 - Jun 29 with 2025 views | BytholWyn |
I have mixed feelings about this. On first reading it I have to say I had little sympathy for a student looking to buy a car just to get to lectures (supposedly). But is it right that finance companies (aka car manufacturers) take advantage of the fiscal ignorance of their clients? Was it made clear to her what the total cost would be and what the ramifications would be if she was unable to meet payments?
This is the sort of exploitative capitalism that the hard right Tories stand for - let's rob the ignorant and feckless poor to pay the rich. And Boris wants to get rid of the few regulations we have left post Brexit. I despair. |  | | |
| Victor Meldrew moment here on 19:07 - Jun 29 with 2004 views | Darran |
It’s another problem for the car industry in that you hardly ever see a shit car on the roads these days. |  |
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| Victor Meldrew moment here on 19:24 - Jun 29 with 1984 views | MrSwerve |
Boo boo - they know what they signed up for.
Far too many 18-25 year olds thinking short-term and not caring about the grand scheme of things. |  |
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| Victor Meldrew moment here on 19:55 - Jun 29 with 1952 views | BytholWyn |
| Victor Meldrew moment here on 19:24 - Jun 29 by MrSwerve |
Boo boo - they know what they signed up for.
Far too many 18-25 year olds thinking short-term and not caring about the grand scheme of things. |
Did they know what they were singing up for though? And if you substitute the words financial services industry for 18-25 in your second sentence would that not be more true? | | | |
| Victor Meldrew moment here on 19:56 - Jun 29 with 1952 views | Dr_Winston |
If you're f*cking dull enough to sign up for that kind of finance deal on student income then you deserve to get fleeced.
Far too often stupid people are protected from the consequences of their idiocy. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Victor Meldrew moment here on 20:36 - Jun 29 with 1907 views | BytholWyn |
| Victor Meldrew moment here on 19:56 - Jun 29 by Dr_Winston |
If you're f*cking dull enough to sign up for that kind of finance deal on student income then you deserve to get fleeced.
Far too often stupid people are protected from the consequences of their idiocy. |
But when this sort of exploitative practice exists on a big enough scale it generates a debt bubble which has the potential to affect all of us - as we saw in the crash of 2007-08. So we as a society needs to be protected from the consequences of our idiocy in giving finance companies the opportunity to exploit the ignorant and the feckless. Aka self-interest in the long run.
Boris of course wants to get rid of regulations, no doubt allowing his mates in the city to line their pockets at the expense of ordinary people, continuing a fine British tradition exemplified perfectly by RBS and Wonga. | | | |
| Victor Meldrew moment here on 21:23 - Jun 29 with 1872 views | Dr_Winston |
| Victor Meldrew moment here on 20:36 - Jun 29 by BytholWyn |
But when this sort of exploitative practice exists on a big enough scale it generates a debt bubble which has the potential to affect all of us - as we saw in the crash of 2007-08. So we as a society needs to be protected from the consequences of our idiocy in giving finance companies the opportunity to exploit the ignorant and the feckless. Aka self-interest in the long run.
Boris of course wants to get rid of regulations, no doubt allowing his mates in the city to line their pockets at the expense of ordinary people, continuing a fine British tradition exemplified perfectly by RBS and Wonga. |
Fair points, although I'd disagree with a lot of the ways the crash of 07/08 was handled. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Victor Meldrew moment here on 21:25 - Jun 29 with 1868 views | Luther27 |
Who tells her to breath in breath out? |  | | |
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| Victor Meldrew moment here on 21:33 - Jun 29 with 1854 views | bluey_the_blue |
Feckless dumb student decides she wants nice thing. Can she afford it? Nah, not really but bank of mum and dad will help because she's entitled, see.
It's a societal problem. People have given in to their kids far too much. I was raised to not spend what I don't have. Flash car? Why? It's just to get from A to B so why overspend?
Seems to me people don't seem to want any responsibility these days. Buy something she knows she can't afford? Why it was that evil companies fault for not handing her hand... | | | |
| Victor Meldrew moment here on 21:53 - Jun 29 with 1836 views | BytholWyn |
| Victor Meldrew moment here on 21:33 - Jun 29 by bluey_the_blue |
Feckless dumb student decides she wants nice thing. Can she afford it? Nah, not really but bank of mum and dad will help because she's entitled, see.
It's a societal problem. People have given in to their kids far too much. I was raised to not spend what I don't have. Flash car? Why? It's just to get from A to B so why overspend?
Seems to me people don't seem to want any responsibility these days. Buy something she knows she can't afford? Why it was that evil companies fault for not handing her hand... |
Why are you so keen to let finance companies off the hook? They know exactly what they're doing - whereas a first year student wouldn't necessarily have a proper understanding of the financial implications of the decisions they're making - especially if things aren't fully explained to them.
Of course individuals have responsibility for their decisions - but the greater burden of responsibility should fall on the those companies that utilise business models that are fundamentally exploitative - and on the government that allow such practices to exist.
https://www.moneysavingexpert.com/reclaim/free-payday-loans-refunds/ | | | |
| Victor Meldrew moment here on 23:06 - Jun 29 with 1774 views | JACKMANANDBOY |
Poor decision to buy, poor decision to lend.
Hand the car back. |  |
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| Victor Meldrew moment here on 00:24 - Jun 30 with 1740 views | exiledclaseboy |
| Victor Meldrew moment here on 21:23 - Jun 29 by Dr_Winston |
Fair points, although I'd disagree with a lot of the ways the crash of 07/08 was handled. |
Which bits would you disagree with? |  |
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| Victor Meldrew moment here on 00:55 - Jun 30 with 1725 views | WxmJax |
Here's another one, people going on holiday without travel insurance, then unfortunately becoming unwell/injured while away and then expecting others to pay to bring them home via go fund me or something like that. Not a chance. [Post edited 30 Jun 2019 3:56]
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| Victor Meldrew moment here on 06:09 - Jun 30 with 1677 views | dameedna |
| Victor Meldrew moment here on 00:55 - Jun 30 by WxmJax |
Here's another one, people going on holiday without travel insurance, then unfortunately becoming unwell/injured while away and then expecting others to pay to bring them home via go fund me or something like that. Not a chance. [Post edited 30 Jun 2019 3:56]
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I have cars on the the drive and today enquired after an Indian luxury car that I dont need and may not be able to justify.
An Audi A1 is an attractive thing but what about the criminals at the VW linked helm?
Makes sense for Jane to get the bus but likewise it makes sense for VW and Audi executives to be put in prison for 15 years.
Minor trangression. [Post edited 30 Jun 2019 6:10]
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| Victor Meldrew moment here on 08:04 - Jun 30 with 1622 views | bluey_the_blue |
| Victor Meldrew moment here on 21:53 - Jun 29 by BytholWyn |
Why are you so keen to let finance companies off the hook? They know exactly what they're doing - whereas a first year student wouldn't necessarily have a proper understanding of the financial implications of the decisions they're making - especially if things aren't fully explained to them.
Of course individuals have responsibility for their decisions - but the greater burden of responsibility should fall on the those companies that utilise business models that are fundamentally exploitative - and on the government that allow such practices to exist.
https://www.moneysavingexpert.com/reclaim/free-payday-loans-refunds/ |
A first year university student wouldn't bother researching, wouldn't bother reading the fvcking contract they sign, wouldn't have a grasp of reality to know that you have to afford things.
I don't buy the "was persuaded to buy shinier more expensive car" argument whatsoever. You know your budget, you stick to it. She wanted a nice shiny toy relying on bank of mum and dad to pay for it should she lose her part time job.
It's easy to blame those nasty companies but the reality is, it's a combination of greed and entitlement these days. Don't buy what you can't afford. | | | |
| Victor Meldrew moment here on 08:18 - Jun 30 with 1614 views | Pegojack |
I think everyone is at fault here. The car dealer is responsible for selling a finance package to a young student who was obviously a strong debt risk, the girl herself was irresponsible for signing up to something she clearly couldn't afford if circumstances turned against her, and the parents are responsible for raising a daughter with no notion of financial responsibilty.
The best thing would be to hand the car back, for the dealer to annul the debt (I hope they are getting massive negative publicity as a result of this case) and for the girl to learn an ounce of common sense. |  | | |
| Victor Meldrew moment here on 09:07 - Jun 30 with 1583 views | MrSwerve |
| Victor Meldrew moment here on 08:18 - Jun 30 by Pegojack |
I think everyone is at fault here. The car dealer is responsible for selling a finance package to a young student who was obviously a strong debt risk, the girl herself was irresponsible for signing up to something she clearly couldn't afford if circumstances turned against her, and the parents are responsible for raising a daughter with no notion of financial responsibilty.
The best thing would be to hand the car back, for the dealer to annul the debt (I hope they are getting massive negative publicity as a result of this case) and for the girl to learn an ounce of common sense. |
It sets a bit of a precedent then though - if anyone ends up not being able to afford their contract, they’ll just be able to get out.
I’d love a new car right now, and I could afford one on one of these schemes. I’ve actually been responsible enough though to read through the financial implications, the monthly payments and the balloon you need to pay to keep the car, being tied to the car company for a long time, etc.
I’m on a fairly decent wage and it would be a big commitment for me, let alone a student. But as I’ve said before, it’s all short term thinking and being able to drive around looking flash and uploading pictures to social media trying to look like a celebrity. I know people who are on 20k and even below that, who are driving around in executive saloons and range rovers. I dread to think what their personal finances are like. | |
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| Victor Meldrew moment here on 09:14 - Jun 30 with 1577 views | jackrmee |
| Victor Meldrew moment here on 18:59 - Jun 29 by BytholWyn |
I have mixed feelings about this. On first reading it I have to say I had little sympathy for a student looking to buy a car just to get to lectures (supposedly). But is it right that finance companies (aka car manufacturers) take advantage of the fiscal ignorance of their clients? Was it made clear to her what the total cost would be and what the ramifications would be if she was unable to meet payments?
This is the sort of exploitative capitalism that the hard right Tories stand for - let's rob the ignorant and feckless poor to pay the rich. And Boris wants to get rid of the few regulations we have left post Brexit. I despair. |
When you're young, if you haven't got someone sensible advising you, it's easy to get into massive debt.
Some people may blame the student, but it's temptation. It's easy to convince yourself that it's affordable.
If society is telling us we should get it and the car company and finance company say it's a good deal and affordable, who is going to say no when you're young.
There should be lessons in school about this type of thing.
I have massive debts from when I was 18-19 as I had no-one to tell me I was being a stupid kunt.
Maxed out credit cards to go on the piss, personal loans to spend on clothes, loan for a car.
My mental age at 18 was around 14-15 and all these people willing to chuck me thousands of pounds was music to my ears. I had a full time job and all my wages were going to the wrong things.
I may have been silly/stupid, but I don't blame myself. I just didn't know anything about life and finances. Council tax, rent and utility bills were not even on my radar. I soon found out the hard way when my missus got pregnant and I moved in with her. |  |
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| Victor Meldrew moment here on 09:15 - Jun 30 with 1577 views | jackrmee |
| Victor Meldrew moment here on 19:24 - Jun 29 by MrSwerve |
Boo boo - they know what they signed up for.
Far too many 18-25 year olds thinking short-term and not caring about the grand scheme of things. |
How many of us cared about the "grand scheme of things" when they were kids? | |
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| Victor Meldrew moment here on 09:19 - Jun 30 with 1569 views | MrSwerve |
| Victor Meldrew moment here on 09:15 - Jun 30 by jackrmee |
How many of us cared about the "grand scheme of things" when they were kids? |
She was 22 when she entered the contract...not exactly a kid. Sure we all do daft things, but we have to learn from the consequences.
Edit: wholeheartedly agree though that kids need more education on personal finances. [Post edited 30 Jun 2019 9:20]
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| Victor Meldrew moment here on 12:18 - Jun 30 with 1510 views | BytholWyn |
People are ignoring the bigger picture here, which is rather ironic given that's precisely what got the student into trouble in the first place.
Just read these couple of articles from before the crash in 2007 and reflect:
https://www.theguardian.com/money/2005/jul/16/creditcards.debt
https://www.theguardian.com/money/2007/feb/10/creditcards.debt
As these articles make perfectly clear finance companies then - and now - specifically target the feckless, the ignorant and the plain desperate. Is anyone going to have the heartlessness to say that Richard Cullen deserved what he got? Not least because meeting his wife's wish to go private for medical treatment played a part in his downfall.
Anyone who thinks anything has fundamentally changed since the crash is a deluded fool. You only have to look at how the loan sharks in pinstripes (aka payday loan companies) were allowed to flourish in the aftermath of the crash to see how nothing has fundamentally changed in terms of the business ethos of naked exploitation and the absence of proper regulatory control.
In this context it's worth reflecting on the personal debt situation as things stand right now:
https://themoneycharity.org.uk/money-statistics/
1.64 Trillion of personal debt, an average debt per household of near £60,000, a staggering £51 billion annual interest payments being made on personal debt.
Have a look at the graph in this article: https://www.theguardian.com/commentisfree/2019/jan/07/britain-personal-debt-tori
The graph shows that unsecured debt is currently climbing at a steeper rate than it was prior to the crash in 2007, and in fact faster than at any time post-1990 when the graph begins.
Perhaps, with the stimulus package of a hard brexit we can reflect in a few years time on the articles like the one about the student and ask ourselves "was she the only mug here, or were we, as a society, the feckless wonders in refusing the learn the lessons of recent history?" | | | |
| Victor Meldrew moment here on 15:06 - Jun 30 with 1443 views | LeonWasGod |
| Victor Meldrew moment here on 20:36 - Jun 29 by BytholWyn |
But when this sort of exploitative practice exists on a big enough scale it generates a debt bubble which has the potential to affect all of us - as we saw in the crash of 2007-08. So we as a society needs to be protected from the consequences of our idiocy in giving finance companies the opportunity to exploit the ignorant and the feckless. Aka self-interest in the long run.
Boris of course wants to get rid of regulations, no doubt allowing his mates in the city to line their pockets at the expense of ordinary people, continuing a fine British tradition exemplified perfectly by RBS and Wonga. |
Do you really need to be a rocket scientist to work out that £300+ a month repayment over 5 yrs is going to set you back the best part of £20k. And that if you’re a student with limited income it might not be the smartest thing to do. Ok, the girl’s just seen sparkly, shiny car. Parents should know better though. There’s no way I’d have been allowed to get into that mess - my first few cars were held together with gaffer tape. |  | | |
| Victor Meldrew moment here on 15:12 - Jun 30 with 1436 views | LeonWasGod |
| Victor Meldrew moment here on 12:18 - Jun 30 by BytholWyn |
People are ignoring the bigger picture here, which is rather ironic given that's precisely what got the student into trouble in the first place.
Just read these couple of articles from before the crash in 2007 and reflect:
https://www.theguardian.com/money/2005/jul/16/creditcards.debt
https://www.theguardian.com/money/2007/feb/10/creditcards.debt
As these articles make perfectly clear finance companies then - and now - specifically target the feckless, the ignorant and the plain desperate. Is anyone going to have the heartlessness to say that Richard Cullen deserved what he got? Not least because meeting his wife's wish to go private for medical treatment played a part in his downfall.
Anyone who thinks anything has fundamentally changed since the crash is a deluded fool. You only have to look at how the loan sharks in pinstripes (aka payday loan companies) were allowed to flourish in the aftermath of the crash to see how nothing has fundamentally changed in terms of the business ethos of naked exploitation and the absence of proper regulatory control.
In this context it's worth reflecting on the personal debt situation as things stand right now:
https://themoneycharity.org.uk/money-statistics/
1.64 Trillion of personal debt, an average debt per household of near £60,000, a staggering £51 billion annual interest payments being made on personal debt.
Have a look at the graph in this article: https://www.theguardian.com/commentisfree/2019/jan/07/britain-personal-debt-tori
The graph shows that unsecured debt is currently climbing at a steeper rate than it was prior to the crash in 2007, and in fact faster than at any time post-1990 when the graph begins.
Perhaps, with the stimulus package of a hard brexit we can reflect in a few years time on the articles like the one about the student and ask ourselves "was she the only mug here, or were we, as a society, the feckless wonders in refusing the learn the lessons of recent history?" |
You’re right, but there room to regulate better and teach people like this some basic money management skills. | | | |
| Victor Meldrew moment here on 15:23 - Jun 30 with 1425 views | Highjack |
I nearly got stung once. The salesman and I agreed on a price and when I sat down to sign they had added a load of fees and extras which virtually trebles the monthly payments. If I hadn’t read the thing thoroughly I would have been f*cked. |  |
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| Victor Meldrew moment here on 12:53 - Jul 1 with 1278 views | STID2017 |
| Victor Meldrew moment here on 18:59 - Jun 29 by BytholWyn |
I have mixed feelings about this. On first reading it I have to say I had little sympathy for a student looking to buy a car just to get to lectures (supposedly). But is it right that finance companies (aka car manufacturers) take advantage of the fiscal ignorance of their clients? Was it made clear to her what the total cost would be and what the ramifications would be if she was unable to meet payments?
This is the sort of exploitative capitalism that the hard right Tories stand for - let's rob the ignorant and feckless poor to pay the rich. And Boris wants to get rid of the few regulations we have left post Brexit. I despair. |
This girl is not going to a dead end job and lacking brain cells (supposedly)
She is going to University and yet cannot work out if she can afford £329 for the next five years
Article says "She was persuaded" to buy a £20,000 car - were the Gestapo involved perhaps ?
Sorry but I am sure most of know what we can afford to buy and do so.
Not saying I haven't gone (way) over the planned budget sometimes but I don't go to the media and blame all and sundry
Edit.
I hate finance companies, banks, etc with a vengeance and don't agree they should lend money without proper checks. However when all is said and done, they didn't force her to buy the car [Post edited 1 Jul 2019 12:57]
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