On the never never

[SpokeyDokey]

Nothing wrong with credit whatsoever - have had plenty over the years. Allowed us to afford the things we wanted at the time.

Nowadays we have no debt whatsoever, and everything we want/need, which is rather lovely but I doubt we would be in that position if we had never had any debt.

 

[Dan B]

Car & sofa. And I had a bike on a c2w scheme but that's all paid off now.

I have three (I think) credit card accounts but two of them were only ever opened for balance transfer offers and I haven't purchased anything on any of them for a few years

 

[biggs682]

we swapped bank accounts to a Santander one a while back they now pay us 3% i think on certain transactions , had to be done

 

[SD1]

I always buy on credit cards. Zero interest ones and pay the minimum each month and put the money in a savings account. Pay it all off at the end of the zero period close it down and get another one. So the sausages I bought from the butchers and my beer tab are on the never never.

 

[Drago]

Nothing on the never never. Own both houses now, first recently paid for with divorce settlement from the sale of the marital mansion, the second paid off by insurance when my Wife had to retire due to MS.

My sole bit of never-never is my credit card, which is currently sitting at about a grand. Normally i use it for sundry expenses (fuel, Mars Bars, Porn mags, shopping etc) and pay it off each pay day. Keeps my credit rating ticking over, and gives the purchase protection.

However, just lashed out on a new clutch and master cylinder for the fourbie so it's got this grand on it, the highest I've ever had it despite having a 9 grand limit. I'll pay that off over the next 2 or 3 months.

 

[SD1]

9 grand limit.

Why can't I get a 9 grand limit? I always say I get paid £98,000 a year. All I got from M&S was £3,000 (zero interest). I know £98,000 is a gross exaggeration but they don't know that. Okay I change banks every month or so AND an insurance company actually did credit check for DOG insurance. But still on an imaginary £98,000 you would think I would get at least 9,000?

 

[SD1]

Not fair!

 

[Drago]

I've had the card (MBNA Platinum Plus) for about 10 years. I vaguely recall it had a 5 odd grand limit originally but they've periodically bumped it up over the years, presumably in an effort to tempt me to spend.

I've made the odd big purchase over the years. Bought my daughter's car on it to get the protection, and transferred the cash in later the same day, but that's the exception to my miserly rule.

On a sort of related matter my bank, the Halifax, rang me recently and tried to sell me some type of posh bank account because I earned over £100k a year. I don't know where they got that idea, and when I pointed out that I could barely touch half that if I caned myself stupid in overtime (which I don't), plus the £7200 annual rent I receive (and declare) on my house don't add up to remotely close to 100 big ones, the conversation crashed to an embarrassing halt. It's no wonder the banks are in continuous mire if they have that poor an understanding of their customers.

 

[vernon]

The credit limit on my butler's Coutts' card is good enough to settle the national debt of Greece.

 

[Drago]

Blimey, that's £178, ten times their GDP.

 

[Brains]

Mortgages (I have several at the moment), and also kitchens, (several at the moment) as the cost is the same with or without the finance, so you may as well do finance (and spend the money saved on the mortgages).
I've never bought anything else on the never never, I could pay off the kitchens tomorrow, and if I really needed to, I could clear the mortgages within 3 months.

 

[Ian H]

Circumstances vary. A friend has attained pensionable age whilst still in full possession of an interest-only mortgage. I am more fortunate (and a little younger) in having no debts and a modest income. When I had a business I reckoned once that I was effectively a debt-millionaire with all the borrowings for plant and machinery – scary stuff.