Martin Lewis (Money saving expert)
Discussion
Skrambles said:
toastybase said:
I followed him and his website to the letter for about 5 years.
I ended up with 70 bank accounts and 43 credit cards plus a mortgage for a house I hadn't bought yet.
My salary went into one account and then split up into the 69 others but I had so many passwords and log ins to remember I ended up employing a team of 4 people to keep track of it all.
Different car for each day of the week all on different finance deals. PPI claimed up to my ears.
I had to call it a day when I couldn't legally use my washing machine on Tuesdays and Thursday's due to the deal I was locked into.
I ended up with 70 bank accounts and 43 credit cards plus a mortgage for a house I hadn't bought yet.
My salary went into one account and then split up into the 69 others but I had so many passwords and log ins to remember I ended up employing a team of 4 people to keep track of it all.
Different car for each day of the week all on different finance deals. PPI claimed up to my ears.
I had to call it a day when I couldn't legally use my washing machine on Tuesdays and Thursday's due to the deal I was locked into.
Edited by toastybase on Wednesday 20th January 14:38
I quite like the Guy, his advice is usually pretty obvious - but then so is that of the Guy my Boss pays a fortune to tell us we need to bring more money in and spend less to make more profit.
The MSE forum is a pretty good source of finanical and consumer advice.
Where it goes wrong for a lot of his true believers is they forget the bit at the start of pretty much everything he says about "if you need..." or "if you have" and like the funny post above people do end up buried in debt, it might be the most effcient, best priced debt for each type of borrowing, but it's still a lot of debt. It's pre-crash, "money is cheap" thinking really.
I've never seen any evidence or serious claims he's taken any 'backhanders' to promote certain products or services.
The MSE forum is a pretty good source of finanical and consumer advice.
Where it goes wrong for a lot of his true believers is they forget the bit at the start of pretty much everything he says about "if you need..." or "if you have" and like the funny post above people do end up buried in debt, it might be the most effcient, best priced debt for each type of borrowing, but it's still a lot of debt. It's pre-crash, "money is cheap" thinking really.
I've never seen any evidence or serious claims he's taken any 'backhanders' to promote certain products or services.
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