Micheal Sheens Million pound debt giveaway
Discussion
New programme on C4 soon. Michele Sheen uses his own money to set up a debt acquisition company and write off people's debts.
https://www.bbc.co.uk/news/articles/cvg1ewdgk7no.a...
https://www.bbc.co.uk/news/articles/cvg1ewdgk7no.a...
I like Michael, I'm guessing its not just people who got into debt by spending on holidays and cars etc?
Debt isn't nice once you lose control of it, but it is within your control to a degree, i have bi polar so I have had a manic episode (mainly due to medication I was on, but that is a whole other story) where I got into debt as the bank sat me down and and threw cards and money at me.
I ended up meeting a girl who was about to travel Australia, so 3 weeks later i was landing in Sydney with 10k in my bank with no intention of paying it back or thinking I'd need to pay it back because I imagined I'd end up killing myself there anyway...
I still think people should take some responsibility of themselves even in the face of banks, certainly back over 20 years ago like my story, being naughty with what they will give people in the hope they get caught out or trapped....
Debt is horrible though.
Debt isn't nice once you lose control of it, but it is within your control to a degree, i have bi polar so I have had a manic episode (mainly due to medication I was on, but that is a whole other story) where I got into debt as the bank sat me down and and threw cards and money at me.
I ended up meeting a girl who was about to travel Australia, so 3 weeks later i was landing in Sydney with 10k in my bank with no intention of paying it back or thinking I'd need to pay it back because I imagined I'd end up killing myself there anyway...
I still think people should take some responsibility of themselves even in the face of banks, certainly back over 20 years ago like my story, being naughty with what they will give people in the hope they get caught out or trapped....
Debt is horrible though.
Kamov said:
I like Michael, I'm guessing its not just people who got into debt by spending on holidays and cars etc?
Debt isn't nice once you lose control of it, but it is within your control to a degree, i have bi polar so I have had a manic episode (mainly due to medication I was on, but that is a whole other story) where I got into debt as the bank sat me down and and threw cards and money at me.
I ended up meeting a girl who was about to travel Australia, so 3 weeks later i was landing in Sydney with 10k in my bank with no intention of paying it back or thinking I'd need to pay it back because I imagined I'd end up killing myself there anyway...
I still think people should take some responsibility of themselves even in the face of banks, certainly back over 20 years ago like my story, being naughty with what they will give people in the hope they get caught out or trapped....
Debt is horrible though.
I've done similar things in the past, and even now, a particularly rough MH day will usually cause me to buy stuff. At least these days I've actually got some money to buy stuff. Debt isn't nice once you lose control of it, but it is within your control to a degree, i have bi polar so I have had a manic episode (mainly due to medication I was on, but that is a whole other story) where I got into debt as the bank sat me down and and threw cards and money at me.
I ended up meeting a girl who was about to travel Australia, so 3 weeks later i was landing in Sydney with 10k in my bank with no intention of paying it back or thinking I'd need to pay it back because I imagined I'd end up killing myself there anyway...
I still think people should take some responsibility of themselves even in the face of banks, certainly back over 20 years ago like my story, being naughty with what they will give people in the hope they get caught out or trapped....
Debt is horrible though.
As for Michael Sheen, he's a great guy, but I think he could have done it a little better. By his own admission many of the people he helped won't even notice.
The market in buying and collecting defaulted debt is a cesspit. A lot of collection agencies are owned by the original creditor owner, they just take on names like "Bayliff" "Solicitor" etc as scare tactics.
If they can't collect it, it's sold for 10% of its original value or less. Even after the courts threw up their arms and surrendered in the form of the CCBC or CNBC who dole out CCJs like confetti it's still a numbers game.
More often than not, the debts are sold over and over in bundles for less and less, finally when the debts are so old they're statue barred and they can't legally enforce them, they're sold for less than 1% of the original figure to firms who send out letters basically asking people to pay 10+-year-old debts on the grounds of morality.
Anyway, the point being, the people who really hit the bottom hard, don't pay. They tend to have more than just one outstanding debt, sometimes dozens, they're all registered as defaulted so they're in all but words 'blacklisted' from credit. No adviser would tell anyone to "pay your way out" of debt like that, there's literally no point. You could pay every single creditor in full and you'd still be in the same position.
Our economy is built on consumers buying lots of stuff they don't need with money they don't have. Our banks promote customer debt in all its forms, "you took could fulfil your dreams with a Loan at 10% APR, or better still a Credit Card at 30% which we'll never even ask you to pay back, you just keep paying the interest forever".
Bad debt is all part of the game, when I worked in Banking the idea of having too little bad debt was worse than having too much, you were leaving money on the table.
Michael would have done more good spending his money on education and advice for consumers.
Yep after my debt issue over 20 years ago i vowed never to be in the same position again, ended up in energy brokerage and made some good money and was able to save, didn't use credits or anything, thought i was doing the right thing until i was told i need to have credit to show i can pay it back, banks seeing someone not using credit is a 'bad thing'...
So i literally had to get 0 percent cards and just make sure i pay them off on time and the banks start to love you again....
Obviously now in my 40's I'm well aware of what is expected of us minions...
I do everything in my power now to never get trapped and be well within my means, its tricky with bi polar as in a depressive mode I think i'm poor and in a manic state grandiosely rich and famous, I'm neither in fact, just comfortable.
But hey, don't get me wrong, its up to me to keep that in check, and for 20 odd years i have, no debt, just play with 0 percent card as per Martin Lewis's instructions...
So i literally had to get 0 percent cards and just make sure i pay them off on time and the banks start to love you again....
Obviously now in my 40's I'm well aware of what is expected of us minions...
I do everything in my power now to never get trapped and be well within my means, its tricky with bi polar as in a depressive mode I think i'm poor and in a manic state grandiosely rich and famous, I'm neither in fact, just comfortable.
But hey, don't get me wrong, its up to me to keep that in check, and for 20 odd years i have, no debt, just play with 0 percent card as per Martin Lewis's instructions...
Dingu said:
Why would anyone want to lend to someone without some reassurance it might be paid back. You wouldn’t lend it to someone on that basis.
There wouldn't be a modern economy if you had to collateralise everything you bought on tick. Maybe that's a bad thing. It would be interesting to know how much dead debt costs us in eventual prices and interest rates.
Not sure what I thought about the programme, really.
There's no doubting that Sheen's motives were genuine. However, I don't think it turned out quite how he hoped it would, because he wasn't able to specifically target families in Port Talbot who had got into debt to buy essentials.
It was also a shame that credit unions and community banks only seemed to get mentioned in passing.
There's no doubting that Sheen's motives were genuine. However, I don't think it turned out quite how he hoped it would, because he wasn't able to specifically target families in Port Talbot who had got into debt to buy essentials.
It was also a shame that credit unions and community banks only seemed to get mentioned in passing.
I've noticed a lot of young drivers rounds my way driving BM's and VAG cars all with pipes that make farting noises and modded, also noticed that many brands are becoming chav cars, Porsche SUV's and Land Rovers (always white), the ability for people to get finance to give off an impression rather than actual affordability makes me question these days just how sympathetic I'd be as a generalisation of people in debt...
I know some are really in debt through desperation, but many are just blindly taking what they can while they can with no real long term outlook of what happens if something goes pop...
Its a tough one. And kind of tip toe around it as one false move and your called a heartless Nazi, or worse a Tory.
I know some are really in debt through desperation, but many are just blindly taking what they can while they can with no real long term outlook of what happens if something goes pop...
Its a tough one. And kind of tip toe around it as one false move and your called a heartless Nazi, or worse a Tory.
C69 said:
Not sure what I thought about the programme, really.
There's no doubting that Sheen's motives were genuine. However, I don't think it turned out quite how he hoped it would, because he wasn't able to specifically target families in Port Talbot who had got into debt to buy essentials.
It was also a shame that credit unions and community banks only seemed to get mentioned in passing.
I watched it, seemed really slow, with the same premise repeated time and time again and in the end rather fizzed out with not the result he hoped for and 900 people helped a bit?There's no doubting that Sheen's motives were genuine. However, I don't think it turned out quite how he hoped it would, because he wasn't able to specifically target families in Port Talbot who had got into debt to buy essentials.
It was also a shame that credit unions and community banks only seemed to get mentioned in passing.
I also got the feeling some of the people he spoke to thought/hoped he would be helping them directly.
hidetheelephants said:
He'd have been better off using the money to set up a credit union and offering debt counselling/advice, it would help many more people.
This, or working directly with ones already in Port Talbot?Got round to watching it and take outs are, I could watch Michael Sheen putting the bins out and be enthralled.
He is truly a lovely bloke with wonderful hair.
I think he really does care and when he cries it feels genuine even though he is an actor.
I still am not sure about people who work needing food banks without going over ins and outs which would seem grotesque.
But I work (part time) and my wife works and have about 4k left after bills / shopping monthly, and if asked we would both say we are struggling because of relatively unnecessary expenditure on kids and just things...
Of course 400 quids worth of free shopping would be ace, but we don't deserve it......
I just think that if actual important bills and shopping comes to more than your monthly in coming then i think you need help and food banks.
If you cover your bills easy and shopping but then get all the pointless trappings, then you cant really get handouts....
Why does that sound harsh even writing it?
He is truly a lovely bloke with wonderful hair.
I think he really does care and when he cries it feels genuine even though he is an actor.
I still am not sure about people who work needing food banks without going over ins and outs which would seem grotesque.
But I work (part time) and my wife works and have about 4k left after bills / shopping monthly, and if asked we would both say we are struggling because of relatively unnecessary expenditure on kids and just things...
Of course 400 quids worth of free shopping would be ace, but we don't deserve it......
I just think that if actual important bills and shopping comes to more than your monthly in coming then i think you need help and food banks.
If you cover your bills easy and shopping but then get all the pointless trappings, then you cant really get handouts....
Why does that sound harsh even writing it?
Kamov said:
Got round to watching it and take outs are, I could watch Michael Sheen putting the bins out and be enthralled.
He is truly a lovely bloke with wonderful hair.
I think he really does care and when he cries it feels genuine even though he is an actor.
I still am not sure about people who work needing food banks without going over ins and outs which would seem grotesque.
But I work (part time) and my wife works and have about 4k left after bills / shopping monthly, and if asked we would both say we are struggling because of relatively unnecessary expenditure on kids and just things...
Of course 400 quids worth of free shopping would be ace, but we don't deserve it......
I just think that if actual important bills and shopping comes to more than your monthly in coming then i think you need help and food banks.
If you cover your bills easy and shopping but then get all the pointless trappings, then you cant really get handouts....
Why does that sound harsh even writing it?
You've got £48k a year in disposable income, but think that you are struggling?He is truly a lovely bloke with wonderful hair.
I think he really does care and when he cries it feels genuine even though he is an actor.
I still am not sure about people who work needing food banks without going over ins and outs which would seem grotesque.
But I work (part time) and my wife works and have about 4k left after bills / shopping monthly, and if asked we would both say we are struggling because of relatively unnecessary expenditure on kids and just things...
Of course 400 quids worth of free shopping would be ace, but we don't deserve it......
I just think that if actual important bills and shopping comes to more than your monthly in coming then i think you need help and food banks.
If you cover your bills easy and shopping but then get all the pointless trappings, then you cant really get handouts....
Why does that sound harsh even writing it?
A great idea and fantastic that he went through with it, but made for dull program given the limitations.
I wasn't sure about the stuff on the big 4 banks, which seemed a bit like a separate issue. Them taking on more consumer type debt could create as many problems as it solves.
As said above, encouraging credit unions into the area or a Bank of Dave approach would have had a direct impact on the community he obviously cares deeply about. Though given his record I doubt it will be the last time he tries to help or puts his hand in his pocket.
I wasn't sure about the stuff on the big 4 banks, which seemed a bit like a separate issue. Them taking on more consumer type debt could create as many problems as it solves.
As said above, encouraging credit unions into the area or a Bank of Dave approach would have had a direct impact on the community he obviously cares deeply about. Though given his record I doubt it will be the last time he tries to help or puts his hand in his pocket.
boyse7en said:
You've got £48k a year in disposable income, but think that you are struggling?
That's my clumsy point though, perception is a big thing, so I worry about stuff, my wife worries about stuff, our perception away from looking at a spread sheet is we are struggling because everything is going up and everyone talks about cost of living.So for sure it would be demented for us to go to a food bank, but i think there are, in fact i know there are, people who use them based on their perception of struggle, when really its because they want a certain bunch of things which we've become accustomed to having.
I guess its like this someone saying they are struggling to pay for the horses, and someone is struggling to pay the rent, use the same words.
So in our case we say we are struggling or at least have a worry about making sure everything is paid for like most people.
What is left after bills and what people chose to spend that on can mean someone with 2k left after main bills could easily be in a similar position to someone with 200 quid left if they spunked money away on stupid stuff, question is which one really is more deserving of food banks and handouts... for me its the person with 200 quid left after bills but has no other thrills.
I watched it and was impressed with what he achieved, but unfortunately the whole premise of not being able to know who he'd helped made it feel a bit unsatisfactory and it sort of 'fizzled' out at the end. Hopefully they'll do a follow-up if he manages to get anywhere with the Fair Banking Act.
But, what a lovely, lovely, bloke and I could just listen to him speak all day
With all due respect to the poster above, though, to describe yourself as 'struggling' with £4k spare in the bank every month! How very PH! Our whole monthly income is less than you have left over!
But, what a lovely, lovely, bloke and I could just listen to him speak all day
With all due respect to the poster above, though, to describe yourself as 'struggling' with £4k spare in the bank every month! How very PH! Our whole monthly income is less than you have left over!
My daughter is a single mum, uses local community fridge, after husband (the a
hole) ran up huge debts, hardly worked and killed himself last year.
She works 4 days a week, two kids, and struggles, even with us helping out...
How the fk someone with 4k left to spend after bills think they are struggling, could only be on PH.
hole) ran up huge debts, hardly worked and killed himself last year.She works 4 days a week, two kids, and struggles, even with us helping out...
How the f
k someone with 4k left to spend after bills think they are struggling, could only be on PH.moorx said:
I watched it and was impressed with what he achieved, but unfortunately the whole premise of not being able to know who he'd helped made it feel a bit unsatisfactory and it sort of 'fizzled' out at the end. Hopefully they'll do a follow-up if he manages to get anywhere with the Fair Banking Act.
But, what a lovely, lovely, bloke and I could just listen to him speak all day
Agreed, it seemed to just end abruptly, I assumed there was a further episode. Great that he helped a lot of people, but the “big reveal” seemed to be “I’ve helped a lot of people, but none of them are you”. But, what a lovely, lovely, bloke and I could just listen to him speak all day
Byker28i said:
My daughter is a single mum, uses local community fridge, after husband (the ahole) ran up huge debts, hardly worked and killed himself last year.
She works 4 days a week, two kids, and struggles, even with us helping out...
How the fk someone with 4k left to spend after bills think they are struggling, could only be on PH.
She sounds like someone deserving of some help, and the sort of person the programme maybe should have been aimed at. hole) ran up huge debts, hardly worked and killed himself last year.She works 4 days a week, two kids, and struggles, even with us helping out...
How the f
k someone with 4k left to spend after bills think they are struggling, could only be on PH.I recorded it and only watched it today, but I'll admit I had lost interest half-way through so I deleted it.
I don't have a mortgage and live in a single-person household, but on workplace pensions I don't get £2.5K a month before paying bills. If I had £4K a month after bills I'd feel like a Lottery winner!
Byker28i said:
My daughter is a single mum, uses local community fridge, after husband (the ahole) ran up huge debts, hardly worked and killed himself last year.
She works 4 days a week, two kids, and struggles, even with us helping out...
How the fk someone with 4k left to spend after bills think they are struggling, could only be on PH.
The poster admitted THE point was clumsily written but that they are trying to put things into perspective by suggesting there are people out there who would happily utilise food bank services with £4000 spare a month because they don't want to give up the nice to have items in their lives.hole) ran up huge debts, hardly worked and killed himself last year.She works 4 days a week, two kids, and struggles, even with us helping out...
How the f
k someone with 4k left to spend after bills think they are struggling, could only be on PH.Gassing Station | TV, Film, Streaming & Radio | Top of Page | What's New | My Stuff