Oh Dear: What happens when you borrow against the house for a get rich scheme

[MarillionFan]

MF how's your BTL plans coming along from the pension's thread, you manged to trick the banks to give you more mortgages than you can handle

Sorted. I pulled all the VAT and Corporation tax out of my LTD to cover the shortfall.

Not stoopid me.

[TheFaQQer]

I fail to see why his son can't go to university.

I fail to see why he doesn't send the other children of school age to school - dropping from 12 GCSE's to 5 just to home school (particularly when you acknowledge that you have no qualifications or skills yourself, and nor does your wife) seems a little strange to say the least.

[SimonMac]

Sorted. I pulled all the VAT and Corporation tax out of my LTD to cover the shortfall.

Not stoopid me.

[The_Equalizer]

WTF is it with middle-upper class and coloured cords?

Mustard, Green and Red are the usual offending colours.

anyway....

I think it's the 'we have so much cash it doesn't matter what we wear'. I've seen it a lot of this at smarter auctions. It's as much a uniform as tracksuits are at the other end of the social scale.

[doodab]

Indeed, I'd never put my little ones Persephone, Theodore and Clarence through this nightmare.

Persephone is a cool name for a girl IMO.

[Pondlife]

I think it's the 'we have so much cash it doesn't matter what we wear' inbreeding. I've seen it a lot of this at smarter auctions. It's as much a uniform as tracksuits are at the other end of the social scale.

FTFY

It's also why they don't want their kids to go to the local comp. If one of the precious darlings gets knocked up by some local peasant it will dilute their special gene pool.

[Mich the Tester]

Easter's 8th of April this year and 'the season' will start after that; he needs to negotiate a couple of weeks delay with the bank and then he can throw three debutantes into the London season with a reasonable chance of rescuing something from all this. Just give the girls a George Osborne speech beforehand; 'we're all in this together'.

Son looks a bit useless and might have to be sold to a sausage factory.

By the way, in some ways I sympathise and in some ways I don't; people try to succeed in business, some do, some don't, some do and then lose it all. But he took a risk that was pretty opaque; he'll learn from that. On the other hand, the bank could use a bit more sense; if he's built up a good business before then he can probably do it again, so busting him before he has the chance seems a bit silly. Mind you, I get the impression that having bought the old family home he just wanted more and more, including sending 4 kids to private school; somewhere you have to decide you've got enough and you shouldn't take risks to get even more.

[MarillionFan]

FTFY

It's also why they don't want their kids to go to the local comp. If one of the precious darlings gets knocked up by some local peasant it will add to their limited gene pool.

ftfy

[Joeman]

Mind you, I get the impression that having bought the old family home he just wanted more and more, including sending 4 kids to private school; somewhere you have to decide you've got enough and you shouldn't take risks to get even more.

never buy anything unless you can afford to buy two.. thats my old grannies motto that she still lives by today, and shes done very well runing her own businesses over the years..

[TheFaQQer]

On the other hand, the bank could use a bit more sense; if he's built up a good business before then he can probably do it again, so busting him before he has the chance seems a bit silly.

The question is how is he ever going to be in a position to pay off the debt? The family clearly lived beyond their means, and are paying the price for it.

I have no more sympathy for him than for any dole scrounger who has spent their money on fags and booze and now has no money to pay for rent and food.