Your Questions About Debt Busting

Lizzie asks…

As part of my ‘debt busting’ plan as well as my full time job, I’m applying for bar work (I also do Avon)

What is the ‘going rate’ per hour at weekends? I’m not expecting the money to be brilliant. It will be in the North West of England (Ashton in Makerfield) to be precise (near Wigan).

John answers:

You could also try ‘mystery shopping’ i do this, it is good fun and you earn money. I also get to go on meals and stay in hotels for nothing.

Mary asks…

Protection when you have savings and debt with one bank?

I understand that if you have a mortgage and savings with one bank, which goes bust, then the debt is deducted from the savings and the balance paid as the protection. But how does this work if the savings are say £70k and the debt £35k? Do you get back the remaining £35k as your ‘protection’, or nothing (as your ‘protection’ is deemed as used to pay off the debt)? Thanks for any information on this.

John answers:

The two are kept separate – so only the first £35K is completely covered. If you have £70K savings and £35K mortgage shouldn’t you consider paying off at least a large part of the mortgage – you will be being charged a lot more interest on the mortgage than you are receiving on the savings.

Betty asks…

Can I escape my debt by leaving the US for Europe?

I have heard of people running off to foreign countries more like Third World, but what about Europe?

What if I wanted to come back to the US would I get busted for my debt?

Now…I’m not doing this, but it’s just a hypothetial question.

John answers:

If you went (or came) to Europe, your debt back in the US would be forgotten after 7 years.
Nobody would “bust” you for owing the money, especially if it is unsecured money.

Sandy asks…

What will happen when people realize that nothing will fill the 1.5 quadrillion black hole debt?

except perhaps the next 10 generations? Credit, banks, Wall Street are going to go bust because the debt is too fast, and if workers don’t pay the debt, their country will tank, but our country won’t have any money since it all will be going into the black hole. Will people riot, and get thrown into the gulag concentration Halliburton work camps?

John answers:

Maybe it will get Americans to get their heads out their butts.

Laura asks…

How would the celtic fans feel if Rangers went bust from being in debt and had to disband?

Also would you still gain pleasure from winning the spl knowing that you have no real rivals
I see you have become a top contributer biatcho :) and emm.. would you be dissapointed if rangers went bust ?

John answers:

Celtix need rangers and rangers need celtic its as simple as that why do u think both them are teaming up to try and get into england because they both need each other and its all for the money if there was no rangers who would come and watch celtic v hamilton and it would not be great to watch us winning the league over adn over again against weak crappy teams like hamilton motherwell stmirren etc

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