The credit check is apparently not working

Thursday was the first episode of the new season of Luxury Trap. A program that I usually follow and write about here a little now and then. Sometimes there may be good ideas to pick up and sometimes you just get annoyed.

Unfortunately, there is a little too much entertainment about the program

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We know as well that it is expensive to smoke and cook a lot of sweets. A little more financial tips would be nice to see and then it definitely does not have to be a lot of time but just to tell a little more about what the program managers are doing.

But that is not what I was really thinking about complaining about, but this does not seem to work directly with credit checks.

Those who were in this section had a mortgage of 700,000 I have for me. They then had private loans of 1.1 million, which meant that their total debt was 1.8 million. Which in itself does not have to be so dangerous.

If you have the money to pay back the interest

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Can’t remember exactly how much interest amounted to each month on the private loan but it was 15,000 or similar. To this is added a thousand dollars on the mortgage. The total sum is thus slightly below SEK 20,000 per month. To be able to pay so much in interest, you really need a good salary.

However, this couple did not have this when the man was a plumber and got a okay salary. The woman was maternally unemployed and did not receive many thousands a month, especially considering that she had a measure of her income from the Crown Magistrate. Guess this means that it was only the man who stood on the loans as the woman is hardly approved on an application.

There is no money left over each month to pay off a lot of expensive loans

There is no money left over each month to pay off a lot of expensive loans

Nor was it that they had a private loan that was taken at a time when they were good with money, but there were many. The credit review which then says that the income which was around SEK 25,000 a month can handle another loan, I find it difficult to see.

They also have two children, which means let’s say at least SEK 4,000 in food every month and then you eat easily. Then there are the usual housing costs such as water, electricity and heating. No matter how one calculates.

I clearly think that it is the borrower who is responsible for his finances. It is not right to blame a company that has lent money as it is not something that forces its customers. However, I do not understand how this couple has been able to get so many private loans since they obviously can not afford it. If the couple has SEK 25,000 in income, they cannot have private loans of 1.1 million as simple as that. A credit check that does not detect this in my eyes is worthless.

 

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