Debt Dumpers 2025

[barkley]

In the UK we have a "savings" vehicle called Premium Bonds - basically you loan money to the goverment and rather than receive interest on this the total interest is gathered together and then there is a monthly prize draw with a few people winning £1,000,000 and then numerous other smaller prizes. Some people never win, others win frequently.

When I was diagnosed with breast cancer I received a payout on a critical illness policy (pays out a lump sum on being diagnosed with one of a number of serious illnesses). We used some of this to buy Premium Bonds - one of the main attractions is that the money is instantly accessible should you need it - as we didn't want to lock it up but wanted to put it slightly out of sight to avoid it being chipped away without noticing. The prize money each month is paid in to a depost account that earns interest.

I have been using mine to cover various trips and other joint travel costs.

Yesterday I discovered how much DH has won - and he hasn't spent any of his. I now know where the money to pay the balance of our trip to Whistler next March is coming from! I was about to start sliding money away into a mental pot to cover it but now I don't need to bother. Hooray.

This was during a call with our financial advisor, who once again told us to retire! But all the time DH's clients are complete chaos he will keep taking their cash.

Though I may make him call time if I have to listen to many more conference calls like some of the mad ones there have been over the last two weeks. So much jargon, no actual actions. No wonder the project is running 200% over target time!

curious-

do you earn no/zero interest on these unless you win?
is the money secured/no risk? if not I can't imagine saving in something I'm not guaranteed even some minimal return on investment with.

gotta be honest-government bonds are not appealing to me, maybe in part b/c I lived/worked near 2 municipalities that declared bankruptcy -i don't know what the ultimate fallout was but at one point the best estimates were that investors were going to lose 50% of their investments

 

[Nettlelondon]

curious-

do you earn no/zero interest on these unless you win?
is the money secured/no risk? if not I can't imagine saving in something I'm not guaranteed even some minimal return on investment with.

gotta be honest-government bonds are not appealing to me, maybe in part b/c I lived/worked near 2 municipalities that declared bankruptcy -i don't know what the ultimate fallout was but at one point the best estimates were that investors were going to lose 50% of their investments

No interest other than the winnings, but any winnings are tax free and the money is secure - or at least if the UK government is declared bankrupt there is a lot more financial rubbish going on!

The return varies - as I say there is no guarantee - but we have done pretty well, about an 8% return each in both of the two years we have had them. I think the least we have won between us is £25 in one month, but most other months have been much more lucrative.

And as I say it is tax free income (but all gambling winnings are tax free here regardless of the source - casino, horse racing, poker playing. I think it is more complex in the US).

 

[Tygerlilly]

Just spent 3 nights at Great Wolf Lodge. The trip was originally going to be 2 nights but we got an email just before check out to extend one more night for $120, so we did. It was expensive, since we didn't know what to expect and splurged. Next time (and we're already planning the next one) we have a better idea what to expect and what is worth spending money on (yes to pizza and wings, absolutely not to the sit down restaurant).