I am not a business man so forgive me if this question is stupid. As we were paying no interest on the 'Hayes debt' what benefit is there to clearing it earlier than necessary?
An interest free debt isn't something to worry about though is it? I recently bought some sofas I could have paid for outright on an interest free loan. I can either spend the money on other things or invest it and make money. It's a great thing.
A good point I had considered, although we don't know what 'significant' means. I think we have been far too hasty. After all it was Hayes who created the debt in the first place.
Must admit the same thoughts had been rattling through my head is certainly the announcement. Unless there was a reasonable size carrot being dangled, surely interest free loans should be used to the max. Hadn't posted on the topic till now, in case I was missing the obvious?
I remember they mentioned in one of the early Trust meetings that part of the Trust takeover agreement was that sell on fees from any players who had been initially sold under the previous regime would go to pay Hayes' outstanding debt first
Just paying the loan monthly on an interest free loan is fine if you are confident your income will remain the same, or increase throughout that time period.
But if your income drops significantly after year 1 and can no long afford to pay the loan - what then?
Sometimes it's better to pay for the sofa when you have the money in your account, because for the next 4 years your known monthly out goings are lower, so you don't need as much incoming.
In a football world at the lower end of the league, paying of Hayes is probably the smarter, more stable option.
There's always risk involved in all investments. If that investments goes south, and you have a load of debt that still needs paying off you're doublet screwed.
We still have a lot of debt left over after paying Hayes off - if he was the only debt we had then fair enough. But I do t think we are in that luxurious position.
The Hayes debt was no-interest, and as far as I know, non-conditional. Therefore we should be paying all other debts first before no-interest ones.
By that I mean if it was non-conditional. I forgot the agreement that sell-ons went straight to him as others have pointed out above. Otherwise I think it should have been strung out as long as possible. Unfortunately I don't think this is the end of our involvement with Hayes.
Well it was a very diplomatic line from AH thanking him for his work!
The worry is that our key people don't recognise that SH put us in a lot of trouble. Yes he wrote off some of the original debt, and seems to have made a "donation" to the trust, which is nice, but it shouldn't be forgotten how he seized control and racked up tonnes of it in the first place!
(arguably)
Who can ever forget dropping that "Gizza the club, or welcome to Administration, population YOU" card he sent that season after we'd scraped up with Taylor.
Duberry, Green, Westlake, Oliver from the 6th choice list. "Not here to make the numbers up"
A few games with Duberry and Oliver together, and not quite so.
Was that the year we also had Westwood around, putting in some super slow appalling performances?
We have really been spoilt with centre backs over the years. But that year has to be our worst for them.
Stuart Green was almost a corrupt signing IMHO. Family member. Basically sh1t at football. Who sanctioned that?
Did SH not have first dibs on the transfer money? I'm cool to get him paid off. If he gave a bit back to the club then that's a decent gesture. Does not erode the past but a decent gesture.
I'm pretty sure he was paid up as that was the terms of the agreement. He has first refusal on the Ibe sell on fee. Wonder if Hayes was at Chesterfield today?
The club is doing its best to be debt free after years and years of living off credit and nearly going bankrupt. If they can pay debts off early we should all applaud that.
We have to live within our means like it or not and I fully support this.
Comments
It's one less thing to worry about and now we don't have to deal with the **** anymore.
An interest free debt isn't something to worry about though is it? I recently bought some sofas I could have paid for outright on an interest free loan. I can either spend the money on other things or invest it and make money. It's a great thing.
Possibly the 'significant donation' was a result of early repayment.
A good point I had considered, although we don't know what 'significant' means. I think we have been far too hasty. After all it was Hayes who created the debt in the first place.
Must admit the same thoughts had been rattling through my head is certainly the announcement. Unless there was a reasonable size carrot being dangled, surely interest free loans should be used to the max. Hadn't posted on the topic till now, in case I was missing the obvious?
Also were we aware of the donation sh has made before deciding to pay him off in full? If not seems even more foolish
To answer your question, that was the agreement with Hayes back in 2012.
Thanks Midlander. That explains it, although If it wasn't written down I still think we should have said 'er no actually, we've changed our minds'
I remember they mentioned in one of the early Trust meetings that part of the Trust takeover agreement was that sell on fees from any players who had been initially sold under the previous regime would go to pay Hayes' outstanding debt first
One good thing his name should be off all paperwork!.
And he can now attend matches as a fan once again...
I would give him a banning order!
Just paying the loan monthly on an interest free loan is fine if you are confident your income will remain the same, or increase throughout that time period.
But if your income drops significantly after year 1 and can no long afford to pay the loan - what then?
Sometimes it's better to pay for the sofa when you have the money in your account, because for the next 4 years your known monthly out goings are lower, so you don't need as much incoming.
In a football world at the lower end of the league, paying of Hayes is probably the smarter, more stable option.
It's always better to remove a leech before it takes all your blood!
@TheDancingYak not if you have invested the money wisely
@arnos_grove Looking forward to boiinging with him at New Saltergate tomorrow
There's always risk involved in all investments. If that investments goes south, and you have a load of debt that still needs paying off you're doublet screwed.
We still have a lot of debt left over after paying Hayes off - if he was the only debt we had then fair enough. But I do t think we are in that luxurious position.
The Hayes debt was no-interest, and as far as I know, non-conditional. Therefore we should be paying all other debts first before no-interest ones.
By that I mean if it was non-conditional. I forgot the agreement that sell-ons went straight to him as others have pointed out above. Otherwise I think it should have been strung out as long as possible. Unfortunately I don't think this is the end of our involvement with Hayes.
Well it was a very diplomatic line from AH thanking him for his work!
The worry is that our key people don't recognise that SH put us in a lot of trouble. Yes he wrote off some of the original debt, and seems to have made a "donation" to the trust, which is nice, but it shouldn't be forgotten how he seized control and racked up tonnes of it in the first place!
(arguably)
He should sweep the streets of High Wycombe
Who can ever forget dropping that "Gizza the club, or welcome to Administration, population YOU" card he sent that season after we'd scraped up with Taylor.
Duberry, Green, Westlake, Oliver from the 6th choice list. "Not here to make the numbers up"
Awful time.
@Malone to be fair, I don't remember anyone saying that about Duberry when we signed him. We all certainly were a month later though!
Yep. it seemed pretty exciting.
A few games with Duberry and Oliver together, and not quite so.
Was that the year we also had Westwood around, putting in some super slow appalling performances?
We have really been spoilt with centre backs over the years. But that year has to be our worst for them.
Stuart Green was almost a corrupt signing IMHO. Family member. Basically sh1t at football. Who sanctioned that?
Did SH not have first dibs on the transfer money? I'm cool to get him paid off. If he gave a bit back to the club then that's a decent gesture. Does not erode the past but a decent gesture.
Steve Hayes will buy the club back.
WTF?
@lx congrats on the new sofa. Don't spill any red wine on it
I'm pretty sure he was paid up as that was the terms of the agreement. He has first refusal on the Ibe sell on fee. Wonder if Hayes was at Chesterfield today?
The club is doing its best to be debt free after years and years of living off credit and nearly going bankrupt. If they can pay debts off early we should all applaud that.
We have to live within our means like it or not and I fully support this.
Paying off interest free debts early is idiotic