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Story From A Friend


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#1 FedupTeddiBear

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Posted 29 January 2012 - 04:35 PM

A friend phoned last night - haven't heard from him in ages.
SA bloke, living in London, who has lots of mates from various non-EU countries - not only SA but also Oz, NZ, Zim etc. He has a UK passport and looks set to stay here permanently (his mum is English.) Many of his friends have now moved back home once their 2-year work visas expired.
He was saying how some of them have taken advantage of the fact that while here they were able to borrow thousands (one young woman had borrowed over 40K) - used this for living expenses, partying, travel, even to buy air tickets to fly back and forth to country of origin, including final return flight home.
They then leave all their debts behind when they go back, hoping that the banks won't be after them.
Some have been back for over 5 years and have heard nothing from the banks they owe money to. Their UK debts do not seem to have affected their ability to borrow / get mortgages etc in their own countries.
Although if these visitors ever try to return they will probably have trouble, surely it is utter idiocy for banks to lend thousands to people who are here on temporary visas?

#2 Si1

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Posted 29 January 2012 - 04:44 PM

Although if these visitors ever try to return they will probably have trouble, surely it is utter idiocy for banks to lend thousands to people who are here on temporary visas?


only idiocy in the event they are not underwritten by the taxpayer, unfortunately

#3 Keep Walking

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Posted 29 January 2012 - 04:52 PM

A friend phoned last night - haven't heard from him in ages.
SA bloke, living in London, who has lots of mates from various non-EU countries - not only SA but also Oz, NZ, Zim etc. He has a UK passport and looks set to stay here permanently (his mum is English.) Many of his friends have now moved back home once their 2-year work visas expired.
He was saying how some of them have taken advantage of the fact that while here they were able to borrow thousands (one young woman had borrowed over 40K) - used this for living expenses, partying, travel, even to buy air tickets to fly back and forth to country of origin, including final return flight home.
They then leave all their debts behind when they go back, hoping that the banks won't be after them.
Some have been back for over 5 years and have heard nothing from the banks they owe money to. Their UK debts do not seem to have affected their ability to borrow / get mortgages etc in their own countries.
Although if these visitors ever try to return they will probably have trouble, surely it is utter idiocy for banks to lend thousands to people who are here on temporary visas?


If the population care of the politicians, underwrite's their risk. Why will they ever do anything but attempt to increase debt, by created money. Which is all in the false economy, having no reality to trade?
It is when you realise that father christmas is a made up story, that you often enjoy christmas less.
Predictions for 2011

1. Bond yields to increase across the developed world, raising interest rates, dropping asset prices & heralding deflation.
2. Political change; eurozone change shape & size, that is smaller & leaner. Global armies retreating from foreign lands.
3. Bubble trouble - Gold and Silver & all other commodities will burst with china's bubble popping.
4. Civil unrest with increasing divisions in all societies becoming evident as the population questions their inhabited, (hierarchical) structure.[/size]

#4 FedupTeddiBear

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Posted 29 January 2012 - 04:59 PM

only idiocy in the event they are not underwritten by the taxpayer, unfortunately


How long will it be before the UK taxpayer is supporting every sponger on the planet?
There is far more to Benefits tourism than many realise.

#5 Paul77

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Posted 29 January 2012 - 05:13 PM

Are you sure? When I've moved to the UK back in 2004, I couldn't get any credit card for around 2 years! Then I was given a Barclaycard with an astonish limit of 260. No chance to borrow even a few grands for a car. It was after 4 years of continous work & funding my bank account to be very easy to get any credit card or a loan... and being from Poland, I was enjoying a kind of PR status (unlimited stay). Just wondering how they've managed to borrow this money as I couldn't?

#6 7 Year Itch

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Posted 29 January 2012 - 05:21 PM

I know a Cypriot who does similar. Unpaid rent, utilities and any loans/cards he can get. Flits back and for every couple of years to do it again.

There is no ladder.

JY


No need to sell up, the next phase of the economics cycle is going to be very positive for anyone that owns property.

All I'm sayings is, don't listen to the property bears people, they are wrong.


#7 FedupTeddiBear

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Posted 29 January 2012 - 06:13 PM

Are you sure? When I've moved to the UK back in 2004, I couldn't get any credit card for around 2 years! Then I was given a Barclaycard with an astonish limit of 260. No chance to borrow even a few grands for a car. It was after 4 years of continous work & funding my bank account to be very easy to get any credit card or a loan... and being from Poland, I was enjoying a kind of PR status (unlimited stay). Just wondering how they've managed to borrow this money as I couldn't?


Perhaps it depends on the bank. I know of people who opened bank accounts through a travel agency that helps young foreigners get started (also with jobs such as bar work and cleaning) when arriving in a new country. It is possible to get a credit card with a low limit attached to this account. Once spending starts on the credit card and the minimum payments are met every month, the limit goes up really fast and it becomes easier to get other credit cards. Without the initial helping hand it is impossible to even get a store card. This was certainly true several years ago - some people make their minimum payments using revolving credit - that way it is (was?) easy to increase the limit on several cards at once.

Edit: removed the name of the agency because there are several and I may not have correctly remembered which one(s) helped with the bank accounts.

Edited by FedupTeddiBear, 29 January 2012 - 06:19 PM.


#8 bonse

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Posted 01 February 2012 - 02:47 PM

it will a bit more difficult to get credit today but 10 years ago banks etc where lending to everyone, as a preious poster said apply for the card then make sure it is paid off every month, and they will increase your limit.




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