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House Price Crash Forum

shell

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About shell

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  1. London money. Still in full flow.
  2. Great. But can't merv n co just help 'hardworking families' (who've been greedy and stupid enough to get into debt) by just banning repos altogether by some method or another?
  3. Wry laughter. Those effin buggies. That Starbucks / giraffe / wagamama near the library full of them every lunchtime. But not enough schools places . . .
  4. This is weird. Why are so many normal ie non hpc type people happy, no, more than happy to be in debt, run up more debt, then say its perfectly fine to hand back the keys? My friend who suggested I buy now is a public sector worker in a very responsible job. He has kids, cares about their welfare and dislikes criminality. Why do I feel like the mug here? Maybe those willing to take the risk have family members, mums , dads who can bail them out if they get in trouble. If you don't have back up, you'd have to be wiling to suffer big time.
  5. No offence taken. Just glad for the info. I've never had a mortgage or debt for that matter so it's all new-even though I'm not in my 20s anymore! Please please please can you elucidate on what you mean by 'convert it to credit cared or better still tax liability'? Please?
  6. So are you saying it's pot luck. Some people might be unlucky enough to be chased, some might get away scot free? Do some people NOT acknowledge the debt? When you say 'START' chasing you, do you mean they give up chasing you after a bit? How long? Do people move, change their names in order to hide from the debt recovery company? Can't the debt recovery company send bailiffs to knock down your door and take your stuff? And as my friend said, ' how will they chase so many people. If interest rates go up and prices fall, so many will be in the same boat, how will they chase them all?' Or have I missed the boat? Feels like lots of people are already in trouble and the govt know they can't chase them all so the rest of us might as well get a massive house and just sit there and do what everyone else does when TSHTF.
  7. Thanks. Sorry to ask, but what is a recovery agency?
  8. But are you allowed to just 'hand back the keys and walk'? If your mortgage repayments jumped from say £800 to £3000, and the property you had bought had lost say £100,000 in value, can you simply 'hand the keys back and walk away'? If you have savings will they chase you for the missing 100k? If you have a job, do they take some of your salary? If you don't have a job or salary, do they leave you alone for 12 years? No stress, no pain? How does it impact in your life, ESP if you have kids? And as my friend pointed out, how will they pursue so many people, if so many people are all in the same boat? In the 80s people did hand the keys back, walk away, lie low and then apply for a mortgage a few years later. Can this happen again?
  9. I sense this conversation is happening a lot right now . . . Well meaning friend: 'Now interest rates are really low, why don't you buy somewhere? Put down a small deposit, get an interest only mortgage and treat it like cheap rent.' Me: 'What if interest rates go up to 10% like they did in the 80's and I can't afford the mortgage anymore?' Friend: 'They won't. They haven't for years!' Me: 'What if I need to move and can't sell because it's gone into negative equity?' Friend: 'Just rent it out and live somewhere else.' Me: 'But what if the rent doesn't cover the mortgage which might go sky high if interest rates do rise?' Friend: 'Just hand the keys back!' Me: 'Can you really do that?' Friend: 'Yes! What are they gonna do? There would be so many people in the same position they can't put them ALL in prison!' Me: ' But won't they come after me for the money?' Friend: 'Hide your money somewhere. Put it in your partner's name, you put your name on the house.' Please can someone tell me if my friend ( who happens to be £30 k in debt and is on the brink of going into negative equity and thinks they will 'just hand the keys back') is right in all his thinking? We live in a nice-ish area with high rental demand in Brighton. Prices here haven't dropped. Lots of public sector and this-n-that type arty jobs. Thanks!
  10. Interesting responses from good brains. I guess, though, no one knows what's going to happen to house prices. But the general feeling is there will be more printing and more devaluation of currency.
  11. . . . And the effect on house prices? Just wanting to really sharpen the focus.
  12. Thanks. So your theory is this - more printy, more inflation, devalued pound = house prices stagnating or rising with perhaps wage inflation kicking in, in fits and starts, to aid all this? What about unemployment? Cuts? Now Britain's leaving Europe, can it just print money to pay for a zillion fake public sector jobs in order to engineer wage inflation thereby propping house prices?
  13. It would be good to have a thread focussing solely on this. Cameron has taken us out of Europe and made it obvious he wants the UK to become the tax haven of Europe. Maybe Sarkozy and Merkel et al will try and legislate against this. Maybe they can't. Please can anyone give clear reasoning as to why they believe our house prices will go up or down now, and perhaps someone could speculate on what might happen to the pound versus the Euro and dollar. Thank you!
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