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House Price Crash Forum


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Everything posted by 24gray24

  1. Is it correct to say the government is providing money to the banks, and have come to some agreement with the banks on what the banks are going to do with it; but neither of them are telling us what the banks agreed to do?
  2. The government put out a warning that BTL should be paying tax on their rents, a year or so back, and pointed out it was very easy for IR to find out from the land registry who was BTLing. My suspicion is that thousands upon thousands of BTLers are not actually paying tax on their rents (and the government decided not to collect it because they didn't want to upset the housing market). If so, it's likely to be one easy way the government can collect tax now it's desperate and house prices are in free fall anyway...
  3. Just as a matter of interest, if the bank repossesses your house and then sells it for a loss, it doesn't necessarily lose. It just waits 12 years until you've built up some more assets and forgotten about it, and then comes after you for the loss (plus 12 years interest).
  4. Would the press report it? Would the press even report the start of a real bank run?
  5. shell shocked bankrupts, pinch faced desperation, angry old businessmen,millions of unemployed, politicians saying "trust us"... much better music, young people having a good time, dirt cheap goods, sardonic humour, rich bankers lounging in luxury on the cote d'azur.
  6. Translation: The winners need stability to keep their winnings
  7. i was a bit sad reading these posts. The English language is wiping out languages all over the world. It's just too essential for business. But that's no reason to let Welsh die, as it has its own literature and history and god knows what pre-roman secrets. Canada has a similar problem with French Quebec. People in English Canada can't see why they don't all just give up and speak English (the quebecois are all bilingual). And there's a similar problem with government giving business grief with all the pro-french regulations. But what the English Canadians don't seem to see is that business convenience isn't the be all and end all of life and Canada is a much more interesting place for having French culture than without it. Do you remember the french prime minister's wife, who offered herself to Mick Jagger with no panties on at a rolling stones concert? Made me proud to be canadian. How cool was that. Or how hot rather. (okay, I was about 10 at the time). And the french prime ministers' reaction? Sang froid. a gallic shrug, a phrase, a gesture: women. The same employers who resent paying a penny for welsh would also resent paying more than £1 an hour in wages if that were still legal. 200 years ago they were arguing against the abolition of the slave trade. They'd euthenase their own grandmothers rather than pay for a care home if they could. Why not take a few leaves out of the Quebecers book? On meeting a new customer: 'pleased to meet you sir, step right this way".On being served with court documents: je ne parle pas anglais, faxed back. But the best cards the Quebecers have are: better cuisine, the most pretty cities, an entirely unjustified but nevertheless persistent reputation for having sexier women, and a lingering suspicion that they have a better way of life and are more cosmopolitan. All boll4cks of course. The women actually look like fridges. Montreal is an ice box. The hot tub is used mostly for fermenting leaves. And they eat at MacDonalds most of the time like everybody else. Even the French think they are the most unutterable peasants. But somehow they get away with it. It's just innately cool to speak another language and walk around with the miasma of a thousand years of unknown culture every step you take. Red Indians play the same game. Deep ancient wisdom. Just don't mention the ski-doo. A tall order admittedly, if you're standing in the sodding rain in Abergavenny.
  8. A tentative summary of the above is: the population is going down. House prices should therefore be in long term decline even if there had never been a house price boom. The assumption behind building more and more houses was that everyone wants to live on their own and then have a nuclear family, but people are putting off families, thus making the decline worse and worse. As the population goes down, rental yields from flats and family house prices are both likely to go down. So BTL on the assumption that future rents will stay stable or go up looks like a bad bet. Comment: this ignores immigration, which has been government policy (partly to solve the pensions problem)
  9. Vast numbers of people are going to get their houses repossessed. The banks will sell houses, at a colossal loss, and people will still owe the (big) difference. If they disappear, the bank will wait 12 years until they come back and build up some assets, and then come for them. So, the banks won't have to pay their debts, but the people will. They'll also pay the banks' debts. I don't see why the banks get forgiven their debts, but people don't. The liar loans are going to have far less sympathy from the courts than the honest ones, but I can't see anyone being forgiven their debts, except the banks. The liar loans main problem is they'll have bigger debts still outstanding for 12 years than anyone else, and no home. Looked at that way, they should really be called sucker loans. Liar loans is probably what the mortgage companies called them when they were issuing them. (ie they weren't relying on the the lies being true, they were relying on the prices staying up, but when it comes to court, they'll claim they didn't know liar loans were for liars). I feel sorry for them. The banks created the bubble, don't blame the biggest suckers of all.
  10. I'm amazed that only half are leaving. A couple of million quid in their pockets. Knew in 2007 it was all ending in America, so plenty of time to sell up at good prices. And if they stay, they might get had up. Certainly be taxed to death. Of course they're all leaving. The world is their oyster.
  11. Don't worry: I've left Gordon Brown minding the shop.
  12. When is it going to hit the shore is a bit vague. Select from any of the following: Eastern european banks going bust? euro disintegrate or go bust? Uk banks go bust? Pound collapses? Cash becomes unavailable? The banking mafia can come to any door first. As long as Gordon Brown is paying payola, they'll give us a little more time. When you stop paying payola, then they come and break your economy. So who's still paying payola? Gordon. Germany and france, though they're still trying to decide if they'll pay payola for eastern europe. Okay, so the mafia is coming for eastern europe first, cause they aren't paying and Germany has to decide. If it's yes, they give eastern europe a little more time etc. Injin, why do you think April?
  13. My tuppence worth is this: try to remember if you signed any personal guarantees. Ask the bank when you go in, and ask for the original back plus written confirmation that it is cancelled. Banks are always passing pieces of paper over at meetings, which turn out to be personal guarantees later. Find out what other paperwork they've got. Get it all back. Second: don't be surprised it the bank manager is waiting to ambush you on arrival, with a demand for the overdraft to be repaid immediately or some such, and a piece of paper for you to sign. If you want to tease the bank employees do any or all of the following: Ask to see a copy of their passport, so you can check their identity. Ask them how much they earn. Ask what happens to your money if the bank goes bust.
  14. This is just a common sense question IMO. I'd keep your eyes on the prize, and not go haring down side alleys. You won the case, right? They're appealing on the basis of a pack of ahem allegations about your integrity. By all means go and see a solicitor, but I can't see the point of starting a second court case when your original aim was simply to win the first. It's like having a war on two fronts, one with the other side and the second with some solicitor. Why bother? If A is having a court case against B, why go haring off and start a fight with B's solicitor? Concentrate on winning the main case. Why not just send him a bottle of whiskey, and a card saying you are confident he doesn't personally believe a word of what he is alleging about you. It's a lot cheaper than a court case, and has much the same effect as a hand grenade IMO.
  15. My view is that if the government lets all the banks (bar one) go bust, and doesn't waste a single penny of taxpayer's money on any of them, then they will all magically be a lot more careful about how much they lend. The last thing we need is another empire of bureaucrats, pretending to regulate when they can't keep up; the city boys will always run rings round them. The reason the government will not let the banks go bust, is ... remind me someone, I can't for the life of me remember. Incidentally, once a major high street bank goes bust despite the government's efforts, everyone will take all their money out of the remaining banks anyway, so they won't have anything to lend.
  16. The conservatives are the party of the bankers. Individual labour party leaders have negotiated nice fat pay deals from the banks when they leave office, in return for letting the banks do whatever the like in the meantime. Blair got £2m salary from a bank when he left office. I suspect Gormless Clown has negotiated something similar. That's why Brown is looting the currency to subsidise the bankers. Accountability? How could that ever happen? Whether it's Tory or Labour, both want to help the bankers at taxpayers expense. Third parties have no chance of being elected, and knit your own sandals isn't what's wanted anyway.
  17. overseas investor: leaving the money in the bank and relying on the Austrian government's guarantee is even sillier. Which do you think is worth more: 100 euros under the bed, or a government promise that may not be honoured? At least under the bed she's got the money. In a bust bank, she's only got an empty promise. When banks fail, the devil takes the hindmost 90%. Besides, there's always a safety deposit box option if she doesn't like the mattress. Still not as silly as leaving it in a failing bank. People are always going on about theft, but when was your house last robbed? If she leaves it in a failing bank, it's going to be robbed for certain.
  18. Must never under-estimate the common sense of the Germans; they still remember the Weimar inflation...so when the austrian banks are going bust and asking for a bail-out, the Germans, realising the futility of it, may very sensibly say: "No". That will put the cat among the pigeons! And it's the sensible thing for the Euro to do, if it doesn't want to disappear as a currency...
  19. Relying on any deposit guarantee from the Austrian government means, in effect, betting that the Austrian government will have the money to pay it. Is there any evidence the austrian government has that kind of money? and that it won't spend it on a vain attempt to pay the banks' other losses instead (as is happening in the UK)? If not, daddy has to get the money under the mattress or in a safety deposit box (if that's safe in law).
  20. she could ask daddy if her money would be all right if it went in a safety deposit box, and could she change some of it to dollars. Better than going down with the bank, depending on what law is in Austria.
  21. Mr Fildi101: but is a bank default actually avoidable?? If the banks owe a zillion, and they do, and the government cannot pay those losses without creating hyperinflation, isn't a bank default inevitable?
  22. yes, go to Citizens advice, but don't let them get too legalistic on you. lawyers tend to think strictly in terms of legal rights. Legally, I think landlord has to go to court to get you out, which takes a while; at least a month or two. If he wants you out pronto, he may be willing to pay your moving costs or some such to get out on the day, whatever the law says, just to avoid the hassle factor of taking you to court. try and negotiate a deal that's happy for everyone. I think it's a criminal offence to chuck you out bodily on the due date, but ask CAB.
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