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More Hbos Write Offs

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http://business.timesonline.co.uk/tol/busi...icle6493371.ece

£450m FFS

It seriously looks like a large percentage of UK company 'profits' were actually just ridiculously lax lending by HBOS.

Hornby's off to Boots, where he'll feel right at home at another vastly overleveraged business (wonder how much HBOS lent them under his tenure). Crosby has, criminally, escaped a lot of widespread public opprobrium, same goes for Peter Cummings too. If they faced any less accountability they'd be forced to become government ministers.

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why does the idea of write offs make me really angry?

just so were clear, a write of is when you dont bother to collect money that is owed?

or in other words money that you gave away for free?

can i have some write offs please sir?

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You will all be relieved to her that Mr and Mrs HTBB are having a great summer in their Dorset Restaurant and comfortably affording loan repayments on their HBOS business loan. Taxpayer / shareholder value is well looked after in this neck of the woods! ;)

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You will all be relieved to her that Mr and Mrs HTBB are having a great summer in their Dorset Restaurant and comfortably affording loan repayments on their HBOS business loan. Taxpayer / shareholder value is well looked after in this neck of the woods! ;)

I don't think they really expect loans back at HBOS. Your consistent repayments will be making work for someone there. ;)

Glad to hear trade is buoyant.

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I don't think they really expect loans back at HBOS. Your consistent repayments will be making work for someone there. ;)

Glad to hear trade is buoyant.

You mean they don't expect us to pay it back!?!?!?!?

With base rates at 0.5%, and our repayments fixed, it is great to see the principle debt shrink by much larger chunks each month

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You mean they don't expect us to pay it back!?!?!?!?

With base rates at 0.5%, and our repayments fixed, it is great to see the principle debt shrink by much larger chunks each month

ah, productive lending...that will never do, and as you have just proved, entirely unprofitable for the banks.

better to get a year or twos payments on a large loan, then to write it off for tax breaks and a sale to the debt hounds.

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why does the idea of write offs make me really angry?

just so were clear, a write of is when you dont bother to collect money that is owed?

or in other words money that you gave away for free?

can i have some write offs please sir?

Yes but isn't it the case if they write enough off the taxpayer then starts to give them £1 for every £1 written off?

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Yes but isn't it the case if they write enough off the taxpayer then starts to give them £1 for every £1 written off?

a write off comes off the bottom line. so the pretax profits fall. they are taxed on the remainder.

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a write off comes off the bottom line. so the pretax profits fall. they are taxed on the remainder.

I was meaning that hasn't the got underwritten the losses of the banks? ie once they hit a magic figure the bank no longer loses the money on the loan as it's the taxpayer that foots the bill?

Someone on here mentioned that the banks will have an incentive to write off as much as they can of bad loans because it will be the taxpayer that foots the bill.

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I was meaning that hasn't the got underwritten the losses of the banks? ie once they hit a magic figure the bank no longer loses the money on the loan as it's the taxpayer that foots the bill?

Someone on here mentioned that the banks will have an incentive to write off as much as they can of bad loans because it will be the taxpayer that foots the bill.

well, if tha bank is supported by taxpayers money, then yes, the write off will increase the time to payback, indeed, the writeoffs could make a bank quickly insolvent.

but with some banks having books bigger by many times than the government tax take, there will have to be limits.

theres a thought....if everyone stopped paying....how long would the system last...my bet is 30 days.

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So you advocate everyone cancelling there direct debits then?

And we all play chicken?

might work.

if they thought it was bad before with 5% defaulters........

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I'm not annoyed over write offs.

I'm annoyed there haven't been any arrests, or huge law suits, for packaging this cr*p up and selling them as Grade A investment bonds.

Like the MP's "we paid it back" wouldn't work for me if I went on a shop lifting spree in Waitrose.

The laws are applied for the general populance, but the banking and political elites go scott free.

So if you are going to committ fraud, just do it on a massive scale.

Edited by HostPaul TAFKA Rover2000

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http://business.timesonline.co.uk/tol/busi...icle6493371.ece

£450m FFS

It seriously looks like a large percentage of UK company 'profits' were actually just ridiculously lax lending by HBOS.

Hornby's off to Boots, where he'll feel right at home at another vastly overleveraged business (wonder how much HBOS lent them under his tenure). Crosby has, criminally, escaped a lot of widespread public opprobrium, same goes for Peter Cummings too. If they faced any less accountability they'd be forced to become government ministers.

Any good loans they made?

Yes - lots of their staff have base rate mortgages as part of their benefits.

Oh....

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