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How Bad Is It In The Uk, Really?


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I am originally from Ireland, lived there until 2004. The house mania was a bit too much for me and I moved to continental Europe for 3 very happy years (genuinely the obsession with houses was one of the main reasons I left - maybe this sounds odd, I don't know?). I currently live in the UK where, among other things, I convert people to our way of thinking - just converted a colleague today by simply showing him a few sums with an inflation calculator.

But I just wonder how bad it is going to get in the UK. Look at this:

http://www.askaboutmoney.com/showthread.php?t=150241

This is a very common story in Ireland. Search through that forum for many more like it. I know there are people in the UK in serious debt but surely it is not as crazy as this? Or am I just being naive?

Many thanks,

Sceptic81

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The question toward the end of the post, where he/she asks if they can give back the keys and "forget about it" show a frightening ignorance about the consequences of taking on debt.

Questions need to be asked about the "professional advice" they should have received/sought before getting themselves into €370K of debt. The 80K of unsecured debt also needs to be examined..............

Lambs to the slaughter.

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I think its time for secondary schools to stop teaching students useless humanities crud like Religious studies and Geography, and start teaching finance and economics, law and cooking and nutrition and things that actually have some relevance to students.

An american guy i knew did 'street law' at high school and seemed well versed on his rights if a cop gave him hassle, or a shop wasnt following the law properly.

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I had to read that post on Askabout money through my fingers. Proper facepalm stuff.

Going back to the OP's question - there are undoubtedly people out there in negative equity and therefore debt, and those numbers are going to increase. I've heard of couples that have broken but are still living together because they cannot sell at the price they need to in order to not be in negative equity. But you'll bet there will be oodles of people out there with one rental property praying that it doesn't lie empty for even a month.

I just cannot get over peoples attitude that the house prices will just go "up and up forever and ever". Hear it almost every day from the people with mortgages at work.

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Anyway for every problem theres an answer.

http://www.askaboutmoney.com/showthread.php?t=131163

Foreign nationals are travelling to the UK as ‘insolvency tourists’ seeking to become bankrupt under English law because procedures in Britain last 12 months instead of up to nine years on the continent.

http://www.accountancyage.com/aa/news/1748844/bankruptcy-tourists-exploit-uks-lenient-insolvency-laws

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I am originally from Ireland, lived there until 2004. The house mania was a bit too much for me and I moved to continental Europe for 3 very happy years (genuinely the obsession with houses was one of the main reasons I left - maybe this sounds odd, I don't know?). I currently live in the UK where, among other things, I convert people to our way of thinking - just converted a colleague today by simply showing him a few sums with an inflation calculator.

But I just wonder how bad it is going to get in the UK. Look at this:

http://www.askaboutm...ad.php?t=150241

This is a very common story in Ireland. Search through that forum for many more like it. I know there are people in the UK in serious debt but surely it is not as crazy as this? Or am I just being naive?

Many thanks,

Sceptic81

No replies to that Irish thread. Wonder why?

UK debt is just as bad, but most of the corresponding UK negative equity has been magicked away. Looking at you, Mr £.

Also, I think the UK state has much better debtor/banker support schemes. Probably because of the '90s bubble burst.

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I think its time for secondary schools to stop teaching students useless humanities crud like Religious studies and Geography, and start teaching finance and economics, law and cooking and nutrition and things that actually have some relevance to students.

An american guy i knew did 'street law' at high school and seemed well versed on his rights if a cop gave him hassle, or a shop wasnt following the law properly.

Jose Gasset said "you start with the student not the subject".Higher education should be organised on behalf of students not vested institutions.Too many view education simply as training, acquiring marketable skills that will provide pure economic benefits on individuals.

What about enlightened understanding, not just of the technical, but of the spiritual (and I don't mean just religious) qualities and challenges of our lives? The catholic notion of cultivation of the mind is alien to far too many including our political/economic masters.

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If the poster on that Irish forum was in the UK, they would not be in too bad a position. So long as they had the presence of mind to keep up to date with the mortgage on their home, while paying nothing else, it would very much be in their interests simply to go bankrupt. They would then keep their home and carry on paying the mortgage, while all other debts would be written off completly. Any potential future gain in the value of their home would be theirs to keep.

I have no idea what the bankruptcy laws are in Ireland, though.

I have no doubt that there are many similar stories here in the UK waiting to materialise as soon as interest rates begin to rise. The banks (and the government) must be very nervous about the possiblity of mass bankruptcies...

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http://www.askaboutmoney.com/showthread.php?t=150241

We were one of the unlucky ones who bought an apartment in boom years and then moved on to another property and kept the apartment as investment. Now both the investment and our residential property are in major negative equity.

Investment Property Mortgage : 260,000

Investment Property Value : 120,000 approx

Negative Equity : 140,000

Residential Property Mortgage : 350,000

Residential Property Value : 200,000 approx

Negative Equity : 150,000

On top of this we have personal loans - cr union, cr cards, tax liabilities etc of approx 80K

We were getting a rent of 800Euros per month and paid 1000 towards investment property each month. Now the apartment is vacant and there is no way, that we could afford to pay mortgage on the investment.

MG16-02.jpg

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you missed out the most important part " pay for the amount for next 20-25 years. I am OK to do that ".

you can clearly tell shes not British, even being this far fcked she doesnt have the British entitlement / its someone elses problem gene, even if she'll never be able to do so, its a noble statement, if rather deluded

Edited by Tamara De Lempicka
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I am originally from Ireland, lived there until 2004. The house mania was a bit too much for me and I moved to continental Europe for 3 very happy years (genuinely the obsession with houses was one of the main reasons I left - maybe this sounds odd, I don't know?). I currently live in the UK where, among other things, I convert people to our way of thinking - just converted a colleague today by simply showing him a few sums with an inflation calculator.

But I just wonder how bad it is going to get in the UK. Look at this:

http://www.askaboutmoney.com/showthread.php?t=150241

This is a very common story in Ireland. Search through that forum for many more like it. I know there are people in the UK in serious debt but surely it is not as crazy as this? Or am I just being naive?

Many thanks,

Sceptic81

You are right, it does sound odd - rather it sounds like bullcak. You don't leave your country because some other people happen to be obsessed with buying more than one home. Tell us why you moved away.

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You are right, it does sound odd - rather it sounds like bullcak. You don't leave your country because some other people happen to be obsessed with buying more than one home. Tell us why you moved away.

To get away from the hornball priests. Hes probably saved all is mouthwash money from 2004 and invested it in a spanish btl.

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You are right, it does sound odd - rather it sounds like bullcak. You don't leave your country because some other people happen to be obsessed with buying more than one home. Tell us why you moved away.

I guess you're English and don't understand the Irish. We move like the tides - out in the morning, in by evening.

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  • 434 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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