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eric pebble

Northern Ireland's Personal Debt Crisis, Examining The Negative Equity Crash And The Quiet Deals

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But this is the crash that never happened to the rest of the UK.

Actually -- as many know -- "prices" away from London have sunk very significantly.... And there has been a MASSIVE & SUSTAINED VI Media PR Campaign to PRETEND that they haven't.... And this campaign is probably working.....

But the simple fact is.....

However, HOWEVER you look at it....

"Prices" are TOTALLY UNSUSTAINABLE....

ALL THAT IS GOING ON NOW IS - THE CAN IS BEING KICKED DOWN THE ROAD....

PEOPLE ARE IN TOTAL DENIAL.....

PRESENT "PRICES" - EVEN THOUGH THEY HAVE COME DOWN SIGNIFICANTLY IN MANY PLACES - ARE TOTALLY -- TOTALLY -- TOTALLY UNSUSTAINABLE......

THEY NEED TO COME DOWN ANOTHER 60-70%.

Edited by eric pebble

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The N.I. figures look scary,

560,000 economically inactive.

200,000 DLA

70,000 JSA

150,000 ESA

220,000 public sector workers

480,000 private sector workers

£620 million annually spent on Housing Benefit.

And we get a £11 billion annual subsidy from London. Thank you very much.

Even with all these figures we still have posters on the N.I. sub-forum telling us BTL is an easy path to riches. The gravy train will never stop chugging along.

35% of all mortgaged households in Northern Ireland are in negative equity.

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The N.I. figures look scary,

560,000 economically inactive.

200,000 DLA

70,000 JSA

150,000 ESA

220,000 public sector workers

480,000 private sector workers

£620 million annually spent on Housing Benefit.

And we get a £11 billion annual subsidy from London. Thank you very much.

Even with all these figures we still have posters on the N.I. sub-forum telling us BTL is an easy path to riches. The gravy train will never stop chugging along.

35% of all mortgaged households in Northern Ireland are in negative equity.

Don't forget the "land border with another European country" to facilitate smuggling, fuel laundering on an industrial scale, segregated schooling and housing estimated to cost billions in duplicated services, and inter community "issues".

EAs claim the average selling price is £130k plus - around 6 times average salary.

You will note from the documentary the finance minister is reluctant to discuss the reality, as it may impact "confidence".

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:D:P Yeah!! :D:P

Wadda Complete C**T he was!!!! B)

Well I must say your stupid and inane comments continue to be pointless. Have you any suggestions on what should or could be done?

The programme puts the borrowers side forward and is critical of the lenders tactics. Do you agree that the lenders should continue with their current strategy because it is all the fault of the borrowers in over committing themselves; albeit that they did not foresee that the economy would crash; or alternatively that the lenders should adopt a different strategy to spread the debt write offs over a wider population on a different basis?

I told you so is not a workable solution, neither does posting in a large or colourful font do anything to make your opinion any more coherent or sensible.

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Northern Ireland's personal debt crisis, examining the negative equity crash and the quiet deals the banks are doing to try to write it off.

Absolutely priceless.

TELLS US EVERYTHING WE KNEW.

A MUST WATCH. AN ABSOLUTE CLASSIC.

http://www.bbc.co.uk/iplayer/episode/b01sgphw/Spotlight_14_05_2013/

But everybody told Gary that he would never lose with bricks and mortar!

Thanks for posting it Eric. I'll watch the rest tonight.

BTW, it was 1st aired on 14/05 right? IIRC the BBC keeps things on their iPlayer for just 7 days, right? If so, I think today is the last day. Last chance to watch it people!

(Unless someone manages to put it on YouTube?)

--------------

Edit: Couldn't resist to watch a little more. Bought for £240k, now worth only £115k. Tragic story of Gary's wife breast cancer... But is it being used to say that lower housing costs are a bad thing? Won't they see the other side: couples now are able to buy good houses for a fair price?

Edited by Tired of Waiting

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Do you agree that the lenders should continue with their current strategy because it is all the fault of the borrowers in over committing themselves; albeit that they did not foresee that the economy would crash; or alternatively that the lenders should adopt a different strategy to spread the debt write offs over a wider population on a different basis?

I told you so is not a workable solution, neither does posting in a large or colourful font do anything to make your opinion any more coherent or sensible.

How is that BTL portfolio of yours faring?

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Edit: Couldn't resist to watch a little more. Bought for £240k, now worth only £115k. Tragic story of Gary's wife breast cancer... But is it being used to say that lower housing costs are a bad thing? Won't they see the other side: couples now are able to buy good houses for a fair price?

Can't understand why he didn't just go bankrupt. If he could show that post-bankruptcy he could make payments on the house, he might even be able to keep it seeing as how it was massively in negative equity.

As it was, he was heading toward a situation where he would lose the house and then have to go bankrupt anyway. Or at least, that's they way that the programme painted it.

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How is that BTL portfolio of yours faring?

:lol:

(...) spread the debt write offs over a wider population on a different basis?

(...)

Would they also spread the property rights? Or just the debt?

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Can't understand why he didn't just go bankrupt. If he could show that post-bankruptcy he could make payments on the house, he might even be able to keep it seeing as how it was massively in negative equity.

As it was, he was heading toward a situation where he would lose the house and then have to go bankrupt anyway. Or at least, that's they way that the programme painted it.

He also lost a £60k deposit, I think. Poor guy. I guess he is trying to live in the property "for free" for as long as the bank will allow him. This bubble is destroying / has destroyed / will destroy many lives.

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:lol:

Would they also spread the property rights? Or just the debt?

Exactly.

Just to be clear, it wasn't a flippant comeback to the position sleepwell holds on the 'plight' of big mortgage debtors, but actually a genuine question. He's previously been quite open about his involvement.

I purchased some properties to rent out a few years ago. Yes I am a buy to let landlord.

I am amazed at some of the resentful emotions expressed by some contributors, obviously tenants.

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  • 276 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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