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A friend of a friend has told me NW let go several contractors yesterday. 

The logged on to work and weren't able to, then they got an email telling them they no longer have a contract.

Locked out before they went Rogue, I'd guess.

A project of 200 to 300, reduced to 100 then 0.

I bet you dont hear about these job losses in the news.

Not sure what to make of this other snippet she told me......

NW are preparing to write off bad debts of anyone who can't pay.

Maybe the loons who said we'd end up with Helicopter money and debt forgiveness was right.

If this is right then I am horrified at this, the people in debt have won, TPTB will do anything to keep the plates spinning.

It kind of makes sense when you see gold and silver heading to the moon, the £ will be trashed.  The only upside is they'll have to raise rates sooner rather than later.

You heard it here first.

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4 minutes ago, TheCountOfNowhere said:

Maybe the loons who said we'd end up with Helicopter money and debt forgiveness was right.

Precedents were set in 2008 that will always be upheld. I have no faith in the government to let any of these shyster banks go to the wall. Anyone on here, including myself, acknowledging that the printer will be put on overdrive to prop up these institutions is basing that on previous evidence from 2008 and not some mad economic theory.

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If they apply the writeoff's now, they can bury the bad news with COVID.

Any money reclaimed (even partial payment) after that will be pure profit - so makes them look better in the long run.

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12 minutes ago, PaulTW said:

Precedents were set in 2008 that will always be upheld. I have no faith in the government to let any of these shyster banks go to the wall. Anyone on here, including myself, acknowledging that the printer will be put on overdrive to prop up these institutions is basing that on previous evidence from 2008 and not some mad economic theory.

I think we all know this will happen. 

We all know how it ends too. 

£ collapse...50% interest rates....all out collapse....war.

All these people wanting to buy houses in the UK, they'll be sent out to die and/or face civil war in the UK when certain growing demographics in the UK decide to take over and oppress the current incumbents of this island.  

We are facing a massive, MASSIVE, s***storm.

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1 minute ago, TheCountOfNowhere said:

I think we all know this will happen. 

We all know how it ends too. 

£ collapse...50% interest rates....all out collapse....war.

All these people wanting to buy houses in the UK, they'll be sent out to die and/or face civil war in the UK when certain growing demographics in the UK decide to take over and oppress the current incumbents of this island.  

We are facing a massive, MASSIVE, s***storm.

I understand it is loony from a conventional economics viewpoint but that is now the policy of any government in the West.

Interesting re-Nationwide though and the fact that hasn't hit the press yet is also interesting. I'm sure some of these Contractors will talk to the usual sources.

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2 minutes ago, msi said:

If they apply the writeoff's now, they can bury the bad news with COVID.

Any money reclaimed (even partial payment) after that will be pure profit - so makes them look better in the long run.

If house prices dropped 30% will they survive ?

I dont see any difference between them and the NR now.

NR were offering £120K loans on houses valued at £100K.

NW are offering £300K loans on houses valued at £350K but relative to wages worth £100K

When you look at it that way there is plenty scope for a banking crisis that will make 2007 a walk in the park.

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1 minute ago, TheCountOfNowhere said:

If house prices dropped 30% will they survive ?

I dont see any difference between them and the NR now.

NR were offering £120K loans on houses valued at £100K.

NW are offering £300K loans on houses valued at £350K but relative to wages worth £100K

When you look at it that way there is plenty scope for a banking crisis that will make 2007 a walk in the park.

I get where you are coming from.  2007 blind sided the Elites, who thought their clever financial products would save them - til it didn't.

Now they have had time to pull out and hide whilst the ordinary punters are screwed. If there is a banking crisis, expect you and me to bail them out - with the Tories giving the 'we all in this together' mantra.

It will be brutal, but we were warned.

 

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4 minutes ago, msi said:

I get where you are coming from.  2007 blind sided the Elites, who thought their clever financial products would save them - til it didn't.

Now they have had time to pull out and hide whilst the ordinary punters are screwed. If there is a banking crisis, expect you and me to bail them out - with the Tories giving the 'we all in this together' mantra.

It will be brutal, but we were warned.

 

it will be brutal.

People are using foodbanks and they decided to spend £1bn ( or more ) doing up the HoCs !!!!

These people dont give a **** about us.

Revolutions are made of such madness

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18 minutes ago, msi said:

2007 blind sided the Elites, who thought their clever financial products would save them - til it didn't.

Ignorant statement.

The politically well connected don't give a shit about whether any of these schemes work. All that matters to them is that you keep supporting the very system which is robbing you blind.

The sole purpose of a State is to maximally extract wealth from a human population while minimising the chance that they will successfully rebel.

 

Your fellow tax cattle are the plantation guards.

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17 minutes ago, TheCountOfNowhere said:

These people dont give a **** about us.

You are nothing more than a juicy cow for them to milk. They care for your welfare as much as a battery chicken farmer cares about controlling diseases in his stock.

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4 minutes ago, Locke said:

You are nothing more than a juicy cow for them to milk. They care for your welfare as much as a battery chicken farmer cares about controlling diseases in his stock.

Sadly true.  Wont change no matter who takes power though.

Best thing you can do is just look after No 1

Edited by TheCountOfNowhere
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I don't really buy the writing off bad debts rumour. The only debts that get forgiven are the debts of the bank to the taxpayer.

For underwater home owners, they have 12 years to collect after repossession and sale. So they just get a judgement and wait. 

What they might be writing off are the bad debts from years ago, which they can't now collect on because they're now unemployed. 

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10 minutes ago, TheCountOfNowhere said:

Sadly true.  Wont change no matter who takes power though.

Best thing you can do is just look after No 1

Look after yourself, your family, and your community.

We are learning to live together - I am amazed at how well UK came together to make lockdown work.  You can see the Tories try to create division again to play divide and conquer and take the focus away from the Elites.

We are learning to live without consumption - the single most scary outcome for the Elites.  If we save, then we have economic and political power.

We are learning what a valuable member of society is. Not being a millionaire pwoperdy BTL'er, but the delivery driver, the Doctor, the Nurse - suddenly public services  desirable - that starts talk on how to fund them properly - which hurts the Elites.

We are seeing that Tory 'small Government'  and 'market knows best' are not dogmatic truths, but are complimented by a competent State and sensible Regulation.

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10 minutes ago, msi said:

We are seeing that Tory 'small Government'  and 'market knows best' are not dogmatic truths, but are complimented by a competent State and sensible Regulation.

Agree but people also have short memories. In the UK, sensible regulation has always been seen as "red tape" which hinders private enterprise. Always been an advocate for regulation, the market does not know best and that has been proven countless times.

Regulation in respect of mortgages / financials however - completely farcical hence the situations we are in now.

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1 hour ago, TheCountOfNowhere said:

A friend of a friend has told me NW let go several contractors yesterday. 

The logged on to work and weren't able to, then they got an email telling them they no longer have a contract.

Locked out before they went Rogue, I'd guess.

A project of 200 to 300, reduced to 100 then 0.

I bet you dont hear about these job losses in the news.

Not sure what to make of this other snippet she told me......

NW are preparing to write off bad debts of anyone who can't pay.

Maybe the loons who said we'd end up with Helicopter money and debt forgiveness was right.

If this is right then I am horrified at this, the people in debt have won, TPTB will do anything to keep the plates spinning.

It kind of makes sense when you see gold and silver heading to the moon, the £ will be trashed.  The only upside is they'll have to raise rates sooner rather than later.

You heard it here first.

No.

They'll be marking down delinquent loans.

NW *cannot* afford to write off bad debts.

The process is mark them as non performing loans, take a hit, then repo the house.

 

Theres been something wrong with NW for a few years.

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1 hour ago, PaulTW said:

Precedents were set in 2008 that will always be upheld. I have no faith in the government to let any of these shyster banks go to the wall. Anyone on here, including myself, acknowledging that the printer will be put on overdrive to prop up these institutions is basing that on previous evidence from 2008 and not some mad economic theory.

NW and Coventry BS are my top picks for the first banks to go thru the BoE bank 'resolution' process.

i.e. liquidation.

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Steady on. Who is this person and how credible are they?

Contractors being ditched is not unusual at a time like this. Margins are already squeezed in retail banking, hardly a surprise to hear contractors being let go ahead of a massive recession. 

As for the comments about debt forgiveness, what does this even mean? That they'll write off a load of bad debt that's probably already provided for? Big deal. 

Struggling to see what the "smoking gun" is here. 

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11 minutes ago, Hullabaloo82 said:

Steady on. Who is this person and how credible are they?

Contractors being ditched is not unusual at a time like this. Margins are already squeezed in retail banking, hardly a surprise to hear contractors being let go ahead of a massive recession. 

As for the comments about debt forgiveness, what does this even mean? That they'll write off a load of bad debt that's probably already provided for? Big deal. 

Struggling to see what the "smoking gun" is here. 

Fair post dude.

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45 minutes ago, 24gray24 said:

I don't really buy the writing off bad debts rumour. The only debts that get forgiven are the debts of the bank to the taxpayer.

For underwater home owners, they have 12 years to collect after repossession and sale. So they just get a judgement and wait. 

What they might be writing off are the bad debts from years ago, which they can't now collect on because they're now unemployed. 

I should point out they aren't talking mortgage debt, we're talking loans and CCs.

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43 minutes ago, msi said:

Look after yourself, your family, and your community.

We are learning to live together - I am amazed at how well UK came together to make lockdown work.  You can see the Tories try to create division again to play divide and conquer and take the focus away from the Elites.

We are learning to live without consumption - the single most scary outcome for the Elites.  If we save, then we have economic and political power.

We are learning what a valuable member of society is. Not being a millionaire pwoperdy BTL'er, but the delivery driver, the Doctor, the Nurse - suddenly public services  desirable - that starts talk on how to fund them properly - which hurts the Elites.

We are seeing that Tory 'small Government'  and 'market knows best' are not dogmatic truths, but are complimented by a competent State and sensible Regulation.

Those are the positives to come from CV19 for sure.

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26 minutes ago, spyguy said:

NW and Coventry BS are my top picks for the first banks to go thru the BoE bank 'resolution' process.

i.e. liquidation.

Mine too.  Skipton as well.

The banks wont miss the Building Societies, the people will though,

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17 minutes ago, Hullabaloo82 said:

Steady on. Who is this person and how credible are they?

 

Credible enough for me to post it.  

If NW are going to just write off swathes of loans/debts you can be sure as hell that all the banksters are, that's the big story.

Time will tell how credible this is but I know the people involved and I'm 100% sure what they said will be true.

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Just look at who created this thread. The OP is an OTT hysterical poster who is well known for absurdity. Personally, I think the OP has mental health issues and that their time would be far better spent getting out into the fresh air than sitting indoors posting nonsense on the internet all day.

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33 minutes ago, msi said:

Look after yourself, your family, and your community.

We are learning to live together - I am amazed at how well UK came together to make lockdown work.  You can see the Tories try to create division again to play divide and conquer and take the focus away from the Elites.

We are learning to live without consumption - the single most scary outcome for the Elites.  If we save, then we have economic and political power.

We are learning what a valuable member of society is. Not being a millionaire pwoperdy BTL'er, but the delivery driver, the Doctor, the Nurse - suddenly public services  desirable - that starts talk on how to fund them properly - which hurts the Elites.

We are seeing that Tory 'small Government'  and 'market knows best' are not dogmatic truths, but are complimented by a competent State and sensible Regulation.

Great post.

The Elites are desperately trying to get the MSM to show us all those photos of the masses flooding into  shopping centres, eating inside pubs, busy airports as they headed for holidays abroad...etc, but I don't believe them.

Going from those I have spoken to, I believe many have changed their habits and cut back drastically on spending on things they don't really need, either from worry of their future finances or putting themselves at risk of catching the virus.

Or just, as a neighbour, whose first love used to be shopping, recently said to me, she has learnt to find more pleasure from walking outdoors, now she has noticed all the wildlife, than she had going round shopping centres wasting money.

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  • 415 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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