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Elizabeth

How To Buggar The Banks

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Well, the banks just keep getting bigger and fatter and are no friend of mine, so I am opting out and putting my money in a building society. It won't fix the fiat situation, it won't affect the reserve levels that allow the banks to create money, but it is a small bit of profit that they just won't have. Death by a thousand cuts if I could have my way <_<

The only advantage that banks really have over building societies is that they have branches...

But nowadays they don't, more branches are dissappearing than appearing and I haven't stood at a bank counter in over a year now anyway, and probably only thrice in the past 3.

So what really is the point???

Here a list of all the building societies in Britian (all 63 of them, so plenty of choice):

http://www.buildingsocieties.com/uk/List/theDirectory

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Surely building societies are contributing to the same problems that banks are? :huh:

Totally, were all trapped in one sense, but Building Societies are mutually owned to the benefit of their members (account holders and borrowers), and since the banks aren't to the benefit of anyone but those who have shares in them (which are unlikely to be borrowers, and neither for the most part small account holders). The money they are borrowing from account holders is being lent directly to borrowers. They are not in it to make a buck. There was a good article in the Express today comparing the Cambridge Building Society CEO to the Lloyds CEO (leaving). One was on 1.9 mill. the other on 114 thou. I know whose CEO salary I would prefer to contribute to.

Building Societies are fairly strictly regulated (far more so than banks). As a small investor, Building Societies are pretty safe, and are backed by the Government Guarantee over the first 20K if they collapse. So are Lloyds Bank but if it collapsed I think that the goverment would pull out of the guarantee notwithstanding simply because it would mean the country would go bankrupt if it met its obligations, so I actually think Building Societies are safer.

EDIT:

And anyway, I've just been refused a personal loan notwithstanding that my national credit score is 920 out of 1000 (Good - apparently quite high according to Experian) and I have no idea why I can't borrow money, apart of course from the fact that I don't already have debts to consolidate, and actually want to do something forward looking rather than dribble it away on an inflated lifestyle. Maybe its because I don't own a house???

Rock and a Hard Place. Can't borrow money from Banks cause don't own house therefore horizons limited in ever direction by not owning property. Can't buy property cause banks have ramped house prices. So, the Banks have pissed me off, and as far as I am concerned there are better institutions for individuals to be associated with, and I will make an effort to promote them. Its not much, but if it can raise the profiles even a little for institutions that might steal bank profits to the benefit of punters I feel that I'm doing my bit!!!

Edited by Elizabeth

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Well, three thoughts here really.

1) Its your money, you are free to deposit it wherever you like.

2)Its there money, and they don't have to give you a loan; its not an automatic right, no matter how good your credit score is.

3) I have banking shares, and they have rewarded me well. If I had a STR fund, maybe Its worth investing some in those?

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Well, three thoughts here really.

1) Its your money, you are free to deposit it wherever you like.

2)Its there money, and they don't have to give you a loan; its not an automatic right, no matter how good your credit score is.

3) I have banking shares, and they have rewarded me well. If I had a STR fund, maybe Its worth investing some in those?

1. correct. I am also free to promote the benefits of any institution I please, particularly where those institutions work for good. Just as you are free to promote the evil banks! Shall I call you Lex? Do you have a problem with that?

2. correct. However, since I have seen about 3 people go bankrupt so far who also had no property and managed to run up amounts in the late 20s all of them on complete drivel with nothing to show, and the banks were just throwing money at them, while I have saved like a dog, have money in the bank, and don't see why I am a second class lending risk, and yes they are free to do what they want, although in fact it is not THEIR money but their depositor's money for the most part, although you might argue that they carry the risk, but ultimately a fair part of the risk is underwritten by the government. Maybe I should get 15 credit cards, spend prolifigately on complete shite and then go bankrupt. Would you feel better about me borrowing that way? Clearly the banks would. Thats fine. I'll just promote Building Societies. Does that upset you? (I would add, I think that this attitude by the banks to borrowing is at the heart of all of the problems that people on this site talk about in relation to house prices)

3. very pleased you have made money on your bank shares. As I don't have an STR fund I can't invest it. I have something that 10 years ago would have been more than adequate for a deposit on a one bedroom flat in London, but is now adequate to either keep me hanging on for a mythical possibility of ever owning a house or spending elsewhere on better ventures. I'm dropping out of the housing rat race! But I am not going to fling it towards the stock market, because quite frankly were heading for a stock market crash as well. The moment the brokers in the exchange start cheering at a broken barrier, its craziness followed by a fall. I remember it in 1987. 1999 was a good year for the roses. If I was sure how far the craziness will go before the thing collapses I would almost certainly invest in bank shares, and wait for the shoeshine boy to give me a tip.

You seem pretty p!ssed with my post? Why? :lol: The price of freedom is eternal vigilance :ph34r: People like you are why I post. :lol::lol::lol:

EDIT:

and just in case anyone missed it, here again is the list of all the Building Societies in Britain (63 to choose from!)

http://www.buildingsocieties.com/uk/List/theDirectory

Edited by Elizabeth

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Building societies are not what they used to be,

nor what they were originally set up to do, which was

finance the building of houses and provide finance to

ordinary folk to buy them.

Snce the late eighties, they have become publicly

listed companies,answerable to their shareholders,

and up for sale to the higest bidder.

These days they are banks in all but name.

If you really want to bugger the banks, get an

account with a non-UK (e.g. French or German)

bank, or buy out of the money system altogether

by buying gold bullion or coins.

This removes your wealth from the economy.

ABB

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Well, the banks just keep getting bigger and fatter and are no friend of mine, so I am opting out and putting my money in a building society. It won't fix the fiat situation, it won't affect the reserve levels that allow the banks to create money, but it is a small bit of profit that they just won't have. Death by a thousand cuts if I could have my way <_<

The only advantage that banks really have over building societies is that they have branches...

But nowadays they don't, more branches are dissappearing than appearing and I haven't stood at a bank counter in over a year now anyway, and probably only thrice in the past 3.

So what really is the point???

Here a list of all the building societies in Britian (all 63 of them, so plenty of choice):

http://www.buildingsocieties.com/uk/List/theDirectory

i'm changing to smile (coop) i like their ethical stance and my banks really annoyed me this last week

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Elizabeth, what can I say, its been a long time since I laughed out loud at something written on a computer screen! :D Oh the Vitriol...oozing.

Seriously, if you are getting this wound up, and harbouring such feelings of being ill done to, to the point of " Shall I call you Lex? Do you have a problem with that?" when I am just an ordinary guy expressing a few short and valid points, well, sounds like this harsh world may not be for you my flower :lol:

As for the classic "I have something that 10 years ago would have been more than adequate for a deposit on a one bedroom flat in London," well, I have something that 10 years ago would have been adequate for a deposit on the local mansion house near me, however, as it recently sold for over 1 million, I guess the moral of the story is that its not really 10 years ago now, is it.

Time has moved on. And will continue to do so.

Wonder where it will all be in another 10 years? Wonder if my RBOS shares will have caught up with the other banking ones I hold, there lagging a little at the moment. B)

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But are not some banks AND building societies part of the big same group? or do they get classed as bank if they merge??

The are different entities. Eg. Abbey National used to be a building society, but is now quite clearly a bank. It was still on an old list I found on a UK site. The American list that I provided seems to be more up to date. (its horrifying to think that the USA is actually in some ways more progressive than us :o or maybe its simply that the progressives HAVE to be more agressive about it) Neither Abbey nor Bradford and Bingley are listed.

Building societies are not what they used to be,

nor what they were originally set up to do, which was

finance the building of houses and provide finance to

ordinary folk to buy them.

Snce the late eighties, they have become publicly

listed companies,answerable to their shareholders,

and up for sale to the higest bidder.

These days they are banks in all but name.

If you really want to bugger the banks, get an

account with a non-UK (e.g. French or German)

bank, or buy out of the money system altogether

by buying gold bullion or coins.

This removes your wealth from the economy.

ABB

Yep. ABB. This is another way. But I like to have fast access to my cash (just in case of a natural disaster!)

If you have money in the bank, why are you getting a loan? :unsure:

Because I have about 1/2 what I need to do something particular. Something I really wanted to do for a long time. Obviously that something particular is just going to have to just not be done! (damn).

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You could always try ZOPA Elizabeth. I lend on there however, so as long as your concience can deal with that, your score should mean you'll be okay.

Never even heard of it, but it is VERY interesting. Lex my conscious can deal with it ;):lol: Actually, it is very ethical. Not sure about the risk for lenders (but then I am ultra cautious in terms of risk) Thanks for the tip :D

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Not heard of ZOPA Billyg, but Elizabeth is quite right. If you are in rented accomodation getting a loan is virtually impossible.

I had cash in the bank, was renting and had a clear credit rating. Lloyds who I have been with for about 18 years said I was a very good customer, they appreciated it, they really liked me, but no way Hose.

I was livid. Personal reasons aside, banks are only interested in giving loans to people if they have equity that they can grab back. If you have cash, you could nip out and spend it whilst you are getting your loan. Credit ratings don't count for diddly if you are in rented in the UK.

Like they say. They only lend you a brolly when it's sunny!

Heads they win. Tails you lose.

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Your welcome. I've been with them almost since they started, and have never had a debtor fail on me. Perhaps I have been lucky, but I like the way its done.

For what its worth, I believe its the way forward, and I really hope more people switch on to it over the coming years. Right now they keep e-mailing me asking to put more money in, as they have more potential loan applicants than they have reserves, so people are certainly getting into acceptance of it.

If I see your screen name, I'll sign you off ;)

Dipstick, I cant argue with that. Years ago, when I had nothing, the banks wouldn't have spat on me if I was on fire. Agree wholeheartedly, they want it every way there is.

Hence why I feel no pangs of concience when I take there dividend. I might as well.

Edited by billy-g

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Not heard of ZOPA Billyg, but Elizabeth is quite right. If you are in rented accomodation getting a loan is virtually impossible.

I had cash in the bank, was renting and had a clear credit rating. Lloyds who I have been with for about 18 years said I was a very good customer, they appreciated it, they really liked me, but no way Hose.

I was livid. Personal reasons aside, banks are only interested in giving loans to people if they have equity that they can grab back. If you have cash, you could nip out and spend it whilst you are getting your loan. Credit ratings don't count for diddly if you are in rented in the UK.

Like they say. They only lend you a brolly when it's sunny!

Heads they win. Tails you lose.

Yeah, but as a tenant I could get 5 credit cards in the next 3 days if I wanted to. Spend like a banshee and then get a consolidation loan. Its the honest straight forward loans that they won't come at. I mean what is that about?

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Never tried to get a credit card so I don't know if they would have let me have one.

You are talking Elizabeth as if the banks are responsible, ethical, lending institutions, or should be.

They aren't.

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If you dont have debt at the monent, they have no way of knowing how you will behave when they chop you that cheque for 20k.

If you have had credit cards for the last 3 years, they know you are comfy with them being parasites to your bank account, and less likely to blanche when they mug you of the payment every month.

Scum? Yes. But they run the world, so you take from them what you can get.

My favourite is when they have the little girly in the call centre phone you up to try and get you to move money into whatever super duper savings account they have just launched. You then spend the next 5 minutes explaining how you can get a better return after your 40% tax hit buy actually buying shares in her bank, with dividends, growth etc. It's like you here a light bulb ping on in her head; she stops trying to sell to you then!

Edited by billy-g

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The one that really got me angry was when the 18 year old son of my landlord opened his first bank account.

He was a student on a part-time course with no income living at home.

The bank were bombarding him with "offers" of lending him 1k.

Bluddy irresponsible swines.

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The only way to screw money lenders (banks, credit companies, building societies, etc) is to take your wealth and transfer it to a non fiat based money system. GOLD

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Mmmm. Right. Gold.

Whats the yield on that again?

You know, yield. That magic stick that's used to rubbish any BTL argument on here so often?

Edited by billy-g

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Mmmm. Right. Gold.

Whats the yield on that again?

You know, yield. That magic stick that's used to rubbish any BTL argument on here so often?

Gold does not yield returns. It has intrinsic value.

Have you checked the price of property in gold oz's recently? It terms of gold, property has well and truly already crashed.

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Thanks for clearing that up guys. I obviously need to go in harder with the sarcasm in future.

I'll maybe quote those posts about "intrinsic value" etc. the next time someone piles in with the "BTL is insane because it has such low yield" argument. One rule for some though obviously.

If you wish to hold your wealth in gold, thats your choice. Others prefer it in paper, bricks and mortar, diamonds, whatever. Hell, it makes the world go round at the end of the day.

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You are talking Elizabeth as if the banks are responsible, ethical, lending institutions...

They aren't.

Dipstick. Your mashing concepts now. The salient phraze is:

or should be.

They aren't.

The whole point is, if nobody challenges them then they will always be the scum they are... not that they will change... but if the wall is too high, dig under!!! hence my signature. I am now promoting building societies.

Never tried to get a credit card so I don't know if they would have let me have one.

I have 1, used to have 2, don't use any. I just have them for backup. (the second one they hijacked me at the bank when I went in to do my regular banking). You could probably have 3 in a week if you set your mind to it. Just get onto capital one and find an excuse to put you name in some kind of survey. You will get 4 pieces of post a week, and you will never again want for a pen because they include one with every post so that you can sign the application. Your house will be overflowing with capital one pens, and the occassional pad of capital one post-it notes to stick on the fridge to remind yourself to apply for a capital one credit card :o (I can just imagine the promotions meetings "well, you know, what I really think is holding a lot of them back is that they can't find a pen to fill the form in")

If you dont have debt at the monent, they have no way of knowing how you will behave when they chop you that cheque for 20k.

If you have had credit cards for the last 3 years, they know you are comfy with them being parasites to your bank account, and less likely to blanche when they mug you of the payment every month.

Please excuse me, I've had a credit card for 7 years!!! (I just don't spend anything on it, which I would say was a reliable indicator that I wouldn't be too crazy when they "chop me that cheque" - I love that phraze!

Of course, maybe the banks take it the other way. don't borrow needlessly, don't deserve to borrow :wacko: - I love this icon!!! )

My favourite is when they have the little girly in the call centre phone you up to try and get you to move money into whatever super duper savings account they have just launched. You then spend the next 5 minutes explaining how you can get a better return after your 40% tax hit buy actually buying shares in her bank, with dividends, growth etc. It's like you here a light bulb ping on in her head; she stops trying to sell to you then!

:lol::lol:

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  • 301 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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