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Suicide Due To Reposession-- H P I Claims Another Victim

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http://new.edp24.co.uk/content/News/story....3A02%3A53%3A377

Halifax under fire

SUE SKINNER

08 May 2006 06:00

A bank last night defended its decision to send a widow a £1,000 bill for legal costs - two months after the threat of losing the family home drove her husband to suicide.
Ian Beech, 47, killed himself on Wells beach in February, unable to live with the prospect of his house being repossessed because of mortgage arrears.

Sad story that may be repeated in the weeks and months ahead as more people struggle to pay mortgages in a shrinking economy and rising IR. :(

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http://new.edp24.co.uk/content/News/story....3A02%3A53%3A377

Halifax under fire

SUE SKINNER

08 May 2006 06:00

A bank last night defended its decision to send a widow a £1,000 bill for legal costs - two months after the threat of losing the family home drove her husband to suicide.
Ian Beech, 47, killed himself on Wells beach in February, unable to live with the prospect of his house being repossessed because of mortgage arrears.

Sad story that may be repeated in the weeks and months ahead as more people struggle to pay mortgages in a shrinking economy and rising IR. :(

It's so sad that these people believe there is no way out. The banks need to change their approach. On the flip side people need to change their attitude towards credit.

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

That's really unfair, nobody wants to see this sort of thing I'm sure.

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

Agree. It is greed that is evil and many have become greedy in this last property bubble and it is costing a few a great deal more than money. There were many stories of human tragedy that came out of the Great Crash and it is likely that they will be repeated again during the next few years as the current bubble collapses. Everything comes at a price and get rich quick schemes always seem to create more victims than it does beneficiaries.

Edited by Realistbear

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

This is one reason to warn people against getting a mortgage they can not afford, just to 'get a little piece of England before it all goes'.

Maybe if we had a bigger voice, rather than VIs promoting absurd valuations for houses, then this would have been avoided.

This will not be a unique story over the coming years, but will kirsty, phil et all shed a tear for their part in this?

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"In a letter read out at the inquest, Mrs Beech called for a change in the law to ensure both people on a joint mortgage were contacted if there were financial difficulties. She knew nothing of her husband's £4,900 debts or the repossession - and says he would still be alive if she had."

I know it's a tragedy for all involved,but I do wonder whether the guy was stable in the first place - £5K of debts and he offed himself ? I have a sneaking suspicion that this press article may be the start of a campaign to either sue or get the Halifax to drop the repo - the article tries to ignore the fact that the house has not been repo'd, rather that the Halifax are threatening it. It stinks of macabre spin.

With respect, if you own a home and don't know how to keep the wolf from the door in the worst sceanrios then I do wonder a little about whether you ought to be buying a home in the first place.

[none of which helps a family that's lost its father, but am I being unrealistic ?]

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The itemised charges included £35 for each telephone call or letter requesting payment, £40 for dealing with failure to make a promised payment and £125 for referring the matter to solicitors.

These charges are unlawfull, and the Halifax should be ashamed!

Examples

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These charges are unlawfull, and the Halifax should be ashamed!

Oh, I see, adults of sound mind enter into a perfectly legal contract and they ar emade aware of what charges will be levied before they sign up, then some dogooders decide that they are unreasonable. I don't get this - you know (or should know) what you are getting into, so you size up the risk and decide to take it. What's the problem with charges that are high ? They ought to be as they discourage as many people as possible from going into arrears and costing Halifax more which means they would have to charge the rest of us that do pay our mortgages more to cover these costs.

Plus have these people never heard of negotiation - you can haggle these charges down - if you talk to them in a rational, sensible manner....

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This thread reinforces the point that people have lost any grip on the concept of risk. LIving in a perpetually booming economy has led people to believe that it's a one-way bet, and I'm sure they feel absolutely devastated when they find out that it isn't so. The fact that £5k seems like pocket change to many is indicative of this. Sure, most if not all of us could raise £5k tomorrow, on a credit card - but how do you pay it back? Particularly if you're already in debt up to the eyeballs? Doesn't sound like there was anything particularly wrong or inadequate about this guy, he probably just got in over his head until he couldn't see a way out.

Speaking as one of those hoping for a major crash - if it did happen, then the problems could be acknowledged and dealt with. The reason there was/is no help available for people like this is precisely because we're in such a collective state of denial; after all, what's £5k in Gordon's miracle economy? So a crash would help these people, as it would enable an orderly system for coping with debt problems.

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This thread reinforces the point that people have lost any grip on the concept of risk. LIving in a perpetually booming economy has led people to believe that it's a one-way bet, and I'm sure they feel absolutely devastated when they find out that it isn't so. The fact that £5k seems like pocket change to many is indicative of this. Sure, most if not all of us could raise £5k tomorrow, on a credit card - but how do you pay it back? Particularly if you're already in debt up to the eyeballs? Doesn't sound like there was anything particularly wrong or inadequate about this guy, he probably just got in over his head until he couldn't see a way out.

If he's in mortgage arrears only, then £5K is relatively easy to sort out (let's be honest, it's not that much to refinance/do a deal on) - if he's got tellies, cards, cars, holidays, sofas and general overheads out there as well, then he's got problems. I am also totally bemused about the wife 'knowing nothing' about it. That's bloody rare in my experience - in our house, it's true that I do all the numbers, but I make a point of making it 100% crystal clear what's going on - she (God bless her) understands very little of what and why but she has had the information and that's the way I want it - if I get hit by a bus tomorrow she needs to at least have access to the information at a time when life is crapper than a crap thing so her dad can sort if for her. His problem was not how to pay it back, it was how to sort out avoiding a repossession, which ain't difficult (I have done enough of them as a trainee) - PROVIDED you are honest with a court.

It's frightening that so many people get into a 25 year debt and don't have a clue what they are doing.

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Sometimes there comes a point when people simply have no more access to money. Why should that be so surprising? There are millions of ordinary people in this country earning ordinary money, and when people like that hit the financial buffers, that's it.

I heard a story not so long ago about the '29 Wall Street crash. The question was, why did it happen in 1929? There was no obvious reason why it couldn't have kept going, with a bit more liquidity injected. But that's the problem. Once you're borrowing to cover the debt servicing payments you're into the end-game. This is why I'm not overly bothered about record levels of mortgage borrowing, as I suspect we're into that point at which debt has become self-perpetuating. In this situation there is no way out. You can't keep refinancing ad infinitum.

Whatever the individual circumstances in this case, the tragedy is exacerbated by the idea that no matter how deep in debt you are, you can always borrow your way out. Once people accept that this isn't a way out then maybe we can stop denying the reality of our debt problems and start dealing with them. Part of which will be debt write-off, but as this case is early in the cycle I doubt he would have had his debts written-off; that will only come later when distress is sufficiently widespread.

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Well, I can't see what all the fuss is about. The guy should have read the new "Big Britain" survery reported on ever-so-chipper BBC Breakfast which shows that Victor Meldrew and Hyacinth Bouquet have been consigned to the pages of history.

Yes, grumpy old men and cynics are no longer a feature of this country and there is nothing to complain about. Indeed, the fact that "Grumpy Old Men" as a TV series has only appeared in the last five years is merely a sign that we love nostalgia. Voted BNP? More nostalgia!

How amusing then that the same Beeb that tells us Meldrew no longer exists, told us in Aug 2002 he was a new political force : Meet the Meldrews, Beeb, 26 Aug 2002

Still, Hyacinth and her snobbery is at least gone, right? Unless you believe the Beebs story from only a few days ago, which shows Britons being increasingly likely to fluff up their social standing by lying about their postcode : XXX website address XXXX

Would love to provide the link, but the BBC website is down. Bloody typical: I don't believe it!

Edited by Sledgehead

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Whatever the individual circumstances in this case, the tragedy is exacerbated by the idea that no matter how deep in debt you are, you can always borrow your way out. Once people accept that this isn't a way out then maybe we can stop denying the reality of our debt problems and start dealing with them. Part of which will be debt write-off, but as this case is early in the cycle I doubt he would have had his debts written-off; that will only come later when distress is sufficiently widespread.

In late 2004 I had to take POA over a relative's bank accounts - she had £20K of unsecured CC debt and a mortgage and no income (on long term sick and they had stopped paying her). It took more than two months to get the credit card companies and her bank to talk to me, but 10 days later, I had agreed with them that 85% of the debts would be written off, interest would be frozen on the balances remaining and that she would pay the remainder out of her early retirement monies - the difference - talking to them and laying it on the line, they can have Xp in the pound today or a gamble they may get more later. Each one of them took the 15p in the pound now. I now pay her mortgage but she's got rid of all of the debt with NO adverse credit entries and can sleep at night.

I think this guy has had access to credit that perhaps he ought not have been - as much as anything elese, credit needs an 'IQ' test to get it (slightly TIC but you know what I mean) - there are always cases that fall inbetween, but mainly it's people who just live beyond their means and don't work it out till it's too late - they are a problem for all of us prudent people too - I am lucky in that I have a good income, but I also have one debt - my mortgage - everything else is paid for up front - my peers are all sat there with car debts, card debts, storecards, consolidation loans and the like - and these are graduates with jobs i nthe finance sector - they had a great time in their 20's - now they see why I drove a 1.4 Honda, not a fast car.....

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People dont commit suicide because they are in debt.

They commit suicide because the are unwell in the mind.

Lets not confuse bad economic management with mental illness please, we are bigger than that.

Just been away in Sydney for a couple of weeks, the rate rises recently announced down under are not being received in a very welcoming manner.

People in Australia thought they too were in a miracle economy, and are shocked that the bank have put up rates.

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People dont commit suicide because they are in debt.

They commit suicide because the are unwell in the mind.

Lets not confuse bad economic management with mental illness please, we are bigger than that.

Just been away in Sydney for a couple of weeks, the rate rises recently announced down under are not being received in a very welcoming manner.

People in Australia thought they too were in a miracle economy, and are shocked that the bank have put up rates.

I am afraid people do commit suicide over debt indirectly, but you are also right about these people being unwell, a huge percentage of the UK are now very unwell in their mind.

People today are using debt to fund a lifestyle in order to be accepted by the rest of society, property being the main culprit.

I have known for a while that the marketing machine in the UK has fed on the insecure(making people feel ugly for example), but politicians are now just as bad, if not worse.

Too many people today never look at a person for what they are, they look at what they have, a recipe for misery if ever i saw one.

This man bought a house because the VI's of today have told him that he is a somebody when he owns property, when he lost his property that then makes him NOTHING, it stands to reason,

I have choosen for quite a while now(with the odd lapse) that who i am is far more than shiny objects and bricks and mortar, i have choosen not to listen to the VI's, like many on have done.

My aim in life is no matter where i am, or under whatever conditions, i can feel happy, even if i was in the worst slum in the world. The sad fact is though, there are millions of people in this Country that have the mind set of " I OWN PROPERTY, SO THEREFORE I AM", this story i am afriad is not even going to be the tip of the iceberg, it is going to be the tip of the tip of iceberg.

Sam

Edited by sam

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People dont commit suicide because they are in debt.

They commit suicide because the are unwell in the mind.

Lets not confuse bad economic management with mental illness please,

and let's not confuse depression with mental illness, Dr Laurejon :lol:

Edited by Sledgehead

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And what about people who come to the conclusion that they have been had, been extremely foolish, that thought that they were winning in the economic gain game, that had a dream to find that debt reality has shattered their future hopes.

What if they blame themselves - feel a sense of shame - and can't face the prospect of bankruptcy/reposession/telling friends/family - feel too proud to ask for their debts to be written off ...

... Is this mental illness?

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Depression is mental illness I am sure most people would realise that.

Killing yourself cos you are in debt, is normal ?.

Dont think so, I think a reality check is required here.

In the UK today, it has never been a better time to go bust, its written off in no time and before you know it you are back out borrowing in the new economy again.

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

while individual home repos like this are bad.

i wont shed any tears for a suicide BTlrs. they show no compassion for the young ftbs they are snatching homes from and extorting. driving them to suicide. why should i feel bad for them if their plans go too greedy.

btlrs are evil little sh1ts.

Edited by right_freds_dead

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The sad fact is though, there are millions of people in this Country that have the mind set of " I OWN PROPERTY, SO THEREFORE I AM", this story i am afriad is not even going to be the tip of the iceberg, it is going to be the tip of the tip of iceberg.

Spot on!

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Oh, I see, adults of sound mind enter into a perfectly legal contract and they ar emade aware of what charges will be levied before they sign up, then some dogooders decide that they are unreasonable. I don't get this - you know (or should know) what you are getting into, so you size up the risk and decide to take it. What's the problem with charges that are high ? They ought to be as they discourage as many people as possible from going into arrears and costing Halifax more which means they would have to charge the rest of us that do pay our mortgages more to cover these costs.

Plus have these people never heard of negotiation - you can haggle these charges down - if you talk to them in a rational, sensible manner....

If by Dogooders you mean the OFT then yes, dogooders have decided they are unlawful. Have you not seen bankcharges.info?

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Whilst I understand the frustration of not being able to afford to buy, and the belief that BTLers and speculators are evil, perhaps the people on this board who celebrate every bit of economic bad news by cracking out a proverbial bottle of champagne might like to think of this post every time they post on here.

FF I hear where you are coming from but I will disagree with what you percieve to be gloating?

The VI's have used the "IR's are at their lowest, Best time to buy, Affordability is there" etc for a long time. I celebrate when IRs go up because its another excuse that the VI's cannot use to justify this market. I know this is going to hurt a lot of people BUT They only have themselves to blame.

Any person taking out a huge mortgage without checking the costs at a higher Interest Rate are negligent. The industry has talked up the market and gotten people to borrow far too much. Those that could not say NO and used an I/O mortgage have made a rod for their own bat imho.

However, If there was a finger of blame then you have to look at the FINANCIAL INDUSTRY as a whole. I know the Samaritans, CAB and Debt management companies are at their busiest period ever, so help is there. Maybe the Financial Industry should subsidise some of these services??

On the whole though - I do agree, think before you crack open the champagne!

TB

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Depression is mental illness I am sure most people would realise that.

Killing yourself cos you are in debt, is normal ?.

Dont think so, I think a reality check is required here.

In the UK today, it has never been a better time to go bust, its written off in no time and before you know it you are back out borrowing in the new economy again.

Yes, I know depression is a form of mental illness, but people and events can make people depressed. A VI that tells a client or spouts off on a TV programme that property can only go up in price and stretch yourself way beyond your limit as its OK must be seen to have at least a moral obligation?

As RFD says I have sympathy for those that heeded this advise to house themselves or their family, but none for those who did it for financial greed.

The government, who seem willing to take responsibility for the temperature of our water, are just turning a blind eye to the whole area of house prices and debt and they must know this will cause more illness than the extra money the NHS have had, could treat. :angry: or are they really idiots ?:(

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If by Dogooders you mean the OFT then yes, dogooders have decided they are unlawful. Have you not seen bankcharges.info?

Spot on... the courts have upheld that these sort of charges are illegal as they do not represent the cost to the bank but are infact a sneaky (and in my view immoral) way of increasing profits.

I hope the Halifax get taken to court over these illegal charges particularly in this case.

If the Halifax has got any sense whatsoever they will write off the mortgage on this property - the bad publicity to their corporate image isn't worth it IMHO.

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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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