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Lenders Get Tough On Debt Ridden Britain And Impatient


Guest Charlie The Tramp

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Guest Charlie The Tramp
Banks are cracking down on the UK’s army of debtors as rising borrowing costs put an increasing strain on finances, latest figures showed today.

Home repossessions and county court judgements are rising, while personal insolvencies drop - indicating that banks are becoming increasingly intolerant of debt plans structured under Individual Voluntary Arrangements (IVAs), and impatient with those falling behind on mortgages and other borrowings.

As I have always said, when the Banks panic or get nasty, all hell breaks loose. A touch of the 80s and early 90s about to return to haunt many people as they are hit with this sudden shock.

Remember serpico`s brilliant posts on this subject.

Lenders get tough on debt-ridden Britain

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An IVA allows a debtor to stave off bankruptcy by coming to an agreement with his creditors to pay off a percentage of his debts over a given period - but many lenders now believe the terms are too attractive to the borrower.

Exactly why the country is in the mess it's in now.

Too much cheap borrowing written off too easily.

Result: No change in public attitudes to personal debt.

Now the squeeze is on the banks, there's no easy way out for anyone.

Should have learnt to 'cut your cloth' and put something away.

Perhaps the savers will get looked after a bit better now?

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Guest Charlie The Tramp
Perhaps the savers will get looked after a bit better now?

Well HSBC have informed me that they will be increasing their rate on my saving`s account by 0.24% from the July hike. :)

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As I have always said, when the Banks panic or get nasty, all hell breaks loose. A touch of the 80s and early 90s about to return to haunt many people as they are hit with this sudden shock.

Remember serpico`s brilliant posts on this subject.

Lenders get tough on debt-ridden Britain

Charlie, If you don't mind, can you repeat your anecdote about the employee who let the bank teller know that their boss had been diagnosed with cancer. IMO, it perfectly illustrates the ruthlessness of banks.

Edited by Saving For a Space Ship
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Guest Charlie The Tramp
Charlie, If you don't mind, can you repeat your anecdote about the employee who let the bank teller know that their boss had been diagnosed with cancer. IMO, it perfectly illustrates the ruthlessness of banks.

The actual post

I had a customer who was being treated for cancer in the early 90s. After an operation a member of his staff mentioned to the bank staff when paying in cheques about his illness. The son a Director received a demand for repayment of a 100k loan secured on the business property and partly on the father`s house. Within 7 days the cranes were lifting out the portacabins and the site put up for sale. A mistake in wording prevented the bank from repossessing the house and during this distressing period the father died. The son told me that the loan would have been repaid within the agreed period if he had been allowed to carry on with the business. Hence the disaster to people`s lives when a bank panics.
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As I have always said, when the Banks panic or get nasty, all hell breaks loose. A touch of the 80s and early 90s about to return to haunt many people as they are hit with this sudden shock.

Remember serpico`s brilliant posts on this subject.

Lenders get tough on debt-ridden Britain

Remember, Bankers give you the umbrella when the sun is shining and take it away as soon as it starts raining.... :lol::lol:

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Well HSBC have informed me that they will be increasing their rate on my saving`s account by 0.24% from the July hike. :)

funnily enough, I have just collected two letters informing me of an improved rate on my savings. When I declared the good news to the assembled that my interest rates had gone up, my old landlady replied "why are you so happy about that?" :P

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As I have always said, when the Banks panic or get nasty, all hell breaks loose. A touch of the 80s and early 90s about to return to haunt many people as they are hit with this sudden shock.

Remember serpico`s brilliant posts on this subject.

Lenders get tough on debt-ridden Britain

Hopefully this is a return to more orderly lending practices.

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Guest Charlie The Tramp
Hopefully this is a return to more orderly lending practices.

Up to the mid 90s they had orderly lending practices, then along came the American Lenders with deep pockets and loose lending practices. Seeing their market share drop dramatically the indigenous lenders entered the bull pit to keep up.

Oh the joys of a Global Economy.

Well HSBC have informed me that they will be increasing their rate on my saving`s account by 0.24% from the July hike. [CTT]

Charlie, you should write and DEMAND the missing .01%.

Never ever push your luck. :D

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Up to the mid 90s they had orderly lending practices, then along came the American Lenders with deep pockets and loose lending practices. Seeing their market share drop dramatically the indigenous lenders entered the bull pit to keep up.

Oh the joys of a Global Economy.

...yeah....but Americans have always been used to bank failures .......if we have aped their lending maybe the next stage re bank failures could be on the horizon......? :o:o:o

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As I have always said, when the Banks panic or get nasty, all hell breaks loose. A touch of the 80s and early 90s about to return to haunt many people as they are hit with this sudden shock.

Remember serpico`s brilliant posts on this subject.

Lenders get tough on debt-ridden Britain

WELL I'M STILL HERE BUT MY FAILING EYESIGHT MEANS I STRUGGLE TO READ THE FORUMS WITHOUT HOLDING A LARGE MAGNIFYING GLASS, AND POSTING IS REALLY PAINFULL AND SLOW.

READING THE FORUMS THESE DAYS I LIKE AM OLD SOLDIER RETURNING TO THE GRAVE YARDS OF ANZIO OR DUNKRK AND THE VISIONS OF THE MISERY BLOODSHED AND CARNAGE THAT HAPPENED THERE ONCE KNOWING THAT IT WILL ALL HAPPEN AGAIN.

THE BANKS AND LENDERS WILL BUTCHER AND SLAUGHTER THE FOOLISH AND UNWISE WHEN THE MOOD TAKES THEM WITHOUT MERCY ONLY THOSE WHO WERE THERE ON THE BATTLEFIELD WHEN THE ACTION RAGED ALL YHOSE YEARS AGO CAN REMEMBER WHAT IT WAS REALLY LIKE.

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Funny, I just read a similar report from my old home town in San Diego, California. It really does look like we have mirror markets once again. In the Great Crash of '89 we went down with Southern California and to about the same extent. In the Second Great Crash of 2006-2??? it will be different only in relation to the size of the falls. This time we go down a lot harder than our mirror market as our debt levels are much higher:

http://www.dqnews.com/RRFor0707.shtm

California Foreclosure Activity Continues to Rise
July 24, 2007
La Jolla, CA.--Lenders sent California homeowners the highest number of mortgage default notices in over a decade last quarter, the result of flat or falling prices, anemic sales and a market struggling with the excesses of the 2004-2005 home buying frenzy, a real estate information service reported.
Lenders filed 53,943 Notices of Default (NoDs) during the April-through-June period. That was up 15.4 percent from 46,760 for the previous quarter, and up 158.0 percent from 20,909 for second-quarter 2006, according to DataQuick Information Systems of La Jolla.

The mirror:

http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

How history repeats itself, over and over again. Sheeple never learn. And the one thing we NEVER learn from history is................................

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THEN THERE WERE THE SUCIDES, THE GOVERNMENTS BEST KEPT SECRET, ONE OF MY OWN EMPLOYEES WHO I WAS FORCED TO LAY OFF DECAPITATED HIMSELF BY JUMPING OF THE FIRE ESCAPE OF HIS GROTTY FLAT AFTER LOSING HIS HOME BECAUSE HE COULD NOT GET EMPLOYMENT ANOTHER FRIEND IN THE SAME LINE OF BUSINESS AS MYSELF SHOT HIS WIFE AND RWO KIDS IN 1981 THEN SET FIRE TO HIS HOUSE AND SHOT HIMSELF.

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THEN THERE WERE THE SUCIDES, THE GOVERNMENTS BEST KEPT SECRET, ONE OF MY OWN EMPLOYEES WHO I WAS FORCED TO LAY OFF DECAPITATED HIMSELF BY JUMPING OF THE FIRE ESCAPE OF HIS GROTTY FLAT AFTER LOSING HIS HOME BECAUSE HE COULD NOT GET EMPLOYMENT ANOTHER FRIEND IN THE SAME LINE OF BUSINESS AS MYSELF SHOT HIS WIFE AND RWO KIDS IN 1981 THEN SET FIRE TO HIS HOUSE AND SHOT HIMSELF.

Well you could look at it the flipside,the folk in America who have lost their life savings by securitising the loans of these defaulters and have now committed suicide.The truth is someboby has got to lose in a Bubble either the creditor or the debtor.

I suppose you could say these folk were greedy in playing with Nuclear Waste,but to be honest without them it would be our savings in the firing line .

Edited by crashmonitor
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Well you could look at it the flipside,the folk in America who have lost their life savings by securitising the loans of these defaulters and have now committed suicide.The truth is someboby has got to lose in a Bubble either the creditor or the debtor.

I suppose you could say these folk were greedy in playing with Nuclear Waste,but to be honest without them it would be our savings in the firing line .

....in the case of this type of bubble where equity evaporates....both 'creditor', 'debtor' and the rest of the country and other countries lose......this is not 'I win you lose'......everybody loses.... :ph34r::ph34r::ph34r:

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Guest Charlie The Tramp
THEN THERE WERE THE SUCIDES, THE GOVERNMENTS BEST KEPT SECRET, ONE OF MY OWN EMPLOYEES WHO I WAS FORCED TO LAY OFF DECAPITATED HIMSELF BY JUMPING OF THE FIRE ESCAPE OF HIS GROTTY FLAT AFTER LOSING HIS HOME BECAUSE HE COULD NOT GET EMPLOYMENT ANOTHER FRIEND IN THE SAME LINE OF BUSINESS AS MYSELF SHOT HIS WIFE AND RWO KIDS IN 1981 THEN SET FIRE TO HIS HOUSE AND SHOT HIMSELF.

Hi serpico,

Nice to see you are still around.

I remember 1981 very well, unemployment growing at a very fast rate with Employers being very choosy. Often in job adverts you would read that applicants between 25 and 35 will only be considered. That put me over the hill at 37 forcing me to go self employed starting up a business in partnership from scratch, a very risky thing to do at the time. Needless to say it was the best decision of my life. We always paid our creditors first before we even considered taking wages and ensured we did not go into the red with the Bank. It has amazed me the past 5 years that people have borrowed way beyond their means to pay it back and now expect these debts to be written off without being punished too hard. Some have got away with taking the p**s but it now appears the Lenders are going to hit back very hard.

I`ve noticed that BROs and BRUs stats are now climbing rapidly, a sure sign that the Insolvency Service are also starting to bear down on those who have run up debts irresponsibly. I read on their website that one Guy accepted a BRO lasting 8 years because basically he had been taking the p**s.

Any idea how much the UK Lenders have lost writing off bad debts the past 5 years, I would hazard a guess at well over £30 billion.

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Serpico - apologies if you already know: To make the text size larger on the site is easy to do. Either hold down the CTRL key and operate the scroll wheel on your mouse or use the menu on your browser - VIEW -> TEXT SIZE.

WELL I'M STILL HERE BUT MY FAILING EYESIGHT MEANS I STRUGGLE TO READ THE FORUMS WITHOUT HOLDING A LARGE MAGNIFYING GLASS, AND POSTING IS REALLY PAINFULL AND SLOW.

READING THE FORUMS THESE DAYS I LIKE AM OLD SOLDIER RETURNING TO THE GRAVE YARDS OF ANZIO OR DUNKRK AND THE VISIONS OF THE MISERY BLOODSHED AND CARNAGE THAT HAPPENED THERE ONCE KNOWING THAT IT WILL ALL HAPPEN AGAIN.

THE BANKS AND LENDERS WILL BUTCHER AND SLAUGHTER THE FOOLISH AND UNWISE WHEN THE MOOD TAKES THEM WITHOUT MERCY ONLY THOSE WHO WERE THERE ON THE BATTLEFIELD WHEN THE ACTION RAGED ALL YHOSE YEARS AGO CAN REMEMBER WHAT IT WAS REALLY LIKE.

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WELL I'M STILL HERE BUT MY FAILING EYESIGHT MEANS I STRUGGLE TO READ THE FORUMS WITHOUT HOLDING A LARGE MAGNIFYING GLASS, AND POSTING IS REALLY PAINFULL AND SLOW.

READING THE FORUMS THESE DAYS I LIKE AM OLD SOLDIER RETURNING TO THE GRAVE YARDS OF ANZIO OR DUNKRK AND THE VISIONS OF THE MISERY BLOODSHED AND CARNAGE THAT HAPPENED THERE ONCE KNOWING THAT IT WILL ALL HAPPEN AGAIN.

THE BANKS AND LENDERS WILL BUTCHER AND SLAUGHTER THE FOOLISH AND UNWISE WHEN THE MOOD TAKES THEM WITHOUT MERCY ONLY THOSE WHO WERE THERE ON THE BATTLEFIELD WHEN THE ACTION RAGED ALL YHOSE YEARS AGO CAN REMEMBER WHAT IT WAS REALLY LIKE.

Sorry to go off-topic. Serpico, if you're having trouble reading forum text, I wondered if you'd try to play with the default browser text size?

In Internet Explorer, under 'View', then 'text size' there's five levels of font size.

The better option would be to use the Firefox browser, (link here) where you can actually increase text size to a much greater extent than in IE. Again under menu heading 'View', then 'text size'. Can also use CTRL and + to make bigger, or CTRL and - to reduce size. A larger monitor would probably be a good idea too.

In addition, there's a Windows feature called 'Magnify' that might be useful, (for details, link here). The easiest option is to go to 'Start', then 'Run', then type 'magnify' in the box, then hit 'OK'. All text under the cursor is magnified at the top of the screen, which you can resize. Level of magnification can also be adjusted.

Apologies if this has already been covered.

Best,

TLM

Edit: well done ntb, got there before me!

Edited by trompe le monde
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Having MARGIN is key, always has been.

Bad debtors nearly always shift the blame for Bankcruptcy / hard times - Ive seen it soo many times;

Examples

~ My main customer welched on me (so dont rely on one customer and have money set aside to see u through such adjustments)

~ My customers pay me late so I went under - if u had 'margin' (a cushion) this simple book keeping TRUISM would not affect you

~ I was ill - a tough one but again having a decent margin and other provisions such as insurance (with applications done thoroughly and in immense detail to ensure the policies pay out)

~ The economy slumped, nothing I could do - mmmm, so why didnt everyone go under then? If you had invested during the good times instead of always spending every penny you would have weathered the hard patch

Am I hard [email protected], or what? :(

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I had a similar experience in the late 80s. I was working for a software company of around 100 people that had a bank overdraft. It was operating within the agreed limits and making all payments on time as well as running profitably (the overdraft was reducing each month). The bank (Barclays) unilaterally changed the company's overdraft limit with no notice. When the firm couldn't conjure up the extra money, the bank called in the receivers, everyone was fired and it's not clear to me that the bank got their money either. Absolute bastards. It was that experience that made me determined never to be in debt to anyone ever.

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Guest Charlie The Tramp
Am I hard [email protected], or what? :(

No not really. ;)

I saw a lot of it in the early 90s, instead of just plodding along with the work they had, many I knew thought by expanding they would go ahead. Employ more staff, buy more vehicles, go for massive advertising, but sadly the punters were not there. Next step they ruined a good business they had because they were impatient and ended up with nothing.

My Company was ready when the upturn came and we went on from success to success.

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Serpico - apologies if you already know: To make the text size larger on the site is easy to do. Either hold down the CTRL key and operate the scroll wheel on your mouse or use the menu on your browser - VIEW -> TEXT SIZE.

I didn't know this. Very useful for me too.

Thanks! :D

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