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How Many Here Are Suffering From The Crunch?

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This is one for Minos....

What's been the personal impact of all this turmoil on you?

Personally our team has been decimated from five to just two (yes, I know the true meaning of the word is 10%). All the interesting projects and travel have been cancelled. All my work is now focused on just keeping the essentials ticking over. I hope this is enough to keep my job, but we'll see soon enough.

Wages are likely to be frozen at the year end and bonuses slashed. Morale is pretty low.

The food and energy inflation hasn't had a big impact on expenses to be honest. I eat out a little less and cycle to work a bit more, which is more than enough to offset the rises in other things.

What's it like for you? Are you hurting out there?

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It costs me over £50 to fill up my little Ford Fiesta ...

£100 or so a month and I don't even commute on a daily basis.

I'm amazed our economy has stayed up for so long. Then I remember its been able to due to debt ...

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Nights out in the pub down to one or two a month (and the pubs are conspicuously quieter, I've noticed) eating lots of cheaper meals like baked spuds & tuna/mayo with pasta. I think the worst thing is that I'm finding I have less to pay debts off with, I'm only managing a little bit more than minimum payments at the moment.

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Got to remortgage at the end of next month, that will add about £75 to our expenses. My plan was to start paying down the mortgage now but instead my £75 has to line some fat bankers profit.

I'm hoping that there will be some newer deals to save me a bit more cash.

Stopped spending money as much as possible so my bank account is slowly growing although that will diminish due to mortgage increase.

Things starting to look very tight, work wise in theory my job is funded for the next 5 years so hopefully I should be OK but nothing is 100% certain in the current environment.

Still having problems trying to persuade the wife to stop spending. She just doesn't get it as we've always up till now be OK financially.

LTV currently 50% but I expect that to rapidly dimish, just hope I'm not in negative equity by the time I'm up for mortgage renewal again, my feeling is that's a real possibility.

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We're hurting and have been since last September.

Turnover down 30-60% depending on month, staff all gone (which still guts me), dropped prices. Very focused on money in bank at the moment as cash is certainly king at the moment. We have now 9 months' trading cash in the bank so very lucky compared to most small businesses.

We'll survive. We're taking some part-time staff on again hopefully in 3-4 weeks' time but it's a tightrope.

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What's been the personal impact of all this turmoil on you?

Apart from the obvious inflation-related stuff, no impact at all. That's not to say there won't be, as whilst our clients are extremely diverse and we've got no debt, anything can happen over the next few years.

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None-homeowner but saving a deposit. Work and live in belgium but paid in sterling so effectively have taken a huge paycut over the last year. Work seems ok though as work in defence industry, can't see that drying up any time soon.

My spending has come right down though as we are living in rather uncertain times.

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My (ex-) company on the verge of going bust due to lack of investment opportunities. I got made redundant. So its not been good so far.

Picking up work in the town to pay rent and bills and to eek out redundancy money. Still, at least I don't have to pay to drive to work anymore :P

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My carbon footprint has never been bigger lol

Still got my job, no layoffs yet

Debt being paid down since joined the site, down to minimal amounts now :rolleyes:

Still eating well but no luxuries this year except a week in France and an imac :lol:

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What's it like for you? Are you hurting out there?

Not hurting. I am a one man business working from a rented home. I co-own some other properties mortgage-free.

I worry though that when the crunch starts to hit Holland (where I live) in earnest I will face a sudden drop in income. As long as I can work, I will be fine, but if the jobs drop off ....

I carry a few thousand in running debt which I'd like to pay off before it starts, but I am not sure I will manage.

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Not hurting too bad yet, although my 140£ a month wage increase has been swallowed straight away by petrol and general goods increases.

I decided against a significant purchase which would have required finance (no, not a house, a Lotus Elise for commuting, you know) and I'm debt free at the minute.

I also started putting most of my cash in restructuring my house in the alps, which I own outright. I do it by myself, bit by bit, and in 2 years I'll have electricity and heating nearly for free.

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Fuel price inflation has yet to feed into the price of my bus season ticket, so that issue hasn't affected us yet. Our household doesn't have nor want any debt, so the lack of credit is similarly a bit of a non-issue. I haven't noticed enormous increases in food prices - the weekly spend seems to have stayed about the same over the last year or so. (Edited to add: I suspect this may have something to do with the fact that we buy most of our food direct from the local producers and get as little as possible from the supermarkets, thus cutting down on markup and transportation costs.)

From a work perspective, my employers' revenues are holding up well (top line and bottom line both growing), thanks to a global customer base, decent level of investment in R&D and a forward-looking product portfolio. Or it might just be luck. Whatever.

So in conclusion, not much to complain about. Just getting on with life as usual.

Edited by benj

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Conveyancing instructions here down 60% in the 2nd quarter as against the same quarter last year.

Estates can't sell the deceased's property so their administration is on hold-just lost another one, offer accepted at £40k below the asking price but the buyers now have pulled out for unspecified reasons!

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Not suffering per se more spending like mad on stocking up on various pratical items such as tools, gardening stuff,clothes etc. My job should be ok for the next year or 2 but at my age (42) I've got to be realistic and accept that if I get thrown out it would be difficult to get another one and would be on a lot less wages. So buy the necessaries now and then I can survive on a lot less outgoings iin the future. I think I have a enough socks to kit out the British Army!

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None-homeowner but saving a deposit. Work and live in belgium but paid in sterling so effectively have taken a huge paycut over the last year. Work seems ok though as work in defence industry, can't see that drying up any time soon.

My spending has come right down though as we are living in rather uncertain times.

SHAPE?

may be moving there in 2 months

any good?

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At the moment there has been no impact on me.

Don't drive so petrol prices don't effect me and I'm renting and still paying the same as I did 4 years ago.

Job is secure (civil servant), we are hiring new people as what we deal with is pretty busy, in fact business may increase as a result of all this.

Guess I'm lucky, I'm sitting tight with a nice deposit waiting to pounce.

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No really impacted at the moment. But I have been living in "recession mode" for the last few years whilst making large mortgage overpayments each month. Manged to get LTV to about 50% with over half the remaining balance tucked away in a rainy day fund. Will either be 1) in the clear in about 4 years, or 2) falling back on overpayment reserve and eeking out savings in an attempt to survive long enough for the economy to recover. Only time will tell. Still eating out about twice a month, and I hardly ever drive anymore so petrol has not impacted me that much.

Edited by ma-ku

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Well I'm fourteen stories up and at the window and can't decide whether to jump or not... Try asking this question this time next year.

I think it will take some time before the real damage can be judged

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I'm untouched so far bar maybe a rise in my grocery bill, mortgage fixed for 10 years, gas and leccy fixed till 2011 and I bike to work. Payrises of 0.5% over APR each year and as I work on the Railway I'm not at risk of losing my job.

What Reccesion ?

Edited by FortuneFTB

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I have managed to keep the family outgoings the same by cutting out all the luxuries we used to have. I drive very little to appointments and the mortgage is fixed at a low rate for many years until it is repaid.

No eating out, no take aways, no golf, no holiday next year (this year paid out of last years income), cheap wine, meals than can last a couple of days, less meat - feels like the Big brother house on basic rations.

Income is a shambles though. Although I have been out of the mortgage advice market for years, the investment market is not great. Although there are investment opportunities most people I see would rather wait for a couple of months to see how things pan out.

getting along now by using business money put aside over the last 10 years and for general debt and financial planning fee based meetings.

It may be a pain, I'll survive, but at least it is the end of Gordon Brown.

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This is one for Minos....

What's been the personal impact of all this turmoil on you?

Personally our team has been decimated from five to just two (yes, I know the true meaning of the word is 10%). All the interesting projects and travel have been cancelled. All my work is now focused on just keeping the essentials ticking over. I hope this is enough to keep my job, but we'll see soon enough.

Wages are likely to be frozen at the year end and bonuses slashed. Morale is pretty low.

The food and energy inflation hasn't had a big impact on expenses to be honest. I eat out a little less and cycle to work a bit more, which is more than enough to offset the rises in other things.

What's it like for you? Are you hurting out there?

I escaped from the Govt sector a while back and now work in Food Manufacturing.

Domestic sales subdued however export markets bouyant - especially FSU and Middle East. So no major issues over job security. Our company doesn't produce poncy stuff so should weather the down turn ok. Ironically when I was bailing out of local govt - had a job offer with one of the big travel firms - glad I gave that a miss (although the perks were good).

Keeping a toe in the water as regards Govt work as my annualised hours contract gives me about 4 weeks a year on top of annual leave.

Mortgage - currently about 40% of realistic value. No other debts

So no impact so far but mindful of prospects for next 2-3 years:

Actions:

Rented out two rooms in my house - all money being used to make extra mortgage repayments.

Energy usage significantly reduced

Using garden to grow food / developing half an allotment

Shooting much of my food - rabbits and wood pigeon

Catching food - zander, pike, eels!

Economising with food - less meat more veg, batch cooking, bulk buying

Reviewed insurances etc - negotiated discounts - £130 saved this year

Minimal use of car - bike, bus and train (would like to get rid of car and sign up for street car but not plucked up the courage yet)

Junk culls - car booting it

Staying single - the best money saving strategy known to man :lol:

Getting as much training as possible to keep CV tip top

Maintaining professional contacts

Edited by Kurt Barlow

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Job is secure (civil servant), we are hiring new people as what we deal with is pretty busy, in fact business may increase as a result of all this.

What do you do?

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No really impacted at the moment. But I have been living in "recession mode" for the last few years

same here. ive tried to pack away as much as i could while the going was good. i saw what was going to happen in nov mainly thanks to the stuff i picked up here, and so got ready for it early. a lot of business in my field have gone pop already. the sudden slowdown was 'sudden' for them and a suprise as they must have been following the bbc. where for me it was expected, if not slightly late.

whats frightening is, if the people whos advice i took thats been right so far, were also to come true with the next 2-3 years predictions - its not good.

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Has anyone recently signed on? I remember in the 80's when I did that it was a hellish experience (thanks to M. Thatcher) but do they give you much hassle now and how much do you get? Do you have to wait long for payments and do they still pay your mortgage?

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Has anyone recently signed on? I remember in the 80's when I did that it was a hellish experience (thanks to M. Thatcher) but do they give you much hassle now and how much do you get? Do you have to wait long for payments and do they still pay your mortgage?

your in for one HUGE suprise.....

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  • 399 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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