Jump to content
House Price Crash Forum

Bbc Website - Repossession Stories


Recommended Posts

Ah' but the majority of repos will not be against silly cases like these. They will be against ordinary families, who didn't buy at the top and who have perhaps equity on the house but who fall behind in payments.

But why did they fall behind in payments? Becuase they paid too much to buy on a loan a house they cannot afford (and I include those who have lost jobs, its madness to assume you will never have a period without work in 25yrs or whatever the average mortgage is). And now they will have to hand back an asset that never actually belonged to them. And it will hurt like hell becuase it really felt like it was their house.

.

But actually despite the pain, nobody has to be subjected to real hardship. The kind of sensible people who post here will keep getting taxed to the hilt to keep these other people in some kind of accommodation and in a few years time houses will have dropped to a price where they will have a hope in hells chance of repaying the capital.

.

Repossesion, unpleasent but neccessary.

.

ST

Link to post
Share on other sites
  • Replies 199
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Go here people and post HPC stories about EAs and Vendors not reducing prices - get some of our views out there for this Friday's BBC Special on the housing market. If we don't do it then it will be a one-sided story:

Is your house hunting on hold?

http://news.bbc.co.uk/1/hi/talking_point/7679083.stm

As for the people who are being repossessed now I would imagine they split into 2 or 3 camps:

1. Greedy sods who drove up prices and deserve no sympathy other than sympathy for their greed and love of money.

2. MEWers - no sympathy.

3. Those who realised their pensions were screwed and thought that their only hope of a good retirement was property - yes, some sympathy as I think we are all in the same pension boat.

4. The ill-informed, the perhaps ill-educated, the financially naive, the gulliable who believed all the property porn bombardment - alot of sympathy for them as the majority are just decent people trying to have a home and a decent lifestyle.

Just thank your lucky stars that you are not in the position now of the constant worry of paying your bills and keeping a roof over your heads. These are terrible times for a lot of decent people and, sadly, it is going to get a great deal worse.

Anyhow, get on the Beeb site and post your views about the housing market.

Link to post
Share on other sites
It gets worse as said Michelle a secretary at my old work place by 22 had a 210K house, her and her BF made between them 21K....

They kept mewing and selling mewing and selling and would rub new cars new TVs new everything constantly in my face...

Did this "rubbing of new tellys in your face" actually bother you, then?

If so, why?

Link to post
Share on other sites
Dunno why you have a grudge against EDM?

anyway, the method by which the risk free lending was created is now gone...where do you envisage the new sub prime lending to be generated from?

Taxpayer bailouts designed to recapitalise the balance sheets of banks to ensure that 2007 lending levels can be maintained. According to this weeks Observer, self cert and 10 times salary mortgages are still available, today. Gordon's bailout and BofE liquidity (cash) injections must be working.

Link to post
Share on other sites
Then she's won really hasn't she? If she had been prudent on £21k, lived with mum and dad or rented somewhere (pokey) she would not have had those things.

Now she owes nobody anything once she's bankrupt and how much worse can her life be than living prudently on 21k????

The lender have paid for her to have a great time while she was young enough to enjoy it.

More people will behave in this way, especially after Gordon's banks stop re-possessing. There will be even more people like her in the future. Logical behaviour based on rational expectations.

Link to post
Share on other sites
I think she'll find she is chased to the grave for her debts, and won't be able to borrow from anyone again for any reasonable sum. Bankruptcy is NOT an IVA you know!

New car? No chance. Nice holiday? Nice try. Wedding? Arf!

Her life (as she no doubt wanted it) is fkd. End Of.

Sorry please explain why. She declares herself bankrupt, she waits the period then the debts are dead nobody can chase her after that. If you don't go bankrupt they can chase you down for 12 years but if you do they can't.

They'll lend to her again.

Edited by GregG
Link to post
Share on other sites
Most people just blindly go along in life watching X Factor and watching property porn on TV. They are totally clueless, bovine morons

But hasn't the 'system' been designed like that deliberately?

The bastards who run this country DO NOT want people to be capable of critical thinking. They want pliable morons that can be easily duped and manipulated. The state 'education' system doesn't prepare people AT ALL for the kind of society we have created.

Our society is rotten to the core from the bottom up. It is absolutely ghastly.

It's just not on to point the finger at these people and say it's all their fault. The system is designed to exploit people and keep them ignorant

That's far to sensible an assertion. It's off to the facility for you for some electric shock therapy to put you on the right course. :rolleyes:

It's really like One flew Over The Cuckoos Nest revisited. The country appears to have lost its collective mind.

Edited by tinker
Link to post
Share on other sites
Sorry please explain why. She declares herself bankrupt, she waits the period then the debts are dead nobody can chase her after that. If you don't go bankrupt they can chase you down for 12 years but if you do they can't.

They'll lend to her again.

2007 (early) maybe... today?...not so sure.

She will have at least 7 years of difficulty.

Link to post
Share on other sites
Guest mattsta1964
That's far to sensible an assertion. It's off to the facility for you for some electric shock therapy to put you on the right course. :rolleyes:

It's really like One flew Over The Cuckoos Nest revisited. The country appears to have lost its collective mind.

Someone posted a little section of text from 1984 on the forum today, the bit where Winston has been brainwashed to love Big Brother.

The way things are heading, I'm sure they will come for us one day.

Link to post
Share on other sites
I cant speak after reading this, these are the same people that caused all of us to put our lives on hold, I might have kids now if all these irresponsible [email protected]@rds had used a brain cell.

But no! like good citizens us HPC's saw the madness and didnt subscribe to it, and what do you know, we are the ones that pay the price.

Awesome.

Grief that rings true.

I was discussing this HPC with my gf last week. She is very charitable, "think about them, people will suffer, they might lose their house, they might lose their job, if it goes like you say"

Calmly, I said that we have rented a tiny house for 15 years BECAUSE OF THEM, and now people like us might lose our jobs BECAUSE of THEM.

As others have said, unemployed and buying a house. WTF.

I've never typed WTF before.

Link to post
Share on other sites
Grief that rings true.

I was discussing this HPC with my gf last week. She is very charitable, "think about them, people will suffer, they might lose their house, they might lose their job, if it goes like you say"

Calmly, I said that we have rented a tiny house for 15 years BECAUSE OF THEM, and now people like us might lose our jobs BECAUSE of THEM.

As others have said, unemployed and buying a house. WTF.

I've never typed WTF before.

You see you're at the other end of my 'no sympathy' spectrum. Not that I think you expect, or want my sympathy but just to make the point.

Whatever possessed you to put your life on hold for 15 years? Aside from the fact life is incredibly short and 15 years is a sizable proportion of it, 15 years takes you back into the depths of the last crash. There were plenty of good houses available to buy at reasonable prices. You made the poor decision. I'm young I have never experienced a sane, sensible housing market. It grates a little to hear someone who has blaming someone else for missing out.

Link to post
Share on other sites
You see you're at the other end of my 'no sympathy' spectrum. Not that I think you expect, or want my sympathy but just to make the point.

Whatever possessed you to put your life on hold for 15 years? Aside from the fact life is incredibly short and 15 years is a sizable proportion of it, 15 years takes you back into the depths of the last crash. There were plenty of good houses available to buy at reasonable prices. You made the poor decision. I'm young I have never experienced a sane, sensible housing market. It grates a little to hear someone who has blaming someone else for missing out.

my life hasnt been on hold and Ive rented since 1992.

Link to post
Share on other sites
Someone posted a little section of text from 1984 on the forum today, the bit where Winston has been brainwashed to love Big Brother.

The way things are heading, I'm sure they will come for us one day.

I don't doubt it with these new internet laws they are proposing. Dissent = Terrorism.

Who do these people think they are? They are supposed to serve us, look after our interests...

http://www.davidosler.com/2008/10/my_inter...one_of_jac.html

Just picked this up from an angry 14 year old's blog (this gives me some hope) discussing this:

(From the comments.) The main point is: while Jackie Smith et al will claim "if you've got nothing to hide, you've got nothing to worry about" - a lot of people do have something to hide anyway, even if they aren't sleepers for the IRA or Al Qaida - and praise the record of the "democratic state" - nobody has a crystal ball. Today a "democratic state", tomorrow a military dictatorship - the data will still exist and will still be used. For whatever purposes.

Chilling!

Everything you've ever written... commented upon...

Edited by tinker
Link to post
Share on other sites
my life hasnt been on hold and Ive rented since 1992.

I agree entirely. I've rented since 1998 and my life isn't on hold. On the contrary, my life was on hold when I owned property, surrounded by paint pots, bags of plaster and floor boards up along with weekly trips to the DIY centre.

Link to post
Share on other sites
Taxpayer bailouts designed to recapitalise the balance sheets of banks to ensure that 2007 lending levels can be maintained. According to this weeks Observer, self cert and 10 times salary mortgages are still available, today. Gordon's bailout and BofE liquidity (cash) injections must be working.

The tell you they are still available but just try and actually get one - I mean to the actual point of completion, not just offer.

Link to post
Share on other sites
Sorry please explain why. She declares herself bankrupt, she waits the period then the debts are dead nobody can chase her after that. If you don't go bankrupt they can chase you down for 12 years but if you do they can't.

They'll lend to her again.

You're right, although the fact you have been bankrupt stays on your file for 6 years.

With contractual debt they can only chase for 6 years, well they can chase you for decades but if they don't issue Court proceedings within 6 then it's statute barred.

Actually, going bankrupt at this point in history is probably even less of a worry because there won't be any significant lending by anyone for a good few years so it's not there to borrow in the first place.

Link to post
Share on other sites
You're right, although the fact you have been bankrupt stays on your file for 6 years.

With contractual debt they can only chase for 6 years, well they can chase you for decades but if they don't issue Court proceedings within 6 then it's statute barred.

Actually, going bankrupt at this point in history is probably even less of a worry because there won't be any significant lending by anyone for a good few years so it's not there to borrow in the first place.

just a small point, but you avoid the statute bar just by making a claim to the debtor, you dont need to go to court. With Property, its 12 years.

Link to post
Share on other sites
just a small point, but you avoid the statute bar just by making a claim to the debtor, you dont need to go to court. With Property, its 12 years.

It's 6 years from the cause of action to lodge a claim in the Courts. It would depend when the money became due. If you owed money which you were contractually bound to pay today then the 6 years runs from tomorrow. Your creditor can't wait, say 5 years, make a demend for the money and get 6 years from the date of the demand.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.