Thursday, February 7, 2008

Repossession, Repossession, Repossession

Your views: did you see Jeff Randall’s debt special on ITV?

If you didn't see the show this blog post gives a better description than I have seen in the newspapers. Still making up my mind myself, it was quite hard-hitting and dramatic. "It pulled out all the visual stops – from the bacchanalian party scenes to the repo man’s cane rapping on the front door – and used them to great effect." "But the best part of such documentaries is the way people condemn themselves out of their own mouths. The spokesmen for the lending banks remained remarkably insouciant. 'We’re very prudent; we just respond to demand; why would we lend to no hopers?' Because you make money from lending ever bigger volumes, stoopid."

Posted by happyrenterz @ 09:28 AM (2608 views)
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42 thoughts on “Repossession, Repossession, Repossession

  • I watched it and thought it was rubbish. If they cut out all the ads, clips of the cane on the door, and pathetically wishy-washy images of people eating a meal there wouldn’t have been more than 5 minutes of -still incredibly poor – footage left.

    The programme could have done and said so much, and disappointed all the way.

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  • I don’t know how that couple managed to turn a 27k mortgage in to c. 140k of debt without being total muppets!

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  • I totally agree with inbreda. I gave up watching half way through.

    Did they go on to explain how/why the brummy couple who bought their house for £27,000 ended up owing £140,000 odd?

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  • crash bandicoot says:

    I thought it was rubbish too. I consoled myself with the thought that it was targeted at an X-Factor audience profile.

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  • Agreed. The gimmickry with the party, the posh house and the bailiff’s stick padded out the programme unnecessarily. I was hoping for some more data, more interviews, more predictions from respected economists.

    Typical ITV really. Too much froth and waffle.

    I still enjoyed it though.

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  • Sold My Soul To The Never Never Never says:

    I thought it was deeply disappointing too – I fell asleep halfway through it! Panorama knocked spots off it.

    There was no in depth anaysis of the situation – pure ITV hype!

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  • I would like to have seen a broader, far less blinkered view, with lots of facts & figures about exactly how much of a mess this country is in…

    Rubbish docu making. Could have done better myself.

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  • I have to agree with Inbreda – it was rubbish! Basically Randall finds himself a bunch of sad losers, then goes on to assert that they are somehow typical of Britain as a whole. As far as I could tell, he didn’t provide any evidence whatsoever to support this contention. In fact, it was perfectly obvious that the handpicked victims were completely atypical of Britain.

    You would hardly know from watching this programme that unsecured debt is actually falling as a share of total debt, that the growth in credit card usage slowed down to a virtual standstill two years ago, and that it is mortage lending which has been driving the growing indebtedness. There was potentially a good programme in this, but Randall missed it by a mile, preferring instead to concentrate on style rather than substance.

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  • george monsoon says:

    Absolutely zero facts, no background information on how or why, but on the whole, I believe this could open a few eyes, especially in the “D” classes.

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  • housing carbuncle says:

    Typical of a dumbed down modern documentary – continuous footage of plonkers at the dinner party were particularly annoying. Also the Dickensian style street with the grim reaper character continuosly knocking on the door with his stick were played about every 3 minutes. For an hour long documentary very disappointing. 3/10.

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  • Hurry_up_and_crash says:

    I hated to way the film was made so you were ment to feel sympathy for the repossessed couple pathetic. They had clearly bought an ex council house for a knock down price and gone on a credit binge with the equity. You do not own £142,000 getting loans to pay for the mortgage.

    It is this sort of it’s not my fault attitute that has got us into this trouble now. Reap what you sew.

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  • 3/10? That’s a bit generous. I give it 1 out of ten. Would’ve been 2 if they’d cut out the repetition and put it in a half hour program.

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  • Very disappointing – must have been put together by a bunch of 7 year olds with an old cam corder – 1/10.

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  • It was very disappointing, with no real substance. Panorama covered far more in half an hour!

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  • There have been far more informative programmes televised with a lot less hype. Uninformative and disappointing. Just skimmed the surface of a really nightmare problem about to descend on us.

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  • did not watch it these programs are full of usual media crap of only telling what they want you to believe.

    you lot would only be happy if they said house prices are going to come tumbling down, then you would be giving 10/10 regardless of facts.

    you all make me chuckle though ahahahahhhaaaa…

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  • Thought the surnames of the people interviewed were quite funny, SHORT (bit short can u lend me a tenner?), BOUNCER (Would you honour a cheque from a man signed with a name like that?) MASTERMAN (but not good with a Mastercard) and that £1million in debt racehorse guy who thought it was the banks problem – SWIGLER or SWIGLIER (cant remember exactly can anyone tell me? sounded dodgy anyway)

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  • That was the worst TV I have seen in ages.

    1) This programme only had 15mins (tops) of content. By the end of it (even though I fell asleep several times) I felt that I ad experienced several episodes of deja vu with all the repeat footage.
    2) If you want the audience to relate to peoples experiences/circumstances then choose somebody that is representative of the population or someone that we can feel empathy for.
    -Not a family who have somehow turned their £27,000 mortgage into £147,000 (Paul Daniels would be proud of that one) but not tell us how…and then reveal at the end that they’re off to live in a council house instead?
    -Not some stupid reeallly ugly bimbo who spends over £1700 a month more than she earns on s**t and glamour photos for HERSELF?
    3) Give some actual facts and figures and running commentary about the economic situation at the moment.
    4) Ease off the *it’s the end of the world, and it’s all your fault* style of ITV reporting.

    I’ll never get that hour back

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  • It was a typical ITV documentary. I’m surprised at Jeff Randell though – I though he could do a lot better than that. No explantion as to why the brummies kept MEWing. The only possible plus point was that the Banks of the guy in hock for a Million may now start asking for some money back.

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  • voiceofreason says:

    And wrong in some respects too. If they are going to make the point that UK plc has a debt problem, they need to be accurate.

    The 17 year old with 24K in debt was paying off 71 quid a month. The debt consumtant just divvied 24,000 by 71 and came up with 24 years to pay it off approx.
    We all know that you have to take into account compound interest and inflation to create a discounted cashflow forecast to get the real picture. If we have rampant inflation, his debt will be paid off rapidly. Rampant deflation and the opposite.

    This is the kind of fundamental analysis that UK public do not understand.

    If you analyse the proportion of your earnings used up in paying off a 25 year mortgage then the levels of inflation of your wage packet make an immense difference over the 25 years. Far more than today’s IRs. Yet 99% of the uneducated masses taking out these mega mortgages only look at today’s monhtly payment….

    I think we on this forum have made one big mistake over the last few years. We grossly underestimated the stupidity if the general public. We are being punished for this by having our prudent pensions and savings eroded through disguised (no house prices in CPI) inflation figures and govt propping up of banks.

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  • Agreed it was low on info and “Basically Randall finds himself a bunch of sad losers, then goes on to assert that they are somehow typical of Britain as a whole.”

    However, on the plus side…

    Interviewing these losers leading the debt binge high life was interesting to me. Seeing the blonde trying so desperately to be a supermodel watching her face on being told she actually ran £1.700 short every month. The guy with the landrover and race horse and £1,000,000 debt saying he didn’t want to be the “richest corpse in the cemetery”. And the Barclays bank guy squirming to defend himself. This made me see beyond my mind into theirs. There is an important human dimension of denial, false dreams, greed and eventually despair to this all. People are all trying to be superstars and our society is all to happy to humour them as long as there is money to be made.

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  • voiceofreason – spot on. I feel as if my money has already been stolen. I hate the thought of it funding that pillock with the RangeRover. Typical – most range-rover drivers are hocked to the nines. Those that like to flaunt it generally haven’t got it!! Like it says in Hugo Bouleaus book – one result of the coming depression will be that people will change their opinions to view these visible signs of wealth with disgust. It will no longer be clever to show how much money you have (or not, as the case may be)

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  • george monsoon says:

    The couple who had their home reposessed are complete muppets. I didn’t like the way the program was trying to provoke sympathy from the audience. Those glass eyed fools obviously deserved to come unstuck.

    As for the 1,000,000 borrower. What a tosser, I know people like him and I hope he gets whats coming.

    You have to admit though, aside from the lack of proper facts and the 50 minutes of bailif knocking on the door (I counted 12 showings of this clip), this progam does highlight the mesage that we are all in the Sh*t for the next decade or so.

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  • Based on the comments on here I was fortunate in missing what sounds like typical ITV hysterical dross.

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  • Greenbay, let us know the address of your cardiff flat as I get repo lists from the lenders, If you manage to evict the tenants, clean out the smell of dog and piss and tart it up with a new kitchen / bathroom I’ll keep a look out for it and may make you and offer for it. AHHAHAHAHAHHAHAHAHA

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  • A range rover with cheap oil prices a thing of the past – that guys motor is gonna end up at auction struggling to get bids .

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  • Greenbay – A couple of days ago you APPEARED to give what was a reason’d argument as to why you were a Bull. (Reasoned but not neccesarily correct by the way) A little odd given your comic book comments (like the one above) subsequently. On reflection i think your comments were plagiarised. This is an extract of what you said:

    “Looking forward, as long as supply continues to fail to react adequately to the burgeoning demand for housing, it is very unlikely that house prices will crash. However in our latest house price forecast, we do see an upcoming slowdown for UK house price inflation. We forecast that house price growth will slip from an average 5.5% last year to 7.6% this year and 4.5% in 2009, before picking up again. Higher interest rates, tight household bills and an economic slowdown will cut back house price inflation, making talk of a possible crash more of a pub topic. But as long as the fundamentals remain unchanged, in my opinion, a housing bust is very much off the cards.”

    So who are “We”????

    [Crash Bandicott – i note your comment after my response on Tuesday – but lets give Greenbay a chance – im betting on a no response myself – anyone wanna take my money???]

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  • voiceofreason says:

    As I said @21
    “I think we on this forum have made one big mistake over the last few years. We grossly underestimated the stupidity if the general public.”
    and that includes the likes of Greenbay.

    The only reason he (or she) and his ilk have profited over the last 7 years is because anyone with any analytical intelligence (Paul Gabay ? in the RRR program included who claims he was booted out of the BoE for speaking out against their bubble-onomic strategy) would not have forecast such an unsustainable bubble being allowed to happen.

    Case of the stupid leading the stupid.

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  • techieman,

    I just feel at times with the rubbish posted on these blogs, i should reply in a similar way so that you can all understand.. if i make it a bit to complex or comprehensive it falls on deaf ears. So i guess the same lingo shown on hear is more understandable…

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  • Good soporific…

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  • Ah Greenbay.. Mr Millionaire.. from property… Well you have to ask yourself one important question. Why was he here in the first place. The reason, because like all of us, we sensed the market was going to crash. Simple!!! If he comes back, happy to supply him with some huggies.

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  • VoR – As i said before just because you thought there was a HP Bubble and that increased indebtedness was not good for society and the economy in the long term, there was no reason not to take advantage of it.(is the only way you can condone it from being outside it?). I s2r towards the end of this move (assuming we are at the end), I dont however accept i should be tar’d with the Greenbay brush! The problem was and always is one of timing, if you stayed out of the bull since ’96, and want to have a go at those people that didnt, it unbalances the argument. I disagree that you shouldnt follow the lemmings for a while, until of course they decide to jump off the cliff!!!

    You could have called the market top (and probably were) for ages as affordibility became extended, overextended, grossly overextended, extremely grossly extended, however at the end of the day Keynes comes to mind with him stating that the markets can be irrational longer than you can remain Solvent. Timing the top is extremely difficult, particularly when opportunity cost is not just measured on nominal asset increases, but barriers to re-entry via transaction costs apply.

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  • What bubble???!

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  • LONDON (Thomson Financial) – Some of the UK’s biggest mortgage lenders have followed the Bank of England’s lead and cut their mortgage rates, amid speculation that many lenders would fail to match rate cuts in order to protect their margins from the credit crunch.

    The BoE today cut its benchmark interest rate by 25 basis points to 5.25 pct, citing concerns that growth will slow and pull inflation below its 2.0 pct target.

    Those cutting their variable mortgage rates to match this decision included the Halifax, owned by banking group HBOS; the Nationwide building society; and

    Lloyds TSB, along with its subsidiary Cheltenham and Gloucester.

    Existing mortgage holders will benefit from these reductions from March 1.

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  • Im a millionaire your not hmm let me see who’s been stupid 🙂 Yes i am being smug hahaha

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  • nopensionnohouse says:

    @techieman & VoR

    OK then. So morally speaking is there anything wrong with looking out for the next bubble, jumping on at the top of the pyramid, peddling it like mad and jumping off before it starts wobbling?

    I’m very tempted to jump on the next gravy train myself. Honesty and hard work doesn’t seem to be cutting it for me.

    …. Or is this attitude what is wrong with society?

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  • @techieman – good points IMO

    re-entry (or just entry!) via transaction costs are going to soar over the next couple years which will put extra strain on the modest purchaser.

    Also, that program yesterday was really really really poor.

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  • nopension… my point is we all have to do what we think is best for Ourselves and family first and society second i’m afraid. If we could have stopped what happened / is happening then I hope we would have – i.e. stable growth as opposed to a speculative orgy. But we couldnt. Thats my belief anyway. Its been borne out by events.. I really dont think its a question of morals – Im sure i can do alot more good with my spare money (that ive “earnt” through the property boom) than if i hadnt participated. And i mean that at a social level.

    The problem with this is that IT does affect society though because it relates to the fabric of it. Its not like getting in on a bubble in the price of a commdity and speculating on that – if you get your fingers burnt then theres probably no harm to society, but with HP boom and busts there obviously is!!!

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  • nopensionnohouse says:

    @Techieman

    It’s a shame capitalism says we have to be growing in order to be measured as successful! We should be concentrating on quality of life.

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  • Greenbay – if only you had as much command as English as money (which i actually doubt – i think you are Mr. Windup). A few points:

    1. Still waiting to see who “We” are – from your post on Tuesday. You chose to ignore the question, not sure i could make it simpler so we can all read what we like into that. Looks like i win the bet though!

    2. I have no axe to grind – if you want to be bullish thats really fine -it would just command a little more respect for you to respond using your own words.

    3. When you do use your own words they seem to border on the non-sensical. For example: “shown on hear is more understandable” hear ? what as in “hear hear” ? or do you mean “here”? Yep – now if that was a one off then fine but your posts are littered with these errors.

    4. I have no reason to defend my position or to let anyone know my net worth. I suppose thats the difference between “old” and “new” money ;-).

    Stevie is right though – you are amusing

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  • Greenbay for example its not “Im a millionaire your not hmm let me see who’s been stupid “. its “Im a millionaire YOU’RE (or YOU ARE) not hmm let me see who’s been stupid ”

    Stupid is as stupid does!

    Perhaps you could invest in some English Language classes with some of your millions?

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