Ways to forgive past mistakes in these dire financial times

billybudd

I was just reading about different approaches and solutions regarding mortgages in arrears and people in general being in dire straits, I know debt forgiveness is a touchy subject with many people here who have the opinion if your able to take out the mortgage then you should be responsible enough to pay, fair point and all as it is but what is the solution to this problem that in my opinion will only become worse with time with the increasing of interest rates on variable mortgages? Selling to local councils and renting back from them seems like a popular idea this week but can local councils afford to buy up this much property? And fundamentally should people suffer so much that it leads to breakdowns, suicides, divorces, domestic violence and other such unsavoury side effects of crippling worry and stress that is brought on by these dire financial times, can mistakes be forgiven? Even if it costs us more in tax for the foreseeable future? Any suggestions on how people who have made a massive mistake on taking on a mortgage that they can’t service can get out of it without it ruining the rest of they’re lives and possibly they’re children’s lives?

policarp

We'll still take it and say it was our fault.
No backbone. . .

billybudd

policarp wrote: »

We'll still take it and say it was our fault.
No backbone. . .

Yes i understand that thought process, but just rising above all that for now, what solutions could there be?

mikemac

That's a bit heavy OP, allocate tax payers money to this or breakdowns, suicides, divorces and domestic violence will ensue?

Not sure would I call it emotional blackmail but it's a serious argument to make
That what the taxi drivers unions do, every interview they bring up suicide of their comrades to blast the taxi regulator. It's a tactic I hate

Of course nobody wants to see those things but throwing billions in debt forgiveness won't eliminate them either

El Weirdo

billybudd wrote: »

I was just reading about different approaches and solutions regarding mortgages in arrears and people in general being in dire straits, I know debt forgiveness is a touchy subject with many people here who have the opinion if your able to take out the mortgage then you should be responsible enough to pay, fair point and all as it is but what is the solution to this problem that in my opinion will only become worse with time with the increasing of interest rates on variable mortgages? Selling to local councils and renting back from them seems like a popular idea this week but can local councils afford to buy up this much property? And fundamentally should people suffer so much that it leads to breakdowns, suicides, divorces, domestic violence and other such unsavoury side effects of crippling worry and stress that is brought on by these dire financial times, can mistakes be forgiven? Even if it costs us more in tax for the foreseeable future? Any suggestions on how people who have made a massive mistake on taking on a mortgage that they can’t service can get out of it without it ruining the rest of they’re lives and possibly they’re children’s lives?

What's with the 3pt?

billybudd

mikemac wrote: »

That's a bit heavy OP, allocate tax payers money to this or breakdowns, suicides, divorces and domestic violence will ensue?

Not sure would I call it emotional blackmail but it's a serious argument to make

Of course nobody wants to see those things but throwing billions in debt forgiveness won't eliminate them either

Yes I know, it’s a reality though, I am actually not looking for those responses as there was another thread about debt forgiveness, I am just seeing what solutions people would have.

billybudd

El Weirdo wrote: »

What's with the 3pt?

sorry for my stupidity, but whats 3pt?

maygitchell

Bring back Quake 3 Arena! I saved and saved as a kid for that game brought it home, couldnt play online all i had was 13.3kbps internet!

El Weirdo

billybudd wrote: »

sorry for my stupidity, but whats 3pt?

This.

mikemac

Solution

If I'm paying towards to debt forgiveness for someone living in a nice big three bed on their own, well I'd like a rent free room please. I'll be the lodger

billybudd

El Weirdo wrote: »

This.

Oh, for longer texts i usually write in word and then paste to here.

El Weirdo

billybudd wrote: »

Oh, for longer texts i usually write in word and then paste to here.

I've never understood this lark.

billybudd

El Weirdo wrote: »

I've never understood this lark.

For me it is easier to read and correct mistakes.

El Weirdo

billybudd wrote: »

For me it is easier to read and correct mistakes.

Sound. I'm pickin' up what yer puttin' down.

policarp

billybudd wrote: »

Yes i understand that thought process, but just rising above all that for now, what solutions could there be?

All the presedential hopefuls have solutions. Pick one. . .

billybudd

policarp wrote: »

All the presedential hopefuls have solutions. Pick one. . .

Id prefer the opinions of ''normal'' people as opposed to politics.

Paddy Cow

Sorry op but I'll only go for mortgage forgiveness if we throw in some loan and rent forgiveness as well. Why do mortage holders get a free pass? Everyone is up the ****s and throwing in suicide/domestic violence to justify it is really low. There are plenty of families/single people living in rented accommodation who don't have a bright future ahead of them. What forgiveness do they get for their struggels?

billybudd

Paddy Cow wrote: »

Sorry op but I'll only go for mortgage forgiveness if we throw in some loan and rent forgiveness as well. Why do mortage holders get a free pass? Everyone is up the ****s and throwing in suicide/domestic violence to justify it is really low. There are plenty of families/single people living in rented accommodation who don't have a bright future ahead of them. What forgiveness do they get for their struggels?

Yes i agree, there should be no debt forgiveness and sorry i was not trying to be low or emotional with those words, suicide etc, it is a by-product of this situation people find themselves in, as regarding loans and rents, well smaller loans can always be restructured to be paid over a longer period thus making them easier to manage and as for rent, well you can always walk away to a less expensive place, with mortgages its a lot more complicated, any all i was asking is what peoples (if any) solution they would have.

westendgirlie

Don't believe in debt forgivness. Take the house part out of it for a moment. People borrowed X amount of money and signed that they would pay back X amount of money plus interest.

If they are having problems paying then ask for the loan to be restructured. Yes, it may cost them more in the long run but so be it. If, hopefully, the economy gets back on its feet then start to pay back more money. And once again reduce the amount of money owed.

To anyone working, I now pay my mortgage weekly. I divide the monthly payment by 4 weeks. It's so much easier to manage and I will of paid my mortgage off quicker this way.

eric hoone

I think where there is a family in a debt crisis, there sould be some level of debt forgiveness so the children don't have to live with the consequences of their parents' error. Singletons should be able to cut and run in some way too, but families who would find it difficult to emigrate have to be given a break.

stoneill

I don't believe in debt forgiveness.
If you borrowed the money - pay it back.
Will I get a rebate on the mortgage that I paid over the years?
Perhaps the people that find themselves in arrears should not have borrowed so much - not my problem, don't see why my taxes should bail them out. (I don't believe we should have bailed the banks out either).

Money was cheap back then - but even a financial simpleton like me knew that this sort of lending/borrowing could not be sustained. Back during the massive building boom I could not figure out how such a demand for houses could be generated in a country with a population of only 4 million. A small city.

papajimsmooth

In life there are no second chances. I know you were probably looked after as a child and your parents took care of all your mistakes, but when you take someones money and promise to pay it back, regardless of what you spend it on, drugs or an apartment, you either pay it back or go to jail, thats the way the world works.

pragmatic1

How about taking some fcuking personal responsibility for your own actions. Mummy and Daddy cant always be there to hold your hand and neither can the state.

stovelid

Solutions are well and good but smug moralising is much more fun.

ArmaniJeanss

I'd be for 100% mortgage debt forgiveness, and for those in negative equity recalculating mortgages to the current value.

However it should be strictly limited to those who at the time they took the mortgage signed a legal document promising to give any profit resulting from an increase in the value of the property back to the state.

T0mmy C

I think you need to be very careful when taking out a mortgage, loan or anything like that.

Whilst you may have a job and be able to afford it at the minute, times change and you might not be able to pay it off in the months to come.

drdeadlift

I was offered a massive loan without ever owning a house actually at the time i worked for boi.They called one evening me thinking i had done something wrong in work,hello are you interested in a 25 grand loan? me : eh no your fine i dont need that type of money.What annoyed me was i know plenty of my mates that would dive at this type of money and im sure plenty of others did.
The amount of young people buying houses not even married was just nuts,i knew one girl early 20s,she and her bf just got her Mortgage approval from the bank.I questioned her on the time it would take her to repay,the look on her mush suggests she was never questioned if it were the right thing to do.It seemed to be the case of monkey see monkey do.

mikemac

Hold on OP, while I call up my landlord demanding a cut and a two year moratorium on paying rent

I'll be needing interest relief also

Mortgage holders get assistance already, more then many other sectors

earlyevening

mikemac wrote: »

Hold on OP, while I call up my landlord demanding a cut and a two year moratorium on paying rent

I'll be needing interest relief also

Mortgage holders get assistance already, more then many other sectors

Tell him there's no way you're leaving the house either, despite making no effort to pay the rent.

Paddy Cow

drdeadlift wrote: »

I was offered a massive loan without ever owning a house actually at the time i worked for boi.They called one evening me thinking i had done something wrong in work,hello are you interested in a 25 grand loan? me : eh no your fine i dont need that type of money.What annoyed me was i know plenty of my mates that would dive at this type of money and im sure plenty of others did.
The amount of young people buying houses not even married was just nuts,i knew one girl early 20s,she and her bf just got her Mortgage approval from the bank.I questioned her on the time it would take her to repay,the look on her mush suggests she was never questioned if it were the right thing to do.It seemed to be the case of monkey see monkey do.

A few years ago I went to the bank to see if I could get a loan of €600. Not a lot but at the time I was only on €300 a week so it would still have taken me awhile to pay it back. They told me I was pre-approved for up to €10,000 and would I like that amount? I was like :eek: I only need €600 for now. No thank you. Paying it back at €25 p/w, it would've taken me over 10 years to repay it. Ridiculous how they were willing to put people in dept beyond their means.

df1985

How many people wanting debt forgiveness are genuinely struggling and not just feeling a pinch. whoever is going to get it would want to be going hungry in a house they cant heat for the winter. not with sky plus, broadband etc etc. the money they spend on these things could be going towards the mortgage. They wont want to get rid of these things but if they want debt forgiveness they bloody well should have to. Their lifestyle should be looked at too-if they can afford holidays etc etc not a chance they should get other taxpayers money.