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Bankers May Not Be Nice People

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12467…10

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    #92
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    Ireland where people not paying there loans is the banks fault :pac:
    Maybe dont get out loans you cant afford to pay back
    Its far from pity people who dont pay back loans should be getting


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    #93
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    irishman86 wrote: »
    Ireland where people not paying there loans is the banks fault :pac:
    Maybe dont get out loans you cant afford to pay back
    Its far from pity people who dont pay back loans should be getting

    Maybe dont give out loans for overpriced houses.

    Its always the little guy isnt it? The banks, economists, journalist/property nexus are not to blame, even as their supposed expertise guaranteed property growth forever, or at the worst a soft landing.


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    #94
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    server down wrote: »
    Maybe dont give out loans for overpriced houses.
    The price of the house is irrelevant really. It's capacity to repay that's important.

    It doesn't matter if the house is overpriced by 50% so long as you can afford to repay it.

    Anyway, I don't see anyone rushing to absolve the banks of blame. All parties need to accept that they made a mess of it rather than pointing fingers and whinging about how it wasn't their fault.

    If you took out a loan you now can't repay, then you're an idiot for taking the loan and the bank is an idiot for giving it to you.


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    #95
    Ubbquittious
    Registered Users Posts: 6,194 ✭✭✭Ubbquittious


    seamus wrote: »
    The price of the house is irrelevant really. It's capacity to repay that's important.

    It doesn't matter if the house is overpriced by 50% so long as you can afford to repay it.

    Anyway, I don't see anyone rushing to absolve the banks of blame. All parties need to accept that they made a mess of it rather than pointing fingers and whinging about how it wasn't their fault.

    If you took out a loan you now can't repay, then you're an idiot for taking the loan and the bank is an idiot for giving it to you.

    Most of them aren't idiots unless they took out the loan while in possession of a crystal ball telling them when the tiger is going to end.

    Its the way the system is set up. Some number of days from now a large number of businesses are going to go tits up and a load of people will lose their jobs and not be able to repay. The only way not to make a mess of it is never to take out a loan because the risk is never 0. Yet if nobody takes out a loan the mess will also be created because the only way new money enters the system is by people taking out loans


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    #96
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    server down wrote: »
    Maybe dont give out loans for overpriced houses.

    Its always the little guy isnt it? The banks, economists, journalist/property nexus are not to blame, even as their supposed expertise guaranteed property growth forever, or at the worst a soft landing.

    If you cant afford the house dont buy the house
    Maybe stop presuming that house prices are going to keep rising
    I know this is going to shock you, but you dont need to own a house


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    #97
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    irishman86 wrote: »
    If you cant afford the house dont buy the house
    Maybe stop presuming that house prices are going to keep rising
    I know this is going to shock you, but you dont need to own a house

    Why do weak minds always answer a general question with a personal attack, or assume your political opinion is dependent on your personal circumstances? I have a house. I bought it 2012. I can well afford the mortgage payments even if they went up to 5-10%. I also didnt buy in 2006 even though I probably could.

    People who bought a house in 2006 were a bit naive but they could afford repayments the house then. The banks agreed by lending them the price of the house. It was by overestimating the longevity of the boom, and the continuation of the housing market, that led what would have been a minor downturn in a great recession. Bank lending is to blame, and banks are primarily to blame.

    Its a bit odd to blame the non-experts.


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    #98
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    seamus wrote: »
    The price of the house is irrelevant really. It's capacity to repay that's important.

    It doesn't matter if the house is overpriced by 50% so long as you can afford to repay it.

    Anyway, I don't see anyone rushing to absolve the banks of blame. All parties need to accept that they made a mess of it rather than pointing fingers and whinging about how it wasn't their fault.

    If you took out a loan you now can't repay, then you're an idiot for taking the loan and the bank is an idiot for giving it to you.

    Why people idiots for that? I mean, yes, some people could look on the farther reaches of the internet to find people saying that the boom was unsustainable ( McWilliams perhaps aside) but the general establishment and expert concensus was a continued boom or a soft landing.


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    #99
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    server down wrote: »
    Why do weak minds always answer a general question with a personal attack, or assume your political opinion is dependent on your personal circumstances? I have a house. I bought it 2012. I can well afford the mortgage payments even if they went up to 5-10%. I also didnt buy in 2006 even though I probably could.

    People who bought a house in 2006 were a bit naive but they could afford repayments the house then. The banks agreed by lending them the price of the house. It was by overestimating the longevity of the boom, and the continuation of the housing market, that led what would have been a minor downturn in a great recession. Bank lending is to blame, and banks are primarily to blame.

    Its a bit odd to blame the non-experts.

    You realise the irony in your post, unless you start with a self reference for some reason :rolleyes:
    Naive is the wrong word, greedy and stupid is
    Its not always banks that are the blame, did the plumbers really need a house in Spain and a new car to go with the mansion they built :pac:
    Off course you should blame the non-experts, they were the ones who bought into the sales pitch hook line and sinker
    Ireland a country where everyone lives in comparison to the neighbour is a perfect country to sell to
    The every day man in Ireland is as much at fault as the bankers


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    #100
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    irishman86 wrote: »
    Naive is the wrong word, greedy and stupid is
    Its not always banks that are the blame, did the plumbers really need a house in Spain and a new car to go with the mansion they built :pac:
    Off course you should blame the non-experts, they were the ones who bought into the sales pitch hook line and sinker
    Ireland a country where everyone lives in comparison to the neighbour is a perfect country to sell to
    The every day man in Ireland is as much at fault as the bankers

    We are talking, in the main, if we are talking about the every day man, about a man who bought a simple semi detached house. Nothing greedy about that.


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    #101
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    By the way some people who bought in the boom did pretty well, given the tracker mortgages they have locked in. Even in 2012 I couldnt buy a house -- on an equivalent income -- as good as some of my friends had done. They werent geniuses and the people who over borrowed werent fools.


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    #102
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    server down wrote: »
    We are talking, in the main, if we are talking about the every day man, about a man who bought a simple semi detached house. Nothing greedy about that.

    Yes they were greedy, the Irish attitude is to always want more than you have
    Someone earning 40k a year should know they cant afford a 500k house
    Just because you can "afford" something doesnt make it the right thing to do
    So yes the every day man in Ireland needs to do take some flak aswell, the bank didnt force the money on them they could have said no


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    #103
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    server down wrote: »
    By the way some people who bought in the boom did pretty well, given the tracker mortgages they have locked in. Even in 2012 I couldnt buy a house -- on an equivalent income -- as good as some of my friends had done. They werent geniuses and the people who over borrowed werent fools.

    The people who over borrowed are the definition of fools, they were rolling the dice. Just because some won doesnt make it the correct thing to do
    Some people win gambling on horses, that doesnt mean everyone should go out and do it


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    #104
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    irishman86 wrote: »
    Yes they were greedy, the Irish attitude is to always want more than you have
    Someone earning 40k a year should know they cant afford a 500k house
    Just because you can "afford" something doesnt make it the right thing to do
    So yes the every day man in Ireland needs to do take some flak aswell, the bank didnt force the money on them they could have said no

    Why should they know that when experts are telling them that property never falls and booms never end.

    If an expert assured me that his bridge was nice and sturdy and it collapsed I’d blame the expert.


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    #105
    FishOnABike
    Registered Users Posts: 4,408 ✭✭✭FishOnABike


    server down wrote: »
    My thought process is wondering about the legality of it. Does the bank, without recourse to the courts, get to seize that money? Can they self appoint a sherrif and seize the car? Can they grab the TV?

    Closing accounts seems like a serious business to me. Also he claims no notice was given.
    If you read the multipage fine print you have to sign when you open an account, arrange an overdraft facility or credit card account you will have authorised the bank to use money from one account to pay any debt or overdrawn ammount in other accounts. It's the banks business, they make sure they have themselves covered. That's why anyone who is in financial difficulties is advised to open a new working account with a different bank where they have no current liabilities.


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    #106
    FishOnABike
    Registered Users Posts: 4,408 ✭✭✭FishOnABike


    server down wrote: »
    Really. So my bank can without notice pay down my mortgage with my savings and current account? Or as much as they can?

    Maybe your idea about separate banks is a good idea :-)
    If your mortgage is in arrears, yes.


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    #107
    FishOnABike
    Registered Users Posts: 4,408 ✭✭✭FishOnABike


    sbsquarepants wrote: »
    I was actually refused a car loan once because I wanted to borrow 8 grand I think it was and the bank wanted me to take 15.
    I went to a different bank and got the 8 - why the hell would I want to borrow 7 grand I don't need!
    Or, if it was a variable rate loan, just take the 15k loan, buy the car for 8k and repay the 7k you don't need immediately. I'd look at the interest rates and loan terms and go with the most favourable. (And consider keeping all loans with the one bank as others have advised, just to keep my banking options open if my finances went pearshaped)


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    #108
    Allinall
    Registered Users Posts: 6,581 ✭✭✭Allinall


    bajer101 wrote: »
    There was a moment there in the branch, where the assistant manager was refusing to give me my money.

    Haven't read the whole thread, but was it not the banks money they were holding?

    You were the one that broke the contract.


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    #109
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    Bad Financial Decisions May Be Made By Nice People


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    #110
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    server down wrote: »
    Why should they know that when experts are telling them that property never falls and booms never end.

    If an expert assured me that his bridge was nice and sturdy and it collapsed I’d blame the expert.

    If a expert cliff diver told you to jump of a cliff would you?
    I wouldnt, as for the boom plenty seen it coming as has shown since it crashed when those economists are now being listened to


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    #111
    Donal55
    Closed Accounts Posts: 2,023 ✭✭✭Donal55


    irishman86 wrote: »
    If a expert cliff diver told you to jump of a cliff would you?
    I wouldnt, as for the boom plenty seen it coming as has shown since it crashed when those economists are now being listened to

    Like, eh,economist Jim 'Soft Landing' Power?


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    #112
    Allinall
    Registered Users Posts: 6,581 ✭✭✭Allinall


    Donal55 wrote: »
    Like, eh,economist Jim 'Soft Landing' Power?

    Yeah...or

    "Fill your boots with bank shares" Burgess.

    Hindsight is a wonderful thing; if only you could see it coming.


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    #113
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    Donal55 wrote: »
    Like, eh,economist Jim 'Soft Landing' Power?

    Or maybe the 100 other ones who said that we were in for a big bad crash :rolleyes:
    Like Kelly from UCD, see i didnt even need to leave the same University Alumni


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    #114
    Donal55
    Closed Accounts Posts: 2,023 ✭✭✭Donal55


    irishman86 wrote: »
    Or maybe the 100 other ones who said that we were in for a big bad crash :rolleyes:
    Like Kelly from UCD, see i didnt even need to leave the same University Alumni

    In fairness the '00s' of economists were telling us there wasn't a problem.

    Kelly and a few others were told to fcuk off and commit suicide for talking down the economy by none other than Bertie.


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    #115
    Allinall
    Registered Users Posts: 6,581 ✭✭✭Allinall


    Donal55 wrote: »
    In fairness the '00s' of economists were telling us there wasn't a problem.

    Kelly and a few others were told to fcuk off and commit suicide for talking down the economy by none other than Bertie.

    Attributing words and phrases that weren't used just makes you look foolish.


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    #116
    maryishere
    Closed Accounts Posts: 4,549 ✭✭✭maryishere


    irishman86 wrote: »
    Someone earning 40k a year should know they cant afford a 500k house

    Then why did the banks sometimes lend the money - say 600k - to someone on 30k - on an interest only basis, and not tell the borrower what the repayments would be when the interest only period was up?
    Sharp practice by the banker. They should share the pain, otherwise they will do the same again.

    Iceland, a small country, jailed something like 18 bankers. The same should happen in Ireland.


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    #117
    Donal55
    Closed Accounts Posts: 2,023 ✭✭✭Donal55


    Allinall wrote: »
    Attributing words and phrases that weren't used just makes you look foolish.

    Paraphrasing Bertie in 2007 'why people on the sidelines, cribbin and moanin, don't commit suicide'.

    Will that do you?


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    #118
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    Donal55 wrote: »
    In fairness the '00s' of economists were telling us there wasn't a problem.

    Kelly and a few others were told to fcuk off and commit suicide for talking down the economy by none other than Bertie.

    My point is there was people that were saying it and for some reason this is ignored
    Lets put it this way, the economy has turned for the better, lets see how people this time dont go crazy and buy massively overpriced houses :pac:


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    #119
    irishman86
    Banned (with Prison Access) Posts: 3,814 ✭✭✭irishman86


    maryishere wrote: »
    Then why did the banks sometimes lend the money - say 600k - to someone on 30k - on an interest only basis, and not tell the borrower what the repayments would be when the interest only period was up?
    Sharp practice by the banker. They should share the pain, otherwise they will do the same again.

    Iceland, a small country, jailed something like 18 bankers. The same should happen in Ireland.

    Off course they should share the blame, thats the key though
    SHARE
    Rightly so for a person who took out a loan of that size to lose the game


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    #120
    Rubberchikken
    Registered Users Posts: 5,083 ✭✭✭Rubberchikken


    People in banks are just doing a job.
    Doubt they make the rules.

    And who defaults on a loan payment and then heafs off shopping and doesnt expect to be pulled up.


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    #121
    bajer101
    Registered Users Posts: 2,178 ✭✭✭bajer101


    how.gareth wrote: »
    Not being smart but why not use the few grand tax rebate to pay off your arrears on your loan?

    OP here again. That's irrelevant. My problem is that the bank removed my overdraft facility and closed down my current account without informing me. The overdraft is now paid off as the facility was removed and subsequent deposits paid it off.

    The loan account is still in arrears but they are charging me extortionate interest which I continue to pay.

    You are all missing the point. The bank closed my account without telling me.


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