From Boom to bust,a story of absolute lunacy!

dodzy · 10-03-2014 11:22AM

I'd be more concerned about the mental health of the person(s) who chose the colour scheme for that attic room. It's beyond mank.

c_man · 10-03-2014 11:26AM

darkpagandeath wrote: »

Who will hire someone that age ? Your C.V wont get through the screening process most times.

33? Really?! By and by, we took on a bunch of interns (software dev) recently. One of them is in late 30s, another is 41.

An apartment on a credit card? Jeez.

Guy:Incognito · 10-03-2014 11:27AM

darkpagandeath wrote: »

Who will hire someone that age ? Your C.V wont get through the screening process most times. Age usual indicator of standard of living/family/responsibilities/mortgage = higher wage.

It's hard but hopefully not impossible. I'm trying to get back in to a young persons job (apprentice mechanic) at 33 and finding it hard to get a call back, never mind an interview. You would think having experience would be an advantage, but so far it doesn't seem to.

geckovision · 10-03-2014 11:28AM

He's getting 752e per month, he's living at his parent's home, has no car, presumably minimal to no rent and he can't make a payment off his debt?

SpaceTime · 10-03-2014 11:29AM

c_man wrote: »

33? Really?! By and by, we took on a bunch of interns (software dev) recently. One of them is in late 30s, another is 41.
An apartment on a credit card? Jeez.

Bear in mind many posters here are about 15. So they think 25 is retirement age. 33 is unimaginably older than their dad probably.
40 quite likely old folks home time...

You guys realise people often change careers in their 30s and 40s without a hitch ?!

Not everyone will demand huge wages based on age ... They will based in experience though!

Normal careers don't follow the same timeline as a premiership footballer!

Gambas · 10-03-2014 11:32AM

mad muffin wrote: »

I didn't go mad. My wife didn't go mad. Our friends didn't go mad.

Yet we're paying for THESE FÛCKEN FÛCKS THAT WENT MAD!!!!:mad:

Well, at least now you get to feel like you're going mad too.

Cabaal · 10-03-2014 11:34AM

I can't feel sorry for this man, I just can't.

He made seriously idiotic decisions, he didn't for one second think about what would happen if he lost his job.

SpaceTime · 10-03-2014 11:37AM

I can feel sorry for him because he made some bad financial decisions but, I think he's still in a FAR FAR better position than many billions of people all over the planet!

Even compared to Americans for example.. In his situation in the US you could be really, really destroyed financially and left without income, housing or health cover.

It's a comedown but, with a bit of a push he'll be 35/36 debt free with a new skill under his belt and a chance to start over!

Use the damn services that are being laid at your feet!

The government is doing a hell of a lot when you think about what's available.
Its not your mammy though!

snubbleste · 10-03-2014 11:40AM

Ridiculous carry-on

He's very fortunate to have family to help him, €188pw and his health.

sillyoulfool · 10-03-2014 11:45AM

geckovision wrote: »

He's getting 752e per month, he's living at his parent's home, has no car, presumably minimal to no rent and he can't make a payment off his debt?

Exactly, seems to me he doesn't want BTEA or BTWA because then he would have to pay some of his income off his debts.

Fratton Fred · 10-03-2014 11:48AM

The mad thing is, the estate agents are trying to create the same frenzy they did six years ago and it looks like people are stupid enough to fall for it.

Zebra3 · 10-03-2014 11:48AM

sillyoulfool wrote: »

Maybe this is what Inda meant when he said we went mad during the boom.

Kenny, the two faced hypocrite knows quite well the average Irish person wasn't to blame, this is an exceptional story and the institutions who loaned this particular man money are also to blame.

This story is not an example of why the Irish taxpayer should have bailed out foreign banks.

tin79 · 10-03-2014 11:54AM

FFS the financial crisis started 7 years ago. Can we get over it.

Chairman Meow · 10-03-2014 11:56AM

"From boom to bust, the story of an idiot with no fiscal awareness who suddenly found himself with alot of disposable income and wasted it on completely idiotic property decisions, month long holidays, and is shocked to find he's now bankrupt"

Hold the front ****ing page

SpaceTime · 10-03-2014 11:57AM

There was a pretty high % of really crazy stuff went on.

We didn't 'all' go mad. I certainly didn't anyway but enough of us did to do a hell of a lot of damage.

The problem was the banks who were supposed to be sensible, prudent lenders were even madder than the speculators in a lot of cases!

Then the whole bloody lot of them want their losses socialised yet would be the very first people demanding austerity and ends to actual social spending!

Gambas · 10-03-2014 12:23PM

Fratton Fred wrote: »

The mad thing is, the estate agents are trying to create the same frenzy they did six years ago and it looks like people are stupid enough to fall for it.

Estate agents don't give borrow or loan hundreds of thousands of euros. Responsibility lies elsewhere.

geckovision · 10-03-2014 12:31PM

Chairman Meow wrote: »

"From boom to bust, the story of an idiot with no fiscal awareness who suddenly found himself with alot of disposable income and wasted it on completely idiotic property decisions, month long holidays, and is shocked to find he's now bankrupt"

Hold the front ****ing page

I wish I'd thought of that username.

gramar · 10-03-2014 12:33PM

Chairman Meow wrote: »

"From boom to bust, the story of an idiot with no fiscal awareness who suddenly found himself with alot of disposable income and wasted it on completely idiotic property decisions, month long holidays, and is shocked to find he's now bankrupt"

Hold the front ****ing page

Doesn't necessarily mean he had a lot of cash. He had access to a lot of credit and made some Homer Simpson type decisions.

Cabaal · 10-03-2014 12:34PM

Gambas wrote: »

Estate agents don't give borrow or loan hundreds of thousands of euros. Responsibility lies elsewhere.

So who do you blame...the banks again?

I hope not, What about the idiots who took out the loans in the first place?

When i bought my house we were very tempted to get a 4 bedroom detached, but instead we opted for a 3 bedroom semi which was smaller but alot cheaper.

Why did we do this?

Because it took us about 30seconds to figure out that if me or my wife were out of a job in the morning we'd be screwed instantly as we wouldn't be able to cover our bills.

Thats all it took, 30seconds, 30 seconds for me and my wife who are both adults to act like adults and to make a proper adult decision about the fact that although the 4 bedroom house was nicer it would have been a very poor long term decision if even one of us ran into money problems.

Its not alot to ask for grown adults to actually think about the decisions they make!

As luck would have it within 2 months of moving in to our house one of us lost a job but we have always managed to make payments and now both are in full time employment again.

Its an easy cop out to blame the banks, but in all honesty nobody held a gun to anyone's head and told them to take out 400k loan for a house, get new cars every year and get loans for holidays etc.

Gambas · 10-03-2014 12:41PM

Cabaal wrote: »

So who do you blame...the banks again?

I hope not, What about the idiots who took out the loans in the first place?

When i bought my house we were very tempted to get a 4 bedroom detached, but instead we opted for a 3 bedroom semi which was smaller but alot cheaper.

Why did we do this?

Because it took us about 30seconds to figure out that if me or my wife were out of a job in the morning we'd be screwed instantly as we wouldn't be able to cover our bills.

Thats all it took, 30seconds, 30 seconds for me and my wife who are both adults to act like adults and to make a proper adult decision about the fact that although the 4 bedroom house was nicer it would have been a very poor long term decision if even one of us ran into money problems.

Its not alot to ask for grown adults to actually think about the decisions they make!

As luck would have it within 2 months of moving in to our house one of us lost a job but we have always managed to make payments and now both are in full time employment again.

Its an easy cop out to blame the banks, but in all honesty nobody held a gun to anyone's head and told them to take out 400k loan for a house, get new cars every year and get loans for holidays etc.

Sorry, my post was less than clear. Borrower and lender both to blame IMO. It's the suggestion that EA's 'made people do it' I was taking issue with.

I Heart Internet · 10-03-2014 12:44PM

Seems a silly (trying to be charitable) fella.

Still, bright side, he's young, has a bed and a roof, is getting €188 a week and can go bankrupt.

He can go looking for work in the improving economy. In a few years time he'll be young, free and solvent again.

I have sympathy for the lad if he's feeling depressed about things, but no sympathy for €5,000 bulgarian apartment folk - just plain stooopid.

knotknowbody · 10-03-2014 12:49PM

I have no sympathy for him, he seems to be just trying to get out of paying his debt which is relatively small if you have a job, any job. If he wanted to do some training and improve his prospects he could, he seems to just not want to face up to his own stupidity, in what world was it ever possible for a taxi driver to take month long foreign holidays every year and be a property tycoon in a foreign country.

People blame the banks for this mess but they are in business to make money and while they do take a lot of the blame for reckless lending decisions, if the idiots didn't go looking for the money, they wouldn't have given out the loans.

Three years ago, I was 31, out of work and had been for a year, albeit I was debt free, since then I've availed of the services and assistance the state provides to complete a second degree in a high demand area, I've completed a job-bridge internship related to my new discipline and at the same time a masters in my new discipline, I've now been working 6 months in an entry level, low pay role in my new field, but the prospects are good, if he wanted to he could do the same, people expect the state to do way to much for them, you have to get off your ass and do it for yourself.

roadsmart · 10-03-2014 12:51PM

I blame the makey-uppy double barrelled surname. If he had just stayed Byrne he wouldn't have been burned. He was Askin for it.
Really though, anyone who double barrelled their surname should just move to the UK.

Fratton Fred · 10-03-2014 01:10PM

Gambas wrote: »

Estate agents don't give borrow or loan hundreds of thousands of euros. Responsibility lies elsewhere.

Estate agents lie, manipulate and cheat to drive up the price of houses. It's in their nature.

Sherry Fitzgerald were telling everyone to buy just as the crash was happening.their CFO was in the media regularly to help fuel the property bubble.

They are as guilty as the banks, developers and Bertie in the whole sorry mess.

SpaceTime · 10-03-2014 01:16PM

My worry is that despite all the talk of 'moral hazard', its mostly pointed at consumers.

The banks were quite comprehensively bailed out here, in the UK, in Germany, in France, Belgium, Spain etc etc and even in the US.

The vast majority of them suffered few consequences from their dance with economic death.

My concern is that they now think they're invincible and we'll repeat this mess in a few years. The bonus culture, the crazy wages, boards not being held responsible and fired by shareholders etc etc

The banks were supposedly financial experts. The borrowers weren't.

The check on the system lies with the banks and regulators.

Tiddlypeeps · 10-03-2014 01:23PM

darkpagandeath wrote: »

ah yes I love the we went mad part and not upper middle class/rich went mad part. Don't recall any working/middle/poor people investing in property. Yet hmmm who got hit the hardest again..

Working/middle and poor all went mad. People on the dole were given loans ffs. Large amounts of credit being available to everyone regardless of financial prospects is one of the big reasons behind the crash. I'm not saying the rich are without blame, but saying people on lower incomes played no/little part is flat out wrong.

Fratton Fred wrote: »

The mad thing is, the estate agents are trying to create the same frenzy they did six years ago and it looks like people are stupid enough to fall for it.

This scares me. People are stating to act like the did during the boom years. That sense of panic that if they don't get a house now they will be too expensive later on is coming back in a big way.

jane82 · 10-03-2014 01:37PM

I think one of the major fuellers of this boom is the fact that if you get mortgage approved you get a deadline to buy a house or you have to apply again. Im noticeing a few friends and family panicking at the moment because of their mortgage approval about to run out.
Just relax and apply again.

ClovenHoof · 10-03-2014 01:47PM

He has a stupid name too.

OldNotWIse · 10-03-2014 01:50PM

Read this at break time. What a load of bullsh1t. He expects the Irish government to insulate him from his own fuucking financial stupidity? No sympathy for people who bought apartments and houses they didnt need tbh. Nealry got roped into it myself by the ex's parents, frantically buying up all of Bulgaria in the hopes of becoming millionaires overnight. "Go on sure its only 50k, it will pay for itself and next week it will be worth 2 million!". The same people who looked down on renters from the top of their property ladders.

dodzy · 10-03-2014 02:06PM

T1M3 of ur L1F3 wrote: »

Lyk if u cryd evry tyme

Text much ?

From Boom to bust,a story of absolute lunacy!

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