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Massive Write Down

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    #92
    Drumpot
    Registered Users Posts: 19,306 ✭✭✭✭Drumpot


    Pussyhands wrote: »
    I've seen far more people be wreckless and stupid with money and get away with it, live the same life they've always lived. How is that fair????

    What I think is Fair May be different to what you believe. It’s a subjective and emotive term that has a different meaning depending on our leanings. I can think of far more financially damaging elements of capitalism and the banking system then a lone parent and their children getting a debt write down.


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    #93
    jhenno78
    Closed Accounts Posts: 208 ✭✭jhenno78


    RE: valuation, I can easily see it happening.

    Take a drive around the country and you'll see loads of houses with a similar profile.

    2005: Boom-time, someone builds fancy mc-mansion outside the small village where they've always lived, pays plenty for the site, house gets thrown up by the builder with "all the best stuff" - which is actually crap quality... 350k easy.

    2019: now nobody wants to live in the middle of f-ing nowhere, outside commuting distance. Your fancy new house is starting to get shabby, you find that it's not well insulated and difficult to heat (and people now care about that) and actually, was it always that ugly?

    You go to sell...and what? Who are you going to get to buy it? Maybe one of the few locals still in the market, but there's plenty of houses just like yours that aren't shifting so that price is going to be low and stay low.


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    #94
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    Drumpot wrote: »
    banks don’t retain property’s that’s not their thing.
    Banks get money. If not off the one who borrowed it, then rates will raise, and the bank will get their money from others.


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    #95
    Arthur Daley
    Registered Users Posts: 4,459 ✭✭✭Arthur Daley


    I really want a Range Rover, to drive down the road 6 days a week and keep the rain and wind off our head. It's so nice and spacious, and lots of gorgeous leather heated seats. I convinced myself I deserve a Range Rover.

    OK I couldn't afford it. I could only afford a 1.0l second hand Fiesta truth be told. It has enough seats to carry us and can drive down the road and keep the rain off our head, but it's a bleedin banger of a yoke, wouldn't be seen dead in it.


    Richard and Jane want to buy a Range Rover, they have plenty of Money for one. But there are finite numbers of Range Rovers in the market at any time. They would love to buy my Range Rover, but they can't it's mine. Even though I haven't made a car payment for 36 months.

    If I lose my Range Rover, so that it can be sold on to Richard and Jane, I will plead discrimination, and a sob story about being made carless. Left without a family car I'll be. I'm not going to look at that auld banger they offered me, wouldn't be seen dead in it.

    Same old story really. But it's not indigenous to Ireland, or the Irish culture. The Irish were a people of honour, who sacrificed to clear their debts.


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    #96
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Drumpot wrote: »
    What I think is Fair May be different to what you believe. It’s a subjective and emotive term that has a different meaning depending on our leanings. I can think of far more financially damaging elements of capitalism and the banking system then a lone parent and their children getting a debt write down.

    If that's the case we should all be wreckless, live way beyond our means.

    Why should I sacrifice things to save money for a house that I can afford to pay back? Why don't I stretch myself to 4.5 times my salary, take 90% mortgage and buy a big house. Then when I have a kid or get sick of my job I won't be able pay it back and then I'll get my debt marked down. Sure wouldn't that only be fair?

    In that case I'd be way better off than trying to be responsible.


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    #97
    marieholmfan
    Registered Users Posts: 2,744 ✭✭✭marieholmfan


    Pussyhands wrote: »
    If that's the case we should all be wreckless, live way beyond our means.

    Why should I sacrifice things to save money for a house that I can afford to pay back? Why don't I stretch myself to 4.5 times my salary, take 90% mortgage and buy a big house. Then when I have a kid or get sick of my job I won't be able pay it back and then I'll get my debt marked down. Sure wouldn't that only be fair?

    In that case I'd be way better off than trying to be responsible.
    Great question.
    I suppose what you're really asking is 'why be a sucker who plays by what the rich tell us the rules are'?


    All I can say to that is that there have to be suckers.


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    #98
    ckeng
    Registered Users Posts: 71 ✭✭ckeng


    marieholmfan wrote: »
    Browney7 wrote: »
    Add in the legacy tracker mortgages also where the banks either make very little cash or indeed losses. This also drives the higher interest rates charged on new lending
    Should all have been forcibly moved to profitable mortgages; unfortunately the scum class are all on trackers.
    Who are the scum class?


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    #99
    ckeng
    Registered Users Posts: 71 ✭✭ckeng


    marieholmfan wrote: »
    Browney7 wrote: »
    Add in the legacy tracker mortgages also where the banks either make very little cash or indeed losses. This also drives the higher interest rates charged on new lending
    Should all have been forcibly moved to profitable mortgages; unfortunately the scum class are all on trackers.
    Who are the scum class?


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    #100
    marieholmfan
    Registered Users Posts: 2,744 ✭✭✭marieholmfan


    ckeng wrote: »
    Who are the scum class?
    RTE presenters, TDs , Judges etc.


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    #101
    ckeng
    Registered Users Posts: 71 ✭✭ckeng


    marieholmfan wrote: »
    ckeng wrote: »
    Who are the scum class?
    RTE presenters, TDs , Judges etc.
    Well that's just silly


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    #102
    marieholmfan
    Registered Users Posts: 2,744 ✭✭✭marieholmfan


    ckeng wrote: »
    Well that's just silly
    The scum rises to the top.
    Why wasn't everyone with a tracker just told 'your mortgage is unprofitable and is being changed'?


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    #103
    ckeng
    Registered Users Posts: 71 ✭✭ckeng


    marieholmfan wrote: »
    ckeng wrote: »
    Well that's just silly
    The scum rises to the top.
    Why wasn't everyone with a tracker just told 'your mortgage is unprofitable and is being changed'?
    Why would they be?


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    #104
    meeeeh
    Registered Users Posts: 11,624 ✭✭✭✭meeeeh


    marieholmfan wrote: »
    The scum rises to the top.
    Why wasn't everyone with a tracker just told 'your mortgage is unprofitable and is being changed'?

    Because we agreed the rate in the contract plus we enjoy seeing suckers like you paying for it.


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    #105
    Monife
    Registered Users Posts: 3,014 ✭✭✭Monife


    Haven't read the whole thread but just needed to comment on the inequity of the system. Now, I don't agree with debt write downs AT ALL but my friend wasn't afforded one through the PIP scheme and instead had to hand back the keys and enter into a 6 year repayment agreement for the shortfall. I think this is grossly unfair if others are getting debt written off.


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    #106
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Monife wrote: »
    Haven't read the whole thread but just needed to comment on the inequity of the system. Now, I don't agree with debt write downs AT ALL but my friend wasn't afforded one through the PIP scheme and instead had to hand back the keys and enter into a 6 year repayment agreement for the shortfall. I think this is grossly unfair if others are getting debt written off.

    I know people on PIP and they've never had better lives.


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