Repossessions - What is wrong with this great nation!
Discussion
Story this morning about Northern Rock being too harsh when it comes to repossessions. The lady featured had missed two payments and had recieved a repossession notice.
What on earth gives her the rite to complain? She has broken the agreement! Is she suddenly going to pay triple next month if she does not have a single payment?
This is what is wrong with this country. Firstly, everybody thinks that they have a rite to almost everything. Owning a house is a luxury! Secondly no-one has any comprehension of consequence. I bet if she thought that her house would be taken she may have sacrificed a lot more to make the payment, or at least call first and make a part payment.
Nothing is ever people's own fault.
I know that it would be cheaper for northern rock to let her off a couple of months rather than have to sell at the moment but this is not the point. If the rules are harsh then people will obey them.
A harsh lesson in life IMO.
Comments?
What on earth gives her the rite to complain? She has broken the agreement! Is she suddenly going to pay triple next month if she does not have a single payment?
This is what is wrong with this country. Firstly, everybody thinks that they have a rite to almost everything. Owning a house is a luxury! Secondly no-one has any comprehension of consequence. I bet if she thought that her house would be taken she may have sacrificed a lot more to make the payment, or at least call first and make a part payment.
Nothing is ever people's own fault.
I know that it would be cheaper for northern rock to let her off a couple of months rather than have to sell at the moment but this is not the point. If the rules are harsh then people will obey them.
A harsh lesson in life IMO.
Comments?
Was just about to start this topic!
Heard some woman bleating on about how it wasn't fair that her house was getting repossessed - I suppose it just goes to show the sheer stupidity of the sort of person that Northern Rock was lending to. Is it really any surprise that the bank that was lending 120% of value at 8x salary to sub-prime applicants ends up with more repossessions than other lenders? Surely nothing more than "no s
t Sherlock"?
When will people take on some personal accountability for their (stupid) actions?
Heard some woman bleating on about how it wasn't fair that her house was getting repossessed - I suppose it just goes to show the sheer stupidity of the sort of person that Northern Rock was lending to. Is it really any surprise that the bank that was lending 120% of value at 8x salary to sub-prime applicants ends up with more repossessions than other lenders? Surely nothing more than "no s
t Sherlock"?When will people take on some personal accountability for their (stupid) actions?
satans worm said:
Actualy i disagree, not read the story, but would it not be better for all if NR looked to rework the loan over a longer period and interest only until she was able to make the bills rather than just turfing her out?
No because Northern Wreck owes the money it lent her to some other institution at a rate and on repayment terms that could not support anything like refinancing the loan, plus the Wreck cannot get any more finance elsewhere. I am guessing that if they repossess the property the procedure gets turned over to whatever schemethey have in place to cover defaults (which is probably government backed). Overall it would boil down to the taxpayer subsidising this woman's mortgage - so if hers why not the other 30 million-odd mortgages out there?Edited by satans worm on Friday 17th October 07:56
sadoksevoli said:
satans worm said:
Actualy i disagree, not read the story, but would it not be better for all if NR looked to rework the loan over a longer period and interest only until she was able to make the bills rather than just turfing her out?
No because Northern Wreck owes the money it lent her to some other institution at a rate and on repayment terms that could not support anything like refinancing the loan, plus the Wreck cannot get any more finance elsewhere. I am guessing that if they repossess the property the procedure gets turned over to whatever schemethey have in place to cover defaults (which is probably government backed). Overall it would boil down to the taxpayer subsidising this woman's mortgage - so if hers why not the other 30 million-odd mortgages out there?Edited by satans worm on Friday 17th October 07:56
My gut feeling with absolutly no facts (ie the norm for any internet argument
)is that it would be cheaper to extend the loan and make interest only payments than for the council to pay to put her up in a council house.i doubt she would get a house.
probably get put into a hostel while the "assess" her situation and then some weeks down the line offer her a priority card which she would then use to get a choice flat somewhere.
although im confident that she would suddenly become "long term" ill with syphilis or something dumb like that, and start claiming every benefit going, upgrade the flat to a house by working the system ( i.e laying on her back with her legs open, popping out sprogs she cant afford ) and THEN come back on tv whinging about her 9000 inch tv isn't big enough for all her family.
probably get put into a hostel while the "assess" her situation and then some weeks down the line offer her a priority card which she would then use to get a choice flat somewhere.
although im confident that she would suddenly become "long term" ill with syphilis or something dumb like that, and start claiming every benefit going, upgrade the flat to a house by working the system ( i.e laying on her back with her legs open, popping out sprogs she cant afford ) and THEN come back on tv whinging about her 9000 inch tv isn't big enough for all her family.
Just watching the news on the BBC, which has been quite scathing about the government run Northern Rock, and record repossessions, showing films of defaulters crying, saying they can no longer afford their mortgage, and have to work longer hours, sobbing etc..
Is this just a taste of what's to come, now the main banks are to be government run (I know, they say they won't run them, but....)
I think that soon, many people who have lived their life on credit are going to see exactly how hard it is to actually earn and keep the things you want.
Is this just a taste of what's to come, now the main banks are to be government run (I know, they say they won't run them, but....)
I think that soon, many people who have lived their life on credit are going to see exactly how hard it is to actually earn and keep the things you want.
How long should they wait ffs?? house prices are falling, her arrears are mounting, if they wait 12 months the house will be worth 50k less , her mortgage and arrears will be 50k more, so she'll be down another 100k, then the idiots at the bbc will be moaning that the banks have allowed her to run up more debt.
the bbc really is a shower of st, lazy, incorrect reporting and a mouth piece for the idiot govenment, oh yes, its all the banks / bankers fault, nothing to do with us
the bbc really is a shower of s
t, lazy, incorrect reporting and a mouth piece for the idiot govenment, oh yes, its all the banks / bankers fault, nothing to do with usI swear that there is a whole generation in this country who have a completely skewed perspective of life.
We need a new era of personal responsibility, self respect and financial education.
It may take a decade or two to work through this I fear.
First off, we need to revisit basic values again and eject this culture of entitlement.
That is only going to happen with a change of Gubberment and a rapid shift of policy. And there will be whingers - a LOT of whingers.
It's going to be a messy next 10 years IMO.
We need a new era of personal responsibility, self respect and financial education.
It may take a decade or two to work through this I fear.
First off, we need to revisit basic values again and eject this culture of entitlement.
That is only going to happen with a change of Gubberment and a rapid shift of policy. And there will be whingers - a LOT of whingers.
It's going to be a messy next 10 years IMO.
toppstuff said:
I swear that there is a whole generation in this country who have a completely skewed perspective of life.
We need a new era of personal responsibility, self respect and financial education.
It may take a decade or two to work through this I fear.
First off, we need to revisit basic values again and eject this culture of entitlement.
That is only going to happen with a change of Gubberment and a rapid shift of policy. And there will be whingers - a LOT of whingers.
It's going to be a messy next 10 years IMO.
Imagine dear Polly Toynbee writing something for the Grauniad on all that - her keyboard would be drenched in tears then pulverised with the typing.We need a new era of personal responsibility, self respect and financial education.
It may take a decade or two to work through this I fear.
First off, we need to revisit basic values again and eject this culture of entitlement.
That is only going to happen with a change of Gubberment and a rapid shift of policy. And there will be whingers - a LOT of whingers.
It's going to be a messy next 10 years IMO.
Excellent.
I was reading over the weekend that NR have 1:32 homes being repossessed compared to the market average of 1:250 it just goes to show that they own a particularly rotten section of the market.
If what the lady on the TV was saying is correct then she missed two payments and is now back on track, this would appear to be quite harsh action. But then when you hear her say that every penny she earns goes toward the mortgage then it would be good to know if any affordability calculation was carried out at the time of her choosing the NR rock product.
I do think that a lot of us on here, who are slightly better educated than the average house buyer understood our mortgage and the implications of rising IR's. Surley alot of people have been misold mortgage by FA's or similar as they were receiving the £300 or whatever amount of money from the lender.
You will would probably find out she is on a 30 or 35 year mortage and paying the intest only anyway!
If what the lady on the TV was saying is correct then she missed two payments and is now back on track, this would appear to be quite harsh action. But then when you hear her say that every penny she earns goes toward the mortgage then it would be good to know if any affordability calculation was carried out at the time of her choosing the NR rock product.
I do think that a lot of us on here, who are slightly better educated than the average house buyer understood our mortgage and the implications of rising IR's. Surley alot of people have been misold mortgage by FA's or similar as they were receiving the £300 or whatever amount of money from the lender.
You will would probably find out she is on a 30 or 35 year mortage and paying the intest only anyway!
I swear that I am getting so sick of the lefty liberal reactionary wkfest going on at the moment, I find myself having to hold back from assaulting people on the train reading the Guardian and telling them to stop being such cocks.
I used to be a liberal as well, ironically.
The stupidity of people and the rubbish spouted from the left, plus 10 years of Nu Labour, have done this to me.
And breathe...
kfest going on at the moment, I find myself having to hold back from assaulting people on the train reading the Guardian and telling them to stop being such cocks.I used to be a liberal as well, ironically.
The stupidity of people and the rubbish spouted from the left, plus 10 years of Nu Labour, have done this to me.
And breathe...
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