nationwide down 1.9%

wymondham

ManAtHome wrote: »

Last year:
Cheap credit, get humungous mortgage (is cheap and housey-go-up-long-time), need to impress neighbours, increase cheap mortgage and get round the shops, shops/houses increasing sales, open more outlets, employ more people who can ge humungous mortgages... etc etc.

This year:
Expensive credit, no humungous mortgages on offer, shops sales dropping, employ fewer people, shop/houses drop further (reduced dosh supply), shop/houses drop further (even lower dosh supply), banks lose money (repossessions), loan rates increase to cover losses, mortgage market shrinks even more... etc etc.

Basically, we import more than we export and make up the gap by flogging stuff to ourselves and borrowing more than we earn, but the borrowing tap has been turned down.

I have this vision of this is how Darling is explaining the situation to Brown as we speak!! :rotfl: :rotfl:

Cleaver

ManAtHome wrote: »

Last year:
Cheap credit, get humungous mortgage (is cheap and housey-go-up-long-time), need to impress neighbours, increase cheap mortgage and get round the shops, shops/houses increasing sales, open more outlets, employ more people who can ge humungous mortgages... etc etc.

This year:
Expensive credit, no humungous mortgages on offer, shops sales dropping, employ fewer people, shop/houses drop further (reduced dosh supply), shop/houses drop further (even lower dosh supply), banks lose money (repossessions), loan rates increase to cover losses, mortgage market shrinks even more... etc etc.

Basically, we import more than we export and make up the gap by flogging stuff to ourselves and borrowing more than we earn, but the borrowing tap has been turned down.

Ahh, I'm with you. Sounds a very realistic vision, until we all start the spending again in around 2018 and the whole cycle starts again...

dopester

Cleaver wrote: »

What's a "spiral of death"?

It is like a vortex of doom, but more cheery.

mitchaa

meester wrote: »

We have 4-bed with front and rear garden, kids at private school, five foreign holidays per year, we are however a short train ride from London. £100k is plenty of money.

I also believe you are up to no good with declaration of income and benefit awards, i.e tax credits;)

Going by previous posts, dont you pay yourself bare minimum wage and keep all money leftover in your business? If this is the case how on earth do you manage such an extravagant lifestyle? Benefit top ups surely are not that good

£100k is not plenty of money actually. 2 x £50k salaries paying usual 7-8% pension contributions and you're looking at around £5400pm income

You can easily blow £750pw or more on rent in London, likely £1000pm in childcare expenses giving both working FT, not leaving a lot left over for all the other bills and 5 foreign holidays does it

neverdespairgirl

mitchaa wrote: »

I also believe you are up to no good with declaration of income and benefit awards, i.e tax credits;)

Going by previous posts, dont you pay yourself bare minimum wage and keep all money leftover in your business? If this is the case how on earth do you manage such an extravagant lifestyle? Benefit top ups surely are not that good

£100k is not plenty of money actually. 2 x £50k salaries paying usual 7-8% pension contributions and you're looking at around £5400pm income

You can easily blow £750pw or more on rent in London, likely £1000pm in childcare expenses giving both working FT, not leaving a lot left over for all the other bills and 5 foreign holidays does it

I think you may be confusing me with someone else!

OH and I are both self-employed barristers, but that doesn't mean we run a business. I am, essentially, NDG trading as Miss NDG of Counsel. That means all the money comes to me, and I do a tax return every year which lists all my income, and knocks off my Chambers rent, travel costs, other work expenses, and I pay tax on my taxable income.

We pay £1k a month in rent, incl. water bills (nice rent, nice LL!) and pay £2,100 a month for childcare. We don't have 5 foreign holidays a year (this year we will go abroad twice, once last April, once in November, both times to Israel).

We don't claim any benefit either, apart from child benefit, and never have done.

WTF?_2

neverdespairgirl wrote: »

We pay £1k a month in rent, incl. water bills (nice rent, nice LL!) and pay £2,100 a month for childcare.

wooah! :eek:

neverdespairgirl

We have a nanny. So yes, it's expensive, but we don't feel short of money, and don't fraudulently claim benefits, either.

John_Pierpoint

I always wondered how you could make time to post on here;)
Now we know:D

mitchaa

NDG..You'll see my post refers to meester not yourself

Meester was upto something 'dodgy' with TC and benefit awards as detailed in his earlier threads.

Chris2685

neverdespairgirl wrote: »

We have a nanny. So yes, it's expensive, but we don't feel short of money, and don't fraudulently claim benefits, either.

Sod IT, I'm going to become a nanny!