OK guys, who`s getting angry?

JanCee

Chris2685 wrote: »

Stupid thing is, most people who are making decent money would put a bit away for a rainy day. If the banks had done this while they were making good money during the boom, we wouldn't be in this position now, or at least it wouldn't be quite so bad!

Same applies to Gordon Brown and the rest of the govt that has presided over the boom years.

formulaonefan

I'm extremely worried about the current climate. I have house deposit savings in KE and set a BACS transaction on saturday and still waiting for the money. Hopefully I should get it by thursday.

I hope we won't see any stupid posts in this forum again. for example posts by 'horseinhatman' saying property prices up up up....property market had soft landing. Its just not funny anymore. ppl are losing savings here and it won't feel good. I have added him to ignore list anyway!

Barneysmom

I'm down in the dumps. I'm fed up of the powers that be saying they will do everything in their power to put things right. When the bloody heck is that going to be?
They talk of ending fuel poverty for the elderly and low-moneyed people.
They are going to help people get on the property ladder.
Hohoho says Santa, he's coming too.

You know all these people who have made loads of money/bonus whatever, out of this big bust that's happening, well what happens to the money? Won't it be going back into the economy as they spend it? I don't know how it works.

hethmar

Im sickened that the man in the street could see this coming years off when people could send a note in to get a mortgage virtually - it was obvious things would blow up in our faces so why didnt the government see that too and put everything in hand earlier?

Back 5 years my son when to get his first mortgage on a flat - he told me the broker gave him the forms, told him how much he needed to get said mortgage and left the room. Poor son just sat there thinking well, Im not earning that much. Broker came back, son told him the predicament and he pointed at the self cert form and said "thats where you put you are earning enough" and walked out again. Son did as told, got his mortgage and I have to be fair, worked all hours god sends to pay for it/got several promotions and after 2 years dumped said dodgey mortgage and went for a normal repayment one. But just shows you what these people were doing - and Im sure most of the people who got those self certs in this way did not then control their spending as well as my son. What are they all going to do when they need to remortgage their deals that are ending?

lostinrates

formulaonefan wrote: »

I'm extremely worried about the current climate. I have house deposit savings in KE and set a BACS transaction on saturday and still waiting for the money. Hopefully I should get it by thursday.
!

Ours came through from KE this morning. I think that was 9 working days I think - the longet transaction I've ever set up. I was very worried about it last night. Now I don't know where to put it. I'm truely lost in trying to decide in fact.

Conrad

I agree with you Alan. I even cancelled the water cooler.
At the same time I would like to buy a property investment (sorry) but only if I sense prices are low enough.

Dithering_Dad

Alan_M wrote: »

I reduced my business overheads as much as I could last year and battened down the hatches to weather the storm, this is worse than I expected, I just hope I get through it intact.

For business people like me, the short term future is not about profit it's about survival.

I'm in the same boat. I've pared down my business and home overheads as much as possible - I've even gone Interest Only on my mortgage (though at the moment I'm still making separate monthly overpayments). I'm now building up as much surplus cash in my company accounts as possible.

As far as how I feel, I'm resigned to the downturn. Economies work in cycles, we could no more prevent this bust than King Canute could turn back the tide.

p.s. not one to say 'I told you so', either, but I was in here several months ago telling all the bears who seemed to rubbing their hands with glee at the thought of a recession that they should be careful what they wish for and that a recession will affect everyone - home owners and renters alike. I was pooh poohed as I recall, and told that renters need not worry due to their large amount of savings. I pointed out that these savings would be eroded by inflation and due to means tested benefits (i.e. if the worse happens and job losses occur). My words fell on deaf ears.

I told you so.

Barneysmom

Conrad, you'd be better off buying a big caravan by the seaside and renting it out for a year or 2. People won't be able to afford big holidays next year by all accounts.

Annpan

lostinrates wrote: »

Ours came through from KE this morning. I think that was 9 working days I think - the longet transaction I've ever set up. I was very worried about it last night. Now I don't know where to put it. I'm truely lost in trying to decide in fact.

Lostinrates, I really understand your predicament. I think when, if we get our money back from IceSave, we'll spend it and enjoy it's value today. That's the only way of it not getting devalued!

moggylover

lostinrates wrote: »

Ours came through from KE this morning. I think that was 9 working days I think - the longet transaction I've ever set up. I was very worried about it last night. Now I don't know where to put it. I'm truely lost in trying to decide in fact.

Know where you are coming from: under the mattress in cash sounds quite tempting at the moment doesn't it. It might not grow much - but at least one still has hold of it so to speak!

Otherwise, £35K lots, in however many banks you need to spread it over, and not worry too much about what the interest rate is I think.

Not a problem I currently have: but should I manage to sell either my mothers house or my own then I would be and I must admit that it is a worrying thought.