Why should we help the liars who are going to get reposessed?

Charlton_King

The premise behind this thread makes me laugh.

After all, when you strip away the hype, ALL mortgages are an exercise in 'living beyond your means'. Sorry to have to bring this to the OP's attention.

Unless your 'means' allow you to purchase property outright, then doing so by borrowing someone else's money on the basis of whatever assessment of your ability to repay is an exercise in optimism and always will be...

... unless of course you also have a copy of the magical crystal ball with which the OP, in their vicious offensiveness, is clearly endowed...

Incisor

anniehanlon wrote: »

Troll Troll, Troll

Sorry annie, you are falling into the bad ways of these boards and [I think] calling troll on someone you merely disagree with. The issue is a good one for a discussion and may I suggest you respect the poster by not throwing names like 'troll' while arguing your point like fury if that is how you feel.

poet123

Charlton_King wrote: »

The premise behind this thread makes me laugh.

After all, when you strip away the hype, ALL mortgages are an exercise in 'living beyond your means'. Sorry to have to bring this to the OP's attention.

Unless your 'means' allow you to purchase property outright, then doing so by borrowing someone else's money on the basis of whatever assessment of your ability to repay is an exercise in optimism and always will be...

... unless of course you also have a copy of the magical crystal ball with which the OP, in their vicious offensiveness, is clearly endowed...

Any borrowing is, of course, based on the premise that you will, given current and future circumstances,be able to repay. No one can dispute that,BUT and it is a big but,the difference comes when you borrow more than you can ever be comfortable repaying if there is even slight movement in the interest rates,never mind a loss of income.

Furthermore, if this is achieved not by reckless lending on behalf of the banks but by blatant lies re income then you really do deserve all you get. Even if it is achieved by reckless lending, you still bear some personal responsibility and need to learn a lesson from this. Seems to me few do though,preferringto blame*whoever* rather than accept their own failings.

domcastro

Debs12 wrote: »

Lately there is too much of I told you..your own fault type people.

quote]
They lied - of course it's their fault. Just as - if you read my other posts, you'll see I didn't know about 35k limits (now 50K) - I put all my money in the Halifax (It's still in there bonded). Anyone I've said to "ohhh I'm worried about my money" has replied "didn't you spread it?". No I didn't. I'm a wally. If I lose my money it's my fault. I'd be gutted but I should have gained information first.

So, don't judge me and I didn't even lie - just didn't inform myself properly

geoffky

do what hurts them most.... buy their houses for a few magic beans....

Jennifer_Jane

Debs12 wrote: »

snip... The bank got to check me out but I did not have the same rights to ask them about there borrowings and future prospects...I feel that NORTHERN ROCK LIED TO ME!!!!!!

...snip.

Yes, I so agree with you.

The whole problem we are all in is the lack of knowledge we all (I assume) had about the mortgage lenders in the US passing on their debts globally. Did anyone know about this? Gordon Brown? I wonder. So I feel that we've all been lied to by the banks on an international scale.

As an ex-Financial Advisor, I never envisaged a time when 'savings' would be in jeopardy. Also, once the situation began to be known, why wasn't the Government of the day analysing the situation and being pro-active, not reactive (I'm unsure how, but that's why I'm not at the Treasury!).

PS - just to add what a pity Gordon Brown sold off the UK gold cheaply. Another wonderful example of Gordon's fiscal miss-handling when he was Chancellor.

CluelessJock

Originally Posted by milliemonster
Not everyone who is repossessed or being threatened with repossession have lied to get their mortgage, many have been honest and hardworking people who have bought houses with mortgages relative to their incomes but due to job losses and changes of circumstances, have ended up in this horrible situation, please don't stereotype,

domcastro wrote: »

To reiterate - my post is about people who are getting reposessed due to them LIEING on their mortgage application. My moany beef is with them. I'm not stereotyping - I haven't said ALL people who are getting reposessed are liars - that would be stereotyping

domcastro, don't worry about milliemonster it's just a typical response to make her feel better in herself. To save her embarrasment I Pm'd her on another thread rather than go public only for her to post my PM (presumably because she thought it would reflect badly on me) and subsequently after consideration she removed some of her personal information which gave too much away.

I would have responded to her but she asked me not to send her any more PM's and I respect that wish.

koexelek

Debs12 wrote: »

The problem I have with this thread is that these boards are meant to be about money saving and helping people...

Lately there is too much of I told you..your own fault type people.

I have to agree that there is a lot of gloating on here sometimes.

i think it makes some people feel better to know that there are people in a worse financial position than themselves.

I'm sure people come on here for help though, not to be laughed at and ridiculed.

dunstonh

I dont think you have gloating on this thread. The topic is clearly about the lie to buy borrowers and not the genuine borrowers who have fallen on hard times.

That said, and partly playing devils advocate, mortgage rates are not high at the moment. They are still below long term average. So, if someone cannot afford their mortgage currently and have not suffered an employment event (redundancy etc) you do have to question what has changed in their expenditure to make the mortgage unaffordable.

Asking questions doesnt make it gloating but if you are going to bail out those that have borrowed to improve their lifestyle then it isnt fair on those that havent borrowed to do that.

milliemonster

CluelessJock wrote: »

Originally Posted by milliemonster
Not everyone who is repossessed or being threatened with repossession have lied to get their mortgage, many have been honest and hardworking people who have bought houses with mortgages relative to their incomes but due to job losses and changes of circumstances, have ended up in this horrible situation, please don't stereotype,




domcastro, don't worry about milliemonster it's just a typical response to make her feel better in herself. To save her embarrasment I Pm'd her on another thread rather than go public only for her to post my PM (presumably because she thought it would reflect badly on me) and subsequently after consideration she removed some of her personal information which gave too much away.

I would have responded to her but she asked me not to send her any more PM's and I respect that wish.

Erm, why do you think you need to save my embarrassment???? and why do you think I am trying to hide my personal information?, that is completely irrelevant to this thread!, yes we have £40k debt, I am not ashamed of it, nor am I trying to hide it, and I do not need to make any response to make myself feel better!

I started off on the property ladder at the bottom, purchasing a £40k 3 bed semi on 2.5 times joint income 12 years ago, now I own a £180k house and have a £20k mortgage left, I have never lied about my salary and was offered a mortgage of £285,000 on joint incomes but would never want to take on a mortgage of that level, yes I suppose I could consolidate my debt into my mortgage but why should I turn unsecured debt into secured?

Clueless jock - you really are:rotfl: