BBC Repossessions - your stories!

mystic_trev

Some quite sad ones, however Sam 29 - I don't feel sorry for. I wonder how many stories like his we'll hear in the next few years!

Sam found a buy-to-let deal in Birmingham that turned out to be too good to be true.

He chose voluntary redundancy after being threatened with compulsory redundancy through the courts when he had racked up £15,000 in debt.

He is now bankrupt.

Sam is not his real name.

http://newsvote.bbc.co.uk/1/hi/business/7680498.stm

baby_boomer

What? On a £20K salary he wasn't content with two BTLs so thought he'd expand to seven :eek:

Please.

Perhaps - since he was an accountant - we have a clue as to why he was made unemployed?

And an accountant who wants his hand held by mummy or nanny (state)

I wish the government had better protection for consumers as I had got my original mortgages for the Birmingham flats in minutes.

The BBC has a well "deserved" reputation as the true voice of sob story Britain. Imagine how it's going to be once the recession really starts! I think I shall have to switch off. Any chance of a licence fee refund? I thought not . In my heart I think there should be a place for the BBC but it there was a referendum to abolish it I'd currently vote "yes".

markelock

surely you take the risk, and when it goes south, you take the loss? I wonder if he'd have given some of the money back if his flats appreciated in value and generated 100% occupancy at the predicted figures.

agree about the regulation though, people that greedy should be stopped from doing deals like this, and the people offering them should be made to underwrite the offers, which would see a lot of agents etc think twice before speaking.

Babu

I feel sorry for the people in the first two cases, however, I have no sympathy for 'Sam' - he was greedy and ended up paying for that greed.

milliemonster

No sympathy for Sam, but even Charles, how on earth did he get a mortgage for £167k when he and his wife weren't working???? what's that all about????

baby_boomer

milliemonster wrote: »

Charles, how on earth did he get a mortgage for £167k when he and his wife weren't working???? what's that all about????

Mortgage company figuring that house prices were a one way bet and so repossession could pay? And if he paid it off, 9.8% interest would also pay?

They had a £31K deposit cushion, courtesy of Charles and the UK taxpayer in roughly equal proportions.

So we were all financing this deal .

Babu

milliemonster wrote: »

No sympathy for Sam, but even Charles, how on earth did he get a mortgage for £167k when he and his wife weren't working???? what's that all about????

Oh! Good point, I forgot that.

moanymoany

but - but - but - should any one of them have ended up where they did? Not if they had shown any of , now what is it called? Yes, that's it - COMMON SENSE!

The Beeb keeps rolling them out and I keep thinking they are idiots!

mrstinchcombe

I wish the government had better protection for consumers as I had got my original mortgages for the Birmingham flats in minutes. Government should stop these unscrupulous deals.

7 BTLs on a £20,000 income is clearly ridiculous and potentially financial suicide.

Did he really need Government intervention to tell him that?

Errata

Saw a woman on BBC Yorkshire News who'd bought a run of the mill semi house 25 years ago and it was now going to be repossessed. No mention of how much the house cost 25 years ago or how much she'd paid off the mortgage. I wonder if she'd mistaken her house for a cash machine ?

PasturesNew

There is not one of those that is worthy of any sympathy.
Really, they all brought it on themselves.

1] No !!!!in' job and a HUGE mortgage. And why??? They had a council house !!!!!!, rent was no more than £70/week.
2] Hen-pecked moron. He was trying to buy a quiet life in a cr4p relationship.
3] What a t1t. What a complete and utter t1t. He speaks of consumer protection, but a BTL mortgage is a commercial loan, they are for business people. This is not a consumer issue.

People like these are what got us where we are today. We are paying for their stupidity, their greed and I am very angry.