BBC Repossessions - your stories!

Max_Headroom_3

I saw this and you really have to question the BBC's motivation with this one. Out of the whole country they've found three examples.

Case one is a guy who bought his council house at a discount with a mortgage of £167,000 ( at an interest rate of almost 10%!!). Turns out the reason the interest rate was so high was because neither he nor his wife were actually working...!!

Case two is a guy who nearly had his previous house repossessed. Managed to sell it then bought another house for almost £200,000 with a mortgage for £146K. Wife was a classroom assistant and he was earning £14,000/year...!

Case three was an accountant (!!) on £20K a year and living with his mum. He borrowed what seems to be about £500,000 for Buy To Let flats. He was told what to expect in terms of rental income by the people he bought from but, surprise surprise it turns out he couldn't get that much. Now bankrupt and unemployed.

None of these is remotely worthy of sympathy so why pick these specifically? Are they trying to portray people getting into difficulties as victims of their own stupidity perhaps? After all, there must be masses of people who've lost their jobs perhaps and are struggling through no direct stupidity of their own.

Meanwhile of course, Gordon Brown says we won't have the financial meltdown that the USA has because there is no sub prime lending in the UK!!!

Gorgeous_George

I usually try to see the best in people but I'm afraid if any of these idiots are looking for sympathy, they can find it between !!!!!! and syphilis in the dictionary.

GG

neverdespairgirl

mrstinchcombe wrote: »

I wish the government had better protection for consumers

Someone who clearly missed the point that, in buying 7 BTLs, he wasn't remotely a "consumer" he was an albeit thick-as-two-short-planks "businessman"

geoffky

These people are what was wrong with the whole stinking market.. They were able to lie and get away with it for too long..let them rot in hell...NINJA loans in the uk?

poppy10_2

LOL, Charles buys a £200,000 RTB council house despite neither he nor his wife working; next guy buys £150,000 house on a cleaner and teaching assisstant's salaries; next guy buys 7 (count them, seven) but to let proeprties on a £20,000 salary.

This kind of lending will never be seen again in our generation. This is why hous prices will not stagnate or fall gently. They will plummet, because whatever Brown and Darling do, theycan not not return to the days when a cleaner or an unemployed couple can be given hundreds of thousands of pounds to spend on houses.