Diary of a repossession

IT_nerd

LOL! A turnover of £1.5m a year means nothing!
And a £20,000 kitchen? What the hell were they thinking.
I would need a lot of liquid assets before I paid that much for a kitchen. I certainly wouldn't pay for it with magic speculatory money..

dopester

IT_nerd wrote: »

LOL! A turnover of £1.5m a year means nothing!
And a £20,000 kitchen? What the hell were they thinking.
I would need a lot of liquid assets before I paid that much for a kitchen. I certainly wouldn't pay for it with magic speculatory money..

Whoever is buying their house, the smarter money now (not the smartest money), at £255,000, is getting a nice £20,000 bespoke wooden kitchen included in the price.

Any fool can go on spending sprees, having the nice things like fancy cars and kitchens, but have nothing left over for if encountering an income problem with many a business risk taken.

IT_nerd

"MARCH 2007

I wake in the middle of the night to find Paul poring over bank statements, and I'm knotted inside with worry.

Despite the rent coming in, we're finding it hard to pay for the upkeep on our buy-to-let. We will have to sell it. Fortunately, the boys decide to buy it from us and manage to secure a joint mortgage.

I'm relieved and pleased for them as we still feel property is a good investment."

Sounds like they sold a lemon to their kids. They're terrible people.
If they can't afford the upkeep on the rent they're charging then it is obviously a bad investment.
Poor kids.

mustrum_ridcully

IT_nerd wrote: »

LOL! A turnover of £1.5m a year means nothing!
And a £20,000 kitchen? What the hell were they thinking.
I would need a lot of liquid assets before I paid that much for a kitchen. I certainly wouldn't pay for it with magic speculatory money..

Somefoolbody was on the breakfast news this morning worrying about whether he was going to get his £10,000 MFI kitchen:eek:, £10k for an MFI kitchen.

You've heard of don't drink and drive well meet his friend don't smoke crack and go kitchen shopping!

IT_nerd

You might as well spend another 10K and get the hand made wooden one :rotfl:

Mary_Hartnell

Is dad still alive ?
When he pops his clogs can some of his estate go towards the creditors?
Who do they think they have borrowed the money from?

With the government papering over the cracks with lumps of expensive borrowed money and the lenders taking 18 months to repossess, it all goes to explain why this recession will, last years, turn into stagflation and wipe out the value of savings.

puddy

oh, i posted this a couple of days ago too, but on the main site, no one responded to it!!!

i thought these two were shocking, its nothing to do with the credit crunch and they borrowed way above their means

Pobby

dopester wrote: »

If Labour or Treasury/BoE/FSA had any guts, interest rates here would have been ramped up back in 2002 to put a stop to a deadly and unsustainable house price boom.

Sometimes such ill-tasting medicine is needed early, rather than things getting near fatal for everyone later.

Couldn`t agree more my friend. That was the year my business started to go into overdrive. I deffo think that the economy could have handled it, maybe a wee downturn but a goodthing for slowing those house prices.