Unenforceable Credit Agreements

bert&ernie

Its amazing just how much cobblers this thread has managed to generated in the last few days. Our self-styled moral guardians appear to be trying to outdo each other with their constant barrage of bad analogies and spurious comparisons.

@Proliant, I know we have history of disagreeing on this subject, but you will also know that we have agreed on others and I think we have a certain respect for each others point of view. I hope you take what I'm about to write with that in mind. You really need to take a good look at some of the ignorant, hyperbolic nonsense you have posted recently and consider winding your neck in a little - you are embarrassing yourself.

The rest of the holier-than-thou brigade can knock themselves out - I'm not even convinced they believe their own claptrap.

PROLIANT

Advice noted.

TheExpert

Let's imagine the following situation.

Your neighbour, whom you know quite well turns up at your door one day, a month after being made redundant and asks for £500 so they could buy some food for a few weeks because otherwise his family is screwed. You give him the money because he really needs it and you know him well enough (aka he passes your internal mental scorecard). He goes spends it on a big new shiny TV and then refuses to pay it back or even acknowledge that you ever game him the cash. You have no legal proof that you gave over the money and it was a cash transaction, so there is no evidence of it being handed over. Therefore the neighbour doesn't owe you anything, right?

Sounds pretty fair to me.

As for all those talking about big fat bankers, the many thousands of people who work for these banks for fairly basic wages who are getting made redundant right now are a direct cause of leaching scum like you.

petermb_2

The simple truth of the matter is that the current situation has absolutely nothing to do with people making claims against lenders. The insitutions have come unstuck because they bought duff bonds from the USA, which happened to be made up of rediculously stupid mortgages that were sold to people who should never have been given a loan in the first place. The rest has been cause by arrogance and mis-management by the institutions.

The one thing that hasnt changed is that the insitutions will continue to find ways to fleece the "good old" British public. The difference is that some of the good old British public are fighting back and good luck to them.

At least if you guys are going to have a good gripe, get your facts right.

TheExpert

petermb wrote: »

The simple truth of the matter is that the current situation has absolutely nothing to do with people making claims against lenders. The insitutions have come unstuck because they bought duff bonds from the USA, which happened to be made up of rediculously stupid mortgages that were sold to people who should never have been given a loan in the first place. The rest has been cause by arrogance and mis-management by the institutions.

The one thing that hasnt changed is that the insitutions will continue to find ways to fleece the "good old" British public. The difference is that some of the good old British public are fighting back and good luck to them.

At least if you guys are going to have a good gripe, get your facts right.

So that is why the US Economy is predicted to shrink by 1.6% in 2009 and the UK Economy is predicted to shrink by 2.8%, right? Because we are "affected" by them. My advice to you is to use that thing that sits on your shoulders rather than listening to Mr Brown.

Silver_Rocket

TheExpert wrote: »

Let's imagine the following situation.

Your neighbour, whom you know quite well turns up at your door one day, a month after being made redundant and asks for £500 so they could buy some food for a few weeks because otherwise his family is screwed. You give him the money because he really needs it and you know him well enough (aka he passes your internal mental scorecard). He goes spends it on a big new shiny TV and then refuses to pay it back or even acknowledge that you ever game him the cash. You have no legal proof that you gave over the money and it was a cash transaction, so there is no evidence of it being handed over. Therefore the neighbour doesn't owe you anything, right?

Sounds pretty fair to me.

As for all those talking about big fat bankers, the many thousands of people who work for these banks for fairly basic wages who are getting made redundant right now are a direct cause of leaching scum like you.

You've no idea what you are talking about.

TheExpert

Silver_Rocket wrote: »

You've no idea what you are talking about.

And you do?

petermb_2

TheExpert wrote: »

So that is why the US Economy is predicted to shrink by 1.6% in 2009 and the UK Economy is predicted to shrink by 2.8%, right? Because we are "affected" by them. My advice to you is to use that thing that sits on your shoulders rather than listening to Mr Brown.

And so you are directly attributing the difference in the two economies to people in the UK making claims where they have been ripped off? mmmmmm!

I think you will find that the larger lenders have already got contingency funds for the expected claims. I know of one that has a £4billion contingency in their accounts.

I do my own research, I dont need the government's.

Silver_Rocket

TheExpert wrote: »

And you do?

I know your analogy is garbage.

And I know your take on the redundancies is garbage.

Silver_Rocket

TheExpert wrote: »

So that is why the US Economy is predicted to shrink by 1.6% in 2009 and the UK Economy is predicted to shrink by 2.8%, right? Because we are "affected" by them. My advice to you is to use that thing that sits on your shoulders rather than listening to Mr Brown.

Because the US still has a strong manufacturing industry where as we are dependant on financial services for a disproportionate amount of our national income. We have the biggest exposure to this downturn in Europe because of that.

Labour threw their lot in with the banks - it's blown up in their face.