If things get tougher?

dorry_2

now that i had a little read up on the situation, I am worried! Many financial experts are likening this meltdown to 1929 wall street crash:eek: We :eek: don't have any savings anywhere, if i did i would be moving them very quickly!

katie, yes the banks could force us to take loans to pay the od of, but I am not keen on that idea, I am just starting to pay everything off. I started work 1 year and half ago after 7 years at uni and we were just begining to see the benefits.

I am just gratefull that i have learnt os ways from this forum and if or when things get rough we will survive somehow!!:rolleyes:

ok off to read some more financial stuff:eek:

moanymoany

kittie wrote: »

gordon bennett!!!! my dh got in a bit of a tizz last night after hearing some doom and gloom stuff on the news from bush. It appeared that the world banks and economies were in imminent danger of meltdown and he even asked me if his pension was safe. I was able to reassure him that it was ( I look after it in a sipp) as it is spread around and he went to bed reassured but why all this stupid scaremongering, enough to cause panic through the whole world.

Kittie I'm sorry to say that I don't think Bush is scaremongering and I'll say why. This is the last year of his presidency and as a good Republican he wants the Republican candidate to win next year.

Coming onto prime time television in the USA and saying what he did was not the best electioneering technique for his party. He did what he did because he had to, not because he wanted to. It is a solid gold reason for believing that it is not only as bad as he said but probably worse.

I have read some of the threads of people who are worried sick about whether or not they will lose their OD facilities. What makes me really mad is that the Government didn't have the courage to tell the British people they needed to start to organise their finances after Northern Rock went under. If people had been told how bad it was going to get they could have spent the last year paying back or reducing their ODs. As it is they are faced with the probability of needing weezles 50p a day thread through necessity rather than interest and curiosity.

My advice to anyone right now is only spend what you absolutely have to. There are threads on this board which will help. Forget any frills, cut back in every way you can. If it is not as bad as it is being forecast then fantastic - if it is - at least people will have done what they can to prepare themselves.

katieowl_2

:rolleyes:

moanymoany wrote: »

Kittie I'm sorry to say that I don't think Bush is scaremongering and I'll say why. This is the last year of his presidency and as a good Republican he wants the Republican candidate to win next year.

Coming onto prime time television in the USA and saying what he did was not the best electioneering technique for his party. He did what he did because he had to, not because he wanted to. It is a solid gold reason for believing that it is not only as bad as he said but probably worse.

Yep YOU THOUGHT WHAT I THOUGHT.....NO WAY was he going to have stood up and said what he did unless the effluent was about to hit the air conditioning!!!! :eek:

Lets see what OUR govt. comes up with next ( I dare say they will have some smoke and mirrors at the ready... Ruth Kelly leaving her post to send one of her kids to private school maybe??? :rolleyes: )

I suspected we'd not been told the whole truth about the financial situation all along...

Regards

Kate

dorry_2

moanymoany wrote: »

Kittie I'm sorry to say that I don't think Bush is scaremongering and I'll say why. This is the last year of his presidency and as a good Republican he wants the Republican candidate to win next year.

Coming onto prime time television in the USA and saying what he did was not the best electioneering technique for his party. He did what he did because he had to, not because he wanted to. It is a solid gold reason for believing that it is not only as bad as he said but probably worse.

I have read some of the threads of people who are worried sick about whether or not they will lose their OD facilities. What makes me really mad is that the Government didn't have the courage to tell the British people they needed to start to organise their finances after Northern Rock went under. If people had been told how bad it was going to get they could have spent the last year paying back or reducing their ODs. As it is they are faced with the probability of needing weezles 50p a day thread through necessity rather than interest and curiosity.

My advice to anyone right now is only spend what you absolutely have to. There are threads on this board which will help. Forget any frills, cut back in every way you can. If it is not as bad as it is being forecast then fantastic - if it is - at least people will have done what they can to prepare themselves.

here, here, moanamoney:T I have to say that I am quite angry :mad: I could of paid ours off, if the government had even hinted at this-- instead of going on holiday:eek:

i am going to draw a plan up tonight and not spend anything that we don't have to!

katieowl_2

Unfortuantely WE have been in the position for a long time where we do not spend a ha'penny more than we absolutely HAVE to... and we are still overdrawn, in debt etc. we simply haven't got enough money coming in to go around all that we need to cover anymore. I don't really have anything else to cut back on.

I can't really believe that the year we chose to sell up and solve all our financial problems all this happened...I'm perilously close to thinking that it was all my fault - but I guess that would mean I had decended into paranoia???

Regards

Kate

MRSMCAWBER

Hi again

Im with you Moany...

I have been pulling in the purse strings this last few months.... Everyone thought it was odd, as it wasn't a necessity as such but I decided enough was enough and I was fed up of spending money simply because we had it :rolleyes:
So I have been trying to save as much of the house keeping as possible -the amount I used to spend was stupid ... we have both been enjoying our meals just as much -if not more.. and the extra has been stuffed into a savings account . The relief of having a bit behind us and not waiting for pay day to come round every month is worth more than anything i could have bought :T
and like you -I think "worst case senario"(not in a doom n gloom way) then anything better is a bonus

bullet_2

I'm not sure if the banks would call in overdrafts immediately, but they may call them in when each one is up for review.

[Deleted User]

I think bush went on tv because he needs to appear to have saved the world before he leaves in 40 days. The resulting publicity will put pressure on congress to approve the deal. The signs were in place over 2 years ago and personally I have been saving hard ever since. I gleaned the info from share trading(buying and selling and not ever shorting)and the various savvy people on the website I subscribed to

I wanted to warn people and that is why I started this thread. Political correctness being what it is these days I didn`t dare say `for goodness sake get rid of debt and start saving`

personally I have saved with ns&i savings certs every time my dh and I had any spare money over the past 4 years. That is the safest you can get.

My thoughts today is that there will be a last minute save and things will start to look hunky dory for a while and that will give most people some breathing space, until the next crisis

ps: I thought the bank merger in the uk was a very wise move and Brown deserves credit for that (and I am not a labour supporter)

[Deleted User]

another thought: the media are milking this for all its worth and making things (sentiment) a lot worse. They should have been in there at the beginning to advise people what to do

moanymoany

I'm up there with you kittie, it's been on the cards for a long time. Our 'booming' economy was based on debt, truly a house of cards. The problem is, unless you were interested in finance the message was an easy one to ignore.

For us, we had to sell our house if we wanted to retire. I had been jittery for two years but after Northern Rock I insisted we get the house on the market this spring. Dh was not enthusiastic, but to appease me he said ok. We reduced the price after four weeks and sold to a cash buyer.

We have put the house proceeds with NS&I, p*ss poor interest but safe. I agree about the 'fix' being a temporary one but hopefully the message will reach more people.

I also think the bank merger was the right thing. It was neat and tidy and saved a government intervention. That may come for Bradford and Bingley, time will tell.