Proposed mortgage cap 'suicidal' say 'property experts'

Kenny4315

dopester wrote: »

They are around that level already (average house prices) aren't they?

Halifax = £160,327

Nationwide = £147,746

So in fact what Mr CHEW is suggesting is that the cap will increase prices if the nationwide is correct. Well kcuf me with a feather, I'd reduce my bad debt provision now that this interesting fact has come to light.

We're all okay lads, I'm off to buy a Jaguar XK ... with the proceeds of the upward house price movement......

A 3 X cap will force prices down to the £100k on average mark , as investors retreat out of the market, repos go sky high, deposits from selling a house evaporate, while required deposit to get a good rate shoots up.

Kenny4315

I retired at 30 from accounting. Took a few years off, done a few developments and BTLs in recent years. Didn't CIMA refuse to join with ACA a few years back when ACA suggested it, or did I imagine that ?? I'm worth around £1.5m and have no need for a bad debt provision ... going to spend the next few months relaxing going to gym, catching up on my video games, tennis, holidays, and the like, while I establish the extent of the market correction.

chewmylegoff

Kenny4315 wrote: »

I retired at 30 from accounting. Took a few years off, done a few developments and BTLs in recent years. Didn't CIMA refuse to join with ACA a few years back when ACA suggested it, or did I imagine that ?? I'm worth around £1.5m and have no need for a bad debt provision ... going to spend the next few months relaxing going to gym, catching up on my video games, tennis, holidays, and the like, while I establish the extent of the market correction.

yeah it was because the ACA subs would have been too high for CIMA members.

nothing like bragging on the internet.

i am worth £1.51m, and i'm slightly better at tennis than you.

Kenny4315

chewmylegoff wrote: »

nothing like bragging on the internet.

i am worth £1.51m, and i'm slightly better at tennis than you.

Well when you have some spare time ... i'll give you a game. :rolleyes:

chewmylegoff

Kenny4315 wrote: »

Well when you have some spare time ... i'll give you a game. :rolleyes:

i'm too busy concocting tall tales on t'internet to actually play tennis.

Kenny4315

There are good cima's and good aca's I suppose, but there is a load of dross in both camps. I have plenty of experience of both in many companies, in fact the best accountant I know ain't even qualified, due to his penchant for the ladies interfering with his studies.

Kenny4315

chewmylegoff wrote: »

i wasn't boasting about my "control practices", i was simply saying that i know how to calculate a bad debt provision against a mortgage book. you do not.

One thing I do know is the process you adopt must be fundamentally flawed, whether you like it or not. Or these issues would have come to light a long time ago.

Really2

dopester wrote: »

There are 3 qualified accountants disagreeing with each other in this thread, and for some reason I find that very amusing. :rotfl:

I could never be an accountant though.(well never say never you don't know what the future holds);)

Costings and risk are fair enough but generaly it's pencils in eyes.:D

chewmylegoff

Really2 wrote: »

I could never be an accountant though.(well never say never you don't know what the future holds);)

Costings and risk are fair enough but generaly it's pencils in eyes.:D

internal investigations is the way forward (as distinct from the pencils in eyes of internal audit). everyone hates you, obviously, which makes it better in my eyes.

Kenny4315

Game of tennis today Mr Chew ? Just dragged myself out of bed, after a hard night of movies, video games and internet debate......

Might go out for a stroll and then off to the gym later .. maybe go to the outdoor pool this afternoon, such a lovely day here ... warm and sunny.

How is the bad debt provision looking today ..... :rotfl: Still looking like Mr Taxpayer is going to be paying for years to come or not ?