UK repossessions eased in spring

Dan:_4

mewbie wrote: »

Then those people need their heads examining. I have been more than usually concerned for a couple of years now, since the recession started to bite. Is my work safe? Will it be safe next month? Will the company survive? Will other employment opportunities be available? No way woudl I consider major purchase / life change at present, unless forced, because I do not know what is around the corner.

If there was a time to take stock, save money and be careful then now is that time.

People will not want to put their lives on hold because of some 'what happens if...' and to be honest, you could question those concerns anytime - not just now.

Thrugelmir

Dan: wrote: »

Most of the people hit by unemployment are within the 16-24 age group or on low incomes, so are unlikley to have a mortgage to worry about anyway. For anyone else, there are redundancy payouts, mortgage insurance, people with a low / settled mortgage etc.

That's a very assumptive statement. Previous recessions hit the more traditional industrial areas hardest. Over manning, union work practices etc. In the West and East Midlands, North East and South Wales.

The majority of us currently work in areas other than manufacturing. In far more stream lined efficent businessess.

The job cuts are going to hit across the board. The 16 -24 age group is already struggling to find work, they are already the unemployed.

The hit is going to be equally taken by the "middle class" earner. Living in the South / South East. Towns like Bristol could take a hit as Financial Services companies consolidate their offices for example.

Do you know what the statutory redundancy payouts are? There not much for 20 years work. And disbar you from receiving many state benefits!

SingleSue

All I think about is the poor beggers going through it, it is not always due to poor money management or being over lent but loss of jobs and any insurances/savings being depleted, medical issues etc.

Repo is not nice, it is not just about handing keys back and getting on with life...it blights life for many many years to come.

But then I always was a soppy begger.

mewbie_2

Dan: wrote: »

People will not want to put their lives on hold because of some 'what happens if...' and to be honest, you could question those concerns anytime - not just now.

There will be a mix of reactions to the current economic climate. Some will as you say carry on their way. But some, like myself, will save and be more cautious?

Yes, people can always worry about the future, but I think if you wind back a few years and someone considered their job they would think "oh well, if I lose this job there will be another one available". Surely anyone knows that is not currently the case... apart from a lucky few.

chucky

0

mewbie wrote: »

There will be a mix of reactions to the current economic climate. Some will as you say carry on their way. But some, like myself, will save and be more cautious?

Yes, people can always worry about the future, but I think if you wind back a few years and someone considered their job they would think "oh well, if I lose this job there will be another one available". Surely anyone knows that is not currently the case... apart from a lucky few.

what's going on, a sensible post!! has somebody hacked into mewbie's account!?!?!

agree with this - we all have to be cautious, if you're not you're taking the risk of being in some kind of financial trouble in the next couple of years if the economic climate gets worse.

Dan:_4

mewbie wrote: »

There will be a mix of reactions to the current economic climate. Some will as you say carry on their way. But some, like myself, will save and be more cautious?

Yes, people can always worry about the future, but I think if you wind back a few years and someone considered their job they would think "oh well, if I lose this job there will be another one available". Surely anyone knows that is not currently the case... apart from a lucky few.

Of course, in this current climate it make a lot of sense to save, rather then p.issing it away or blowing it on shopping sprees.

I can't see why you would refrain from buying a house, especially while they are a lot cheaper then 2 years ago. At the end of the day, it's only for living in, and if your renting and lose your job, what’s the difference - you could still end up homeless in the end.

mewbie_2

Dan: wrote: »

Of course, in this current climate it make a lot of sense to save, rather then p.issing it away or blowing it on shopping sprees.

I can't see why you would refrain from buying a house, especially while they are a lot cheaper then 2 years ago. At the end of the day, it's only for living in, and if your renting and lose your job, what’s the difference - you could still end up homeless in the end.

Stop straining my eyes. House is biggest financial commitment. Deposit is a lot of money that could otherwise be useful savings safety net. Whatever the outlook for house prices, the chances are they won't rise a lot over the next couple of years (like lol). Therefore ten grand in the bank, or ten grand on a flat somewhere and no money in the bank. It's a choice obviously. I'd rather have the money in the bank at the moment.

Dan:_4

mewbie wrote: »

Stop straining my eyes. House is biggest financial commitment. Deposit is a lot of money that could otherwise be useful savings safety net. Whatever the outlook for house prices, the chances are they won't rise a lot over the next couple of years (like lol). Therefore ten grand in the bank, or ten grand on a flat somewhere and no money in the bank. It's a choice obviously. I'd rather have the money in the bank at the moment.

agreed. It is a personal choice.

martin8_2

I'm thinking, compared to previous times, they have been marginally more help for home owners who are struggling... e.g. banks "supposedly" more lenient with arrears, low IR, government rescue schemes... but at the end of the day, it is simply not a happy time for these people:-


BBC - Trying to fend off repossession

James Cousins, from Sittingbourne in Kent, lost his job two years ago as an IT project manager with a financial firm in the City.

In and out of work since then, he has now been completely unemployed for eight months.

As a result he has fallen £7,000 behind with the repayments on his £200,000 mortgage with the now nationalised Bradford & Bingley.

Official guidelines are supposed to mean that lenders try other ways of getting their money back before moving to repossession and several government rescue schemes have been put in place to help people who are in arrears.

But, according to James, trying to make sure he can stay in his home has been a frustrating experience....

............................[snip]..................