Neil Morrisey in Millions of £'s of debt due to Property Investment Collapse!!

Pobby

Yes Graham but with IRs being so low right now, what are the banks doing shoving the rates so high. For goodness sakes, I would love 5% on my savings. Surely there is something totally worng with the system that allows this kind of thing to happen.

Graham_Devon

Pobby wrote: »

Yes Graham but with IRs being so low right now, what are the banks doing shoving the rates so high. For goodness sakes, I would love 5% on my savings. Surely there is something totally worng with the system that allows this kind of thing to happen.

Yes, us. We allow it to happen, as we take the credit. Without us, it wouldnt happen. No one is forcing us to take trisks on variable interest rate credit cards.

I believe both the consumer and the banks are equally to blame in a lot of things.

abinanthanb

I am totally against Bankruptcy. People should be held responsible for their entire life unless they repay the debt totally. How on earth someone can wash his/her hands off a debt when they are very much alive? Its totally unfair on people who repays it.

But what have we done to those bloody bankers who have lost billions of money by betting on anything under sun? And these shameless bastar*ds claim bonus for the period when they have made those losses! The amount they have lost should be greater than the entire debts written off because of bankruptcies filed by individuals.

going_under_3

I agree that bankruptcy is open to abuse as are most systems in place in this country, however spare a thought for the fact that all circumstances are individual and even personal bankruptcy can be caused by things other than simply personal overspending. My personal circumstances are such that having a failed marriage my ex refused to take me off all joint accounts and the banks would not let me freeze these accounts just let him run up massive bills, he also stopped paying the joint loan which we have secured on the former marital home (I have never missed a payment of my half) also because he was stalking and threatening me I have a large solicitors bill which because I work and pay taxes I have to pay in full. When I go bankrupt my IPA will cover all of my personal debt which is only a fairly small and managable amount. So please when you suggest imprisonment etc consider that circumstances and other peoples poor behaviour can sometimes force people into these dreadful and soul destroying situations.

Thanks for reading and I hope that I haven't caused any offence as I merely hope this is a little food for thought. Debate is always good and people are by their very nature judgemental it is part of our survival instinct.

b0rker

Pobby wrote: »

Please listen again. Not everyone going br has spent it on toys.

At no point did I suggest that they had.

Please read again.

Lotus-eater

Pobby wrote: »

Another totally sensible post from Sue. I have a mate, mortgage free how lives on next to nothing. Does odd jobs when he chooses, fixes his ancient car himself, barely uses it. Fills his lean to garage with others casts offs and sells those. Although he is late 50s has a number of lady friends. Uses free cycle. Just loves the little things in life. A very happy soul I would say.

I'm actually no where near 50. Just look it

dfh

Shows the property con managed to suck everyone in-rich,poor,famous.At least it has acted as a leveller !

alared

The guy "gambled" and lost but at least he`s taking responsibility, unlike

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dfh

alared wrote: »

The guy "gambled" and lost but at least he`s taking responsibility, unlike

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Yes,you have to give him credit for that.He has not gone around looking for loopholes !

bendix

Pobby wrote: »

Yes but Bendix. We know that you are a wealthy guy. You keep banging on about it. I would be a lot more impressed if you could show a little more compassion to the folk that are having a hard time right now.

I feel compassion for people who are in trouble through no fault of their own, pal. I feel absolutely no compassion for the perpetual whiners who freely take on flexible interest rate loans, and then complain when the rate rises. I feel no compassion for supposedly mature human beings who thought they were living the dream on massive credit when times were good, and are now flailing around blaming banks for getting them into debt in the first place. I feel absolutely no compassion for people - with families and responsibilities - who acted like kids in a sweetshop and bought things they can't afford, assuming 'oh, it will all be ok, in the end." And no compassion for those who say they got into debt because the bank kept calling them to sell credit - !!!!!!, where is their willpower, their intelligence, their sense of discipline? Noone FORCED them into it; they took it on themselves.

There is too much bloody compassion in today's society. Compassion for irresponsibility, compassion for stupidity, compassion for people who have noone to blame for their plights but themselves.

I am full of admiration for people like Neil Morrissey who tried to make it big, but failed. We don't know the reasons for the failure, but what I admire is that he is facing up to it and is going to work hard to repay his debts.

On the other hand, I feel nothing but contempt for those who rack up debt and then sit around amongst themselves, urging each other into bankruptcy thus defaulting on their obligations (to people like you, Pobby), and then - in the next breath - ask how long before they can get another f****g credit card.

They're not adults. They are children.

If that's an unpopular view, so be it.