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

CLAPTON

bendix wrote: »

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.

Maybe

but just think that most of the businesses in this world were built on credit
built by totally irresponsible optimists who believed everything would work out Ok in the end,
who borrowed wrecklessly off banks, friends, family,
who borrrowed at variable rates because that was all they could get
those that made it became rich and also created much of the whealth we have.
Yes they are probably children and not mature sensible adults.

However, without these people you would still be a hunter gather and being risk adverse and without support for your fellow man would probably starve to death.


presumably you are a public sector worker whose never taken any riskes and lives on the backs of those that have.

pd52

is this still going on? Im not bankrupt and am quite solvent, but i didnt realsise people cared so much, persoanlly i couldnt give a damn either way. hey theres people who abuse children and murder people running around out thee, someone getting their house repo'd after loosing their job and ending up bankrupt is low low down on my list of worries.

i dont there is anyone on here who doesnt have a guilty secret they would hate people to know about them, glass houses and all that, live and let live.

banks have access to credit files and can see how much people owe and how much is in arrears before they lend out,eg; if i earn £20k a year, have a mortgage for £70k , 5 credit cards owing a totoal of £30k and a loan of £10k , im a bad risk, however people should'nt borrow what they cant afford. But i think we need to let people learn from their mistakes instead of taking the high ground just beacsue your CC balance is zero..

seriously to the bankrupts: ignore the nasty posts, im sure you've learnt now, and the non-bankrupts - find out full facts before you hurl abuse, everyones situation is different, same as there are genunie benefit claimants and there are the wants wanting to comit fraud, a balnket opinion isnt alway the right one


i earn £65k a year, but it must be hard for someone on NMW to cope when they need essentials such clothes , a new washing machine etc, and heres where the problem starts, a low wage coupled by high taxes is obviously going to cause problems
x

bendix

CLAPTON wrote: »

presumably you are a public sector worker whose never taken any riskes and lives on the backs of those that have.

Presumably, you're wrong. Never worked in the public sector in my life.

Entrepeneurs taking risks, borrowing to create wealth for themselves, their families and their employees is a quantam leap from the the bankrupcy board is all about.

The vast majority are personal bankrupts who lived beyond their means and are choosing BR to avoid their financial responsibilities.

It's a completely different scenario to what you outlined, and it's ridiculous to compare the two.

Graham_Devon

pd52 wrote: »

is this still going on? Im not bankrupt and am quite solvent, but i didnt realsise people cared so much, persoanlly i couldnt give a damn either way. hey theres people who abuse children and murder people running around out thee, someone getting their house repo'd after loosing their job and ending up bankrupt is low low down on my list of worries.

Good for you.

But this type of child abuse type posts, therefore there is worse in the world, could combat nearly every thread on MSE as far less important.

We'd have nothing left to discuss.

lostinrates

I'm not quite as hardnosed as bendix and wageslave, though I share many of their opinions on this.

Where I feel people ahve an argument is that, particularly with property, public service broadcasting is choc a bloc with people who have made good with fairly risky borrowing. When people are feeling caught on a treadmill with no realistic way of improving their lot, struggling to keep pace with a society where standard of living rose pretty darn quickly, I can see why risky debt for accruing wealth, in particular, is tempting.

I am not a fan of heaps under the hammer but everytime I watch it there has been some undeniably lucky idiot who has not read the legal packs properly, or done any serious reseach into a heap and then seems to do ok, or not too badly, out of his debt funded flip. Then there was that show a few years back telling us how to become property millionnaires in ten moves. Ten debt fuelled moves. This is not Channel four but BBC. The sensible investments of pensions have not done what we were promoised: endowments: also once promoted, seem less provident than described.

The thing is we are a nation of financial illiterates. We keep things too complicated for busy, hardworking average people to really have time to look into properly.

I don't think this excuses the selfish behaviour descibed above, but I do think we need to look further than th individuals for how to redress this.

pd52

Graham_Devon wrote: »

Good for you.

But this type of child abuse type posts, therefore there is worse in the world, could combat nearly every thread on MSE as far less important.

We'd have nothing left to discuss.

oh you see what i mean , there is always going to be winners and loosers in life, i know bankrupts buts i'd never speak to them like some on here have, or treat them like they are actually ' child abusers and murders', i see more than finacial status in people

butmoney will always rule people, its a sad sad world

pd52

lostinrates wrote: »

I don't think this excuses the selfish behaviour descibed above, but I do think we need to look further than th individuals for how to redress this.

exactly lets educate not punish. this only leads to hate in society. This hopefully will stop people from going bankrupt. But telling a bankrupt they are stupid doesnt do it for me, i just see the person dishing out this 'advice' as unhelpful.

bendix

lostinrates wrote: »

I'm not quite as hardnosed as bendix and wageslave, though I share many of their opinions on this.

Where I feel people ahve an argument is that, particularly with property, public service broadcasting is choc a bloc with people who have made good with fairly risky borrowing. When people are feeling caught on a treadmill with no realistic way of improving their lot, struggling to keep pace with a society where standard of living rose pretty darn quickly, I can see why risky debt for accruing wealth, in particular, is tempting.

I am not a fan of heaps under the hammer but everytime I watch it there has been some undeniably lucky idiot who has not read the legal packs properly, or done any serious reseach into a heap and then seems to do ok, or not too badly, out of his debt funded flip. Then there was that show a few years back telling us how to become property millionnaires in ten moves. Ten debt fuelled moves. This is not Channel four but BBC. The sensible investments of pensions have not done what we were promoised: endowments: also once promoted, seem less provident than described.

The thing is we are a nation of financial illiterates. We keep things too complicated for busy, hardworking average people to really have time to look into properly.

I don't think this excuses the selfish behaviour descibed above, but I do think we need to look further than th individuals for how to redress this.

Trust you to be so reasonable . . . .:rotfl:

I agree we are a nation of financial illiterates, but that is not society's fault. It is up to the individual to educate themselves or - at least - take an interest and show some curiosity.

lostinrates

bendix wrote: »

Trust you to be so reasonable . . . .:rotfl:

I agree we are a nation of financial illiterates, but that is not society's fault. It is up to the individual to educate themselves or - at least - take an interest and show some curiosity.

I disagree: in a society where we have sculpted society to be reliant on state for education, advice, free contraception: spoon feeding , the society and or state must decide what is spoon fed. If as a society we are to absorb the debt of ''failure'' we should be protecting ourselves by educating against it. Of course - I'm not saying thats a good thing.

Reasonable doesn't mean ''not hard line''. I just think itsmore ''our'' collective fault as well as being more our individual responsibility. Thank you for what I think might be a compliment Bendix.

bendix

pd52 wrote: »

oh you see what i mean , there is always going to be winners and loosers in life, i know bankrupts buts i'd never speak to them like some on here have, or treat them like they are actually ' child abusers and murders', i see more than finacial status in people

butmoney will always rule people, its a sad sad world

A ridiculous post, I'm sorry. Noone is saying they are like child abusers or murderers. Only you brought that into the discussion.

But is a bankrupty so very far from legalised theft. Look at Pobby's example. He was owed thousands, but his debtors declared themselves bankrupt, thus avoiding to have to repay him. Who loses out in this regard?

Meanwhile, the discharged bankrupt is free to start all over again. Sadly, Pobby still remains out of pocket.

I was talking tongue in cheek earlier in this thread when I suggested debtors prisons like they used to have, but - believe me - I can understand the logic of why the Victorians had them.