Liz Jones is Credit Crunched in the end.....

Pete111

ClaretHead wrote: »

She's back in the Mail today, asking "Why do the banks bail out when you ask them for help?"

Recently I had a run-in with my bank. I have a mortgage with the Halifax. I missed two mortgage payments (renovations on my home went 150 per cent over budget and six months over schedule), which I repaid almost immediately. Wanting to get rid of my debt, I decided to sell my house — thinking I could take my fixed-rate mortgage, which was tied into a three-year deal, with me.

would buy a cheaper property, reducing my debt by several hundred thousand pounds. The bank’s response? A flat no.

Apparently I am too high risk and cannot move the mortgage at all. Then they told me I will never qualify for a mortgage on another property again, no matter how small. OK, how about if I sell my house and use the equity to repay the mortgage in full, straight away? Then buy a small cottage, mortgage free.

Ah, in that case — because it will be before the end of my three-year deal — they will slap me with a £21,000 penalty. Pray, what do they suggest? They suggest I stay in my present home, with the mortgage I already have that currently costs me 11 times the current Bank of England base rate (5.5 per cent), and which I have no desire to keep on paying.
The Halifax is owned by Lloyds, one of the banks to be bailed out by you and me in the current financial crisis. I think we have been duped when it comes to owning our own homes. I read a report the other day that revealed, even with the current downturn, investing in stocks and shares would have made us far richer than owning a property.
The downturn was blamed on ordinary people reneging on their mortgage payments, but I think that’s a big fat lie. Most people will do anything to keep a home over their heads. I am trapped. I wonder how many others are, too?

Ok now imagine you are Liz's bank manager and you happen to read the daily wail.

Would you ever, even in your darkest hours, allow her any leeway whatsoever on the terms and conditions of your current loan? or even consider for a nano second granting her another?:rotfl::rotfl:

Similarly, would you allow her to port a mortgage to another property potentially releasing your equity to waste on hedgehog grooming suites or ferret birthing pools?

I would be surprised if she can ever get a mortgage again.

From anyone.

PasturesNew

fc123 wrote: »

...actually, she should keep hold of him...how dam s e xy is owning a vineyard

Completely off track ... I spotted a vineyard for sale some months back - so, it being "something a bit different" and with me having nothing in particular to fill the void in between waking up and nodding off again, I did a quick dig around and discovered .... it was up for sale as the current owner, who built it out of a keen hobby, was unfortunate enough to have had their spouse die while unloading a delivery lorry - some of the stuff fell on him and squished him.

So, there's one for sale round this way if you want one.

Upon googling it, I see the delivery firm were fined over it last month: http://ohsonline.com/articles/2010/08/07/fatal-unloading-incident-brings-heavy-fine.aspx

It's still for sale if you've got half a mill:
http://www.rightmove.co.uk/property-for-sale/property-28871705.html

It's a really sad story.

PasturesNew

ninky wrote: »

what about midge ure? he lives in somerset. a bit older than described. not sure if he is single though.

Married twice, recovering alcoholic: http://en.wikipedia.org/wiki/Midge_Ure#Personal_life

sabretoothtigger

5.5% is an awful rate to be on now, that does indeed suck. Pays to stay flexible if possible.

The banks arent supposed to be government run or be biased against taking profits. They are supposed to repay government loans plus interest plus profits and go on their merry way.
Right now usa is more socialist then us, 95% of their mortgages come from government and they get them all cheap and they did take over companies completely. Bliss? dont think it'll work personally

I'd rather we run things based on profit and loss and hopefully ms jones can change the terms on her mortgage soon but I presume it was always the case she'd be stuck with it

The downturn was blamed on ordinary people reneging on their mortgage payments, but I think that’s a big fat lie.

In usa I think some states you can walk out on the mortgage, get into your porsche and move down the street into the house you bought all legally. Its must be much more tempting especially when stuck like liz

Also its cheaper to rent then pay the mortgage in usa. So alot of the really screwy mortgage deals were over there.
Funny they believe uk, europe is worse off then them because our houses are so much more expensive but we are a more crowded compact country, I think its justified

RBS holds usa debt, B&B holds it and probably others.

fc123

ninky wrote: »

i'm beginning to be quite fond of liz in a strange sort of way.

here is a list of 1980s groups for anyone who can be bothered to think about who the rock star is.

http://www.pure80spop.co.uk/bandlinksabc.htm

According to last weeks diary, she seems to have moved her attentions to a slightly fresher model.

''In which I meet a younger man'' was the intro 11 days ago and

this weeks diary was titled ''The flirting begins''. I did cringe a bit whilst reading it and didn't post it up as I didn't think it was on topic.......but some choice stuff in it eg;

I find girlfriends not particularly helpful when it comes to matters of the heart. They always say what you want to hear, rather than the truth.

Because my feet had swollen, my Prada shoes had started to torture them, a situation not helped by the fact I had had to clamber on and off boats and negotiate slippery planks; at one point, I had crawled along holding tufts of grass, like a chimp. But at the end of the day, in a ghastly fast-food joint, the Boy/Man hybrid had disappeared for a few seconds, and returned with two buckets of ice (Americans are obsessed with ice; even in the dirtiest dive, they have ice).

He had placed the buckets at my feet, gently removed my shoes, and submerged a foot in each bucket. It was better than an orgasm.

I didn’t reply, mainly because I knew he was still in his 20s, and that this mild flirtation would end in tears, infidelity and him telling me I am an old hag. But the next night, he sent another e-mail at 11.35pm, and we bantered back and forth for two hours. Finally, he sent an e-mail that said, ‘I have to sleep! Let’s talk tomorrow.’

I was annoyed, to be honest. He had started the e-mail tennis, stopped me watching Frasier, and he was now telling me he had to sleep! I was reminded of all the reasons why relationships are so annoying. I wondered whether all the game playing and angst were worth it. I don’t know if my nerves can stand it all over again. Can I do this? Can I?

I am thinking the rock star didn't deliver the goods as, if she says taking tight shoes off is better than YKW (youknowwhat) then ....you know....it wasn't up to grade.:o I think he has now been traded in for a 20 something American writer.

Oh.... and welcome to the thread Claret head

fc123

Actually, I feel a bit sorry for her as being unable to get another mortgage at a far lower amount seems a bit rough but I understand the DS view too as we had it too though with soaring costs to trade instead cos the 'land' just went up and up in 'value'.


PN that vineyard tale is so sad.


So, back on topic, will she still sell if she gets an offer? I understand from LIR that renting smallholdings/farms is a bit more difficult (but not impossible) however, she is 1; from London (Londodners love to own things outside London and 2; from the 'renting is dead money' generation.

fc123

dopester wrote: »

Hahah. ClaretHead. My mistake. I thought that post was about your circumstances!

I now see you're quoting Liz Jones herself.

Full article.

http://www.dailymail.co.uk/femail/article-1312463/LIZ-JONES-MOANS-Why-banks-bail-ask-help.html

Didn't loads people (including some of far leaner means than Liz ) send her cash in envelopes and so on after she said she was in arrears with her mortgage?
Turns out it wasn't so bad afterall. Yeah, missing 2 is not good but being able to get back on track straight away isn't really the imminent financial crisis and meltdown that she suggested to readers in her column....like the animals about to starve.

I missed two mortgage payments (renovations on my home went 150 per cent over budget and six months over schedule), which I repaid almost immediately.

Read more: http://www.dailymail.co.uk/femail/article-1312463/LIZ-JONES-MOANS-Why-banks-bail-ask-help.html#ixzz0zjYret00

gravitytolls

This vain, self obsessed woman drives me insane with er inane 'woe is me' ramblings, yet I still read her column. Who's the saddo?

Must admit, I don't read her other column 'Liz Jones Moans', as my only response is 'Liz Jones Moans? Quelle surbloodyprise.'

Loanranger

dopester wrote: »

You think you were duped? Try having saved up to get a substantial deposit together from they year 2001 because you wanted to do things the sensible way... and seeing house prices rocket upwards in value, year on year, powered by easy credit for those who wanted to pay ever higher prices, wiping out your sensible attitude and purchasing power of your savings.

There are two sides to this coin. And from my point of view, not only did the market rocket out of control, but with QE and ultra low interest rates, political leaning to hold off from repossession... homeowners have had it very cushty.

What sort renovations did you pay for? Were they really required? Upped the value of your property have they? Unless it was for necessary structural work or something, it can't have been something you couldn't have done without, if debt makes you now want to downsize.

You took on a mortgage of several hundred thousand pounds, paying for renovations ect. Individual responsibility.

You've "no desire" to keep paying at 5.5%, but this is what you signed up to and agreed to. Until you sell, or your deal changes, that is what you have agreed to pay.

I had no desire to have seen giant HPI reduce the relative purchasing power of my savings for buying a house, but it happened. Oh.. I was duped! I'm not crying about it, even though I think recklessness of individuals and the system have done me over. Now people who face losses in value, because of market participants having negative circumstances, have to accept negative changes as I did. No one is here to double/treble my savings in value to make up for HPI.

Should have tried harder at school.

dopester

Loanranger wrote: »

Should have tried harder at school.

The only lesson I, and many others, should have been taught at school is go right out and borrow as much as you can to buy property.

Forget about further education and wasting time trying to advance yourself for a meaningful job.... cause you'll miss too many years of the glorious HPI.

Labour and the banks are gonna make every one who borrows hard feel like a property-entrepreneurial wizard via HPI - no matter how stupid they really are.

I'm fine. It's the refusal of others to accept responsibility which gets on my nerves.

Like your debt lover Liz Jones here... who is missing her repayments on her mortgage of hundreds and thousands of pounds and saying she was duped. Get her on SMI or some other bail out, or restart the donations.