Winter of Discontent...

FATBALLZ

MegaMiniMouse wrote: »

My original point in starting this thread was that the single biggest component in the budget deficit is the massive bank bail out.

My suggestion was that taking the conventional kind of 'industrial/strike action' as a protest at the government cuts would be pointless and irrelevant.

I suggested that action should be taken directly against the banks, because they have walked away from the devastation they caused, and are again making massive profits whilst the rest of us are only just beginning to feel the long term effects of their failures.

If we were all of us to withhold our mortgage payments until the banks came up with a serious proposal to repair some of the financial damage they have caused, then we would have demonstrated that 'people power' exists, and we do not simply have to obediently pay the price of other peoples recklessness and incompetence!

I understand that this will never happen, but it's a very nice fantasy!

MMM

Sounds like you aren't making your mortgage payments regardless of whether there is a general mortgage payment strike or not:

https://forums.moneysavingexpert.com/discussion/2572123 ("It is a self-certified interest-only tracker mortgage" :think:)

So you want people who borrowed responsibly to bail you out (again) by failing to make their payments also?

Borrowing more money than you can afford to pay back is just as reckless as lending it to somebody who can't afford the repayments.

MegaMiniMouse

HAMISH_MCTAVISH wrote: »

The vast majority of funds used to directly bail out banks will be recovered. The UK government received equity in the banks, and is receiving interest payments on loans/funding made available through the special liquidity scheme, etc.

The BoE has even made a profit on QE, which will revert to the Treasury.

The bulk of the deficit and debt exists because Labour overspent for a decade on services and public sector employment that the country cannot afford.

That is a widely-held opinion, but there are others...

Many influential people still believe that the banks should be subjected to special taxes...

At the time of 'need', we saved us all from total collapse by giving the banks free access to much of the nation's wealth, and now they should be forced to return the compliment

No government will ever enforce such a move, so we either have to roll over and accept whatever cuts are imposed upon us, or we could refuse.

But conventional trade union strike action against public sector employers will probably be counter-productive. We have to think of something more effective...

MMM

MegaMiniMouse

FATBALLZ wrote: »

Sounds like you aren't making your mortgage payments regardless of whether there is a general mortgage payment strike or not:

https://forums.moneysavingexpert.com/discussion/2572123 ("It is a self-certified interest-only tracker mortgage" :think:)

So you want people who borrowed responsibly to bail you out (again) by failing to make their payments also?

Borrowing more money than you can afford to pay back is just as reckless as lending it to somebody who can't afford the repayments.

Why is it so difficult to have a measured discussion on here?

If you have to resort to personal comments, it must be because you have nothing useful to contribute to the discussion.

MMM

FATBALLZ

MegaMiniMouse wrote: »

Why is it so difficult to have a measured discussion on here?

If you have to resort to personal comments, it must be because you have nothing useful to contribute to the discussion.

MMM

They are not personal comments, they merely highlight your situation which appears to explain your dubious stance as being rooted entirely in self interest and not out of genuine concern that the little man is being downtrodden by the evil banks.

tartanterra

MegaMiniMouse wrote: »

It is possible that I will have to face repossession some time next summer, and I would like to know exactly how the process takes place...

If I receive an offer to buy which is less than the outstanding mortgage, how will the lender react? Will they negotiate over how to pay off the balance, or will they pursue me to Bankruptcy?

Will they release the charge on the property even though I have not paid off the mortgage in full?

If I decide to walk away from the property, how soon will the lender take action against me? How soon will I no longer be responsible for insuring the propertry and paying Council Tax etc?

MMM

Banks can only participate in reckless lending if there are reckless borrowers out there as well.

This entire thread has been started (and sustained) by your hatred of the banks for irresponsible lending, when clearly you are one of the irresponsible borrowers who contributed to the whole fiasco.

You're not coming out of this with much credibility.

P.S. If you're going to carry on with these conspiracy theories, can you add in some alien abductions, or even the moon landings to spice it up a bit and make it more interesting?

neverdespairgirl

Now is the winter of our discontent
Made glorious summer by this sun of York;
And all the clouds that low'r'd upon our house
In the deep bosom of the ocean buried.

Richard III, Act 1, Scene 1

MegaMiniMouse

tartanterra wrote: »

Banks can only participate in reckless lending if there are reckless borrowers out there as well.

This entire thread has been started (and sustained) by your hatred of the banks for irresponsible lending, when clearly you are one of the irresponsible borrowers who contributed to the whole fiasco.

You're not coming out of this with much credibility.

P.S. If you're going to carry on with these conspiracy theories, can you add in some alien abductions, or even the moon landings to spice it up a bit and make it more interesting?

U r way way off-topic! But I love you all the same - bring on the moderator. Oh sh** I forgot - we don't have a moderator!

MM

nearlynew

neverdespairgirl wrote: »

Now is the winter of our discontent
Made glorious summer by this sun of York;
And all the clouds that low'r'd upon our house
In the deep bosom of the ocean buried.

Richard III, Act 1, Scene 1

I love posh, educated birds.

Old_Slaphead

HAMISH_MCTAVISH wrote: »

The BoE has even made a profit on QE, which will revert to the Treasury.

Genuine question - how's that work then ? (and if BoE's making a profit, why don't they do a whole lot more of it?)

StevieJ

Old_Slaphead wrote: »

Genuine question - how's that work then ? (and if BoE's making a profit, why don't they do a whole lot more of it?)

The gilts that they purchased have increased in value, probably due to the Euro crisis, a nice little bonus :beer: I think we should leave this financial trading to the experts at the banks like RBS :eek: