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Debate House Prices
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DM: Plight of 1.1m stuck in homes they can't sell
Comments
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lemonjelly wrote: »He's not alone. Whilst I was working for a housing association, we regularly were recieving applications from people who had repeatedly over-extended via repeated remortgaging. In horrible irony, many of them had exercised a right to buy, therefore bought a house ridiculously discounted, and then remortgaged time and time again.
In a way, part of the blame has to lie with the person borrowing the money. At the same time, lenders have to bear some responsibility for repeatedly lending these people money imo.
If I were cynical, I'd be wondering if they too were caught up in the HPI forever delusion, and were thinking it's all ok, as on death, the loan will be secured on the house...
The WHOLE of the blame lies with the borrowers, they were adults after all.0 -
The WHOLE of the blame lies with the borrowers, they were adults after all.
True, but the lenders were the ones stuffing letters through your letterbox month on month with leaflets showing new cars, palm trees, and words such as "don't you family deserve something special".
The lenders were actively promoting such activity.0 -
Graham_Devon wrote: »True, but the lenders were the ones stuffing letters through your letterbox month on month with leaflets showing new cars, palm trees, and words such as "don't you family deserve something special".
The lenders were actively promoting such activity.
True, but nobody was forced to take up the offers.0 -
True, but nobody was forced to take up the offers.
I agree. But I don't think it's really all that fair to blame the borrowers for everything, and simply ignore the lenders part in actively encouraging and promoting such activity.
I'm sure we have all had the phone calls offering us any type of loan they can think of, I'm sure we've all been at the cashier point in the bank with them holding our paperwork while offering various kind of loans as something has flashed up ont he computer screen for our account.
You couldn't move at one point. Texts offering loans. Phonecalls offering loans. Spash screens when logging in to your account online offering loans that you had to click "ignore to". E-mails. Holding on to your paperwork in the bank while they offload their speel....and once you finally come home, letters on the floor talking about "keeping your kids safe by buying a new, safer car".
Of course, this appears to have dried up now.
I remember going to get a bankers draft for a car. I was put into a swish room and asked to wait. Only to have some advisor come in, offering various ways I could have a loan instead of using cash, and how I could invest the cash instead of spending it, and the investment would offset the loan. Of course, the cash would have been locked in a bond for 5 years at something like 4% and the loan 8%. All I wanted was a bankers draft, and I was paying £15 for the privilege.
ALL the borrowers fault? I'm not so sure. It takes two baby
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They still are, at least at me.Graham_Devon wrote: »True, but the lenders were the ones stuffing letters through your letterbox month on month with leaflets showing new cars, palm trees, and words such as "don't you family deserve something special".
The lenders were actively promoting such activity.
Invitations when I sign on to online banking, and through the post with statements.
You are guaranteed a personal loan of x, or a credit card with a minimum balance of y.
The irony being that I assume they do it to me because they can see I have plenty of money floating around my accounts - which means I don't need a loan.0 -
I walked past a house the other day and someone had left the door open. I could have walked in and robbed them but decided not to. If I had would it have been the householders fault for tempting me?0
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They still are, at least at me.
Invitations when I sign on to online banking, and through the post with statements.
You are guaranteed a personal loan of x, or a credit card with a minimum balance of y.
The irony being that I assume they do it to me because they can see I have plenty of money floating around my accounts - which means I don't need a loan.
Oh, maybe I'm just too poor to be considered now then
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Loads of people advertise loads of things all the time - part of being an adult is to understand that they are adverts - and of course the bigger the commitment the more scrutiny need to be applied.Graham_Devon wrote: »True, but the lenders were the ones stuffing letters through your letterbox month on month with leaflets showing new cars, palm trees, and words such as "don't you family deserve something special".
The lenders were actively promoting such activity.I think....0 -
The WHOLE of the blame lies with the borrowers, they were adults after all.
Wrong! if I had shares in any of those banks I would be blaming the people who handed out those loans.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
I walked past a house the other day and someone had left the door open. I could have walked in and robbed them but decided not to. If I had would it have been the householders fault for tempting me?
Do you think the insurers would have paid up for the loss?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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