can you see a day when people can walk away from a mortgage!?

StevieJ

de1amo wrote: »

İs it time to jump ship and jetison my mostly owned home?--i own about 66pc at current prices!

Why would you do something as ridiculous as that? unless you live in a tent, maybe

tomterm8

Loughton_Monkey wrote: »

Given that it takes, they say, at least 6 years to become discharged from bankruptcy,

It usually takes between 6 months (early discharge) and 12 months to be discharged from bankruptcy. Credit records are kept for 6 years, and you can have various requirements to pay some money after your discharge.

Here is the thing: by the time reposession happens, your credit record is trashed anyway. From the instant you are discharged from bankrupty, you are quite a good credit risk, since you have no other debts. Being made bankrupt doesn't mean you will be unable to borrow for the next 6 years.

StevieJ

de1amo wrote: »

if İreland goes under i can see it exporting people as they have done in history- thus leaving under population-i dont think its beyond the imagination of it happening in the uk as well--the poles etc have abandoned these shores(thus leaving further stretching of the purse strings by lowering the tax revenue they paid)--they were suspose to stay and help lower the average age and pay for the aging population--

You must be joking, do you live in a parallel universe?

de1amo

the 1989 collapse was completely 'homemade' but i think what we are dealing with now is completely out of our hands--its akin to the mid seventies when we nearly went under--back then home ownership--ie mortgages and general debt were low- but we were hit by a world recession like now--the globalised industrial world has weakened our hand to trade our way out of it--we dont have any meaningful industry left to make any products we can export--the oil revenues have been spent getting us out of the hole we were in back in the 70s-i think norway had it righty when they made the oil a nationalised product not licensed it off to the private companies and just got taxes--they leased it not just sold it.---the biggest difference from 1970s is tha the usa was all controlling and saw us as a good offshore place to trade financial services through to get into europe--by becoming a bigger economy than the states the eurozone has become a competitor and the american's see it as not a good market now--they want to shaft india and then china before they take their dominance!
i was interested to listen to Trichet from the ECB when he said he trusted the USA and its decision to devalue the dollar by its quantitive 2---i think those words will come back to haunt hi and the millions who will become unemployed in europe due to the ECBs lack of leadership by not taking actions to sure up its own defences--the germans are running the shop and doing well but i think they are living on the edge with all their ailing eurozone economies--

i dont live in a tent--i live abroad in an economy that is booming--

İ know lots of foreign people who have left the uk because the jobs dried up--they were legitimate young and paying taxes-just what an aging population needed

ILW

Generali wrote: »

Ok, worst case scenario (assuming people don't get really carried away) is total default. That is the monetary system falls over because nobody can repay their debts because nobody else can.

Who starves? The farms still produce corn and carrots. Doctors still have their skills and hospitals haven't disappeared. Teachers teach in the old schools.

Standards of living drop because you can only buy to the same value of what you've sold. You're probably only looking at a return to the 1980s or 1970s though. Even then you have C21st technology.

As someone who grew up in the 70s, I have trouble understanding the definition of standard of living being better now. We seem to have more gadgets now, but they are much cheaper due to the technology. I am not trying to argue any point but would be interested to know what the definition of standard of living is.

Generali

ILW wrote: »

I am not trying to argue any point but would be interested to know what the definition of standard of living is.

That's a very interesting point IMO. I lived in Paris for a while in a street called Rue des Petites Ecuries [Road of the little stables].

It was originally a road which had cheap stables for people that couldn't afford the toll to take their horse into Paris.

These days of course even fewer ride their horse into Paris yet they have become richer!

I guess the standard of living can be qualitative (am I having more fun?) or quantative (am I living longer?). It's up to you how you use those metrics.

Generali

de1amo wrote: »

the 1989 collapse was completely 'homemade' but i think what we are dealing with now is completely out of our hands--its akin to the mid seventies when we nearly went under--back then home ownership--ie mortgages and general debt were low- but we were hit by a world recession like now--the globalised industrial world has weakened our hand to trade our way out of it--we dont have any meaningful industry left to make any products we can export--the oil revenues have been spent getting us out of the hole we were in back in the 70s-i think norway had it righty when they made the oil a nationalised product not licensed it off to the private companies and just got taxes--they leased it not just sold it.---the biggest difference from 1970s is tha the usa was all controlling and saw us as a good offshore place to trade financial services through to get into europe--by becoming a bigger economy than the states the eurozone has become a competitor and the american's see it as not a good market now--they want to shaft india and then china before they take their dominance!
i was interested to listen to Trichet from the ECB when he said he trusted the USA and its decision to devalue the dollar by its quantitive 2---i think those words will come back to haunt hi and the millions who will become unemployed in europe due to the ECBs lack of leadership by not taking actions to sure up its own defences--the germans are running the shop and doing well but i think they are living on the edge with all their ailing eurozone economies--

i dont live in a tent--i live abroad in an economy that is booming--

İ know lots of foreign people who have left the uk because the jobs dried up--they were legitimate young and paying taxes-just what an aging population needed

Capital letters, paragraphs and normal punctuation would probably make your post easier to read. Is that the same thing as my Dad saying about The Clash, "I can't hear the words"? Perhaps.

What does a double hyphen mean in New Punctuation please?

de1amo

it means i am working hard and using a keyboard of foreign extraction where punctuation is not in the familiar position!--i punctuate like this!

Generali

de1amo wrote: »

it means i am working hard and using a keyboard of foreign extraction where punctuation is not in the familiar position!--i punctuate like this!

It's not meant to be a criticism and I apologise as I can see how it could be seen as such.

I do find it very hard to read your posts though.

Could you use paragraphs a little more freely perhaps?

de1amo

i lived in the 70s and the standard of living was low but i look about in the uk and wonder how much of this apparent wealth of possessions and property is bought on the 'never never'-i know plenty of 'wealthy' people who are up to their necks in debt and if the market moves against them they will be penniless--a good example of this is the buy to let landlords who have gambled that property prices and rents will continue to rise forever.