Repo's to rise in 2011.

Really2

Percy1983 wrote: »

So if I go and get a new car on finance I can't really afford, drive it for a few months and then figure I can't afford it they shouldn't take it back because its now worth less?

TBF their is a bit of a difference between a house which in general terms is a appreciating asset (not since 2007 I know)

and a car that loses 25% of its value when you drive it off the forecourt.

It would make sense to foreclose on a car ASAP as it deprication is pretty much guaranteed regardless of the market.

Also what is the difference between mortgage interest and paying to rehouse people, surly the most cost effective tempory route is the best?

CRASH_BANG_WALLOP

chucky wrote: »

not for ever Mr Wallop.

i'd say for as long as it takes you to buy your house. cool?

not forever. that is obvious old boy

Percy1983

I do agree it shouldn't be 1 missed mortgage payment and you are out, what would you say is a resonable time scale (or amaount of arrears) before action is taken?

Graham_Devon

Really2 wrote: »

Sorry GD how can anyone losing their house not be emotive, it is the same for renters being kicked out of your home is most probably one of the most emotional family destabilizing things you could go through?.

I meant in terms of talking about it, not in terms of actual families going through it

CRASH_BANG_WALLOP

Percy1983 wrote: »

I do agree it shouldn't be 1 missed mortgage payment and you are out, what would you say is a resonable time scale (or amaount of arrears) before action is taken?

according to him its not forever (whatever that means)

Really2

Graham_Devon wrote: »

I meant in terms of talking about it, not in terms of actual families going through it

It must be your SW accent, it is hard to understand sometimes.

treliac

Percy1983 wrote: »

The end of the day if I over stretched myself when I buy my first home I wouldn't expect to stay forever.

How many people do you think would go into buying a property, spending time, effort, money and their emotion on making it their home, if they thought they were going to have to lose the lot further down the line?

There are many reasons that people have got into this situation and many of them cannot fairly be said to be their fault.

Heyman_2

abaxas wrote: »

Of course we should celebrate repossession.

If someone cant afford something, why should they have the 'right' to use it?

Celebrate the market working correctly.

Ah the market's working correctly now is it?

That's funny as I thought the agenda was that houses are unaffordable and the market's been artificially propped up.

Oh well, at least I can celebrate that none of you doomers can afford a house, nor do you have the 'right' to own one because you currently can't afford it.

Lynsey

treliac wrote: »

How many people do you think would go into buying a property, spending time, effort, money and their emotion on making it their home, if they thought they were going to have to lose the lot further down the line?

There are many reasons that people have got into this situation and many of them cannot fairly be said to be their fault.

Hype, panic and pressure are just three reasons why buyers are struggling to keep their homes afloat. Lots more reasons, but hype was a big one for me anyway - this caused panic and pressure to get on the housing ladder, buying at over-inflated prices because they thought if they didn't jump on board they might just miss the boat.

Lynsey

abaxas

chucky wrote: »

if you think it's a good idea to celebrate repossession i think i'd celebrate you losing your job and for you to find it hard to find work again.

that's only because a job market should work correctly of course

If people dont look after themselves, why should I care about them?

I'm willing to help the needy not the greedy.

BTW I'm self employed and if things change, I'd lick the poo off Gordon Brown's bottom to put food on my table and keep shelter over my head.

Others appear to want someone else to pay for it.