The Banks really are getting tough

homelessskilledworker

AT LAST!!

Yesterday while on a building project I witnessed a conversation with one of the heating engineers who I have know for the last 20 years having a very irritable and angry conversation with his bank. They were talking on and off all morning until the last conversation ending with his phone getting hurled across a table.

The bank will not give him an increased overdraft or extension to his loan, in short thats your lot mate.
I know this chap well, lives for today and lets put it all on the credit card. He has two BTL properties which seem to be a never ending source of frustation for him.

Reading between the lines I get the impression he is trying just to hold out until the economy turns, and I do not think he is the only one. Nobody wants to be the first one one to go under.

I watch this type of stuff with great interest, I think there is a wave of people out there that are just clinging on, I am sure that there are so many people thinking if I can just see this year out the next will be so much better.

2012 I think is going to be the year where personal debt and lack of growth along with the worsening credit crunch is going to finally expose how far under many people are.

homelessskilledworker

I would love to see something on the TV about the scales of debt to individuals out there, I think it would make interesting and unbelievable viewing in many cases.

Within a short time we have had a society that just threw money at people to one that hoardes it like a miser.

Kennyboy66

You do realise that consumer credit lending to individuals is less than it was 5 years ago and the amount owed on credit cards less than it was 6 years ago.

1984ReturnsForReal_2

He will be earning stacks of money now the weather has started turning.

Don't worry too much about him.

lemonjelly

Kennyboy66 wrote: »

You do realise that consumer credit lending to individuals is less than it was 5 years ago and the amount owed on credit cards less than it was 6 years ago.

1984ReturnsForReal wrote: »

He will be earning stacks of money now the weather has started turning.

Don't worry too much about him.

Exactly.

1 anecdote does not equal data.

abaxas

lemonjelly wrote: »

Exactly.

1 anecdote does not equal data.

Good enough for CPI figures :P

Big_Hairy_Spider

homelessskilledworker wrote: »

I would love to see something on the TV about the scales of debt to individuals out there, I think it would make interesting and unbelievable viewing in many cases.

Within a short time we have had a society that just threw money at people to one that hoardes it like a miser.

I'm just gobsmacked at the levels of personal debt being discussed over on the DFW forums and the extent people have lived beyond their means.

It irks me just to put something on the credit card to get the section 75 cover!

homelessskilledworker

Kennyboy66 wrote: »

You do realise that consumer credit lending to individuals is less than it was 5 years ago and the amount owed on credit cards less than it was 6 years ago.

Yes, because Banks are lowering limits on cards as well as making far tougher to get one, you will also find that many had loans/credit card debt restuctured. Along with overdrafts reduced and in many cases taken away and loans now close to being impossible to get, AND lets not forget how much debt was written off, BILLIONS!!, yes credit is less than 5 years ago, THAT IS MY POINT. And it is not because people are being sensible about it, they are just being turned away.

Also would be interested to know the amount of business debt collectors and Baliffs are handling right now, I do not have any data myself, but going on ancedotal evidence things are awful.

robmatic

I would point out that I know someone (me) with no unsecured debt and that would be as meaningful an anecdote.

ess0two

I'm 100% sure the OP is made up.

quantic

I was refused for both a loan, credit card and overdraft 18 months ago, I can borrow using all 3 now and over twice what I wanted back then. Doesn't actually mean anything for the wider economy.