Preparedness for when

moneyistooshorttomention

nuatha wrote: »

The big worry would be deposits paid as these sit in bank accounts for some time (thinking events like weddings or holidays) or even if the timing was bad, the full amount being paid a week or two before the event and the haircut happening in the interval.

That point in your post is something I agree with.

Its not just a matter of house purchases (though that is THE single biggest purchase ever category for most of us) - it is the everyday matters of putting down a deposit for something and knowing we safely have the money to pay the rest later when it comes due.

Both firms and those customers who are determined to "do things properly and pay their dues when due" need to try and exert a bit of creative thinking around how to deal with paying the balance of monies due if the customer knows they have it/the firm knows they have it - but the customer cant get at it because the government has stolen it via a bail-in.

There are customers who are absolutely determined that "if we owe money we owe money and we will continue to owe that money until we've paid it" and would never take advantage of bankruptcy type provisions to cover ourselves - and would carry on "carrying any debt we had" until we had paid it all back and its us that would suffer most, I feel, from being put in a position whereby we couldn't pay up when due - because of not having our own money in our own possession (courtesy of the Government doing a bail-in on us).

EDIT: and we mustn't forget that some firms are only taking payment by either cheque or cash still (ie don't have the facilities to take card payments). That would raise some "interesting" liability questions if, say, a customer fell due to pay a payment to a firm on 10th of a month for the sake of argument. That payment would have gone through on the spot (at least in theory) if it had been a card payment. However, the firm had refused to accept a card payment - because they didn't wish to provide facilities for card payment. Therefore the customer had no choice but to pay by cheque and then the customer got "bailed-in" by the Government on the 11th of that month in between when a card payment would have gone through BUT a cheque payment wouldn't have (with the best will in the world and the firm receiving the cheque literally hotfooting it to the bank the second they had been handed that cheque into their hand). Then who would be left "holding the baby" for that loss? Would it be the customer or would it be the firm that hadn't got their act together to take card payments?

Frugalsod

MrsLurcherwalker wrote: »

On a very mundane level and also just in case, I invested in £25 worth of 'futures' in L*dl this morning and my dry stocks are now looking a whole lot healthier. It might not happen but then again it just might.....

Yes this is the only form of financial speculation that I also practise.

While I do expect problems from the Greek situation it could take months or years to become impact us. Do not forget that this cause of the Greek crisis happened 7 years ago and repeated can kicking has only delayed the inevitable. It might be many months before the next country is close to default and exit. The bank runs will continue and I suspect that people in Portugal Italy and Spain will start to empty their bank accounts before long. How many people here are doing the same as I am and slowly building up a cash pile outside the risks of the banking system?

Personally once I am debt free I will keep boosting my preps as well as I can then a bail in will have little impact on my life. I am not rich enough to be hit by a bail in to any significant extent and as I rent the collapse of a property bubble will have little impact on me as well.

Frugalsod

nuatha wrote: »

Assuming you know sufficiently in advance that the situation has become that dire. Greece has been dragging on long past expectations, I suspect that another country may well move more speedily to ensure money hasn't already left the banking system.

Much of that has been going on for years already. You only have to see the waves of foreign buyers in London property to see that.

The problem is that if governments start doing things like that they will be admitting that the policy does not work but we still want you to vote for us even though we have just demonstrated we are incompetent.

Secondly if they are trying to keep banks looking solvent the last thing that they want to do is start the investors questioning the whole banking system in a country. It will make the risks of non performing loans even higher if you think that you can avoid paying any loans that the bank might not survive to chase you for it makes withholding repayments much more likely. It makes withdrawals far more likely and a complete collapse will become inevitable just a matter of when.

Finally the banks own the politicians so they will do everything they can to maintain their bonuses and jobs. The fact that the ECB which should be responsible for banking regulation and stability walked away from the Greek banks must be causing concerns in other eurozone banks.

[Deleted User]

GreyQueen wrote: »

Ahh, good thinking, Batman. There's me trying to be a responsible citizen and get them to stop wasting TV license payers' money on fool's errands.

The most responsible thing you can do (for your own peace of mind) is, keep a fully charged camcorder on hand, ready to film any TVL doorstepper who happens to knock on, then post it on Youtube.

BTW. Have you seen my TVL video?

jk0

Bedsit_Bob wrote: »

BTW. Have you seen my TVL video?

I don't think so Bob. Can you provide a link?

GreyQueen

Bedsit_Bob wrote: »

The most responsible thing you can do (for your own peace of mind) is, keep a fully charged camcorder on hand, ready to film any TVL doorstepper who happens to knock on, then post it on Youtube.

BTW. Have you seen my TVL video?

Not yet, where is it? Haven't got a camcorder and have not intentions of getting one. In Shoebox Towers, if one is not expecting social callers, the custom is to ask who they are through a closed door. Should they not be friendlies, they are not admitted to the inner sanctum. They may even be invited to burger-off.

greenbee

Obviously TVL are a lot lazier here than in other parts of the world. I got letters for about the first 5 years at my old address, and then they stopped. I advised them that I'd moved here, had one letter here to 'the new owner' and sent it back, and haven't heard a squeak since ...

[Deleted User]

jk0 wrote: »

I don't think so Bob. Can you provide a link?

GreyQueen wrote: »

Not yet, where is it?

Here you go. Enjoy.

https://www.youtube.com/watch?v=ntSAs8yD9rc

GreyQueen

:rotfl::rotfl::rotfl:
Such fun. I'm amazed you didn't sic Buggalugs on 'em. I shall now retire into RL - whatever that may be- as have a tenatative plan for being up v.early tomoz and getting something done before the weather heats up.

Customer on the phone today asked me if we had aircon in our building. I laughed so hard I nearly fell off my chair. The server room has aircon but the human beans work just fine without it.

Have had the curtains all drawn today which keep indoor temperatures down nicely. It also adds to the sense of mystery and allure which I like to surround myself with.:rotfl:

jk0

GreyQueen wrote: »

:rotfl::rotfl::rotfl:
Have had the curtains all drawn today which keep indoor temperatures down nicely. It also adds to the sense of mystery and allure which I like to surround myself with.:rotfl:

Most of my tenants seem to do that all year round. !!!!!!? When I am called round to fix things, I have to ask them to put the light on so I can see.