Repossession, Repossession, Repossession

Phirefly

Very true.

Regardless of ones standpoint theres no place for the spiteful sentiment that can be prevalent round these parts...

Jorgan_2

Lotus-eater wrote: »

Yeah, I think people should remember that when they gleefully talk about horror stories about to happen It hits some people very hard.

Behind every repossession there is a story, not everybody has borrowed way beyond their means, some have had to stop work due to illness or injury.

fc123

Jorgan wrote: »

Behind every repossession there is a story, not everybody has borrowed way beyond their means, some have had to stop work due to illness or injury.

And not everyone is smart enough to see through the all the sales patter...one could argue it's "greed" bla bla bla...but those I have known to have got into a real mess were hard-working + honest just not very savvy and just wanted to live through some of their ambitions.
Bank said it's ok and they believed them.
Many households are just one mishap away from going under whether illness or jobloss.

lynzpower

Fc,

So so true.

I 'bought' my flat on an IO mortgage, it was SO. Fast forward 18 months, when I went onto half pay and I could potentially have lost a lot. I just thank god I had found MSE a few months earlier, decided to sell to rent.

Not everyone knows about the economy, or even what part mortgages pay in it, and many many people will think, that a 'recession here started becuase of America' and they wont really ever know much more than that.

They dont know, not because they are intrinsically stupid or totally irresponsible, thier parents, nor schools have ever told them. We all have to recognise that some of us have parents that know and teach us good financial habits, and some of us ( like me) just didnt have anything of the sort.

I think, and know a downturn is upon us, but i have noticed with great sadness a lot more people accessing MSE because they are suffering with real heartbreaking stories

fc123

Thanks. Well I'm going to lurk about and try to support those who are going to get caught out. Having said that, 10 yrs back (early 30's) I may have taken the same viewpoint...perhaps living a bit more makes you think around things more.
And I don't mind confessing to having been a total credit thicko either!
When I look back I cannot believe how fooled we where on so many things.....time to spread the word!

And we are still racing to get on the right side of the line........the stressss:eek:

Phirefly

lynzpower wrote: »

They dont know, not because they are intrinsically stupid or totally irresponsible, thier parents, nor schools have ever told them. We all have to recognise that some of us have parents that know and teach us good financial habits, and some of us ( like me) just didnt have anything of the sort.

I'm going to try and take this on board

churchrat

I don't read this part of the site often, and what I have read on this thread and a few others has made me a bit depressed and I feel sorry for some of you. There are some very smug people about and I really hope that what happened to me and my family does not happen to them. We overborrowed and got into problems with the mortgage about 8 yrs ago and we are still paying it off. It had nothing to do with finacial savvy or greed or even thinking we could afford it, in fact we didn't think about it at all. One day my daughter came home from school and said "I don't feel very well mum" and that was the start of our nightmare. We went from being a 2 income, settled family to a 1 very stressed out income family. We borrowed money to keep the house so that our other 2 children would have somewhere to live and didn't have to leave their friends and school, although god knows where we would have gone--looking for a new house was not important to us, just staying alive was hard enough. We didn't look at interest rates or who was the best lender, we just wanted to stay where we were, I would have taken money from the devil if he had offered(which, looking back I think perhaps he did). My rather rambling point is this--you never know what is around the corner, sometimes the insurance just doesn't cover it, and although we are all adults sometimes s!!t happens.

KellsBells

lynzpower wrote: »

Fc,

So so true.

I 'bought' my flat on an IO mortgage, it was SO. Fast forward 18 months, when I went onto half pay and I could potentially have lost a lot. I just thank god I had found MSE a few months earlier, decided to sell to rent.

Not everyone knows about the economy, or even what part mortgages pay in it, and many many people will think, that a 'recession here started becuase of America' and they wont really ever know much more than that.

They dont know, not because they are intrinsically stupid or totally irresponsible, thier parents, nor schools have ever told them. We all have to recognise that some of us have parents that know and teach us good financial habits, and some of us ( like me) just didnt have anything of the sort.

I think, and know a downturn is upon us, but i have noticed with great sadness a lot more people accessing MSE because they are suffering with real heartbreaking stories

Linz, as ever, you are soo right. The stories are heart breaking, and Jorgan, as a repossessions consultant myself I have heard my fair share of incidents like these on the day of possession.

I've said before that I blame the horrific financial education I received growing up for the state of my finances, but thanks to people on here, I have found the correct way to do things. I am determined my children WILL NOT make the mistakes I did.xx

fc123

churchrat wrote: »

I don't read this part of the site often, and what I have read on this thread and a few others has made me a bit depressed and I feel sorry for some of you. There are some very smug people about and I really hope that what happened to me and my family does not happen to them. We overborrowed and got into problems with the mortgage about 8 yrs ago and we are still paying it off. It had nothing to do with finacial savvy or greed or even thinking we could afford it, in fact we didn't think about it at all. One day my daughter came home from school and said "I don't feel very well mum" and that was the start of our nightmare. We went from being a 2 income, settled family to a 1 very stressed out income family. We borrowed money to keep the house so that our other 2 children would have somewhere to live and didn't have to leave their friends and school, although god knows where we would have gone--looking for a new house was not important to us, just staying alive was hard enough. We didn't look at interest rates or who was the best lender, we just wanted to stay where we were, I would have taken money from the devil if he had offered(which, looking back I think perhaps he did). My rather rambling point is this--you never know what is around the corner, sometimes the insurance just doesn't cover it, and although we are all adults sometimes s!!t happens.

I'm glad you wrote this is on this board.
An acquaintance of mine had her 4 yr old diagnosed with leukemia last yr.
Her life was turned upside down (+ had to leave her good job )and without family being able to help her financially, she would have lost her house etc.

No one knows what is around the corner and I hope the whole credit industry does decline.............but does my son listen to me??? A bit..not much though.

KellsBells

Very very sad, and slightly off topic, but one of the worst repossession stories we had in our office was when we received a letter from the borrower. He went on to explain how when he took out his mortgage, he was in full time, well paid employment, as was his wife. They had a baby (and we all know how much babies cost) and while they struggled to provide for her, they managed and kept up with mortgage payments. He then told us how his marraige failed, and he lost his job in a matter of weeks. Then horrifically, his baby daughter died. Due to lack of income, depression and his wife leaving him, he failed to maintain his mortgage payments. The reason he could not make his last two mortgage payments was because he had to pay for his baby daughters tiny white coffin.
Not for a second saying all repossessions are like this, or that all borrowers deserve our sympathy, but for for every three "typical" ones (house full of junk, smelly and maggot invested) there is a genuine, very sad one.