You know in an personal IVA, all is revealed before an agreed settlement.Only make sense not to hid it.The Banks are now forced to come clean.....before another helping hand with our money.
This is how much debt the 'five' UK banks own
£200,000,000,000!!! This is as irresponsible as it gets and is lent to foreign countries who defaulted. Monday will be crunch day as they are to reveal their debt levels to Brown. Enough is Enought.
When you consider personal IVA debt the average been £40k each.
Bank debt, personal debt no difference. Its debt, accept with IVA debt we don't ask others to pay for it. Irresponsible lending is a understatement.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The way i read it (between the lines) was that when you enter and IVA you have to "come clean" and declare all your debts before you are able to be helped out.
Whereas the banks that have £200bn debt (according to above figures) have been bailed out without having to make the same disclosure and now want more.
I know Gordon Brown is meeting them and wants them to finally confirm their REAL positions as he is prepared to put even more of OUR, woops should i say YOUR taxes into saving them.
Apparently he wants to use billions more of taxpayers money to create a "Bad bank" that buys all the "toxic" assets from the other banks so that thye lend again... (heard that before)
They still arent lending .. It's a joke
Last edited by animaleyes76 on Sat Jan 17, 2009 11:40 pm, edited 1 time in total.
These "toxic" assets would be laughable if it wasn't so sad.
This "credit crunch" was kicked off with US lenders bundling sub-prime mortgages in bundles and selling them on for bargain basement prices.
Does anyone else find it a little annoying that behind the scenes, your actual mortgage (which in my case, I have NEVER missed or even had to delay a payment)may have been sold on and on for a fraction of what you actually owe???
That's right animaleyes.....in a nutshell there is more to understand Debt than a personal IVA condition....its a global international problem as consequential as Global warming.Effects- a chain reaction of mayhem. Unfortunately, the UK/US leads the way in this folly...nations that suppose to big Brother to the world is in need of change, In the US we have BARACK OBAMA(I am US born), as for the UK.....a dead end of public school white males.
Last edited by kalla on Sun Jan 18, 2009 12:45 am, edited 1 time in total.
I used to advocate personal responsibility regarding borrowing.
But now I fully understand the process of Securitisation and subprime lending, I can see the main banks, particularly in the US were driven by pure and simple greed.
Unlike the average Joe, who you can’t really him/her blame for wanting to improve the standard of their own existence. The banks have to take the rap for this.
Meanwhile we'll be paying into our IVA's bankruptcies, and massively increased taxation, to pay for THEIR mistakes.
The ancient Christians said you should never profit from lending, at least not amongst your brothers, perhaps they were right.
The way economics works is quite complex and built on debt. Because nearly all money in existence is debt and that debt has to be repaid with interest the only way business and state economies can pay these debts with interest and keep going is by making sure that even more new money is created by more loans by consumers in the hope that they can acquire some of this new money by the consumers buying their products (for the companies) and the companies employing the consumers (to pay taxes to the governments).
It's a vicious cycle because for it to work there has be a constant supply of new money creation, constant consumerism and spending, and constant growth.
If you're interested read "The Grip of Death" by Michael Rowbotham. It explains the workings of the economy and our role in it in detail. It's about 10 years old now and come of the figures are a little out of date, for example it states our GDP to be about half what it is now. but it's a brilliant book if you really want to understand the way money works.
I'm not sure Obama is going to make a lot of difference. I have friends in the States, and from what they've said Obama could end up being worse than Blair and Brown.
It's thanks to this government that we are in such a deep recession - selling our gold at all time low prices, 'borrowing' from the pensions pot etc. The inherited a strong economy and subsequently wasted all the money. They only have one answer to any problem - throw (waste?) money at it.
Skippy13 wrote:
I'm not sure Obama is going to make a lot of difference. I have friends in the States, and from what they've said Obama could end up being worse than Blair and Brown.
It's thanks to this government that we are in such a deep recession - selling our gold at all time low prices, 'borrowing' from the pensions pot etc. The inherited a strong economy and subsequently wasted all the money. They only have one answer to any problem - throw (waste?) money at it.
I think your wrong, this is beyond politics now, Blame Thatcher is you must it was her government who deregulated the financial institutions.
Traditional banking works on one principle:- borrow short term and lend long. That system worked regardless of who was in power at the time. But as we know, securitisation and insanely complex borrowing on capital based on completely hypothetical long term growth, lending to those that can't afford it, is the reason why were all in the proverbial.
OK, I accept our political views are completely opposite (and wouldn't it be boring if we all agreed?!?), but IF it's Margaret Thatcher's fault, surely 12 years is enough to put it right?
If they get in at the next elections, the Conservatives will inherit a bigger mess than they did in the 70s.
Skippy13 wrote:
OK, I accept our political views are completely opposite (and wouldn't it be boring if we all agreed?!?), but IF it's Margaret Thatcher's fault, surely 12 years is enough to put it right?
If they get in at the next elections, the Conservatives will inherit a bigger mess than they did in the 70s.
They set a very big ball rolling I'm afraid. Twelve years in politics isn't going to solve a fundamental shift in our culture.
Scrap MP's expenses - let them pay for their own kitchens!
Cut MP's salaries
Get rid of half the managers in places like NHS trusts
Stop fighting the US's wars
Stop paying vast amounts of compensation to people who have broken a fingernail or had their feelings hurt
Skippy I am in total agreement with you that it is Blair and Brown who are to blame for this, but the Tories will get in the neck when they inherit it and try to sort it out. The British public have very short memories sometimes!
I also agree with your lists of ways to save money!
Particularly the compensation culture!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Scrap MP's expenses - let them pay for their own kitchens!
Cut MP's salaries
Get rid of half the managers in places like NHS trusts
Stop fighting the US's wars
Stop paying vast amounts of compensation to people who have broken a fingernail or had their feelings hurt
I wouldn't disagree with any of these things, although I do think that our current predicament will be resolved by much greater forces than political intervention alone. The only blame I’d lay at Browns door, is that he should of stepped in earlier and placed tighter controls on lending and the rising mortgage market. It's much harder trying to deny people the things they have and what they've grown used too. We have a very big Genie and he left the bottle twenty years ago.
