www.iva.co.uk

The day after the 29th Olympic event kicks off in China, on Sat 9th the credit crunch is one year old!!! Happy birthday to the mayhem I say, created by the Captains of industry and unleashed onto the world like a viral infection...

Its amazing what this one year old perfect liquidity storm have done - a whole damn good in bringing the end to human greed and decadence and hopefully the fiscal market becames tame for good of all and the end of the Labour government as a bonus.

You dont have to have credit to be affected by the crunch Emily!

There are hundreds of people on this site with fixed rate mortgages coming up for renewal, and they are petrified at how their mortgages are going to rocket!
I was just about to do a full and final on my IVA which was scuppered by the crunch!!
So forgive us if some of us are not too keen on celebrating with you!!

I agree jpj, I for one won't be celebrating its birthday! I look forward to its demise!

Hi All

Do not assume that the end of a labour government and advent of a tory one will make it better, remember like I do the last tory government wrecked the country. Be careful what you wish for.



Yours cautiuosly


John

The housing market has ran out of steam,and it is not caused by the Credit crunch.....the housing market has brought the Economy down and not seen in the last two housing price callapses. Uusally a Recession is followed by the Crunch as the history books tell us. But not this time.

The Banks have finally realised that to lend excessively beyond the deposits from savers is symtomatic of our times...they have decided that they will not compete like they used to for market share. A business model now built on prudent lending which is what it should have been.

It is better that Banks lend on stricter criteria now so to reduce any futher Insolvency in the future and if they did this from day one half of the those on an IVA wouldn't be here on this site.

It is propaganda by governemnt to blame the credit crunch for the callapse in house prices, we have had two house price callapses in the 70s and 90s - was it credit crunch that caused them? NO.In the 90s there was 3 million unemployed, 7% to 15% interest rate and 34% in mortgage arrears.There was no subprime fiasco then,house prices wasn't 6 times the average salary as it is now and certainly no £1.6 Trillion debt as of now. Don't blame the Credit crunch - it is government policy on Boom and Bust repeated again! THEY NOW WANT THE BANK OF ENGLAND TO GUARANTEE THE NEW LOANS THE BANKS WILL LEND OUT TO RESTORE THE HOUSING MARKET. HOW INSIDIOUS.In effect the tax payer becomes the new fall guy for new defaults and not the Banks

There are casaulties in this Credit Crunch due to the mistakes of policy makers in the US and UK and job public is left carrying the can.

Brown as Chancellor had not been successful in vanquishing the Boom and Bust cycle he had witness in the UK and even violated his own long golden rules of borrowing no more than 40% of the nations GDP...

Does that mean it will be officially a reccession?

Well if I could turn the clock I wouldnt change a thing !... yes the banks kept throwing money at me,and yes i kept accepting it ....and do you know what....I had a ball!!![:0]
Now the party is over and im paying the price...hey ho!

I think you will find the credit crunch has caused the housing market to run out of steam!!
With lending down nearly 70% due to lack of banks credit of course the housing market was going to stagnate...In 3 or 4 years time the crunch will be history and consumers will be off on the credit rollercoaster again!...and house priceswill be on the up!...nothing lasts forever, including boom and busts![:)]

I know what you mean jpj. I do have wonderful memories of the holidays we took (all on credit), I think I would probably have done it all again as well!

We'd had financial problems before, but something always came along. We'd say 'never again' but it wouldn't be long before we started again.

We're older and wiser now and not able to dig ourselves out of a hole with more cash.

In five years I will be used to no credit, paying cash for everything, and when I say 'never again', this time I mean it!

Me too!

The main reason I dont want credit again is that I now realise just how much all the banks were making off me each month... From now on ,nobody is going to profit from me again like that![:D]

I shall just like being able to pay for everything cash and not worry about the bills coming through the door.

At the end of the IVA, I will have the disposable cash left to be able to do that, and I will soooooooooo enjoy it!

Emily ... I just wanted to say thank you for your postings, I always find them so intelligent and informative.

Debbie

I may be wrong, but, i think to be classed as being in a recession 'we' have to have a period of negative growth

anyway,as a wise man once said, when it comes to a general election, don't vote, it only encourages them.

[:D]...but if people didnt vote, Gordon wouldnt be getting the slap in the face hes getting now for plundering our gold reserves,wasting trillions, and raiding our pensions (need I go on)[^]!!...not that he takes any notice of it,of course!!

Hey, my IVA was officially accepted on the 9th August so am I to blame for the credit crunch[?][;)]