Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

People Leaving and handing keys back to the bank

People Leaving and handing keys back to the bank

Old Jan 23rd 2009, 10:43 am
  #31  
Straw Man.
 
rugbymatt's Avatar
 
Joined: Aug 2006
Location: That, there, that's not my post count... nothing to see here, move along.
Posts: 46,302
rugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Actually Hillybilly I was more referring to the distinct difference between borrowing and buying....


Now, if someone has gone out and spent a fortune of essentially what's not their own money then yes, I wholeheartedly agree with you, but in many cases now in the UK thats simply not the case, people have, for the last year at least, been struggling, and I mean real people, not the statistics you see all over the papers and TV. Bills have risen by an unsustainable amount, electricity bills alone are up 47% on last year, thats over £600 a year extra in some cases, and for many people, especially those on a fixed income, thats simply too much to cope with. The only way round this is to borrow, the only way out of the hell that many are living in is to accept the horrendous terms that are ONLY being offered at the moment. Yeah, in hindsight 39% APR is WAY too much, but in reality, if thats the only way you can find £1000 to pay the ridiculous council tax then what else do you do? Go to court? Get a CCJ? Have bailiffs bang on the door at 6am? Not really an option when you have worked all your life, given to the state and payed your taxes is it???????
rugbymatt is offline  
Old Jan 23rd 2009, 10:44 am
  #32  
Straw Man.
 
rugbymatt's Avatar
 
Joined: Aug 2006
Location: That, there, that's not my post count... nothing to see here, move along.
Posts: 46,302
rugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

I am struggling not to accuse some people on here of being sanctimonious, really struggling!
rugbymatt is offline  
Old Jan 23rd 2009, 11:26 am
  #33  
Structural Surveyor
 
Hillybilly's Avatar
 
Joined: Mar 2006
Location: Sevilla/Cordoba border
Posts: 1,048
Hillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond reputeHillybilly has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

I don't mind if you accuse me of being sanctimonious!
I lived through it myself when I was 6 years old in the early 70's and my mother's house was repossessed following the divorce of my parents. We HAD bailiffs knocking on the door from whom I was taught to hide by lying down beneath a window, with the electricity cut off for non-payment and my mother borrowing from her family and selling whatever she had of value to try to keep a roof over our heads. We ended up being rehomed in a grim council flat.
But that taught me personally a valuable lesson which was (barring exceptional, unfortunate circumstances: death, divorce, illness and redundancy) to live within my means. Does that make me sanctimonious Maybe it's all part of life's learning experience which unless you've gone through personally you don't get?
Hillybilly is offline  
Old Jan 23rd 2009, 12:13 pm
  #34  
Straw Man.
 
rugbymatt's Avatar
 
Joined: Aug 2006
Location: That, there, that's not my post count... nothing to see here, move along.
Posts: 46,302
rugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Originally Posted by Hillybilly View Post
I don't mind if you accuse me of being sanctimonious!
I lived through it myself when I was 6 years old in the early 70's and my mother's house was repossessed following the divorce of my parents. We HAD bailiffs knocking on the door from whom I was taught to hide by lying down beneath a window, with the electricity cut off for non-payment and my mother borrowing from her family and selling whatever she had of value to try to keep a roof over our heads. We ended up being rehomed in a grim council flat.
But that taught me personally a valuable lesson which was (barring exceptional, unfortunate circumstances: death, divorce, illness and redundancy) to live within my means. Does that make me sanctimonious Maybe it's all part of life's learning experience which unless you've gone through personally you don't get?
I didn't actually mean you.................


Funny how people just read what they want to read innit?


I think I will go back to hijacking and tonterias......
rugbymatt is offline  
Old Jan 24th 2009, 10:28 am
  #35  
Forum Regular
 
Joined: Nov 2007
Location: UK
Posts: 90
smartmove is an unknown quantity at this point
Default Re: People Leaving and handing keys back to the bank

The world is too connected now, there are very few countries where you can hide from your debts now, it's just not worth the risk. Come to an arrangement with the bank, don't run from the problem.
smartmove is offline  
Old Jan 24th 2009, 10:47 am
  #36  
BE Forum Addict
 
rachelk's Avatar
 
Joined: Apr 2007
Location: Córdoba
Posts: 1,558
rachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond reputerachelk has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

A friend of mine works in a bank here. She says the staff there are being given training to help them deal with this kind of situation. The don't want people handing over the keys - they want agreements re future payments.
rachelk is offline  
Old Jan 24th 2009, 12:10 pm
  #37  
Forum Regular
 
Joined: Dec 2008
Posts: 50
Mookster will become famous soon enough
Default Re: People Leaving and handing keys back to the bank

Originally Posted by rugbymatt View Post
Nope, not at all......



Some debts are bankrupt proof, Inland Revenue is one example.
I can assure you through helping a friend through bankruptcy that none of the depts are "bankrupt proof" including the inland revenue etc.
However people seem to assume that once they go bankrupt that is the end of it, it isnt.
You are expected to continue to pay off your depts from any future income for an agreed term before your bankrucy becomes "discharged" and if the court appointed official believes you havent made efforts to pay the depts or have been less than honest with him he will not recommend to the court that you are disharged from the bankruptcy order.
Mookster is offline  
Old Jan 24th 2009, 12:17 pm
  #38  
Forum Regular
 
Joined: Dec 2008
Posts: 50
Mookster will become famous soon enough
Default Re: People Leaving and handing keys back to the bank

Originally Posted by Dick Dasterdly View Post
They interviewed one of the UK victims on TV tonight.
The bank had just sent him a bill for the outstanding balance of 160,000 pound after already having taken his house and pocketed the proceeds.
There are so many others in the same boat.

Such people are simply victims of the recklessness,stupidity and greed of the banks that caused the mess.

Despite Browns promises, little is being done to help these people who have had their lives ruined, whilst the greedy, corrupt bankers can no doubt retire in luxury without a single care.

The numbers now losing their homes is increasing at an alarming rate!
Ummmmm....what about the reckelssness and stupidity of the borrower to borrow beyond there means to repay?
A plan B or at least buy a property at a value that leaves you room to manouvre if times get hard.
I mean, who in there right mind borrows 130% of a properties value ? were is the deposit that they have saved for the property? at 130% if things go wrong they cant get out of it as they dont have any equity, now that is what i call reckless, stupid and greedy.
If they saved a deposit like most sensible people and borrowed 80% then they can get out of it with a lot less grief, posibly a small dept if the market really colapses like it has which no one expected the depth of the collapse. Instead they wipe out their whole financial life for years to come.
Now thats STUPID, RECKLESS AND GREEDY in my eyes.
The banks didnt make them take out 130% loan.
Mookster is offline  
Old Jan 24th 2009, 12:21 pm
  #39  
Forum Regular
 
Joined: Dec 2008
Posts: 50
Mookster will become famous soon enough
Default Re: People Leaving and handing keys back to the bank

Originally Posted by rugbymatt View Post
Sometimes the situation forces people to borrow, and I think the issue of buying and borrowing have to be kept completely separate.
Keep them seperate ? why ? they are intrinsically linked, you wouldnt borrow anything unless you wished to buy something, and you couldnt buy anything if this value unless you borrowed. Why on earth do you think they are seperate issues ?
(SNIP)

Last edited by Mitzyboy; Jan 24th 2009 at 12:23 pm. Reason: Unecessary really :-)
Mookster is offline  
Old Jan 24th 2009, 12:23 pm
  #40  
Forum Regular
 
Joined: Dec 2008
Posts: 50
Mookster will become famous soon enough
Default Re: People Leaving and handing keys back to the bank

Originally Posted by rugbymatt View Post
They will do, from what I understand you are liable for the whole equity of the property mate.
There is no "equity" thats the problem, there is dept and that is what they are resposible for, THEIR depts, not the banks, not the dogs, no one elses dept, THEIR dept.
Mookster is offline  
Old Jan 24th 2009, 12:26 pm
  #41  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Originally Posted by Mookster View Post
Now thats STUPID, RECKLESS AND GREEDY in my eyes.
The banks didnt make them take out 130% loan.
No maybe not, but they are professionals and should assess the risk properly ... they clearly havent in past years and there is no doubt they must shoulder some of the blame
Mitzyboy is offline  
Old Jan 24th 2009, 12:27 pm
  #42  
Forum Regular
 
Joined: Dec 2008
Posts: 50
Mookster will become famous soon enough
Default Re: People Leaving and handing keys back to the bank

Originally Posted by Hillybilly View Post
I don't mind if you accuse me of being sanctimonious!
I lived through it myself when I was 6 years old in the early 70's and my mother's house was repossessed following the divorce of my parents. We HAD bailiffs knocking on the door from whom I was taught to hide by lying down beneath a window, with the electricity cut off for non-payment and my mother borrowing from her family and selling whatever she had of value to try to keep a roof over our heads. We ended up being rehomed in a grim council flat.
But that taught me personally a valuable lesson which was (barring exceptional, unfortunate circumstances: death, divorce, illness and redundancy) to live within my means. Does that make me sanctimonious Maybe it's all part of life's learning experience which unless you've gone through personally you don't get?
well said that man, the voice of common sense
Mookster is offline  
Old Jan 24th 2009, 12:30 pm
  #43  
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,140
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Whilst sympathising with people who are losing their homes, I also do not understand why people borrow 130% mortgages for houses which are far bigger than they need, nor why they come here having taken out said mortgage and then have no income (don't quite know how they manage that but it does happen).

It is sometimes down to irresponsible borrowing as well as irresponsible lending.
scampicat is offline  
Old Jan 24th 2009, 12:38 pm
  #44  
BE Enthusiast
 
Joined: Apr 2006
Posts: 614
pete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond reputepete_l has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Originally Posted by scampicat View Post
I also do not understand why people borrow 130% mortgages for houses which are far bigger than they need
Simply put, greed. A lot of people have never had to think seriously about recession or tough times. They see house prices rising every year and think "why shouldn't I get a piece of that?". Now, they are told (incessantly) that the value of investments can go down as well as up, but think "yeah yeah" and ignore the advice which has now bitten them in the @ss.
pete_l is offline  
Old Jan 24th 2009, 5:30 pm
  #45  
Straw Man.
 
rugbymatt's Avatar
 
Joined: Aug 2006
Location: That, there, that's not my post count... nothing to see here, move along.
Posts: 46,302
rugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond reputerugbymatt has a reputation beyond repute
Default Re: People Leaving and handing keys back to the bank

Originally Posted by Mookster View Post
I can assure you through helping a friend through bankruptcy that none of the depts are "bankrupt proof" including the inland revenue etc.
However people seem to assume that once they go bankrupt that is the end of it, it isnt.
You are expected to continue to pay off your depts from any future income for an agreed term before your bankrucy becomes "discharged" and if the court appointed official believes you havent made efforts to pay the depts or have been less than honest with him he will not recommend to the court that you are disharged from the bankruptcy order.
So glad you understood my quote, now run along and bother someone who is more impressed..........
rugbymatt is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell or Share My Personal Information -

Copyright © 2023 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.