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An Idea: Irish Bank Customers Group

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  • 19-05-2009 10:27pm
    #1
    Villain
    Registered Users Posts: 15,945 ✭✭✭✭


    OK this is just kite flying at the moment but I'm willing to put time and effort if others are too and feel its worthwhile.

    Basically at the moment NAMA is been set up to deal with the large bad debts of Developers and many people fear that the developers may well get off lightly because they owe the banks so much.

    So basically if you have a mortgage of say €400,000 on a house that is now worth under €300,000 and you have lost your job the banks will soon start coming down hard on you.

    Or even more simple you have a credit card bill of €2,000 the bank demand payment and will go after you for it, while if you are a developer and owe 700 million well the bank will wait and sit for you to decide if you will pay them.

    So I want to setup a group called Irish Bank Customers which will combine all the small bank customers to one group to try and give them some of the power that the developers enjoy to ensure that all the people of this state are treated the same whether they owe €1,000 or €1 billion.

    What do people think?

    Mods I have posted this in a few forums as I'm not sure where to post it please feel free to move or merge as you see fit.

    Thanks,

    Alan


Comments

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    #2
    Villain
    Registered Users Posts: 15,945 ✭✭✭✭Villain


    By the way if you think its a good idea but don't want to post please just thank the post or pm me


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    #3
    InFront
    Closed Accounts Posts: 3,698 ✭✭✭InFront


    So you want to form a group who aims to decrease the amount of debt repayments to the country's already faltering banks?

    How do you think that would appear to investors? Don't you see that would have an effect on banks' abilities or willingness to lend?


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    #4
    eamonnm79
    Closed Accounts Posts: 459 ✭✭eamonnm79


    I think that is a clever Idea.
    However I think you are using the wrong medium.
    If you bought in a large housing estate/ apartment building start there and talk to your neighbours.

    I am not sure you are correct that the banks are going to come after you for a while yet though.
    They dont want to have to admit to bad debts yet.

    Believe it or not you have more power in this situation than you may realise even as an individual. Make the banks an offer. It doesnt have to be fair, just say its all you can afford.
    Are you good at negotiating?


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    #5
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    I would hope that NAMA will function to help the banks survive -- not to bail out developers who should be dunned as far as their loan agreements permit, and not to create value for shareholders whose shares are effectively worthless.

    I don't want to find the taxpayer funding "ordinary" defaulters. It's bad luck if you are in negative equity, but at least you have a home to live in, and interest rates are down. If you have lost most of your income, I would hope for a humane deferral arrangement, not the writing off of all or part of your loan.


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    #6
    Villain
    Registered Users Posts: 15,945 ✭✭✭✭Villain


    InFront wrote: »
    So you want to form a group who aims to decrease the amount of debt repayments to the country's already faltering banks?

    How do you think that would appear to investors? Don't you see that would have an effect on banks' abilities or willingness to lend?

    The aim of the group would be fairness for everyone no matter how much you owe, to ensure NAMA does not allow the developers to get off lightly as that will cost the tax payer a lot more in the long run.


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    #7
    Villain
    Registered Users Posts: 15,945 ✭✭✭✭Villain


    eamonnm79 wrote: »
    I think that is a clever Idea.
    However I think you are using the wrong medium.
    If you bought in a large housing estate/ apartment building start there and talk to your neighbours.

    I am not sure you are correct that the banks are going to come after you for a while yet though.
    They dont want to have to admit to bad debts yet.

    Believe it or not you have more power in this situation than you may realise even as an individual. Make the banks an offer. It doesnt have to be fair, just say its all you can afford.
    Are you good at negotiating?
    Just to point out I am not in negative equity or have defaulted on any loans myself


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    #8
    InFront
    Closed Accounts Posts: 3,698 ✭✭✭InFront


    Villain wrote: »
    The aim of the group would be fairness for everyone no matter how much you owe, to ensure NAMA does not allow the developers to get off lightly as that will cost the tax payer a lot more in the long run.
    And what method would you employ to do so that would not adversely effect a bank's capital or investor and international confidence in its debts?

    Lets be clear, it's in the taxpayers interest to have debts repayed, not a lobby group trying to impede debt repayments which whether you admit so or not is how such a lobby group would essentially operate.

    You want to campaign against lax collection of developers' debts, fine. Just don't suggest making it worse by causing problems for debt collection on a more widespread scale.


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    #9
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,507 Mod ✭✭✭✭johnnyskeleton


    Villain wrote: »
    The aim of the group would be fairness for everyone no matter how much you owe, to ensure NAMA does not allow the developers to get off lightly as that will cost the tax payer a lot more in the long run.

    Where's the fairness for people who were prudent, didn't overspend, didn't take many holidays abroad, didn't buy new cars, flash clothes, flat screen tvs etc? Those people will have to work even harder because of increased tax. Meanwhile, the people who were reckless with money they didn't actually have are let off easy, so they think to themselves, "Hey, credit is great, sure I just spend spend spend and if I ever can't pay it back the government will".

    I like to use the analogy of the prodigal son. When he comes back after spending all his money on booze, the da sacrifices the sheep for him and his hungover mates while the more prudent son, who got up early to tend the fields has to eat porridge for dinner. The bastard.


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