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are we facing a NAMA 2 for personal debt?

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  • 10-11-2009 8:17pm
    #1
    Honda08
    Closed Accounts Posts: 497 ✭✭


    with all the news on a daily basis of people loosing jobs, and being unable to service mortgages, and service personal debt, will we be facing a NAMA 2??

    if people cant pay, wheres the money going to come from....


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Honda08 wrote: »
    with all the news on a daily basis of people loosing jobs, and being unable to service mortgages, and service personal debt, will we be facing a NAMA 2??

    if people cant pay, wheres the money going to come from....

    there are already collection agencies that deal with this stuff. as well as a few of the companies who actually buy the debt.


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    #3
    Honda08
    Closed Accounts Posts: 497 ✭✭Honda08


    chris85 wrote: »
    there are already collection agencies that deal with this stuff. as well as a few of the companies who actually buy the debt.

    i know that but, in some cases what are the collection agencies going to collect? nada.

    banks faced with bad debt, and legal fees to boot, there is a lot of money out there that may never be able to be collected or repaid, and i think that maybe this will become a major problem in the near future.


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    #4
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    There is a massive difference between the long-term aggregated debt of a handful of property developers, and the short-term, disaggregated debt of millions of individuals. The former is illiquid, and inflexible. The latter is the opposite if this.


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    #5
    NewDubliner
    Closed Accounts Posts: 1,615 ✭✭✭NewDubliner


    Honda08 wrote: »
    if people cant pay, wheres the money going to come from....
    Slavery.

    The reason we have NAMA is because limited liability means that the speculators can walk away from their debts and the banks get stuck with worthless properties and nothing else. So, the government is artificially keeping those investments viable.

    Bailouts are for rich people.


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    #6
    Zynks
    Registered Users Posts: 1,693 ✭✭✭Zynks


    I don't think there will be a NAMA 2 or anything similar. What we might have to see is a more flexible bankruptcy law that gives people a second chance at some stage, as opposed to today's "one strike you're out" approach. Otherwise the blacklist will get a tiny bit too big for the size of the country.


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    #7
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    NewDubliner wrote: »
    Slavery.

    The reason we have NAMA is because limited liability means that the speculators can walk away from their debts and the banks get stuck with worthless properties and nothing else. So, the government is artificially keeping those investments viable.

    Bailouts are for rich people.

    Read the legislation. I'm not sticking up for NAMA, but you have it arseways.


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    #8
    NewDubliner
    Closed Accounts Posts: 1,615 ✭✭✭NewDubliner


    Flamed Diving wrote: »
    Read the legislation. I'm not sticking up for NAMA, but you have it arseways.
    Which part of what I said is incorrect & why?


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    #9
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    ffs

    let me get this straight

    we gonna tax and borrow in name of people who acted responsibly with their finances

    in order to bailout people who took a gamble

    bailouts are a ****ing joke, people should learn to face up to consequences


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    #10
    Daithinski
    Closed Accounts Posts: 279 ✭✭Daithinski


    ei.sdraob wrote: »
    ffs

    let me get this straight

    we gonna tax and borrow in name of people who acted responsibly with their finances

    in order to bailout people who took a gamble

    bailouts are a ****ing joke, people should learn to face up to consequences

    I think maybe you are missing the point. Of course people should face up to the consequences, but until 250,000 (decent paying) jobs are created in ireland people won't be able to pay their loans off. This may never happen.

    Lets face facts, People on the dole who have high mortgages and other loans are not going to be able to pay their debts back.

    The amounts people borrowed were massive and I'm sure in a lot of cases people could be financially crippled for the next 40 years. And before people start saying stuff like, yeah well its their own bleedin' fault, I didn't buy a gaff so why should I have to pay etc etc. My point is that people in this situation may look at their options. 1) Be up to their eyes in debt for the rest of their lives and have a sh1t quality of life. or 2) Or they might say F*ck this. I'm emigrating, at least I'll have a chance to start over in some other country, the bank can go and sh*te.


    I think the sh!t could hit the fan soon as the mortgage payers who are on the dole from the last 18 months onwards are going to be coming to the end of the grace periods and arrangements they have with banks and the end of their savings etc, and then we could see some kind of vehicle created to sort out the situation which could be a nama 2, or the banks letting go a % of the mortgage for a % stake of the property.

    Because as we have been told "the banks are too big to fail" if joe public starts defaulting on their mortgages the government will doubtless have to bail the banks out (since they won't bail out the home owners)


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    #11
    Honda08
    Closed Accounts Posts: 497 ✭✭Honda08


    Daithinski wrote: »
    I think maybe you are missing the point. Of course people should face up to the consequences, but until 250,000 (decent paying) jobs are created in ireland people won't be able to pay their loans off. This may never happen.

    Lets face facts, People on the dole who have high mortgages and other loans are not going to be able to pay their debts back.

    The amounts people borrowed were massive and I'm sure in a lot of cases people could be financially crippled for the next 40 years. And before people start saying stuff like, yeah well its their own bleedin' fault, I didn't buy a gaff so why should I have to pay etc etc. My point is that people in this situation may look at their options. 1) Be up to their eyes in debt for the rest of their lives and have a sh1t quality of life. or 2) Or they might say F*ck this. I'm emigrating, at least I'll have a chance to start over in some other country, the bank can go and sh*te.


    I think the sh!t could hit the fan soon as the mortgage payers who are on the dole from the last 18 months onwards are going to be coming to the end of the grace periods and arrangements they have with banks and the end of their savings etc, and then we could see some kind of vehicle created to sort out the situation which could be a nama 2, or the banks letting go a % of the mortgage for a % stake of the property.

    Because as we have been told "the banks are too big to fail" if joe public starts defaulting on their mortgages the government will doubtless have to bail the banks out (since they won't bail out the home owners)

    watch this space.


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    #12
    jetfiremuck
    Registered Users Posts: 3,467 ✭✭✭jetfiremuck


    Dont forget credit card debt and the credit cards that were maxed out and rolled back into the mortage(equity release) turning short term debt into long term debt) and are now maxed out again. Even if they pay minimum every month that balance is escalating faster. I see a nation of renters starting all over again for the forseeable future.


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