Fans told not to skip mortgages for trip with Green Army

Rabidlamb

Apparently crack teams of mortgage enforcers will be watching to make sure there's no blips over the coming months.
Beer & Holiday vs Mortgage
Beer & Holiday vs Mortgage
Beer & Holiday vs Mortgage
Beer & Holiday vs Mortgage
Beer wins . . . . in your face mortgage.
It's optional if we pay it anymore anyway, sure pretend you're poor & the bank will write off 50%, sneaky Irish are sneaky.

http://www.independent.ie/business/personal-finance/property-mortgages/fans-told-not-to-skip-mortgages-for-trip-with-green-army-3123728.html

By Charlie Weston Personal Finance Editor

Wednesday May 30 2012

FOOTBALL fans who skip their mortgage payments to fund a trip to the Euro 2012 Championships will end up scoring an own goal, they were warned yesterday.

A leading accountancy body said that so-called "lifestyle strategic defaulters" would end up with a red card from their banks.

Bankers are on alert for those who miss payments next month as this will raise suspicions that the money was used to follow the Boys in Green.

Trap's Army is expected to descend on eastern Europe in large numbers for the football festival, with the FAI anticipating that 20,000 will travel.

However, some people wrongly assume that they can stop paying their mortgage and use the funds for lifestyle spending like football trips, president of the Association of Chartered Certified Accountants, Tom Murray, said yesterday.

These people are holding out the false hope that new insolvency laws will include some sort of "magic debt-forgiveness wand", he said.

"The personal insolvency legislation has no magic wand, and at best will reduce the mortgage repayments from 'completely unaffordable' to 'barely manageable'," he said.

A controversial report issued recently by financial adviser Karl Deeter estimated that up to one quarter of those in arrears on their mortgages were strategic defaulters -- people who deliberately do not pay their mortgage even though they can afford to. They hope to persuade the bank to write some of the debt off.

And these people may be inclined to use the mortgage money to go on the beer to the Euro 2012 extravaganza.

Mr Murray, who works in insolvency accountancy practice Friel Stafford, said he was hearing reports of people tempted to strategically default, although he said the numbers involved were likely to be small.

"This is a high-risk strategy because the legislation as drafted is balanced in favour of the banks," he said.

Personal insolvency legislation to be published next month is set to include a provision to allow borrowers who are genuinely unable to pay mortgages and other borrowings to have some of the debt written off. But banks will retain a veto on these deals.

However, Mr Murray said it would still be a tough process which may involve people surrendering their passports and the likely sale of the family home.

"A borrower is better off doing a budget, determining how much they can afford to pay on their mortgage and paying that amount. Simply stopping payment in the hope that this will force the bank to forgive the debt is likely to backfire badly," he said.

Most fans travelling to Poland for Euro 2012 are believed to have approached credit unions with loan applications to finance their trips.

Credit unions have loan rates for holidays as low as 5.75pc -- one-third of the charge imposed by some banks.

It is expected that it will cost around €3,000 to fund such trips -- although that figure does not include a budget for alcohol.

- Charlie Weston Personal Finance Editor

chin_grin

<points and laughs at those with a mortgage>

Even the word "mortgage".....has the French word for 'death' in it. Never trusted that word.

bryaner

chin_grin wrote: »

<points and laughs at those with a mortgage>

Even the word "mortgage".....has the French word for 'death' in it. Never trusted that word.

Another self righteous "I told you so" renter..:rolleyes:

danniemcq

bryaner wrote: »

Another self righteous "I told you so" renter..:rolleyes:

works for the Germans!

Rabidlamb

bryaner wrote: »

Another self righteous "I told you so" renter..:rolleyes:

Yes but if he doesn't pay his rent he gets evicted, us mortgagees get carried on the warm comforting arms of MARP where we can live for free for years.

GavRedKing

Having no mortgage and not going to the Euro's, I'm going to live like a king.

Duggy747

Took a mortgage out but then I realised I didn't have a house.

Then I realised the guy who gave me the money wasn't from a bank.

Then I realised the "mortgage" he gave me wasn't money but LSD.

Boy, was my face red when I came down off me buzz..........primarily because I had covered myself in red crayon.

chin_grin

bryaner wrote: »

Another self righteous "I told you so" renter..:rolleyes:

Another quick-to-judge home owner. :rolleyes:

:pac:

https://www.youtube.com/watch?v=e4CtWb4tJBg

Rabidlamb wrote: »

Yes but if he doesn't pay his rent he gets evicted, us mortgagees get carried on the warm comforting arms of MARP where we can live for free for years.

Better than being so far in debt that you have to eat one of the household pets! :pac:

bryaner

chin_grin wrote: »

Another quick-to-judge home owner. :rolleyes:

:pac:

https://www.youtube.com/watch?v=e4CtWb4tJBg

Better than being so far in debt that you have to eat one of the household pets! :pac:

Good lad you keep enjoying paying someone else's mortgage..:pac:

chin_grin

bryaner wrote: »

Good lad you keep enjoying paying someone else's mortgage..:pac:

Thanks, I will!

<looks at my lack of loans>

Doc Ruby

This is a bit cheeky of the banks. They've no business telling people what they can and can't do, they own a debt, not the debtor.

force eleven

None of you should be going to the Euro's.

Please stay at home, work your asses off, and continue to pay back the bankers.

They took 2,250 million euros from you this week. Not a whimper from most.

:cool:

Dravokivich

Doc Ruby wrote: »

This is a bit cheeky of the banks. They've no business telling people what they can and can't do, they own a debt, not the debtor.

I think it's more of a pro-active warning, so people don't end up getting themselves worse off due to further miss spending of credit and the bank can come back with an "I told you so."

Hopefully, people who intend on going over budgeted and saved up for it. Otherwise it's just more of the same malarky that's been going on over the last 10 / 12 years with people spending money they don't have.

chin_grin

Dravokivich wrote: »

I think it's more of a pro-active warning, so people don't end up getting themselves worse off due to further miss spending of credit and the bank can come back with an "I told you so."

Hopefully, people who intend on going over budgeted and saved up for it. Otherwise it's just more of the same malarky that's been going on over the last 10 / 12 years with people spending money they don't have.

A voice of reason in AH? Get out!

Bad Panda

Ah. Another renters vs suckers mortgage holder thread!

listermint

Article reads like a journo who watched the bosnia game last week in the pub with his accountant mate and came up with an awful story to sell his boss due to having over extended himself in the sun on the weekend....

Doc Ruby

Dravokivich wrote: »

I think it's more of a pro-active warning, so people don't end up getting themselves worse off due to further miss spending of credit and the bank can come back with an "I told you so."

Hopefully, people who intend on going over budgeted and saved up for it. Otherwise it's just more of the same malarky that's been going on over the last 10 / 12 years with people spending money they don't have.

And yet the banks saw fit to hand these people hundreds of thousands of euros. By their own warning they're the most irresponsible of the lot, even if everyone else was a model of fiscal rectitude. The banks would want to make up their minds to be honest.

As I said, they have no business making a statement like this, it only makes them look like bigger idiots than they already do.

bryaner

chin_grin wrote: »

Thanks, I will!

<looks at my lack of loans>

Grand I'll just have a look around MY house thats paid for in 5 years..

jetski

"some people wrongly assume that they can stop paying their mortgage and use the funds for lifestyle spending like football trips, president of the Association of Chartered Certified Accountants, Tom Murray, said yesterday."

Tom, you will find people can stop paying if they like and there is nothing you or anyone else can do to stop them.

chin_grin

bryaner wrote: »

Grand I'll just have a look around MY house thats paid for in 5 years..

Do I need to post the video again? :pac:

But you're right, I'm just jealous. You win. Aw.


sucker

bryaner

chin_grin wrote: »

Do I need to post the video again? :pac:

But you're right, I'm just jealous. You win. Aw.

Good lad.

Run_to_da_hills

This is all about control.

The Banks want to run your life and it is only going to get worse the more they squeeze cash out of society.

Another reason to vote NO against these corrupt gangsters.

Dravokivich

Doc Ruby wrote: »

And yet the banks saw fit to hand these people hundreds of thousands of euros. By their own warning they're the most irresponsible of the lot, even if everyone else was a model of fiscal rectitude. The banks would want to make up their minds to be honest.

As I said, they have no business making a statement like this, it only makes them look like bigger idiots than they already do.

Right so the problem before was that the banks weren't gving them enough warnings/information to highlight possible finanicial issues as a result of these mortgages.

Now they are doing too much by making people aware of such and trying to have them keep it in mind?

Their focus in the article is clearly on those who can, but don't. With some sound advice re-inforcing the need to plan finances by budgeting and minimising reliance on credit.

All the other stuff is just whataboutery bullshít in line with what's coming up. And you don't need to be a banker to second guess it.

Rabidlamb

bryaner wrote: »

Grand I'll just have a look around MY house thats paid for in 5 years..

I'm about half way through my mortgage term, if they don't hurry up with this debt forgiveness I'll have the bloody thing paid for.

Doc Ruby

Dravokivich wrote: »

Right so the problem before was that the banks weren't gving them enough warnings/information to highlight possible finanicial issues as a result of these mortgages.

Now they are doing too much by making people aware of such and trying to have them keep it in mind?

Sorry, the banks don't get to hand out six figure loans with the one hand and then act like the people they gave them to are simpletons. All it does is make the banks look like simpletons and thuggish ones at that.

Canis Lupus

bryaner wrote: »

Grand I'll just have a look around MY house thats paid for in 5 years..

Think I'll quickly and easily rent somewhere else next week, bored of where I live now :P

ronjo

Rabidlamb wrote: »

I'm about half way through my mortgage term, if they don't hurry up with this debt forgiveness I'll have the bloody thing paid for.

I cleared mine last year..... Am I the biggest fool????

Dravokivich

Doc Ruby wrote: »

Sorry, the banks don't get to hand out six figure loans with the one hand and then act like the people they gave them to are simpletons. All it does is make the banks look like simpletons and thuggish ones at that.

They are not suggesting people are simpletons in the slightest. If anything, the article is targetted primarily at people who feel it is their right to refuse payment and believe if enough people do so there will be no repercusions. And reminding them that this is not the case.

As a result of non-payment of the mortgage, it also looks and is expected that people will spend more on luxuries as opposed to paying debts that need to be settled. The biggest at the moment being Poland with Euro2012. They are pointing this one out due to the large amount of money that would be needed to travel across europe and stay over there.

All they are doing is re-enforcing those peoples responsiblities and advising how to be responsible with money.

anhedonia

Canis Lupus wrote: »

Think I'll quickly and easily rent somewhere else next week, bored of where I live now :P

yep, dont particularly like my current neighbours either, so think i'll move on to greener pastures myself, hassle-free like.

Doc Ruby

Dravokivich wrote: »

If anything, the article is targetted primarily at people who feel it is their right to refuse payment and believe if enough people do so there will be no repercusions. And reminding them that this is not the case.

So you're saying now that soccer fans are more likely to default on their debts?

Dravokivich wrote: »

As a result of non-payment of the mortgage, it also looks and is expected that people will spend more on luxuries as opposed to paying debts that need to be settled.

If the banks aren't getting their loans repaid they have recourse to various avenues of legal redress. At no point prior to loan repayment problems do the banks have any right to tell people what to do, and afterwards only with the sanction of the courts.

maximoose

Run_to_da_hills wrote: »

This is all about control.

The Banks want to run your life and it is only going to get worse the more they squeeze cash out of society.

Another reason to vote NO against these corrupt gangsters.

It's weird. I dont know you, but every time I come across your posts I can't help but feel concerned for your wellbeing.

Logical Fallacy

Doc Ruby wrote: »

So you're saying now that soccer fans are more likely to default on their debts?

That's some specious reasoning right there Doc.

Take the rest of the thread off, come back fresh tomorrow.

silverwood

Dravokivich wrote: »

Hopefully, people who intend on going over budgeted and saved up for it.

Hopefully, but highly unlikely. I'm certain that most people have not learned anything from the past 5 years. In fact, I'm pretty convinced that if an identical boom situation presented itself again, many people would handle it the exact same way. Common sense is not very common....should be called rare sense.

flutterflye

maximoose wrote: »

It's weird. I dont know you, but every time I come across your posts I can't help but feel concerned for your wellbeing.

Everytime I come across his posts, I just have that Iron Maiden song stuck in my head for ages.

Dravokivich

Doc Ruby wrote: »

So you're saying now that soccer fans are more likely to default on their debts?

I never said that, I even said earlier:

"All the other stuff is just whataboutery bullshít in line with what's coming up. And you don't need to be a banker to second guess it. "

It's just easily understood that it's going to be the biggest luxury with a high cost coming up soon and is being referenced as such.

They are saying some who skip their mortgage may be inclined to payout on a trip to Poland instead and that they are proactively warning people they'll be watching out for it.

Doc Ruby wrote: »

If the banks aren't getting their loans repaid they have recourse to various avenues of legal redress. At no point prior to loan repayment problems do the banks have any right to tell people what to do, and afterwards only with the sanction of the courts.

Of course they do and I'm sure they are well aware of that. They are pre-emptively alluding to the availability of it. To those who think there won't be anything the banks can do.

It appears that this thread and the article have been over blown by a few choice comments directly referencing the Euro2012. All they are saying referencing Euro2012 is that they watch their mortgage payments more around big occassions to check for drops.

Doc Ruby

Dravokivich wrote: »

Of course they do and I'm sure they are well aware of that. They are pre-emptively alluding to the availability of it. To those who think there won't be anything the banks can do.

It appears that this thread and the article have been over blown by a few choice comments directly referencing the Euro2012. All they are saying referencing Euro2012 is that they watch their mortgage payments more around big occassions to check for drops.

This is the attitude I find objectionable. Its all about debt servitude with these leeches, who incidentally have already been cautioned by the government for their heavy handed debt collection strategies. If it were left up to them a barcode would be put on the foreheads of everyone that owes them money as an added incentive to pay up on time, if there even is a problem with people eschewing mortgage debts to go on holiday.

The long and the short of it is they'll get their money one way or the other, or most of it, and a holiday isn't going to make a blind bit of difference in the end. And of course we come back to the unmistakeable point that they apparently believe they handed out hundreds of thousands of euros to people unable to manage an annual budget. I mean words just fail here.

Defiler Of The Coffin

Doc Ruby wrote: »

This is the attitude I find objectionable. Its all about debt servitude with these leeches, who incidentally have already been cautioned by the government for their heavy handed debt collection strategies. If it were left up to them a barcode would be put on the foreheads of everyone that owes them money as an added incentive to pay up on time, if there even is a problem with people eschewing mortgage debts to go on holiday.

Come on now, they're just telling people to be sensible. People still have the choice to listen to them or not. What else would it be about if not debt-servitude?

Dravokivich

Doc Ruby wrote: »

This is the attitude I find objectionable. Its all about debt servitude with these leeches, who incidentally have already been cautioned by the government for their heavy handed debt collection strategies. If it were left up to them a barcode would be put on the foreheads of everyone that owes them money as an added incentive to pay up on time, if there even is a problem with people eschewing mortgage debts to go on holiday.

People who loan money in expecting it back shocker... :eek:

Doc Ruby wrote: »

The long and the short of it is they'll get their money one way or the other, or most of it, and a holiday isn't going to make a blind bit of difference in the end. And of course we come back to the unmistakeable point that they apparently believe they handed out hundreds of thousands of euros to people unable to manage an annual budget. I mean words just fail here.

That should read, "don't take the time to..."

They've clearly targetted people who flaunt financial irresponsiblity in that article. No one else.

Run_to_da_hills

maximoose wrote: »

It's weird. I dont know you, but every time I come across your posts I can't help but feel concerned for your wellbeing.

Whose running this country at the moment?

Is it the Government or is it the Banks?

Rabidlamb

Run_to_da_hills wrote: »

Whose running this country at the moment?

Is it the Government or is it the Banks?

Germany

Run_to_da_hills

Rabidlamb wrote: »

Germany

As they did in 1939 only this time its through economics.

Latchy

I also recall that during Irelands previous football campaigns ,the worry was that the further Ireland went in the competitions, the more stress and strain on marriages /relationships but I'm not going ...so don't have that worry :pac:

Whats that about taking people's passports?

prinz

Doc Ruby wrote: »

I mean words just fail here.

Indeed they do. Manage your money when you're in a tight spot on the one hand, or blow it on an unnecessary luxury on the other and then come on every news programme moaning about debts and how you can't afford schoolbooks/food/fuel/clothes........ that really is a tough one! Hmmmmm can't.......figure....it......out.

suicide_circus

Rabidlamb wrote: »

Germany

What exactly is your issue with Germany? The fact that the're lending us billions of euro to pay our bloated social welfare and public service bills after our banks, government and general population ran amok for the last decade? Or the fact that they have the cheek to ask us to get our fooking act together?

Paparazzo

Rabidlamb wrote: »

Germany

I wish Germany were running our country, we proved we can't do it ourselves.

sdanseo

If you're stupid enough to skip the mortgage to go and spend a few days on the booze in Poland, then you deserve eveything you get, tbh.

flutered

Paparazzo wrote: »

I wish Germany were running our country, we proved we can't do it ourselves.

not us, but the crookes that some trusted to run it.

scholar007

You know these lads who follow Ireland to every game and every championship;

1). How do they afford it?

2). How do they get all that time off work?

Zebra3

Run_to_da_hills wrote: »

As they did in 1939 only this time its through economics.

Wasn't the Germans running this place in '39, it was the RC kiddie fiddlers.

Rabidlamb

sdeire wrote: »

If you're stupid enough to skip the mortgage to go and spend a few days on the booze in Poland, then you deserve eveything you get, tbh.

Yes but if you spend the mortgage money there's no moral hazard, sure aren't I one of the 10%.
Scary letter from bank vs Booze up in Poland, hmmmmm . . .

There was a time, along long time ago, when you got a bill reminder you ran to your local bank in complete terror.
Nowadays 1st scary letter + 2nd scary letter + final reminder + Solicitors letter + Draft summons + Debt Collector = Yawn for a lot of people.