Banks set spending limits for families in mortgage trouble

niallo27

the groutch wrote: »

it's called facing up to your legal responsibilities

What responsibiltys are the banks taking in all this though, would you really pay out most of your wages every month just to keep the banks happy, I'm taking about people with modest wages here with huge mortgages not people who are trying to advantage of the system.

sparksfly

sparksfly wrote: »

Mortgage payers need to (but never will) band together into a well organised group and dictate to the bank how they will choose to "deal" with the situation, and what they will or will not accept.
70,000 customers for example, acting as an IFA like force, could pretty much set their own terms.

The flaw within goes thusly: Why would people who are happy paying their mortgage go out onto the streets to effectively raise what they are currently paying for someone else's unwillingness to budget?

Son Of A Vidic

Anyone wrote: »

I dont have any issues with it, if people want a "deal" on their mortgage they have to change their lifestyles. Its impossible to monitor and enforce though.

True, but it would be equally nice to put some restrictions on **** Bankers lifestyles. Especially since we own them and are paying for their ineptitude.

Chucken

niallo27 wrote: »

What responsibiltys are the banks taking in all this though, would you really pay out most of your wages every month just to keep the banks happy, I'm taking about people with modest wages here with huge mortgages not people who are trying to advantage of the system.

With their modest wages they could have got a modest mortgage!

People borrowed way beyond their means so tough s**t now if they have to grow up and live on a budget...like real people!

Yawns

Corvus Maximus wrote: »

True, but it would be equally nice to put some restrictions on **** Bankers lifestyles. Especially since we own them and are paying for their ineptitude.

Jesus we own bankers now? I know banks were bailed by tax payers but I didn't realise we went as far to buy a banker. Look the reality is that some people need to be told to cop on with what they are spending. There's far too many people crying about mortgages whilst wanting to keep up with the Jones next door for lifestyle choices.

Maybe a certain garda sergeant needs to be told to set a budget too.

niallo27

Chucken wrote: »

With their modest wages they could have got a modest mortgage!

People borrowed way beyond their means so tough s**t now if they have to grow up and live on a budget...like real people!

People make mistakes, a hell of a lot of people did, the banks should also take responibilty for giving loans to people who clearly could not afford it, you could also say tough **** for the banks for not regulating their loan book correctly.

TURRICAN

You only get one life and no way will the bank tell me how to run it!

Chucken

niallo27 wrote: »

People make mistakes, a hell of a lot of people did, the banks should also take responibilty for giving loans to people who clearly could not afford it, you could also say tough **** for the banks for not regulating their loan book correctly.

It didnt take a genius to figure out that if people took out 120% mortgages, they were eventually going to land in hot water.

I'm sorry for people, I really am, but nobody forced them to get into so much debt. If they had learned to budget before they applied for all the money, maybe things would have turned out differently.

GarIT

pickarooney wrote: »

Yeah, exactly, who needs to make calls every day?

Someone with a life? I send about 400 texts on an average day, what else would I do during lectures?

I couldn't survive on €5 a day :L

Son Of A Vidic

Yawns wrote: »

Jesus we own bankers now?

Why are you talking to Jesus?

Not to worry though, I'm sure there's medication for that.

niallo27

Chucken wrote: »

It didnt take a genius to figure out that if people took out 120% mortgages, they were eventually going to land in hot water.

I'm sorry for people, I really am, but nobody forced them to get into so much debt. If they had learned to budget before they applied for all the money, maybe things would have turned out differently.

Yes but could you not say the exact same thing about the banks, the geniuses working in these banks had to have to know people could not afford these huge mortgages.

SEPT 23 1989

TURRICAN wrote: »

You only get one life and no way will the bank tell me how to run it!

This is the attitude people are now starting to adopt with the banks

and it scares them

niallo27

SEPT 23 1989 wrote: »

This is the attitude people are now starting to adopt with the banks

and it scares them

Why though, they ****ed us over, what did they expect.

Guy:Incognito

Carawaystick wrote: »

Because the banks have managed their own finances so well these last few years in Ireland.....

Their finances would be grand if people paid them back the money they owe..........

Pottler

Guy:Incognito wrote: »

Their finances would be grand if people paid them back the money they owe..........

Bull. Their finances are so fecked, they make a single mother on the dole with a 550k mortgage look like a canny investor. If they had not been bailed out their doors would have shut and they'd be buried. Easy for Banks to shout about "responsibility" when everyone else is responsible for their cock-ups. Muppets in suits, nothing more, nothing less. Idiots who p1ssed away their profits and buried themselves in debt and now whinge about ordinary people who cannot afford the loans they should never have been given in the first place. My attitude to them would be- go an shyte. BTW, a banker, questioned about a €980 million write-off on a loan recently, said they had "bigger issues to deal with than such a small sum". Okey dokey, so write off a load of mortgages then, seeing as you have bigger fish to fry.

sparksfly

Gurgle wrote: »

Shocking, banks trying to give people financial advice.

"Live cheaper in order to meet your commitments."
Truly despicable.

Its not shocking or despicable, its an extremely funny concept.
The guys who ran highly profitable institutions into the ground are now giving financial advice.
Its like taking advice on childcare from Gary Glitter.

tan11ie

Oh the sheep of Ireland :pac:

Gauss

I think it's funny how people always seek to blame someone else.

No one made you take out half a million loan to buy a shoebox, if these people actually thought for themselves rather than being lemmings they wouldn't be in such difficulty.

Wabbit Ears

What the banks did or did not do is completly irrelevent in the actual real world we live in, if you goto your mortgage provider and say you cannot afford to pay back your loan they can and will insist its a "can't" and not a "won't". If you're spending on mobile phone bills above the odd call, xbox live subscriptions, eating out and so on and so forth you're a won't, not a can't.

The King of Moo

Banks are telling families:

- How much they can spend on teenagers.

- Setting limits on what a family in trouble with a mortgage can spend on health insurance at €166 a month.

- Limiting spending on mobile phones to €65 a month for two adults and two teenagers.

- Families with two adults and two teenagers are being told to restrict entertainment, including parties and Christmas, to €200 a month for everybody

"Sorry darling, it looks like we're going to have to make do with a second-hand teenager this year..."

oldyouth

TURRICAN wrote: »

You only get one life and no way will the bank tell me how to run it!

But the courts will when they make a judgement against for an action taken by the bank for failing to meet your commitments. Same outcome but just more expense that you will have to bear, eventually

davet82

davet82 wrote: »

http://www.independent.ie/business/personal-finance/latest-news/banks-despicable-for-setting-limits-on-family-spending-3264775.html

Bankers are setting out spending limits to what a family can live on before agreeing deals on mortgages in trouble.

Some examples:



Surely this can't be right to be dictated to what you can and cannot spend money on? I know alot of people will say its their own fault but this seems extreme and wrong to me.

Any thoughts?

WOW, they're quite generous, we're getting by with much less than that!!!

L.Jenkins

The banks has some fúcking brass neck to be at that of craic.

Itzy

Itzy wrote: »

The banks has some fúcking brass neck to be at that of craic.

Don't forget that the banks are looking after "their" money!
They sprayed it about like seeds into what they thought was fertile soil, then the rains of "growth" failed, but they are determined to have the first cut of the (diminished) crop!

HeyThereDeliah

Don't see a problem if it helps families keep their homes and get them back on track financially. It is kinda like closing the gate after the horse has bolted I suppose.

Pottler

tan11ie wrote: »

Oh the sheep of Ireland :pac:

Baad Banks after these as well?

Rabidlamb

Our neighbour who filled out one of those means assessment forms was advised by her bank that broadband was a luxury like Sky Sports.
So you increase the chances of her paying her mortgage by removing the most useful tool she has to get a job . . . . . right.

Lets face it, the banks don't have a moral leg to stand on.
I'm lucky I don't have an extortionate mortgage or crazy term.
If I was looking into a 35 year black hole & being gouged on variable rates I'd be enjoying my 3-4 years rent free right now.

UCDVet

They aren't setting spending limits. You can spend any amount you want on whatever you want.....so long as you repay the debt you agreed to repay.

These 'limits' are for people who are saying 'HELP! I can't pay you back the money I took - even though I said I would!'

Since it's now in-fashion to be broke and in-fashion to screw 'evil bankers'; bankers are concerned that some people *gasp* might lie about their inability to repay loans. So, before they GIVE YOU a break on the money YOU AGREED to pay back, they are setting standards.

They have no legal obligation to do so. They are, literally, giving broke people a break.

davet82

there is alot of talk in this thread of people who cant budget or got too big of a mortgage but there are people out there that budget just fine and could easily afford their mortgage but then they lost their jobs!

smurgen

Gurgle wrote: »

Shocking, banks trying to give people financial advice.

"Live cheaper in order to meet your commitments."
Truly despicable.

Yeah especially after getting them into trouble in the first place by shoving cheap credit down their throats only 5 years ago to buy holidays,new cars and new kitchens-basically sh1t they didnt need in the first place.