That would be me then. Also have a property in negative equity. Why shouldn't I be able to give back my negative equity property too and get debt forgiveness?
I don't know!!! A lot of people are sitting on nice deposits and will be buying dream homes for the price of average homes a few years ago (feckers!)
I was just wanting a roof over my head, a home, even if it went down in value I thought that between the amount Id paid as a deposit, and the amount Id paid back in a 7/8/9/10 year period would allow me to at least break even to sell (or a manageable shortfall like 20k) and in the meantime have saved a good deposit for somewhere bigger.
thesimpsons
Not all of us who bought during the boom behaved like that. I furnished my place from charity shops and furniture friends were getting rid of and have done without holidays since.
Sorry to hear that Truthseeker.
I seem to be dipping more and more into my savings for everyday stuff that my salary just won't stretch to anymore.
You'll end up with a situation whereby the most wreckless will get a bailout from the most prudent, which will in turn drag down a large proportion of the most prudent. Unfortunately for the prudent, there will be nobody left to bail them out.
No
You'll end up with a situation whereby the most wreckless will get a bailout from the most prudent, which will in turn drag down a large proportion of the most prudent. .
A friend of mine is in this situation. He had a very successful business and earned piles of money. He used it to fund a nice lifestyle, bordering on lavish. He also bought a big investment property in Dublin. Now his business is gone and he owes millions. He spend 6 months trying to find a job in Ireland that would cover his debts but couldn’t so now he’s moved to the Middle East on a three year contract. He will see his children for 2-3 weeks a year for the next three years. He’s 100% against any form of debt forgiveness.Look , lets look at one of those young couples Shawady and truthseeker are talking about. Bought a two bed apartment in 2006 for €400k. Today worth €160k if it could be sold. NE of €240k. Mortgage payment €2,000. He was working as an engineer earning €65k. She's a public health nurse, was netting about €2,700 now about €2,100 after tax increases and pension levy. He got a cumulative pay cut of 40% before being let go in Jan 2010. They have one child and she is pregnant. They had savings which they used to pay their way while he looked for a job. No luck on the job front (two of his friends got jobs doing bar work in 2009 because it paid more than they were earning at the engineering consultancy, but by the time he was laid off these jobs were much harder to find ) and they have now missed four mortgage payments. He went to a job fair in Dublin and has been offered a job in Australia earning €75k. She can earn good money their too and they are told they will qualify for permanent residency, and ultimately citizenship if they want it. So they have a way out.
So they can either rent the apartment (if its lettable) and send money home to top up the payment, knowing that the apartment will probably never be worth what they paid for it), or they can send the keys in the post and bet that the bank won't track them down. Which would you do? Knowing all that went on in the banking sector, in government, in the regulator, and the EU, would you still feel a strong moral imperative to pay the mortgage?
People like this example are still the lucky ones of course, because at least they have a choice. I'm more worried about the people who don't have any choices.
A friend of mine is in this situation. He had a very successful business and earned piles of money. He used it to fund a nice lifestyle, bordering on lavish. He also bought a big investment property in Dublin. Now his business is gone and he owes millions. He spend 6 months trying to find a job in Ireland that would cover his debts but couldn’t so now he’s moved to the Middle East on a three year contract. He will see his children for 2-3 weeks a year for the next three years. He’s 100% against any form of debt forgiveness.
A friend of mine is in this situation. He had a very successful business and earned piles of money. He used it to fund a nice lifestyle, bordering on lavish. He also bought a big investment property in Dublin. Now his business is gone and he owes millions. He spend 6 months trying to find a job in Ireland that would cover his debts but couldn’t so now he’s moved to the Middle East on a three year contract. He will see his children for 2-3 weeks a year for the next three years. He’s 100% against any form of debt forgiveness.
A friend of mine is in this situation. He had a very successful business and earned piles of money. He used it to fund a nice lifestyle, bordering on lavish. He also bought a big investment property in Dublin. Now his business is gone and he owes millions. He spend 6 months trying to find a job in Ireland that would cover his debts but couldn’t so now he’s moved to the Middle East on a three year contract. He will see his children for 2-3 weeks a year for the next three years. He’s 100% against any form of debt forgiveness.
I agree with Kate. I think it is horrendous that someone will only see their children for 3 weeks a year and I think that would be a sacrifice way too far for most people. It is also not fair on the children. I think there has to be a middle ground here somewhere. Yes, people have to take some responsibility for their decisions, but there also has to be a recognition that a lot of people are suffering because of things that are not in their control. A bit of compassion and empathy would not go amiss and was something that was sadly missing during the boom years but will hopefully start creeping back into our thinking now. It really shouldn't be all about dog eat dog, tough luck I was smarter than you were now go sink or swim kind of thing.
There is no way of deciding fairly if someone should have debt written off. No matter who gets it there will always be someone who has a more deserving situation who wont have it written off.
While noble I think he is foolish. In 15 years time when his kids question where there father was during their childhood the last thing they will want to hear about is his noble efforts to pay back a bank who were bailed out by taxpayers...