The Credit Crunch, your stories...........

I think people not getting credit is a good thing. For the last 10 years people have borrowed to get the home they can't afford, the car they can't afford, the 2-3 holidays a year they can't afford, the £2000 TV they can't afford etc etc etc.

People need to start spending what they actually have!

Living within your means, aye? Good plan. Try telling that to the French, though, and you get national strikes.

black stig wrote:TNow, I have the utmost sympathy for anyone who's livelihood suffers as a result of the global economic trends being experienced at the moment. It's not all about the restrictions on credit though - it this environment that is a good thing!

Precisely. We're empathic/sympathetic while we kick them in the shins

I think people not gettng credit is a good thing. For the last 10 years people have borrowed to get the home they can't afford, the car they can't afford, the 2-3 holidays a year they can't afford, the £2000 TV they can't afford etc etc etc.

People need to start spending what they actually have

You're asking a large section people (or "debt monkeys" to take a massive reduction in the standard of living (previously bouyed by credit)- most aren't gonna accept that.

SleepyOne wrote:My company, a fairly large software/hardware firm, reducing the number of the IT staff from 150 down to 56.

And they are moving all the jobs to the one location, so I either move to Basingstoke or get made redundant.

No way am I moving there especially as they have said they won't be revising the wages and the relocation package was just crap, in effect they would be given me a £8k pay cut due to the cost of living between Scotland and South of England.

So end of October I am looking for an IT job, I'm going to get 9 months salary money from the company so won't be destitute, just need to find a new job quickly so I can throw some of the money into my mortgage.

Good luck with that. I'm my experience the market has been steadily drying up over the last 6 months, and I can only see it getting worse.

Alvin Flummux wrote:My family will soon be going into negative equity. I blame the present economic situation (I refuse to use 'that' term ).

The thing is the main reason your house will have negative equity is because of the credit crunch. So that term applies to you. However the term credit crunch should not be used when discussing fuel and food prices etc..

Me personally, i'm not suffering. I've actually borrowed more money on my mortgage to build an extension to my house. I'm single handely saving the banking and building trade

Alvin Flummux wrote:My family will soon be going into negative equity. I blame the present economic situation (I refuse to use 'that' term ).

What was the loan to value?

C&I or IO?

Basically I don't get the fuss over neg equity - unless you're planning to move soon,.

What annoys me more than the 'credit crunch' is my ignorant work mates claim it's all bullshit and that people should stop moaning and just 'get on with it' simply because it doesn't affect them as much Although the only valid point is that people often use the term in the wrong manner, ie. Credit Crunch = People who have debts, mortgages etc that they simply cannot afford, Inflation / Bad Economic Climate = Rising fuel prices, utility bills, less disposable income etc.

As for my experience, I work in the Motor Trade and it must be one of the worst affected areas. People just aren't buying cars, and there are redundantsies (sp) all over the place. Although strangely, at a company that owns mass-market (Ford, Peugeot etc) and specialist (Jaguar, Land Rover etc) dealership networks, the mass-market side is struggling alot more than the specialist side. This just shows that the people with money will keep on buying their 'gas-guzzlers' while the rising taxes on motorists are pricing out those on lower incomes, who probably only had a 1.2 Clio anyway.

Hexx wrote:

Alvin Flummux wrote:My family will soon be going into negative equity. I blame the present economic situation (I refuse to use 'that' term ).

What was the loan to value?

C&I or IO?

Basically I don't get the fuss over neg equity - unless you're planning to move soon,.

Agreed, as i said a few post ago, i've borrowed more money for an extension. I'm still not in negative equity but i've prices continue to fall then i will be but that doesn't bother me as i'm doing the extension so that i can live there longer rather than having to move soon. Thus the idea is that house prices will follow the general trend of the last 60 yrs and generally increase, with a couple of bad years every now and then,

Im scooping up the Morrisons 50p deals every week as a result of this credit crunch. most supermarkets are doing milk wars too so it's usually only a £1 now for 2Ltrs or less. It's not all bad chaps, if you couldn't afford a house in the first place then nows the time to savour other people's misfortune at their property price nose-diving.

I have a headache.

That's probably that credit crunch isn't it?

~Earl Grey~ wrote:I have a headache.

That's probably that credit crunch isn't it?

If it's from reading this thread... then yes, yes it is.

I strawberry floating hate the term credit crunch myself, but anyway, at the moment the only way i am being hit is struggling to look for work in a competitive marketplace, its strawberry floating stupid that everyone wants experiance, and that my qualification now means strawberry float all.

I am so tempted to look at jobs further away and migrate to work.

Credit crunch your way down to your local cineplex on October 31st (Halloween) to see Ghost Warriors. If you come dressed as a Ghost Warrior you'll have to pay double, so don't do it.

Absolutely Zero wrote:Im scooping up the Morrisons 50p deals every week as a result of this credit crunch. most supermarkets are doing milk wars too so it's usually only a £1 now for 2Ltrs or less.

Around two years ago, it was 32p for a pint of milk and just below twice that for a 2 pinter. About £1.50 for a six pint bottle. It's now around £2.40 for that same six pinter.

Credit Crunch? Bollocks.

I walked into a bank this afternoon and walked out a lot richer.

Charles Manson wrote:

Absolutely Zero wrote:Im scooping up the Morrisons 50p deals every week as a result of this credit crunch. most supermarkets are doing milk wars too so it's usually only a £1 now for 2Ltrs or less.

Around two years ago, it was 32p for a pint of milk and just below twice that for a 2 pinter. About £1.50 for a six pint bottle. It's now around £2.40 for that same six pinter.

It's only about £1.90 for a six pinter down here. You're getting ripped off pal.

I'm a Gasman/Plumbing Engineer and it's been the busiest summer i've ever had. It's taking longer to actually get paid but there's definitely more work about. It seems as though new builds/new cars/new purchases are slowing down and people are beginning to actually maintain and repair what they already have. About time.

Ropes wrote:

Charles Manson wrote:

Absolutely Zero wrote:Im scooping up the Morrisons 50p deals every week as a result of this credit crunch. most supermarkets are doing milk wars too so it's usually only a £1 now for 2Ltrs or less.

Around two years ago, it was 32p for a pint of milk and just below twice that for a 2 pinter. About £1.50 for a six pint bottle. It's now around £2.40 for that same six pinter.

It's only about £1.90 for a six pinter down here. You're getting ripped off pal.

I'm a Gasman/Plumbing Engineer and it's been the busiest summer i've ever had. It's taking longer to actually get paid but there's definitely more work about. It seems as though new builds/new cars/new purchases are slowing down and people are beginning to actually maintain and repair what they already have. About time.

I have seen a fuckload of this at work. No one is moving house, so who's cleaning up? The guys who provide double glazing, loft conversions, conservatories and other major home improvements.

~Earl Grey~ wrote:I have a headache.

That's probably that credit crunch isn't it?

Foolish me, I phoned in sick today with a migraine.

I should have phoned in sick with the credit crunch