Credit crunch

[tomterm8]

With the DCA's having such a good time over all this, do you think there might be other forces working against their interests ? It might be nice and profitable for a dca to nail somebody down for years with charges and interest, but with so many people defaulting.. there will be a sizeable proportion of the population under the yoke of the dca's. The Industry and governments can't want that lasting too long with so many people and just one sector raking in the dividents to the detriment of consumer spending in other parts of the economy.

 

It's funny, but recession is often a bad time for DCA's, because no one can afford to pay them. DCA's often make the majority of money off debts that are 4 years old +, because this is when people start getting back on their feet and are able to pay their demands.

 

In the middle of a recession, no one can pay, and they DCAs are often among the first to suffer from that, given they have got tight margins.

[mr.ton]

With the DCA's having such a good time over all this, do you think there might be other forces working against their interests ? It might be nice and profitable for a dca to nail somebody down for years with charges and interest, but with so many people defaulting.. there will be a sizeable proportion of the population under the yoke of the dca's. The Industry and governments can't want that lasting too long with so many people and just one sector raking in the dividents to the detriment of consumer spending in other parts of the economy.

 

DCA's cant nail anybody down really.

All they can do is ask someone to pay, no matter what jargon they come out with in their letters.

The person can tell the DCA to get lost if they want (not illegal as far as im aware) & then the only option for the DCA is the county court...of which not many of them actually end up at

[Seahorse]

I actually feel sorry for Alistair Darling. Don't shoot me, but I do. All of the former 'Iron Chancellor's' poop handed to him. That's a lot of years of poop.

 

I was in the studio audience pre-election debates a while back, and his whole attitude was one of "I'm a smug bugger and I don't give a monkies if you disagree with me".

 

What made it worse was, it was Mrs Seahorse that was polled by phone and got the invite, so I wasn't allowed to ask questions. Oooohhh, it sent my blood pressure soaring.

 

On the other hand, it was no end of fun watching Alex Salmond ripping the p*sh out of folks. Although he did remember it was my round in the bar afterwards. Hmmm.

[bigbutcute]

Angela Knight has her say again

 

BBC NEWS | Politics | Banks to be 'held responsible'

[mh1234]

I sometimes wonder if the forces that have driven this global credit crunch have done so deliberately . Bad news for most people is not bad news for everyone . It can be very very good news for a select few. Is it a coup d'etat at the highest levels of the global structure economically and politically by unelected and seemingly invisible men in the eyes of the masses. Eisenhower , many years ago, warned us about these people days before leaving office and those he warned us ( organizations they represent) about, still exist to this day.

I'm with you on this Rahl. I guess you mean the likes of the Rothschilds, J P Morgan etc. They do indeed engineer these things.

[Rahl]

Today in the UK:

• Consumers will borrow an additional £304m today

• Consumers will pay £259m in interest today

• The average household debt will increase by over £12.22 today

• 74 properties will be repossessed today

• 292 people today will be declared insolvent or bankrupt

• 2,750 County Court Judgements (CCJs) issued

• 4,000 fixed rate mortgages will come to an end today.

• 388 mortgage possession claims will be issued and 272 mortgage possession orders will be made today

• 404 landlord possession claims will be issued and 306 landlord possession orders will be made today.

• Citizen Advice Bureaus will deal with 6,600 debt problems today

• The average car will cost £15.42 to run today

• More than 7,716 loan repayments are going unpaid every day

• The average home will cost £30 today to run

• Raising a child to the age of 21 will now set you back £23.50 daily

• £526m will be withdrawn from cash machines today.

• 24.5m transactions worth £1.4bn will be spent on plastic cards today

• 1/3rd of all groceries we buy today will end up in the dustbin.

 

http://www.creditaction.org.uk/assets/PDF/stats/2008/apr.pdf

[bigbutcute]

Yep Gordon you certainly sorted them Banks out

 

Halifax Hikes Mortgages Costs Despite Latest Interest Rate Cut |Sky News|Business

[spamheed]

I never had Doris Day as a political pundit, but when she sang "Move over Darling" she may have possibly made the most accurate political prediction in history

[dannyboy660]

We need Osbourne.

 

(No, I meant Ozzy, not George) ;-)

[bigbutcute]

Updated: 1755 - Apr 22 2008

Just come off the telephone with Stephen Sklaroff, Director General of Finance and Leasing Association who was at today's meeting with the Chancellor.

He says it was a positive meeting and they had a good discussion with ministers about the state of the mortgage market and what they could do to help customers having difficulty repaying their monthly rates. He also said this number is still very small.

 

But as predicted no agreement on banks passing cuts on to borrowers now. Mr Sklaroff said the Ministers understand how the markets work and when the Libor rate comes down then we'll more than likely see cheaper lending rates for consumers.

 

And when that happens is any one's guess.

[cashins]

But as predicted no agreement on banks passing cuts on to borrowers now. Mr Sklaroff said the Ministers understand how the markets work and when the Libor rate comes down then we'll more than likely see cheaper lending rates for consumers.

 

 

Don't hold your breath.

 

Saw something the weekend that the credibility of Libor itself is now being questioned. If I recall correctly, the figure is a composite generated from reports by 16 financial institutions as to their borrowing/lending costs.

 

It is rumoured that some of these have reported figures lower than their actual costs, so as not to frighten the horses.

 

David