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Slightly off-topic, but something that is effecting us all at the moment.
As we all know, the banks have gambled by buying bundles of rubbish mortgages which have proved to be worthless. In order to recoup their loses, they are now punishing their loyal customers by increasing re-mortgage rates and not passing on interest cuts .
This is a form of racketeering
So, in order to ‘fight-back’ I have an idea. 💡
We get a domain name called – ‘Stopthebanksrippingusoff.com’ or something similar.
We set up a website that allows you to input your current mortgage and calculates what the repayment should be.
Subscribers pay, say E20.00 each into a ‘Fight-back’ fund.
We then tell the banks what the repayments should be and adjust our standing orders accordingly.
The savings you need to keep and not spend
The banks will attempt to take some individuals to court to recoup arrears.
The fund clears those arrears, together with the money you saved, at the last moment.
The banks would then have to start more proceedings etc
And so on.If this goes onto a roll, and the numbers of subscribers becomes huge, (millions) the banks will have no chance but to back down. They will lose.
What do you think? Would it work? Any takers?
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Sounds great doesn’t it?
Next it will be that we tell “Mr Tesco” what he should charge for his goods, and expect him to listen.In the real world, banks have gambled by buying bundles of rubbish mortgages, that is called business, as it is often a gamble, but what about the borrowers, should they be banned from borrowing in the future if they are unable to pay back.
All well and good to blame Banks, but take Banks away and what would you have – many who could not buy a home as without a loan they couldn’t.
Banks & BS are now refusing mortgages and requiring sustantial deposits and that is crippling the market.
Must say that I think it a good thing at the moment, to educate people that they should not over-borrow.It will get worse. remember, there are massive borrowins out there for homes and holiday homes and already you read of people enquiring after te consequences if they send keys back.
Who the hell do they expect to pick up the debt?
The rest of us.
Make the debt stick with them for life until paid.
Sell the property, deduct proceeds from sale, add costs and expenses and deficit be theirs. They go bankrupt, fine, but make the debt stick with them until paid off.Wonder how many bank managers held a gun to the head of the borrower to take a loan?
The borrower had the choice and took it. They must be made to repay. -
Sounds great doesn’t it?
Next it will be that we tell “Mr Tesco” what he should charge for his goods, and expect him to listen.In the real world, banks have gambled by buying bundles of rubbish mortgages, that is called business, as it is often a gamble, but what about the borrowers, should they be banned from borrowing in the future if they are unable to pay back.
All well and good to blame Banks, but take Banks away and what would you have – many who could not buy a home as without a loan they couldn’t.
Banks & BS are now refusing mortgages and requiring sustantial deposits and that is crippling the market.
Must say that I think it a good thing at the moment, to educate people that they should not over-borrow.It will get worse. remember, there are massive borrowins out there for homes and holiday homes and already you read of people enquiring after te consequences if they send keys back.
Who the hell do they expect to pick up the debt?
The rest of us.
Make the debt stick with them for life until paid.
Sell the property, deduct proceeds from sale, add costs and expenses and deficit be theirs. They go bankrupt, fine, but make the debt stick with them until paid off.Wonder how many bank managers held a gun to the head of the borrower to take a loan?
The borrower had the choice and took it. They must be made to repay. -
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