what have i missed?


#41

One thing I would say to anyone thinking of reneging on their debt. Do not under any circumstances think that you should morally pay back any of the money you borrowed.
Do not feel bad about this for one single moment.
The priority here is yourself and your family. Everything else takes a back seat.
If Fitzy and Fingers can walk away , so can you.


#42

:unamused: That’s a moral argument, is it?


#43

I’m saying whats good for the goose…
The advice when it comes to money is always “leave your emotions at the door”.
That is true for all financial dealings , including taking the leap not to pay it back.
Or in this case, pay back a little, with a view to stashing some cash, with a view to getting out the other side in one piece.
The problem here is that some people will think they “should” in the moral sense pay back what they borrowed.
I say , leave those thoughts at the door.
Seanie did.


#44

2gaffs,
Are you related in any way to Fadalease?
And should you not you change your name from “2gaffs” to “long neck”.
Thanks in advance for your input and welcome back, I guess.


#45

To further 2gaffs point, a guy with over a million in property debt told me he was going to tell the bank to start reprossession proceedings. His plan was to not make any more mortgage and to rent out his properties at below market value to ensure he gets cash only, stash that cash away until two years later when the bank get the keys.

Anyway a month after he told me this, the properties were in an EA window way below market prices and weren’t for rent. I reckon when he told the banks to take it to court they must have cut him a deal so they could be rid of the properties asap! I must catch up with him and find out what really happened.


#46

No, I have never posted here under any other name. So , no Im not fadalease.
Why long neck?
Was it something I said?


#47

Thats interesting.
I think you have to get your cash first, then approach the bank.
I think holding onto the property is best if you can agree a low repayment with the bank.
Keep that as long as possible since you can then get some low rent out of the place.
I think its the way to go since you will be increasing your safety net ( money ) , and who knows what will happen in the short term.
If there is a bailout for the little people , how sick would you be if you crystalised your loses to the tune of a couple of hundred k?
Maybe new rules relating to bankruptcy will come in , making it easier to escape your self inflicted captivity?
Cash is king though , so sweat the asset and be prepared to walk away.
As I have said , tens of k does not seem like a lot here , but believe me , if you play your cards right you can have a very long vacation on it.

Ride out the storm,somewhere warm.


#48

I agree with 2Gaffs.

Id imagine that if you’re in this position, approaching it logically, you should probably pack in your job before going to the bank. This will strengthen your hand as if you are bringing in an income they will, no doubt, be less likely to cut you any sort of deal.

Fucked up? Totally - but its quite clear the system is sick and broke. Only a mug would think the old rules still apply at this stage.


#49

Thats exactly it in a nutshell - the old rules no longer apply.

Each person is different of course.
So have a look at your own situation and go from there.
If you are earning 50k pa and bought a bubble of say 500k.
If that gaff is now 200k to 250k and still cant sell at that price, then what possible reason do you have to continue working just to pay your mortgage?
Why bother with that?
Maybe if you love your job , or have some serious promotion oppurtunity , but if not …

Banks broke the rules by loaning you too much money.
Fingers & Fitz broke the rules by not paying debts.
Why be the fool who follows the “rules”.

In the instance above , you have 2.5k to 3k a month on mortgage.
If you have 20k in your account.
Drain that, rent rooms in gaff, pocket that.
Stop paying mortgage.
You could probably get away with this for at least 2/3/4 months.
In this case you could get a stash of 30ish k without a problem.

This is a shed load of money and should cushion you in the future.
I’m just thinking out loud here , I would not recommend this course of action for anyone!


#50

And when does renting out a property for cash, failing to declare it to Revenue, stashing the money away and lying to the bank about your means, not become FRAUD? Perhaps 2Gaffs, whose contributions to this forum read like a car crash, isn’t the best person to give advice?


#51

You can declare it to the revenue if its under 800 a month and you live there.
Its tax free.

As for the rest , yes that would be fraud , thats why I stated clearly that I would not condone that.

As for my car crash and advice - The only advice I’m giving here is not to break the law - do not commit fraud.

I hope thats clear enough.

Back to the case at hand.
If negeq guy did have 30k in the bank and was working solely to pay mortgage and bills, so he was dipping into savings for car, petrol, eating out ( and in ! ) - his savings would be gone in 2 years or 3 years max.

You can see that there is no point in him continuing this way , can we agree on that?

If so what would you suggest?
Again , I do NOT suggest his stash his cash ,rent the room etc etc etc


#52

No, I don’t accept that. After 2 or 3 years he has paid another 2 or 3 years off his mortgage. If he doesn’t pay it, the rest of us have to pay it. You can see that would be totally unfair to us. Can we agree on that?

(P.S. I’m beginning to sense why you’re fame has preceded you :mrgreen: )


#53

I didn’t take part in the madness (and was derided as a loser for not doing so.) I’m fucked if I’m paying for the greed, stupidity and ignorance of the fuckwits who bought at fantasy prices. Redemption can come about through suffering. I suffered as a result of the crazyness; now it’s time for the cretins to feel the pain. PS, no glee here, just righteousness.


#54

You dont accept that?
Im not asking you to accept anything, I’m telling you how it is.
Only Brian Lenihan gets to choose what he does and does not accept :laughing:
How much do you reckon you would pay off per year off your principle say 4 years into a 500k mortgage?
Not much in the grand scheme of things.
You will have to pay a lot more than just his, the bank bailout has already seen you pay up.
Guess what? There is more on the way. Some people may go broke with glee, many others simply wont be able to pay.
What happens then? YOU pay, thats what happens.
Don’t like it? You know where the airport is.


#55

Maybe you didnt take part in the house madness, but were you earning more than you should in the bubble years?
Take one of two holidays you shouldnt?
Bought a new car maybe?

You will pay for it btw , make no mistake. In fact if you are working in Ireland , the new taxes etc means you are already paying for it.

Guess what? Its gonna get worse too.


#56

“cute hoors” are so 2007… :sick:


#57

I know I’ll pay someway… was just spouting righteous indignation. Yup, I’ll pay and my descendants (and theirs…)


#58

I dont think its being a cute hoor for MegaNegEq man to screw the banks over.
They have already screwed you.
I think its fair enough to say “every man for himself”

Its not being a cute hoor - its being notRetarded.
Handing over your last wedge BEFORE going broke is … eh … I dont know … dumb hoor?


#59

Theres a good boy, I thought I was dealing with a delusional for a minute. Its good to see that people are grounded in reality. We will all pay , and our kids will pay and thats sad. Very very sad.


#60

Less of the preaching from the pulpit there, Father 2Gaffs…