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Northern Bank warns it will pursue debtors
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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http://www.bbc.co.uk/news/uk-northern-ireland-12425251Well I can see the numerous branches of the bank of mum and dad getting cleaned out. I wonder how many more will find themselves in financial trouble because of this? I think that the prospects for people to get on the property lander will be even tougher if family refuse to provide guarantees.
_________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Fri Feb 11, 2011 8:24 am |
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timark_uk
Moderator
Joined: Thu Apr 23, 2009 6:11 pm
Posts: 12144
Location: Belfast
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You can understand it from the perspective of the bank though.
Mum and Dad shouldn't've acted as guarantor. If you do that you've got to accept the consequences should things take a turn for the worse.
Mark
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| Fri Feb 11, 2011 9:53 am |
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jonlumb
Spends far too much time on here
Joined: Thu Apr 23, 2009 6:44 pm
Posts: 4141
Location: Exeter
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The Wench's parents are guarantors on our mortgage, as without that Natwest were offering her £4500 towards a property (even with a £16k deposit). Thing is, we're well on top of it and aside from both of us being made redundant at the same time, we're pretty safe to keep paying it.
_________________
"The woman is a riddle inside a mystery wrapped in an enigma I've had sex with."
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| Fri Feb 11, 2011 10:13 am |
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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm
Posts: 45931
Location: Belfast
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Mind how you go, Gerry  _________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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| Fri Feb 11, 2011 1:44 pm |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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Yes I can see it from the banks perspective, but if they had maintained sensible lending criteria then yes it would be irrelevant. Banks should never have given 90%+ mortgages. As for buy to lets they should have been tougher with higher equity requirements. If they had done that then most people would not be in trouble right now. It would have eliminated the possibility of contagion from borrower to guarantor. I blame banks and the government for this mess. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Fri Feb 11, 2011 2:37 pm |
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JJW009
I haven't seen my friends in so long
Joined: Thu Apr 23, 2009 6:58 pm
Posts: 8767
Location: behind the sofa
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Absolutely. To act as guarantor and then say "but I didn't mean it really!" is farcical! _________________jonbwfc's law: "In any forum thread someone will, no matter what the subject, mention Firefly." When you're feeling too silly for x404, youRwired.net
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| Fri Feb 11, 2011 3:34 pm |
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