Whatever.

Redundancies normally come around every 1 or 2 years where I work to be honest but I'm ok right now.

Well this has turned into a happy happy thread hasn't it.
Yes borrows must take some of the blame for the financial situation but it's somewhat unfair to lay the entire blame for the credit crunch at borrowers doors. They wouldn't have been borrowers to start with if banks and credit card companies hadn't been lining up to throw money at them in the first place.
Plus the lenders actually encouraged lying as well - self cert mortgage anyone. Yes, I know these are very useful for the self employed and that's fair enough but why would you offer them to people who aren't self employed unless you know they would probably be declined for a normal mortgage?
Yes, the credit agreement is all there in black and white. Very small black (or possibly blue) and white. Over several double sided pages. In often convoluted language.
When you give staff in banks credit sales targets how closely do you really think they are scrutinising every applicant?
Even the bankers didn't understand some of the products they were selling by the end so the blame for the crunch clearly can't be placed entirely at the borrowers doors (assuming they still own the doors).

Anyway, back on topic. The Research Bunker froze pay rises in September last year across the board then in January this year we lost a percentage of our salaries and the company stopped paying into our pensions.

To cap it all the division I work in has been busier than it has ever been as it covers a different area than the one that makes the most money so quite a few people have been royally p!ssed. So much so in fact that a lot of people have left without the company having to pay redundancy to them (make is so unpleasant that people leave on their own accord).

Oh yes, they are also still promoting people and giving them imaginary pay rises that may appear eventually but won't be backdated.
In the mean time the head of the company is in the process of buying it at a knock down price (shares worth about a quarter/fifth of what they were before the crunch) and this will get the executive directors a nice big bonus when it goes through.

Well said. It's not all black and white and there are so many contributing factors to it. How anyone can say all the blame is with one side I don't know.



I can imagine a lot of employers are playing that game. We've had about 8 or so people leave this year and I'm sure they were 'nudged' to leave. I know some were totally fed up with everything. Ah well - a lot of it about.

I have to agree that the banks have to carry some of the blame. Like when they increase the limit on my credit card without me knowing and/or asking for it. I would be irresponsible for maxing it out sure but dont dangle a worm in the river if you dont want to catch a fish!

***edit*** in case you were wondering the limit increase wasnt a minimal amount either. They almost tripled it!

They haven't increased my limit in ages now that I think of it , rarely known to come close to it anyway...

Thats the thing. When they increased my limit there was hardly anything on it all if anything. What was the point apart from trying to tempt me....

They did exactly the same to me. One was increased to over £9000 when it had a zero balance.

Still the credit crunch is all our fault *face plam*

I know it's difficult, but I'm with phobos here.
I too have credit cards etc. They are useful but I do not live on them.
Way back, a friends older brother had a breakdown when his balance transfer scam came unstuck. His fault, or the banks for making it attractive? The guy new exactly what he was doing, thought he was cleverer than the bankers, but there are only a finite number of free transfer accounts and the bonus doesn't pay the interest once you get too greedy.
I'm self employed and this year I'll probably get a decent tax rebate.

Work in a pawn shop

Things have got very quiet here of late. Regulars have sloped off and either taken things in house, or are reducing the amount of work they put my way. There is stuff there, and I’m hoping I can ride this out, but every now and then I get severe doubts that that will happen. The problem is knowing what else I could do.

Precisely the conundrum I found myself with. Over the past few months, I've found "what I'm good at" ceased to provide enjoyment. I found it a drudge, I couldn't - still can't - "create" anything at the moment. I sit looking at a blank sheet of paper, or a blank screen, and nothing happens. Add into the mix those clients who want to pay a percentage of £3.50 for the one design out of the ten concepts you managed, and whose 8-year-old nephew can do it in Microsoft Word...

Photography might be an answer, but that is full of people just like me. I enjoy it for a hobby, but I could never make a living at it. Still, I've put feelers out to my little network, and perhaps there'll be a little work come my way.

So I've been looking at alternatives I could do that didn't necessarily involve trying to be a creative person. It's why I looked at courier work. I can drive, I can read maps, I know my local area quite well. It will get me out meeting new people, and maybe it'll help clear this creative logjam in my head.

Onwards and sideways!

Apologies, typo, it should have been the 00's (never have got used to writing that).

Anyways, an IFA eh? I had many dealings with IFAs but I won't let that affect my opinion, either way, on your abilities, although you do seem to be somewhat defensive. As you should obviously see I wasn't lecturing you I was merely using some of my experience in the formulation of my comment. Hardly something you should take as a dig at you in a 'dad' like manner.

No, I did not get the sack, I did a good job applying the lending criteria as set by the company. It was ours and the company's responsibility to decide whether or not someone was too risky to be offered any money. I remember it distinctly as, quite often, I had to contact applicants, and IFAs for that matter, to detail why we were not in a position to offer them the funds that they requested, afterall it was for their benefit. The IFAs I dealt with were generally open to this, they knew the system and what was reasonable. Afterall, they generally wished the best compromise for their clients, they wanted a good lending offer but then they also wanted to be sure they could afford to pay it back.


Indeed and perhaps, as an IFA, you can enlighten me as to how it is ever good banking practice to lend money to these people? Do bankers have no responsibility for the investments they make into bad borrowers? Of course individuals have a responsibility, nobody should be under the assumption there aren't consequences to our actions, but then the Banks have a major responsibility too. Afterall, they are the Financial experts, they have more knowledge and experience of lending and should therefore take the burden of responsibilty.

Unless it's changed dramatically, part of the job of being a banker is to work out who and who is not a good investment or am I being naive in that matter? I mean there were instances of companies buying toxic debt and then another company underwriting the insurance to that toxic debt. When exactly did that ever seem like a good idea?

Now some of the banks have been bailed out, with our money, they no longer have any fear of failure. They have their backs covered if they fail in their jobs.


You seem to make judgements based on very little information. That's an observation, rather than me being 'condescending' or 'rude' by the way. Perhaps we're all guilty of that to some degree on forums though, t'is the nature of the beast.

I'm glad you said that as I thought it was just me that was thinking that

I wonder if this financial adviser is pi$$ed off because he's not selling as many mortgages, pensions and insurance policies due to the recession?

My Accountant is an Independent Financial Advisor too.
He never sells me anything like

I wonder if this financial adviser is pi$$ed off because he's not selling as many mortgages, pensions and insurance policies due to the recession?

Don't do this. The guy just gives it like he sees it. Telling people to pay off their loans which cost more in interest than they can earn by investing seems good advice to me.