 Car Finance Guarantor - Help? |
hi All,
I wonder if someone could offer any advice. My sister purchased a car about 9 months ago and took out finance on it. She managed to persuade my mum to go guarantor on the payments (... |
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Additional Details
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Additional Details
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Royal1 | Does anyone agree with me? |
That the banks that illegally sold the mortgages to people who obviously could not afford to pay them, should be made to pay and not the victims of the banks scam. The buyers ie victims then lose everything and end up homeless and in serious debt. |
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Global Surveyor
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I agree with your point although it will never happen. |
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Garacaius
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NO.....if you are innane enough to sign up for something you can never pay off...it is your responsibility. You deserve what you get in that situation. The transactions " were not illegal ", stupid yes from the buyer's point of view, but " not illegal ". |
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alatoruk
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had they been illegally sold then yes, but they were not illegal, just effing stupid. Although the people who bourght them were also fairly stupid as well.
banks should be refused the right to increase charges to the rest of us to cover their mistakes, they sold the "dodgy" mortgages so they (and their shareholders) should bear the brunt of dealing with the problem, not us their safe customers. |
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man of kent
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No. these people are not victims of the banks, insurance companies and building societies. They are victims of their own greed and irresponsibility. If the interest rate goes up or bonus forecasts go down then you start to pay the modest extra straight away, not do nothing and then whine that you were misled ten years later. |
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SPIFIMAN1
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No, I do not agree with anything you have said.
First of all the loans were not illegal, simply not bright.
Second the customers are just as much to blame as the banks and in some cases even more so. Some people actually went out and bought seasoned trade lines and added them to their credit reports so their scores would go up and they could qualify for these loans thinking that they could flip the homes before the rates adjusted. Then the market went flat and they are stuck in homes that they can't make tha payment on and can't sell because they own more on the homes then they are worth.
That's what happens when you gamble, sometimes you win and sometimes you lose.
I don't feel sorry for the customers or the lenders. |
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TK
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Don't take out a mortgage that you can't afford. People would know this if they attended the FREE first time home buyers classes given out by their local home ownership agencies. |
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karen star
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I do not agree with you. The people who signed on the dotted line are responsible for their own actions. This wasn't a "scam" in most cases if you are talking about the recent news. People were signing up for credit they could not afford because they thought they could flip the house and turn a profit in a short span of time. The housing market tanked, and they got caught with payments they couldn't meet. If they had been more diligent in researching or realistic in planning the transaction, they might not have borrowed to buy 5 houses. Adults need to be held accountable for their actions.
Your question references illegal mortgages to people who obviously could not afford them. Think about that. Banks don't make money if people don't pay the interest. They are in the banking business, not the real estate business, and the bankers really don't want the houses, either. The problem is really complicated, but not really illegal at all. There is no law against your lending me money I can't pay you back, even though common sense recommends against it. There is no law against my accepting a loan from you that I can't pay back unless I do so with the intent to defraud you. If I can't pay you back, the terms of the mortgage kick in, and I lose whatever I put up for collateral. In the case of a mortgage, that would be the house. That is a foreseeable consequence of my taking out the loan, and should NOT get me off the hook because it would leave me without that particular house.
If the recent credit woes in the housing industry are not what you are talking about, but some other ILLEGAL practice, then of course that practice was wrong and the bankers should be punished. However, the fraud on the bank's part doesn't automatically give the loan recipients a free house, either. |
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Morgan M
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I do agree with you. But there is a chain reaction that will happen, involving the biggest corporations and the biggest names, that would rock not only the US economy, but the world economy. So none of the aforementioned would ever let that happen. If you could see the effect that would have, you would hope for a different solution also.
You can make your point heard, however,
Site for submitting public comments on financial system overhaul: http://www.regulations.gov
Open forum suggestions close Nov21 |
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ANTHONY M
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First, it was not illegal what the banks have done. However, they absolutely knew these were loans stacked against the customer, just like credit card mumbo jumbo small print. |
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kronipe
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agreed. |
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Sunny Helicopter
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So So True. Banks have absolutely no interest in anything but making money. Financial Institutions make the most from sub-prime lending. They really like charging for letters and other fee's, you keep you account in credit and ticking over nicely and what do they make .....very Little.
An example of this is evident when we are presented with a financial contract to sign, who reads the conditions on the back in full ? and who has disputed a point prior to signing ?
Most people just sign. That in itself is a indication of the fact that the banks are not taking customers seriously. They should not lend if they feel who have not comprehended the contract. Unfortunately, scum of the world springs to mind. Its the same everywhere. You should see hat they do in Africa !!! You'd never sleep.
I closed all my accounts when I became a full time surfer. Never again. |
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CatKween
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If you go along this track then you need to bring the credit card companies on board for the ride. They are as much at fault for pushing people over the edge by giving them high interest credit that they can not afford.
However when it comes down to it people have to be responsible for themselves, and not act 'the victim'. In most cases they made the choice with their eyes wide open and they have the responsibility to remove the 'it'll be fine' blinkers and check things out for themselves. |
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