The Credit Crunch

You have heard of Cowboy mechanics - did you watch Cowboy customers - 3.2bn in unpaid bills is brings down small businesses?

tenpindee — Wed, 09 Sep 2009 13:29:47 GMT

On tv last night late, a programme about Cowboy customers who do not pay bills to small companies and do a runner after CCJ's were granted had me sitting up listening with eager anticipation. These businesses are according to this programme going out of business because of us customers not paying the bill after goods or services had been supplied, this is a bit of a change from Cowboy builders, mechanics etc...

Well, I was amazed and felt really sorry for those small businesses. However, they are trying to change the Royal Courts of Justice and the law, to make CCJ's payable straight to the Courts so that businesses get paid. At the moment it is up to the winner of the CCJ to get their money, or bring in bailliffs which does not work.

BUT - There are 1,000's of CCJ's that still remain unpaid to customers for the last 25 years by one HEC Cowboy Garage which was recently raided by Imigration Department and in the National news and made 10 arrests on alleged illegals.

This one garage (unlike the cowboy customers being many) has been hopping to and fro different sites and setting up in different garages to evade payment and still trade AFTER voluntarily bankrupcy proceedings. One punter won a CCJ agains a certain engine re build centre in Uxbridge who promise new parts, rebuilt engines and do not deliver but up the price by at least £1,000, then hold you to ransom by saying you have to pay up front for parts etc for the work to be done. He got in touch with the companys solicitor who promptly told them not to bother trying to get their money back as the garage did not have any, even after taking millions over the 25 years. A certain online company (as advertised on tv) will give you the best price comparison on almost any item, the garage is listed by them on their discussions board, with 100's of overcharged customers who have tried CCJ's., and have failed and who cannot understand why no one will stop this practice.

If this is going to help small businesses get their money back and stop them winding down, then perhaps we should all pay our bills on time. I have been unemployed for several months and just scrap the barrel to pay my bills. If it is going to stop cowboy garages and mechanics from overcharging and not completing works then we should all back this attempt to make the non payment of CCJ's a criminal offence and that the CCJ's should be run and overseen by the courts.

I wish I had done my homework and not ended up with a beautiful car with a £3,000+ bill to pay, with no money and a useless car, what have I to loose but back their campaign. What do you think

Are the banks solely to blame?

philipnash — Thu, 26 Feb 2009 11:48:09 GMT

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Are the banks and banking system completely at fault for this mess? No, I don’t think they are and no, I’m not in finance and never have been.

There’s been a worrying trend for quite some time now within the mass media and specifically the reporting of news. News, and especially broadcast news is treated as fact by many. You come home, turn on the news and take the majority of what you’re told as true. This has traditionally been correct, unlike newspapers which have been viewed as biased depending on their ownership.

However, over recent years, news broadcasters caught in a very competitive ratings war have moved further and further away from the reporting of fact to the now common reporting of opinion; from the reporting of what has happened to the reporting of what might happen. This, together with the well known and proved adage ‘bad news sells’, should be causing major concern.

I like many people watch the news every day. I have noticed more and more, a trend by editors of these programmes hunt down individuals and groups with a negative opinion on the topic in question and portraying it as fact.

An example of this was Northern Rock. Did the media cause the initial problem? No! However, the building society had enough assets to cover the problem. Then the media get hold of the story and stated that the building society was in crisis and that people would lose all their savings if it failed. Lo and behold, the next morning, queues form to withdraw money which causes the building society to collapse and the media to pat itself on the back with ‘we told you so’.

This is the so called ‘self fulfilling prophecy’ effect which has become so prevalent recently and an economic and social cancer. It forces itself into our lives and homes, fed by the mass media and preys on our fears by portraying a possible future as fact. Remember, this credit crunch is based on sentiment. There’s no food shortage, no empty oil fields and no alien invasion. The only people who gain from prolonging this misery are the news broadcasters in there never ending ratings war.

I know everybody who reads this will think they’re intelligent enough to know when supposition is being portrayed as fact; but do we? When it threatens our life, our family and our homes, are we brave enough to make that distinction. When we are told that unemployment ‘could’ top 3 million it takes a brave person to go out and buy that new car. As a result, car sales drop, suppliers cut staff and unemployment goes up. Big smile on broadcasters faces as they announce how right they were and hope you will continue to watch their channel for more accurate, factual.

Take RBS. We are told on the news that the taxpayer stands to lose nearly £400bn due to the debt we’ve underwritten. This is pure scaremongering and not based on a shred of fact. It would take just about every customer of RBS to default on their mortgage. They state repossessions are up by 54% but gloss over the fact that this equates to 1 in 1100 being repossessed; a tiny fraction.

What scares me is that almost everything we know about the world outside our communities goes through the mass media and can be manipulated anyway possible. There is no conspiracy here, just the continuation of the market forces that got us into this mess to start with, but in a different guise

Don’t get me wrong, the banks were initially to blame, but it is now the media which will decide when this recession ends and they have never shown any responsibility in anything they do. They honestly believe they are a passive force for good.

What would you ban??

jdbabe — Sun, 20 Jul 2008 13:23:30 GMT

In this current credit crunch recession hit Britain, I have decided to "ban" christmas in my household this year.Unfortunately,I now regard it as a "luxury" I cannot afford and as such has got to go.Fortunately tho,I have no children to worry about,just me and the other half. To reduce expenditure even further,Easter next year has also got to"go".(this one will be a real tuffy for me cos I am a self confessed chocaholic!!)

Since it seems that this goverment is hell bent on the low income(benefit or otherwise) populace not enjoying life anymore,so in order not to do this half heartedly,intend to go the wholehog! To do this,I need ideas,so I ask,"what would you ban?"

Gangs

haydenchittell — Mon, 20 Jul 2009 11:38:09 GMT

The increasing number of gangs.. are the posing a threat?

Groups of 6-8 men attacking mere lads of 15 years of age .. this is morally wrong.

What do you say??

The Credit Crunch

ITV Ed — Tue, 15 Apr 2008 13:35:28 GMT

Hi,

Is the so called “credit crunch” having a real affect on you - or is it a media myth?

Have your say here.

The Hollywood Look For Less

stylishchic — Tue, 13 Jan 2009 09:24:21 GMT

Swapping is the new shopping when it comes to getting free fashion and in the credit crunch it is such a great idea to swap your clothes, that little black dress that will never fit, for something new to you.

Lets all swap what we don,t wear with something we will!

gordon brown plays monopoly with our lives

minty 226 — Thu, 11 Dec 2008 17:38:32 GMT

Hi there, I think gordon brown is wrong lending the banks money. If they ran out themselves once they can run out again. Considering this is taxpayers money and we are expected to pay for the 2012 olympics and many tax rises in the future only the few that are lucky enough to still be at work will be paying for it.

with so many busineesses collapsing who is going to pay for all the jobseekers on top of all that?

we are witneesing a system failing and something must be done about it.

we have seen this year how corrupt the labour government is but who is going to help the growing brittish homeless population. Not them.

Leon Walsh

credit crunch

yoo — Wed, 22 Apr 2009 09:34:21 GMT

this is very worrying time. Its stressful and depressing.

Credit Crunch and Normal Citizen.

britishbaycouk — Sun, 19 Apr 2009 15:06:00 GMT

How long Government take to resolve our financial crisis? It is unbearable for some people.

credit crunch

johndawson22 — Thu, 26 Mar 2009 14:45:44 GMT

Fern Brittan is crying over her tv presenting partner earning £1,000,000 per year whilst she only receives £750,000. Get a life Fern! i and millions like me have to survive on £60 per week on jobseekers allowance.

the credit crunch cookbook

johnnyboy40 — Fri, 20 Mar 2009 12:25:51 GMT

i am a chef who recently lost my job and i am thinking about creating a cook book based entirley using the value brands the supermarkets have to offer

Volunteering during the credit crunch

emmabemmaz1 — Sat, 14 Mar 2009 17:58:26 GMT

It can be difficult to get a job during the credit crunch, but volunteering can help make your CV stand out from the crowd.

By volunteering for the scouts you can do this, while having fun doing activities such as rock climbing and scuba diving! Also, you'll be helping 32,000 children who currently can't attend scouts due to the lack of volunteers.

For more information check out www.jointheadventure.com

The Financially Unaware British

julia19 — Thu, 20 Nov 2008 19:07:04 GMT

I watch with interest and anger at media interviews with members of the public regarding how the credit crunch has effected individuals and their families.

It has confirmed for me the greed and lack of financial awareness of pockets of people in British society today and the numbers that have no understanding that we are all responsible for our own financial affairs and living within our means. There is an ignorance to their management of incomes and outlay and a dependency on Finance companies, government benefits and store cards. When these sources fail, then others are to blame for their overspending and need to have.

I am a single parent, with 2 teenage children, a mortgage and associated monthly commitments. I always manage my finances within my means. I have a good job with a salary that is fit for my job, however my necessary outgoings in order for my family to live ie fuel, food, insurances are only slightly less than my income and therefore have to be extremely careful by allocating myself a weekly allowance. Consequently, I do not holiday abroad every year, I do not eat out, I do not spend on clothes, CDs and luxuries. My children do not do without and have a very fulfilling life.

The credit crunch has therefore not changed my current situation. It doesn't mean to me I need to eat out less, it doesn't mean I can't impulse buy, it doesn't mean I can't go on 3 holidays a year, it doesn't mean I can't buy my lunch instead of preparing a packed lunch and it doesn't mean I can't have my nails manicured or buy that new Digital TV. I have never done this.

It just means I will continue with my current behaviour by understanding that I am responsible for my own financial commitments and cannot have the things that many seem to take for granted.

I am happy, I am fulfilled and I am master of my own destiny.

Evolution and economics!

jeffinhedon — Thu, 19 Jun 2008 08:16:58 GMT

The present economic disaster has been building for years
Successive governments have done little to stop the gradual slow down.
We are now in dire staits
The whole situation is so complex that one needs the wisdom of Solomon to understand it
In laymans terms
Over time, since the the mid 50's Britains industrial base has been in decline
When I started work the were plenty of jobs in all sorts of industries
But now
Where have the main industries gone
We no longer any significant industrial basis
No Ship builders to speak of
No Steel indtustry
No Mining ..or very little
No Textiles
No Motor industry to speak of
Shipping seems to all under "foreign flag".
The list goes on ....very depressing
So where does this countries wealth come from
How do we pay for the NHS
How do we finance the the Social Services and Benefits
It cant all come from increases in fuel and food prices surely!!!!
It seems to me that that our MP's dont want face up to the fact
That the present trends cannot be allowed to continue
Another thing .....The Civil Service
I have always assumed the this august body are guiding looking after the best interests of the nation
But with all the "***-ups" ...lost data files ...top secret documents lying around
Departments being deemed as "not fit for purpose"
And nobody seems in control of the influx of people into the country!!!
Oh there are so many topics that I find very puzzling
And I know the situation is very complex
But surely some "bright spark" should be able to sort it???????
And then there the way we handle our debts ...credit ....!!!!
The list is endless!!!!!!!

financial debt due a few months of unemployment

glaws100 — Tue, 15 Apr 2008 18:01:20 GMT

I have worked for 32 years and paid my tax and insurance in all that time.

Last year I was made reduntant and spent 5 months on job seekers allowance. I received £59 per week plus £12 housing benefit. That £71 per week was supposed to support me and pay my bills and mortgage.

My monthly outgoings for council tax, mortgage, utility bills etc total £640.

I doesn't take a genius to know that there was a huge shortfall of income versus outgoings. This left me in debt.

I am now working full time again but have had to relocate to secure a suitable position. I have been working since February of this year and am still in debt by over £3,000. I have no idea how I am supposed to pay this off. I am a single occupant so I cannot make a difference to my bills, and I get no help with them as I would if I had a working partner living with me.

I have never had children so don't cost the government anything in the way of family allowance, schools, hospital and child care.

I am sure that there are many people in my position out there and we never get mentioned by the governments. Only pensioners and family people.

Carol

The Credit Crunch

macbandy — Wed, 11 Feb 2009 17:05:10 GMT

I keep hearing how everone is going to help small businesses stay afloat. I am one of those small businesses and ever were i've asked for help they always say the same thing we are not able to help you at this time. So I would like to know when is someone going to be able to help. The goverment keep telling everyone that help is going to be available, but it looks like that help isn't going to be for everyone only the selected few. If I don't get help soon this will be one more business that is going to go to the wall.

Credit crunch

lidaaw — Fri, 19 Dec 2008 14:16:49 GMT

I can't imagine how people cannot be affected by this credit crunch. Even people with money are affected, they still have to udget according to their financial situations and, don't you think, we all live up to our incomes. Richer people may well have bigger mortgages, others may have re-mortgaged thinking they can cope. This awful time has affected everyone but really, not always for the worse. People seem to be pulling more together and I have found that people are so keen to get back to basics this Christmas. It's often more of a burdon trying to give presents that are extremely expensive but no one wants to feel like scrooge. We all now have a great excuse to be creative and most people will understand. (I've received loads of hand made Christmas cards which is so special).

The Credit Crunch and the unemployed "previously self employed"

chris. poole — Fri, 06 Feb 2009 14:47:26 GMT

As an unemployed person who was previously self employed and presently recieving only £7.80 per week from the government toward my National Insurance Contribution. I believe that the collapse of the markets can only be beneficial to me since my mortgage has dropped to a level where it is now simply difficult to maintain, whereas previously it was totally out of control. This is especially true, as I have to rely upon my wifes wages (She works over 16 Hours) alone to keep the household going. I have applied for more than 160 positions in 18 months without success. And before anyone say's I must be obviously aiming to high, I have even applied for positions in the voluntary sector, but due to budget cuts have been unsuccessful.

Headless Chickens

steve_the_chauffeur — Tue, 20 Jan 2009 13:30:26 GMT

It would be better if Gordon & Alastair kept their heads down and their mouths shut.

They complain about "do nothing" Tories but the reality is thet G & A are making matters worse by running around like they are doing lots while actually accomplishing nothing.

The job of the Government, as any good manager, is to make it LOOK like they are not doing much. That is how you build confidence.

No wonder the pound is sinking fast.

Living without money

stylishchic — Sat, 10 Jan 2009 09:42:01 GMT

Did you see those clothes swapping experts on The Tonight show. The Hollywood Look For Less is a great way to still look amazing without spending a penny in the credit crunch by swapping. There can be fun and glitz in having no money. The best things in life are always free

Credit Crunch

wyldeflower — Sun, 07 Dec 2008 13:40:15 GMT

Well i went to Birmingham yesterday and it was heaving with shoppers spending makes you think their is no problems ..Sure it will hit us harder after christmas..

the credit crunch

nightuk — Mon, 29 Sep 2008 15:09:19 GMT

well we are still talking about it,I wonder how long its going to be with us,previously I blamed the british goverment for the mess we are in,then was corrected by someone telling me its the yanks fault.ok i agree it was origanaly,but whats the goverment going to do to help us,the british tax payer i mean,,well how about tax payers money being put into failing banks does that help,i wonder,but dont think so,have the goverment reduced the amount of tax they put on things,no they have not,,so what are they going to do to help the british public...i think NOTHING ..I think I may be right....could somebody please tell the prime minister,,,he seems to be asleep...wake up Gordon ....

Greedy Charities now bite the hands that fed them.

rammie84 — Fri, 10 Oct 2008 18:01:20 GMT

What are charties/councils doing with millions in the coffers of international banks; This money was given by the people to look after people, animals and the needy. This money was not given to store in unnamed banks at risk to open market forces. The director's of the charities were as greedy as the stock market yuppies that got us into this mess. They should be ashamed of themselves, greedy greedy greedy!!

I have just heard that acats charity had 11 million in the iceland banks 11 million!!!! why was that money not used in the centres where it was needed? People will never again trust the banks/charities or councils to look after our money.

I am so angry at them GREED GREED not the NEEDY, all my charity giving has stopped, I will give money directly to the charities in foods parcels/,gifts and time.

credit crunch

normabell — Fri, 10 Oct 2008 17:54:27 GMT

i am 64 years old and a widow, i am still working full time and am living in private rented accomadation, i am due to retire next september, i placed all my savings in a capital bond savings with nat west 2 years ago and was looking forwards to my retirement now i can barely survive on my income however many cuts i make and dont think i will be able to retire next year now my savings will have been gobbled up with all the bank issues

Credit Crunch

matt35 — Thu, 09 Oct 2008 02:26:20 GMT

I like many others have been updtaed and informed of the Credit Crunch by the media but more importantly television and choose to speak through this educated approach. i'm an unememployed person and have been for a number of years, i undertand that i could possibly be an antagonist of the current situation, if not felt now then maybe later.

my primary concern about the whole financial collapse, or near, is that nobody seems to question the validity of the current way that we make money, or feel the pinch less when times are good, afterall the markets have tried, i believe, to encompass socialism/democracy into the banking system to include fairness , this is highly simplfied.

Where are the free thinkesr and the radicals to perhaps suggest another direction outside of our current understanding and experience. we are already waiting on the edge to maybe experiencing more depressing times. Why will we conform when the very fabric of trust, reliance and expectation is in jeapordy. time for a rethink and a new world financial order where the interest payer on the bank loan they have taken for life improvements isn't also seemingly expected to be the bank manager that loaned them the money in the first place.

I pesonaly would not be happy owning a share in the instituion that charges me for having the loan i now partialy own. It's a highly wierd situation and the general populus must either be lying dormant or there is going to be large social unrest in the future. How far away that is could be anybodies guess as this kind of economic downfall has never been quite so shared by the world.

I expect to see somewhere and throughout the world perhaps in isloted cases some kind of social upheaval. If this does not occur then i will accept that we live in an entirely passive world and somehow we will allow the powers that be to never be questioned. I'm not a radical and would like to see harmony however in the current quest for it will we experience the opposite. I hope not.