How Bad the Credit Crunch is...

[bcstudent 0]

What credit crunch? I've never had so much money. Of course, that just means I used to be REALLY skint!

[corozin 0]

I heard of a 360 that went for 50k. A V8 Vantage that went for 20k. Bentleys lose about 70 grand in three years.

 

Bentley Conti's have always had awful residuals, even when they were new. I think the 9mpg aspect of the ownership might have had a lot to do with that...

[mrbeige 0]

What credit crunch? I've never had so much money. Of course, that just means I used to be REALLY skint!

No longer the student then?

[Slimg60 0]

I'm not minding the credit cruch so much. I recently decided to buy my first house, bad move some might say. I wanted to buy a new house so I wasn't held up in a chain. The builder was so desperate to sell the houses I negotiated 20k off the price, got carpets fitted and most of the furnature from the show home. And to top it all off, as I hope to exchange and complete this week I have also saved stamp duty

[skinnyman9000 0]

A friend of mine goes through cars regularly, in the past 2 years he's had 5. Currently has a mk4 golf 4motion. Cost him £8k last year, he now wants something else, local dealer offered him £3k p/x, and even on auto trader he's looking at £4.5k max. Think he's suddenly realising that him going from one newer car to the next is costing more than the repair bills for my 18yr old one!

[Jim 1]

What credit crunch? I've never had so much money. Of course, that just means I used to be REALLY skint!

 

Funnily enough I was just saying the same thing the other day. Financially I'm better off than I ever have been. I guess sharing a rented flat with a mate helps though!

[loopylindsay 0]

nooooooo dont talk about the credit crunch i work at a financial advisors i hear it way toooo much.

 

tell you who is to balme though..... the media... if they didnt open their traps about northern rock etc we wouldnt be in this mess.

 

im liking the look of house prices though shame i would be broke if i got one. :(

[corozin 0]

nooooooo dont talk about the credit crunch i work at a financial advisors i hear it way toooo much.

tell you who is to balme though..... the media... if they didnt open their traps about northern rock etc we wouldnt be in this mess.

 

im liking the look of house prices though shame i would be broke if i got one. :(

 

Not wishing to start a flame war, but do you really think the media started the collapse of Northern Rock? If so then I do hope you aren't giving financial advice to anyone.

 

In fact if you want to look for the cause of the credit crunch, you could make a good start with the kinds of Financial Advisors who spent the last 5-8 years advising home buyers that 6x salary mortgages were a good investment over 25 years.

[Andi 2,147,483,647]

Know all about the car crisis, though also fully aware it will get a lot worse.

I bought the W8 for £8k last July, just provisionally sold it for £5400. Trade-in price would be £2300 if I went through a dealership.

 

I'm going without a car for a bit, then will pick up something mental for stupidly cheap in a year's time...!

[Adz The Rat 0]

What credit crunch???

Im manager at a petrol station haha

[bcstudent 0]

What credit crunch? I've never had so much money. Of course, that just means I used to be REALLY skint!

No longer the student then?

Nope. I have been free from those shackles for a couple of years. Dealing with the so-called credit crunch when you have a decent job is considerably easier than paying for an education without a job, I find. That's probably the reason I feel better off now. My student loan is going to take a few years to shift though!

 

What credit crunch???

Im manager at a petrol station haha

Yes, but we all know that the government are the only ones that really win out of the high fuel prices :bad-words:

[jazzdevil 0]

I noticed that SEAT are pulling out of the BTCC in 2009 too... shame since they've only just got their oil-burners sorted in the '08 championship. I guess the crunch has reached them too as some reports suggest that it'll save them £3m straight away!

[fla 9]

You guys need to move to Aberdeen, there is no such thing as the credit crunch up here and Im pretty sure there never will be until the oil runs out.

 

This is very true - we are getting a lot of business from Aberdeen at the moment - well my company, not me personally

:( And there are further projects planned in the O&G industry, so the credit crunch seems to be focused on everything else other than O&G.

[Whitedog 0]

I'm really feeling the credit crunch, recently been made redundant from my job in architecture. People arent buying houses, therefore developers cant afford to keep building them and are shutting up shop, therefore architects have nothing to design so are cutting costs by getting rid of people. Thing is now after 20+ job applications i just cant get a job in the same industry.

 

Decided i'm gonna do something else as sitting in an office all day was starting to do my head in anyway, so i've just been offered a driving job for Parcel Force. Looking forward to the change but its gonna hit me hard financially as i've had to take a 33% pay cut.

 

Just when i'm in the middle of a full engine rebuild and auto to manual swap......doh!!! This country is w*nk.

[AlgarveVR6 0]

back to the Northern Rock thing, is it true that Barclays had asked the bank of England the same question 2 weeks previous to NR. ie ..........IF......... we get into trouble can you help us.

personally better to ask beforehand than get F??''/&(/ over afterwards, or am I misinformed.

[loopylindsay 0]

nooooooo dont talk about the credit crunch i work at a financial advisors i hear it way toooo much.

tell you who is to balme though..... the media... if they didnt open their traps about northern rock etc we wouldnt be in this mess.

 

im liking the look of house prices though shame i would be broke if i got one. :(

 

Not wishing to start a flame war, but do you really think the media started the collapse of Northern Rock? If so then I do hope you aren't giving financial advice to anyone.

 

In fact if you want to look for the cause of the credit crunch, you could make a good start with the kinds of Financial Advisors who spent the last 5-8 years advising home buyers that 6x salary mortgages were a good investment over 25 years.

 

no im not an advisor and it wasnt the main cause but if they kept their mouth shut it wouldnt have been so bad as everyone wouldnt of taken their money out.

[Valerian 0]

I'm glad i off loaded my Jeep Cherokee when i did.

I didn't get quite what i wanted for it but then i didn't expect to.

 

Today we have seen the demise of another big American bank.

Once there were 5 and now there are only two left.

 

I'm no expert in the world of finance but in my opinion the monetary system that society thrives on will never work.

[corozin 0]

Today we have seen the demise of another big American bank.

Once there were 5 and now there are only two left.

 

Fortunately your information is amiss. As someone who works for one of the (currently surviving) American Banks I can assure you there are more that two big banks left. It's not quite as bad as that. I'm sure finance will still be available on Jeep Cherokees when the 4x4 market recovers :)

[dr_mat 0]

The stupid thing about this "market collapse" is the reality of the financials behind it.

 

If you take a £17k loss on your Merc ML450 pile-o-toss you would have to drive a toyota pious for about 5 years to recoup that single loss through tax and petrol pricing. Meanwhile you're losing ~£10k on your pious and you have to replace the batteries for ~£10k aswell. So in reality you should keep your gas guzzler and just drive less..

[davidwort 0]

I'm glad i off loaded my Jeep Cherokee when i did.

smart man,

if you hadn't, somone would have hack-sawed the CAT off it by now anyway and it would be costing you even more.

[CorradoVR6-Turbo 0]

This country is w*nk.

 

 

this is why im emigrating to australia in a few years time....sick of the UK ! its all down hill from now..

[mattnorgrove 0]

This country is w*nk.

 

 

this is why im emigrating to australia in a few years time....sick of the UK ! its all down hill from now..

 

Agreed. Great idea, but I'm thinking Canada, got relatives out there already.

 

As soon as my nipper hits 18 and is old enough to decide whether to stay or not, then I'm off.

[vwdeviant 0]

So really what was the motivation for Mr 22million to sell the bank at a loss? Apparently he was holding out on selling it the last couple weeks as he wanted to drive up the price (and his slice no doubt)...

 

One of the things that has fuelled this and that's the greed of a small number of traders in the square mile... some of the bonuses paid over the past few years have been nothing short of obscene, mate of mine told me last year it was all going to go tits up because all the City Boys do is look to their next bonus, not the long-term... Another reason the oil prices are going up, City-boy trading has increased in Oil of late...

 

Sod Canada or Australia, go to the UAE that's where the cash is! :lol:

[Walesy 0]

The grass isn't always greener though! I've lost count of the amount of people that i've heard saying that they're just going to move abroad to a utopia type place where wages are sky high and the cost of living is low, no crime exists and the weather is perfect all year round, in reality it's not quite as simple as that.

 

Obviously the big players have had a lot to do with the mess we're in, but you can't just blame the government or the banks if you're in the sch1tt - those that have taken 125% mortgages to buy their £180k piddly little starter homes, or those who've gone and bought 20 new builds with buy-to-let mortgages should really have been able to see this coming. I think it's a case of buckling down, living within your means and seeing the next couple of years through, things had to reach this point so that the economy could correct itself. I think the media are doing their usual thing of making things seem worse than they are.

[mattnorgrove 0]

Regardless of whether we come out the other side of these tight times or not, I'll still want to emigrate, as there are numerous other reasons that make this country more and more unbearable by the year.

 

I'm sure we could all think of 10 good reasons to get outta here.

 

Sure the grass may not be greener on the other side, but I'm willing to find out.

 

It just isn't the country it used to be. Sad but true.