DublinTexas
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We've been through her situation. She chose to buy a 3 bedroom house at the age of 24, borrowing almost 8 times her salary. She now has a smaller disposable income that she thought she would, but has a guaranteed job, enough to pay for food and the roof over her head.
Fact is this lady like others took willingly responsiblity for a lending she did know was not sustainable so I'm sorry she is part of the problem in this country.
....she simply should not have gotten a mortgage on that salary with her downpayment. That is the problem and that is something that warrants the governments attention
I'm sorry that she's teaching kids how to become responsible adults.I'm sorry she is part of the problem in this country.
The concept of a pay CUT is not one that public servants have ever had to contemplate in the history of the State ...
This teacher, like all public servants, has made long-term financial decisions on the basis of what she reasonably assumed was a guaranteed level of income and the sudden loss of income is causing many people some hardship - not as bad as losing your job, but hardship nonethless.
Surely the glaring problem here is that she was allowed to borrow 8 times her salary for a property. In most (I want to say just about all but without actual figures Ill settle for most) other countries this person wouldnt get that mortgage. It is as simple as that. It doesnt matter if she is responsible or stupid or just naive or works for the public/private sector or is a teacher or is 24 ....she simply should not have gotten a mortgage on that salary with her downpayment. That is the problem and that is something that warrants the governments attention (even if she did communicate her case badly) so at the very least it doesnt happen again.
Yes, I agree that it is a problem.
But much more fundamental is her acceptance of the loan - she didn't have to take it but the fact that she did puts the onus on her to ensure that she can afford it. If she can't, it's her own fault completely.
Nobody forces anyone to take any loans out. There was nothing stopping her getting a more modest mortgage for a more modest home.
Yeah OK I accept your point - but I can't get away from her misplaced, arrogant indignance at her predicament.
And, I say it again, nobody put a gun to her head and she was presumably well aware of the ratio of the loan to her earnings.
I'm sorry that she's teaching kids how to become responsible adults.
Can anyone see where that particular scenario could lead.
Those who can, do. Those who can't, teach
Hope she's not an economics teacher !
liaconn said:Living in rented accommodation for the rest of their lives, in a country where the rental market is very, very poorly regulated. Therefore, even in old age they would be vulnerable to being evicted at short notice, being subject to unexplained rent rises or having to live in sub-standard accommodation.
Caveat said:But much more fundamental is her acceptance of the loan - she didn't have to take it but the fact that she did puts the onus on her to ensure that she can afford it. If she can't, it's her own fault completely.
Nobody forces anyone to take any loans out. There was nothing stopping her getting a more modest mortgage for a more modest home.
DerKaiser said:We will probably have have over 600,000 people unemployed and 1,800,000 in jobs by next year with about 400,000 of those in the public service. We'll be in a situation where we'll almost have one person on social welfare or in the public service for every private sector taxpayer.
Is this sustainable? How can anyone in this country believe that a pensions levy amounting to 4% of net pay is something to wail about. Consider a 30% reduction in net pay and you'll be closer to where we are headed.
So than what a responsible goverment should do is change that rather than participating in a ponzi scheme that was called housing market. Other nations are doing fine as a society of "renters", there is no reason why we could not do that here too.
No they're not. If people make bad/stupid decisions that's their own fault. They are not children and the government isn't their mammy.I agree, but until the government start acting responsibly in this area they are pushing people into buying properties they can barely afford.
I agree, but until the government start acting responsibly in this area they are pushing people into buying properties they can barely afford.
Just out of interest, how can a government have a responsibility for a culture of wanting to be a home owner, inculcated over generations? There are many things that Cowen and Bertie should be dragged over the coals for, but I just cannot see the logic in saying this Irish need to own property and land is their fault or that the government would or could have any success in changing our views.
No they're not. If people make bad/stupid decisions that's their own fault. They are not children and the government isn't their mammy.
No they're not. If people make bad/stupid decisions that's their own fault. They are not children and the government isn't their mammy.
Spot on she should not have got that mortgage.
Why? Because there is a chance she will not be able to pay it and will become a burden on the rest of society.
But she was not making that point, she was complaining that her standard of living wasn't all she wished it would be, and that much she is responsible for.
At the end of the day she has a number of avenues open to her such as taking in an extra lodger or selling to reduce her debts to a level she can service. But it seems that people would rather throw a public tantrum these days than show a bit of initiative.
We will probably have have over 600,000 people unemployed and 1,800,000 in jobs by next year with about 400,000 of those in the public service. We'll be in a situation where we'll almost have one person on social welfare or in the public service for every private sector taxpayer.
Is this sustainable? How can anyone in this country believe that a pensions levy amounting to 4% of net pay is something to wail about. Consider a 30% reduction in net pay and you'll be closer to where we are headed
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