If people are that stupid after all that has happened than I've no sympathy for them. You should only buy what you can afford and if you cannot afford it don't buy it.
You haven't answered the question, who is going to house the people renting if the house is sold? You do realise the state is abysmal at housing people and have a hugh backlog on those needing housing, a need that is catered for by the much maligned private landlord who is taxed at every turn. I'd say a lot of the reason for housing shortgages is mainly down to lack of supply but also because people like me won't buy as the returns are abysmal, and the red tape every more onerous.
it's why I don't like to see debt write offs while retaining house ownership now for people in trouble.
And the kind of deal struck in the original instance highlighted in this post, IMO, only encourages excessive risk taking in the future as people believe they'll never lose what they have no matter how indebted they find themselves.
As for the PIP, he's done a lot of work and has been paid practically zero and now we have the case of another PIP who was paid 3K and his proposal was rejected by the bank, and the borrower is mad at the PIP and has made a complaint about him to the ISI.
Sounds to me that this whole insolvency and PIP is totally ill thought out and I doubt very much if any PIP will make money out of it.
He said he charged €5,000, plus VAT of 23pc, for the deal. Just €150 of this was paid upfront, with the main lenders ending up covering the rest of the PIP's costs.
As has been pointed out to you, particulary by Dr Debt, this might not be a good deal at all for the borrowers. They may be still saddled with NE, they may have had debt written off, but they may will owe a vast amount that will take every spare penny for the foreseeable future.
As for the PIP, he's done a lot of work and has been paid practically zero and now we have the case of another PIP who was paid 3K and his proposal was rejected by the bank, and the borrower is mad at the PIP and has made a complaint about him to the ISI.
Sounds to me that this whole insolvency and PIP is totally ill thought out and I doubt very much if any PIP will make money out of it. It's all a nonsense. And what's really laughable is that Lorcan O Connor of the ISI thinks this debt write off is brillant. This one is a showcase of what's to come. The truth is that his office is not working as it should and there are no floodgates of debtors coming to him, because you know what, it's a bureaucratic nightmare and costly too. Why the ISI, the government, the mandarins who drafted the legislation and the official assignee are all in cloud cuckoo land. Coz you know what people with no money cannot pay to go insolvent/bankrupt etc.
Meanwhile we have all the newly appointed insolvency judges twiddling their thumbs. At a cost of 0000000. And we've a brand new quango the ISI also being paid for nothing. Meanwhile the people really struggling and trying to get on with their lives are getting nowhere.
And the kind of deal struck in the original instance highlighted in this post, IMO, only encourages excessive risk taking in the future as people believe they'll never lose what they have no matter how indebted they find themselves.
So when the banks should be writing these new deals in such a way as to have 1st dibs on any windfalls, they're instead going to give more write offs at the taxpayers expense!If the owner comes into extra money, they will be given extra write-offs for sums set against the warehoused portion of the loan. In the first five years of the new arrangement, the write-off would amount to €3,000 for every €7,000 repaid off the warehoused €100,000. Between five and 10 years, the discount would be €2,000 off every €8,000 paid back. The move is designed to incentivise early repayment.
Glad to see your so glib about the whole process Bronte. Are you possibly looking to benefit from some of these write-offs yourself or perhaps you don't pay tax, and therefore this isn't going to hurt you?
If that seems fair to you, then we have very different outlooks on life.
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