We need to get a march going...

S

sundance

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Hi Brendan, How about we get a march going, I have never been involved in a march before and wouldnt know much about organising one, but spread the word, pick a venue (outside the dail) pick a date and time and get as many of us 300,000 people affected involved.
What do you think?
 
Yes lets have another march! We'll all wave placards and shout down with the thieving banks!! Won't amount to a hill of beans but we'll all get some nice exercise and can have a few pints afterwards:)
 
sundance said:
Hi Brendan, How about we get a march going, I have never been involved in a march before and wouldnt know much about organising one, but spread the word, pick a venue (outside the dail) pick a date and time and get as many of us 300,000 people affected involved.
What do you think?
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Better still get 300,000 people to stop paying their mortgage ! Strategic default FTW :D
 
Sundance,I agree with you.A march about SVR rip off should be just as effective as a water march.
 
Hi all, I agree with Sundance, a well publicised march on the Dail would illustrate the amount of unheard and unseen frustration carried by SVR customers around the country. While it is fantastic the amount of publicity regarding the situation recently, the politicians still don't seem to get what a big issue it is to all affected by it. Further to my own battles with PTSB, I have had enough of them, I have spent the past 6 or 8 weeks since they offered new customers 3.7% literally stewing in my own anger and the injustice of it all! Another phone call to them last week just reinforced my view of them, absolutely no way would they reduce my 4.5% rate. So I have finally taken the first steps, had a meeting with my local Ulster Bank branch lassie today, took less than an hour, she was lovely, now have a few forms to fill in but nothing mental! Hopefully all will work out and we'll be bidding goodbye to PTSB forever very soon! Ulster Bank's rate (3.8%) is not the lowest going, and indeed should be lower by European standards, but at least it is pegged move downwards when their SVR goes down. I just feel that PTSB have absolutely no manners towards or respect for their customers and even if they are persuaded to do something about their rates (doubtful!) it will all be a bit too late to keep this customer! Keep up the good work Brendan!
 
I would also go on a march (and I have never been on one in my life)! I would also bring my kids - I am thinking of suitable placards for them to carry (how about "Bank of Ireland - Stop taking the food out of my mouth").
 
I will join the march too. With my wife and my daughter.
I can't believe Irish people do not complain about paying high % interest rates when rest of Europe is around 2.5%.
 
Banks on the continent would simply enforce their security on defaulting loans and this feeds into a lower cost of credit.

Would posters feel comfortable carrying placards calling for "evictions now"?

I know I wouldn't.
 
Sarenco said:
Banks on the continent would simply enforce their security on defaulting loans and this feeds into a lower cost of credit.

Would posters feel comfortable carrying placards calling for "evictions now"?

I know I wouldn't.
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I am actually in favour of banks repossessing homes.
Why would we have to pay for someone's else house which can't afford or does not want to pay?
 
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Maybe if we all head off and do The Camino walk with our placards rather than a march? Lots of publicity there.
 
Sarenco said:
Banks on the continent would simply enforce their security on defaulting loans and this feeds into a lower cost of credit.

Would posters feel comfortable carrying placards calling for "evictions now"?

I know I wouldn't.
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I absolutely would, between the 5.5 year lacuna in the Land Act that stopped banks repossessing for all those years and all the strategic defaulters and the Land League "Oh the English are coming to take our house" I think it's a ridiculous situation that people feel they can just ignore the situation and nothing happens. I've read here somewhere that we have the 10% of the UK repossession rate yet 10x the arrears.
 
Let's be clear though if there are no renough repossessions in Ireland is because the banks want it that way. Mainly because there is no enough equity in those repos.
 
Galego said:
Let's be clear though if there are not enough repossessions in Ireland is because the banks want it that way. Mainly because there is no enough equity in those repos.
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You don't believe that political interference / pressure from the government has limited their options?
And specifically the legal lacuna introduced in the Land Act 2009 that wasn't fixed until for over 5 years in 2013! http://www.lkshields.ie/publication...law-reform-act-2013-an-end-to-start-mortgages
 
Galego said:
Let's be clear though if there are no renough repossessions in Ireland is because the banks want it that way. Mainly because there is no enough equity in those repos.
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Partly...but lets not be in any doubt that this is also Govt (and indeed all opposition parties) policy. How many times has Enda Kenny said at this stage that it's an absolute priority of his Govt to 'keep people in their family homes', no matter how unaffordable those homes now are or how they were acquired in the 1st place
 
Delboy said:
it's an absolute priority of his Govt to 'keep people in their family homes', no matter how unaffordable those homes now are or how they were acquired in the 1st place
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Or no matter whether they have attempted to pay anything or engage with their lender.
 
Brendan Burgess said:
Or no matter whether they have attempted to pay anything or engage with their lender.
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Exactly. Pure populist claptrap. As someone who actually saved hard during the 'Tiger' years, bought a small house that was very affordable but also is now way too small having acquired a family since then!, drove an old car, took no holiday, and continued to save for my next house, I am sickened to the back teeth by all this talk of keeping people in the 'family home' at all costs, no matter the reality of their situation.
It's a kick in the teeth to the prudent.

I have great sympathy for those on high SVRs (am on a very low tracker myself which I will lose when I trade up, so lower SVRs will suit me in the near future) , but make no mistake folks, the lack of repossessions is the main driving force in those high interest rates. I mean, why would any foreign competition even bother to look at coming in here given the utterances from Govt, the likes of the Land League, the performance of the Courts, self appointed interest groups such as New Beginnings and IMHO.
 
Galego said:
I honestly think they both have the same agency and act in the same way.
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Certainly the non-government bailed-out banks would like to be more proactive. At the moment the Irish system is so hamstrung, because the debt is unenforceable... don't pay and also stay in the house. As Delboy said, it is a kick in the teeth for those of us who make choices to save towards a house and yet there is a continuous message that those who went before us should be protected at all costs. Moral hazard!
 
Aside from the moral hazard problem, the high cost of credit resulting from our failure to deal with defaulting loans is also having a detrimental impact on our economy.

The ongoing policy of forbearance has direct consequences.
 
The link between lack of enforcement / fewer respossessions and high SVRs is overly simplistic. It reminds me of the other flawed hypothesis - that if every defaulter was thrown out, that it would magically free up the market for first time buyers / people trading up.
It's obvious that the high interest rates are required to prevent the government from having to inject further capital into the banks. The strategists in the Dept of Finance are obviously of the (correct) opinion that charging high SVRs to a certain number of people is politically preferable to further cash injections to the banks.
It seems as if the policy of 'forbearance' adopted by state owned banks, regarding properties in significant negative equity, has proven to be the correct medium term strategy - particularly for properties in Dublin and other large urban centres. The loss 'to the taxpayer' would have been greater if the banks had 'moved' when properties were at rock bottom prices.
 
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