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[STMO123]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

[Nickbat]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

[STMO123]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

That is old


And true

[tyreburner]

Bet she had a good life whilst it lasted..... in fact bet most of her money is where the banks cant touch it  

[sonikhead]

what if you owe the bank 30 grand

[STMO123]

what if you owe the bank 30 grand

Tell us more Son, tell us more

[Marks DTM Calib]

If its only 30 grand, your in trouble.

Thing is, its her risk....the bank should be able to recover the vast majority of the load thanks to the equity in the property......the only thing they have done wrong is issuin 100% mortgages!

[Elite Pete]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

I've just been watching that programme. I wish they would sod off with all the doom and gloom, it just gets the wife going so I get it in the neck

[STMO123]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

I've just been watching that programme. I wish they would sod off with all the doom and gloom, it just gets the wife going so I get it in the neck

The same wife who helped you spend the proceeds when all was going well?

For better or for worse.........

[Elite Pete]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

I've just been watching that programme. I wish they would sod off with all the doom and gloom, it just gets the wife going so I get it in the neck

The same wife who helped you spend the proceeds when all was going well?

For better or for worse.........

She had that taken out of the vows

[Welung666]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

I've just been watching that programme. I wish they would sod off with all the doom and gloom, it just gets the wife going so I get it in the neck

The same wife who helped you spend the proceeds when all was going well?

For better or for worse.........

She had that taken out of the vows

I bet the 'honour and obey' went too

[Taxi_Driver]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

Thats very true....i once worked for a company that had cash flow problems.....in fact at one point it was rumoured that the directors were using there corperate amex cards to fund the payroll  

I went to a meeting that the finance director expained the suituation......
He was very worried about companies that he owed upto about £50k.....his words were....unless we can service those debts, those companies might make us bankrupt for spite.

Other companies he explained that he owed more than 100k, he wasnt bothered about......saying they wouldnt dare to make us bankrupt.....as they wouldnt see anything back.

One company i think he was proud to announce we owed around £8million.......god i would hate to be in the shoes of that credit controller....that allowed the company i worked for to run up so much debt  

One day....an amusing incident i thought..........all the company cars (of which i had one) as they owed so much money to a car leasing company were being taken back by the lease company. But the company i worked for.....had managed to get a credit line going with another lease company......and on the same day brand new cars were being delivered and cars being taken back....
I remember the receptionist......getting stressed over it.....asking everyone coming into reception.....'you delivering? .....or taking one?' and depending on the answer.....pointing to which queue they had to stand in  

I got a nice new veccyB....well i thought it was nice at the time  

The company managed somehow to keep going for about 12months more before going bankrupt.....

One

[bob.dent]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

Superb analogy!

[Vamps]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

Superb analogy!

So, I must start using my overdraft then.................

[Taxi_Driver]

I'll keep this short.
Single mum earning £22,000 a year drew down £70,000 from a private pension, to use as deposits on 5 buy-to-let properties. The banks couldn't wait to lend her the money for the mortgages.
As the properties appreciated in value, she took the equity from them to buy more properties. This was in 2003/4. She ended up with 50 houses. Then the bottom fell out of the market and the banks started repossessing.

NOW GET THIS: She still earns around £25,000 a year and she owes the banks............7.5 million quid.

No wonder it all went pear shaped.

What's that old adage?

If you owe a bank £100, you have a problem.

If you owe a bank £7.5 million, the bank's got a problem.

 

Superb analogy!

So, I must start using my overdraft then.................

Yes   Spend like theres no tomorrow  

But make sure your bank manager is prepared to give you several million overdraft facility first