We need to cancel all Debt in Ireland

[youngdan]

Whar happened to you X-ray, you are going to pay the debt and Ireland does not have any sovereignty

[bluefish]

you maxed out, thats your problem

I save, live within my means

you can go hang

I maxed out?

Are you for real?

I have over €100,000 in savings to cover my mortgage.

I do have other debts that are all within my means.
But If im expected to take a 20-30% cut in income that's would mean I would have bigger debts than my means.

Is that my fault?
NO

Thankfully I have savings to pay of my biggest debt which is my mortgage.

But there are hundreds of thousands of people who are not lucky enough to have savings.

Put it this way

A young couple who have a mortgage saved up enough to put on a 10% deposit 6 years ago. KEY WORD - SAVED

1 has lost their job, and they are now using up their savings to stay afloat.
KEY WORD SAVINGS

They are just managing, but their SAVINGS are running out, but they feel they can cope with being able to pay their mortgage and put food on the table.

THE government /IMF come knocking and tell them they now have to take a further reduction in their income of 30%.

They are no longer able to pay their bills, and face a repossession order for their house.

What are they do, loose their house and enter negative equity through NO FAULT of their own?

Have a damaged credit rating for 6 years, and a large amount of cash to repay on their mortgage for a house they no longer have?

Put that sort of pressure on people and you will see a large increase in suicides and marriage break ups.

And none of this is there fault!


IS THAT FAIR?

Or is it fairer to have their debt wiped out?

Might not be fair to the people who have no debts, but is it fair just to keep them happy we have to see the above scenario?

If your answer is Yes then you are greedy and selfish, and really dont give a toss about the nations future.

Sure you can sit and count your savings whist the IMF move in.

Equally is it fair that I have to have my nation put everything on the line just to gurantee peoples Savings?
Why should I pay for that?

Lets the banks fail along with peoples savings.

You see its just as unfair for others too.

[X-ray]

Whar happened to you X-ray, you are going to pay the debt and Ireland does not have any sovereignty

Explain, I dont understand

[X-ray]

Look the best anyone might get is extended terms, In Asia they even have cross generational mortgages. Your grand kids can keep paying for the box in cherrywood grove in 2072.
Wiping personal debt it just silly, it cant and wont happen. If you cant repay declare bankruptcy and hand back the keys, but you cant have the cake, eat it and then get me to pay for it.

[cactusflower]

i saved. u borrowed. i spent my holiday at home doing gardening. u went diving in indonesia. i earned €1000 a week. u earned €1000 a week.

and u asked me to use my savings to repay the debts you had incurred. wake up son. Repay your debts and do not indulge in this sort of fantansy!

That is exactly what the Bank Guarantee and Nama will be doing to us. We will owe around €500,000 for every man, woman and child in the State, and we will all be required to pay it back in the form of taxes and cut services.

The amount owed is far greater than the capacity to repay.

[cactusflower]

Look the best anyone might get is extended terms, In Asia they even have cross generational mortgages. Your grand kids can keep paying for the box in cherrywood grove in 2072.
Wiping personal debt it just silly, it cant and wont happen. If you cant repay declare bankruptcy and hand back the keys, but you cant have the cake, eat it and then get me to pay for it.

Debt has been wiped out many times in history.

[cavok]

If your answer is Yes then you are greedy and selfish, and really dont give a toss about the countries future.

Sure you can sit and count your savings whist the IMF move in.

I have banged on about the day of reckoning for 5 years now.

5 years that I did not participate in what was clear to a blind monkey was an unsustainable bubble

I constantly asked what will happen when irresponsible people start to default (our own sub-prime, contrary to what the racist media in this country liked to state - 'we dont have a sub-prime problem' !!! my azz we didnt !)

No debt write downs. Pay your bills you piker and quit whining

MAN UP

(PS the selfish were the fools that lied on loan docs and borrowed beyond their means so as they could buy pink shirts to cover their beer bellies and attend the Galway races - no pity for those fools - no pity for neq eq - PAY YOUR BILLS LOSERS)

[X-ray]

Debt has been wiped out many times in history.

Name one that relates to our current situation. Because I am getting the mother of all loans out of the house and hiding gold in the shed if its likely.

[X-ray]

I maxed out?

Are you for real?

I have over €100,000 in savings to cover my mortgage.

I do have other debts that are all within my means.
But If im expected to take a 20-30% cut in income that's would mean I would have bigger debts than my means.

Is that my fault?
NO

Thankfully I have savings to pay of my biggest debt which is my mortgage.

But there are hundreds of thousands of people who are not lucky enough to have savings.

Put it this way

A young couple who have a mortgage saved up enough to put on a 10% deposit 6 years ago. KEY WORD - SAVED

1 has lost their job, and they are now using up their savings to stay afloat.
KEY WORD SAVINGS

They are just managing, but their SAVINGS are running out, but they feel they can cope with being able to pay their mortgage and put food on the table.

THE government /IMF come knocking and tell them they now have to take a further reduction in their income of 30%.

They are no longer able to pay their bills, and face a repossession order for their house.

What are they do, loose their house and enter negative equity through NO FAULT of their own?

Have a damaged credit rating for 6 years, and a large amount of cash to repay on their mortgage for a house they no longer have?

Put that sort of pressure on people and you will see a large increase in suicides and marriage break ups.

And none of this is there fault!


IS THAT FAIR?

Or is it fairer to have their debt wiped out?

Might not be fair to the people who have no debts, but is it fair just to keep them happy we have to see the above scenario?

If your answer is Yes then you are greedy and selfish, and really dont give a toss about the nations future.

Sure you can sit and count your savings whist the IMF move in.

Equally is it fair that I have to have my nation put everything on the line just to gurantee peoples Savings?
Why should I pay for that?

Lets the banks fail along with peoples savings.

You see its just as unfair for others too.

I dont think anyone is saying its fair, or doable or was predictable. But it is a fact. And the only thing that would be less fair than you being stuck with it, is if someone else like me was stuck with it.

The bank guarantee is deeply immoral also and damages the whole fabric of finance. On that I agree, the same rules must apply to big and small alike.

If enough people get in trouble they could form unions like the land league and boycott banks and present organised resistance to repossession. Just a thought.

[stewiegriffin]

Its a bit off the wall alright . It would be hugely socially divisive .Would everyone get to keep their jeeps and flat screen TVs too?