LIfe and Debt: RTE Monday 9.30 pm

[PaddyJoe]

Unlikely to be a barrel of laughs but important stuff on how real people are coping with life after the Tiger:

Thousands of families in Ireland today find themselves shackled by debt. For those in mortgage arrears, facing house repossession, business closure or bankruptcy, the government's proposed set of insolvency laws could be a last option. Life & Debt meets four families facing financial decisions that could change their lives.
http://www.rte.ie/tv/programmes/life&debt.html

[Spectabilis]

Thanks PJ. I have it set to record. I am watching Money, Power and Wall Street on PBS at the moment (Sky 166) and have just finished viewing one on Ir-rational economics. This is all part of my prep for Firday's vote, believe it or not.

Not even expecting a cereal bowl of laughs:(

[Andrew49]

Apparently there's going to be a Debt Forgiveness Bill that will sort these people out ... I'm sure I heard that news around the time the referendum was announced.

I can understand debt forgiveness for those on welfare and those whose businesses are owed money by developers - but why in heaven's name should there be debt forgiveness for property speculators?

[TLC]

Watched the programme & while I had sympathy with most of the participants the woman who had the €900,000 debt took the biscuit - or rather the horses she still keeps did! It's amazing that the man in Wexford had been able to reduce his debt from around €20,000 to €4000 but this woman had stopped making any effort to reduce her debt. I would not agree with debt forgiveness for people who took on a huge debt, knew what they were doing & then when it all goes pear shaped expect to be able to walk away. It's not on in my opinion.

[C. Flower]

Watched the programme & while I had sympathy with most of the participants the woman who had the €900,000 debt took the biscuit - or rather the horses she still keeps did! It's amazing that the man in Wexford had been able to reduce his debt from around €20,000 to €4000 but this woman had stopped making any effort to reduce her debt. I would not agree with debt forgiveness for people who took on a huge debt, knew what they were doing & then when it all goes pear shaped expect to be able to walk away. It's not on in my opinion.

Yes, a lot of people who don't have debts have had to give up keeping horses. And dogs. But what would you do, when people are unable to pay?

I thought the bank was nuts not to tell her to sell at €500,000 btw.

When banks are refusing to let people sell in a falling market, they are surely taking on some responsibility for the increasing debt.

And why not get whichever bank employee got a bonus for lending her the million to refund it and pay it off against the loan? And why should the bank not have to write off its profit, fees and interest from these reckless loans?

Instead of which the borrower gets landed with progressively increasing interest, fees and penalties, when they can't pay.

[concernedparent]

Surely this is the crux of the whole issue of why the country is in the state it is in.

The banks indulged in reckless lending accepting multiple guarantees on singular properties, all fueled by cheap money from German and French financial institutions.

As usual we are paying at the behest of our politicians both here and in Europe, for these bad decisions. No heads roll and no one is held accountable. If business had truly been let had its way, the debt would have remained non-nationalised and the banks and their reckless lending policies would have gone to the wall.

As it is we are still cleaning up the mess and will be for generations to come.

[Slim Buddha]

Surely this is the crux of the whole issue of why the country is in the state it is in.

The banks indulged in reckless lending accepting multiple guarantees on singular properties, all fueled by cheap money from German and French financial institutions.

As usual we are paying at the behest of our politicians both here and in Europe, for these bad decisions. No heads roll and no one is held accountable. If business had truly been let had its way, the debt would have remained non-nationalised and the banks and their reckless lending policies would have gone to the wall.

As it is we are still cleaning up the mess and will be for generations to come.

Indeed, I agree 100%. Food for thought in the polling booth on Thursday.