Why Do We Tolerate The Modern Institutional Abuse That Is Greed?

Radix

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While scanning the headlines this morning I spotted the story about a couple of Bank of Ireland customers who were brought before the Ennis County Registrar's Court yesterday as part of a re-possession exercise by the Bank. The reported scandal, is apparently that the couples' financial woes were all along being compounded by the same Bank, via "the tracker situation".

However, when you read the couple's full story, it emerges that Bank of Ireland throughout their difficulties, subjected them to what can only be described as abuse.

"The man's wife said last year as part of an insolvency proposal, the Bank of Ireland suggested that their two eldest children not go to Third Level after completing their Leaving Cert, but get jobs instead to help pay down their parent's mortgage".

"The Bank of Ireland also suggested that his wife retire early so that her lump sum pension payment could cover the arrears".

Why do our cosy politicians continually facilitate and tolerate this kind of abuse? Are they also corrupt?


Couple battling to keep home discovered they're victims of tracker mortgage scandal 'by accident'
 


madmullah

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Because Ireland and western society have become sheep. Self obsessed, distracted by unimportant issues. It used to be football beer and sex now we are more developed and we distracted by more sophisticated but equally irrelevant issues.
A bit of reading some reflection on concepts of social justice would help but who nowadays reads a book? Instead they tweet, flash through the internet and believe whatever stats , arguments, feelings are poured out or thrown up
So the latest distraction is Samantha Fox the topless P3 model who now claims David Cassidy groped her . Who gives a toss , she has been flaunting her jugs for years , sex has been her selling point and wow David Cassidy groped her..
So end of distractions..
 

Congalltee

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Because Ireland and western society have become sheep. Self obsessed, distracted by unimportant issues. It used to be football beer and sex now we are more developed and we distracted by more sophisticated but equally irrelevant issues.
A bit of reading some reflection on concepts of social justice would help but who nowadays reads a book? Instead they tweet, flash through the internet and believe whatever stats , arguments, feelings are poured out or thrown up
So the latest distraction is Samantha Fox the topless P3 model who now claims David Cassidy groped her . Who gives a toss , she has been flaunting her jugs for years , sex has been her selling point and wow David Cassidy groped her..
So end of distractions..
Here’s why 40% of women are sexually assaulted in Ireland. Too many men think they are asking for it. Research consent.

As for banks, if one took out a loan and didn’t pay and can’t pay - the only honourable thing to do is sell up. There are far too many living rent and mortgage free. We have a huge shortfall of properties. Faster repossessions would have a beneficial impact.

48000 mortgage restructured
700 repossessed
Up to 6000 vacant properties.



https://amp.independent.ie/business/personal-finance/property-mortgages/halt-to-repossessions-would-worsen-crisis-experts-warn-tds-34812091.html
 
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The Floater

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Here’s why 40% of women are sexually assaulted in Ireland. Too many men think they are asking for it. Research consent.

As for banks, if one took out a loan and didn’t pay and can’t pay - the only honourable thing to do is sell up. There are far too many living rent and mortgage free. We have a huge shortfall of properties. Faster repossessions would have a beneficial impact.
Your all heart,if you keep evicting people where do you house them or do you believe that people who for any reason could not pay their mortgage should just be flucked out on the side of the road.
 

Sync

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However, when you read the couple's full story, it emerges that Bank of Ireland throughout their difficulties, subjected them to what can only be described as abuse.

"The man's wife said last year as part of an insolvency proposal, the Bank of Ireland suggested that their two eldest children not go to Third Level after completing their Leaving Cert, but get jobs instead to help pay down their parent's mortgage".

"The Bank of Ireland also suggested that his wife retire early so that her lump sum pension payment could cover the arrears".
It's not the couple's full story. It's the couple's version of events.

You owe a debt. You can't repay it. You go in to your creditor to discuss options. They offer possible ways you can pay it down. Those suggestions are not "abuse". They are suggestions as to how you can pay down your debt that you owe.

If they were missold a product then that's not acceptable and there are avenues to pursue that. If their amount hasn't been fairly calculated, then that needs to be corrected in full (including interest etc).

But these people appear to be in their 50s at least (Given the talk of retirement) and are paying off a 320k debt at a rate which will take them 25 years.

It's a loan. You took it out. Pay it back or give back the asset. I'm not sure what people think has changed between 1200, 1700 and 2017. It's ever thus.
 

mr_anderson

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Why do our cosy politicians continually facilitate and tolerate this kind of abuse? Are they also corrupt?

Radix, can you lend me €320,000 ?
I swear I'll pay it back.
But when I don't, sure you're fine with that, right ?
I mean, you wouldn't be so greedy as to demand I pay it back, would you ?
 

RasherHash

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It's not the couple's full story. It's the couple's version of events.

You owe a debt. You can't repay it. You go in to your creditor to discuss options. They offer possible ways you can pay it down. Those suggestions are not "abuse". They are suggestions as to how you can pay down your debt that you owe.

If they were missold a product then that's not acceptable and there are avenues to pursue that. If their amount hasn't been fairly calculated, then that needs to be corrected in full (including interest etc).

But these people appear to be in their 50s at least (Given the talk of retirement) and are paying off a 320k debt at a rate which will take them 25 years.

It's a loan. You took it out. Pay it back or give back the asset. I'm not sure what people think has changed between 1200, 1700 and 2017. It's ever thus.
There is a heavy onus on the bank to ensure the people taking the loan can pay it back comfortably, they are the ones with all the decades of experience lending, they know it like the back of their hand.

Yet they lent out huge sums they must have known people would not be able to pay back. In reality we have little idea how large these sums are until you are under the weight of debt that is crushing you.

Society needs to be rebalanced wrt-housing and governments responsibility.

Leo has made it clear he is for the bankers and big corps (the people who get up early?) and not for the small man who is suffering under the FG/FF dictatorship.
 

RasherHash

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Mr Ethical‏Verified account
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A French documentary about British bank HSBC. There are 6 directors in House of Lords, they ran the BBC & control all media. You won't hear much about them in UK

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Next Tuesday, 18.50 GMT French Documentary about HSBC crimes
 

Sync

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There is a heavy onus on the bank to ensure the people taking the loan can pay it back comfortably, they are the ones with all the decades of experience lending, they know it like the back of their hand.

Yet they lent out huge sums they must have known people would not be able to pay back. In reality we have little idea how large these sums are until you are under the weight of debt that is crushing you.
If you read the article:
They had a company owned by the father
The mother worked
They got a loan
The company folded
The father decided to become a house husband
They stopped paying the mortgage for what looks like a minimum of 18 months.

A bank can't refuse a loan on the basis of "Your company might fail and you might decide to stop working".
 

Analyzer

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We now have the Irish media rehabilitating ovrrpaid failed bank directors as voices of morality and virtue.

And meanwhile bank spending on advertising with the same media outlets continues apace.

With thr banks themselves helped by the bottlenecking policies that are creating a housing crisis. And the media propping up political machines that are advocating policies thst drive up the cost of living.

You suckers are paying for it.

The problem is lack of information and no debate.
 

Toland

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If you read the article:
They had a company owned by the father
The mother worked
They got a loan
The company folded
The father decided to become a house husband
They stopped paying the mortgage for what looks like a minimum of 18 months.

A bank can't refuse a loan on the basis of "Your company might fail and you might decide to stop working".
The also get it in the neck when they refuse to give people loans.

But then again, they're banks. Getting it in the neck is one of their functions in society.
 

former wesleyan

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We partyed.
 

RasherHash

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Rodney Polo

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If you read the article:
They had a company owned by the father
The mother worked
They got a loan
The company folded
The father decided to become a house husband
They stopped paying the mortgage for what looks like a minimum of 18 months.

A bank can't refuse a loan on the basis of "Your company might fail and you might decide to stop working".
Have to say I have always thought there was "more" to some re-possessions than meets the eye.Sad that anybody has to loose their home but if you borrow then you have to repay.

I have kids that struggle to pay mortgages ..but none of them opt not to work....they forego holidays ...nights out etc.

Something not quite kosher on this one ...in this posters opinion.
 

Hillmanhunter1

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If you read the article:
They had a company owned by the father
The mother worked
They got a loan
The company folded
The father decided to become a house husband
They stopped paying the mortgage for what looks like a minimum of 18 months.

A bank can't refuse a loan on the basis of "Your company might fail and you might decide to stop working".
Without being unsympathetic to the family concerned it doesn't seem to be Bank of Ireland's problem. I read the article and noted the same things that you did.

The references to the kids not going to Uni are hearsay, but generally kids only get to go to university if their parents can afford it, they are not entitled to go to Uni on Bank of Ireland's money. Perhaps it is the father who needs to get a job!

As for the pension lump-sum I am guessing that the mother is a perhaps a public servant of some sort. The lump-sum is an asset and the Bank is right to point out that it could be used to reduce their liabilities. The wisdom of doing that would depend on the mother's age and the ages of the children.

A decent 4-bed home in Ennis can be had for Euros150,000:
https://www.myhome.ie/residential/brochure/16-greensdale-ennis-co-clare/4153377

So clearly this couple live in a very substantial property and consider that it would be beneath them to trade down to an "ordinary" home.
 
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Niall996

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While scanning the headlines this morning I spotted the story about a couple of Bank of Ireland customers who were brought before the Ennis County Registrar's Court yesterday as part of a re-possession exercise by the Bank. The reported scandal, is apparently that the couples' financial woes were all along being compounded by the same Bank, via "the tracker situation".

However, when you read the couple's full story, it emerges that Bank of Ireland throughout their difficulties, subjected them to what can only be described as abuse.

"The man's wife said last year as part of an insolvency proposal, the Bank of Ireland suggested that their two eldest children not go to Third Level after completing their Leaving Cert, but get jobs instead to help pay down their parent's mortgage".

"The Bank of Ireland also suggested that his wife retire early so that her lump sum pension payment could cover the arrears".

Why do our cosy politicians continually facilitate and tolerate this kind of abuse? Are they also corrupt?


Couple battling to keep home discovered they're victims of tracker mortgage scandal 'by accident'
Because those in power keep playing the same old trick. You get the far left all stirred up about what are actually often minor issues or very local issues. That sends a whole mass of people, media, attention, energy, passion and the will to fight marching off down a long and winding cul de sac. Or you get the far right all in a tizzy about some perceived moral collapse in society and they go off marching down their imaginary path. It works every time. Tends to more dominated by the left at the moment but that can change. Both sides are equally adept at focussing on a tiny micro issues that fire up the populace while completely missing the giant elephant in the room. And that permanent blindspot condition allows the wealthy and th epowerful to continue to clean up and expand as they alwasy have. Beware of your petty little local parish pump independents, your moralistic self righteous rabid lefties or boorish pompous medieval righties.
 

Rodney Polo

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Some partied, the wealthy, the banksters, the politicians and they are all still partying.
What about the taxi men who bought"places" in Spain Portugal/Bulgaria ? It was more than the wealthy pal.
 

RasherHash

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If you read the article:
They had a company owned by the father
The mother worked
They got a loan
The company folded
The father decided to become a house husband
They stopped paying the mortgage for what looks like a minimum of 18 months.

A bank can't refuse a loan on the basis of "Your company might fail and you might decide to stop working".
I doubt the father 'decided to become a house husband' totally voluntarily.

You have to look at the totality of the situation, the onus should be on the bank to ensure people can repay comfortably, if you allow people easy, attractive options many will take them high on the 'good news' but unaware of the trap that is laid for them.

I suppose we have a choice, we can take the side of the banksters and plead their case of we can take the side of those (a family with 5 children) being crushed by a flawed system.
 

RasherHash

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Messages
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Without being unsympathetic to the family concerned it doesn't seem to be Bank of Ireland's problem. I read the article and noted the same things that you did.

The references to the kids not going to Uni are hearsay, but generally kids only get to go to university if their parents can afford it, they are not entitled to go to Uni on Bank of Ireland's money. Perhaps it is the father who needs to get a job!

As for the pension lump-sum I am guessing that the mother is a perhaps a public servant of some sort. The limp-sum is an asset and the Bank is right to point out that it could be used to reduce their liabilities. The wisdom of doing that would depend on the mother's age and the ages of the children.

A decent 4-bed home in Ennis can be had for Euros150,000:
https://www.myhome.ie/residential/brochure/16-greensdale-ennis-co-clare/4153377

So clearly this couple live in a very substantial property and consider that it would be beneath them to trade down to an "ordinary" home.
The man said that the Bank of Ireland also suggested that his wife retire early and the lump sum pension payment would cover the arrears as part of an insolvency arrangement.

He said: “The bank wasn’t thinking straight. How would we paid for food or the mortgage if my wife was retired from work?”


Your answer to the predicament is that the family repay the arrears and then go 100% on the dole and then the taxpayer would stump up for the mortgage.
 

dizillusioned

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Or the husband who is the homemaker... who hasn’t worked for eight years since his business collapsed.. could get a job?????
 


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