How bad is the credit crunch/recession

[Estrella]

Getting back on topic (unusual for me).

I work for the largest employment law support company in the UK. As part of our support to businesses we have 50+ employment consultants on a 24/7 helpline.

Last year we had approx 50000 calls requiring assistance with redundancy. To the end of October this year we have had in excess of 250,000.

Speaking to my clients the vast majority are all convinced that the recession is here to stay until at least 2010. Of course nobody really knows, but it is biting hard at the moment, although i do wonder how much of the recession we talked ourselves into.

 

[Blasphemous]

I work for the largest employment law support company in the UK.

The largest BoxCleva? Who is that then?

 

[Softus]

My wife used to work in the Financial Services Industry. She is of the opinion that the FSA have failed in their duty here. I am not knowledgeable enough to provide any insight into their duties.

I respect her opinion, if for no other reason than the fact that I can't summon up one single memory of any announcement that the FSA has lifted one single finger, ever, to bring to task any of the organisations that it's supposed to oversee.

 

[Estrella]

The largest BoxCleva? Who is that then?

I'd rather not say. But a little research will give you your answer.

I'm sorry to say it , but the FSA are a joke.


EDIT. Oh , and I'm FSA LVL 3 if that helps. Trust me it doesn't

 

[ellal]

I respect her opinion, if for no other reason than the fact that I can't summon up one single memory of any announcement that the FSA has lifted one single finger, ever, to bring to task any of the organisations that it's supposed to oversee.

Really?

 

[ricicle]

If the crux of the problem is that world debt is several times the sum of the GDPs, then those who borrowed the money are responsible, not those who loaned it.

And if the crux of the problem isn't that, then what do you think it is?

But surely those at the very top within the banks are being paid to do a job that in which they have failed - is there no ombudsman?
If you or I were to cock up in our day to day jobs with serious consequences we would be held accountable one way or another.
You imply that those who borrrowed the money were to blame also but what if they didn't know any better - they have put their trust? in people who were supposedly in control. Same as if a non-electricial minded person asked me to do a job and I did it wrong knowing ther could be trouble - would I not be to blame as they thought they could trust me.?

 

[libby lou lou]

I have full credit ratings,but got a letter today from A&l,saying that they have cancelled my credit card, as i don't use it. This will save me from being a victim of fraud


I know I go on about screwng society, but have you not yet realised what is happenng to you all. You are being mugged, left ,right and centre.?


Never had a loan in my life. If you need somewhere to live, i could see that, but why go to live beyond your means?

Impress the neighbours.




Most people are in denial

 

[Deluks]

Most people are in denial

I'm not.

 

[libby lou lou]

My wife used to work in the Financial Services Industry. She is of the opinion that the FSA have failed in their duty here. I am not knowledgeable enough to provide any insight into their duties.

I respect her opinion, if for no other reason than the fact that I can't summon up one single memory of any announcement that the FSA has lifted one single finger, ever, to bring to task any of the organisations that it's supposed to oversee.

Spend time to learn Everythng your wife and family does, it will pay off in the long run.

 

[Blasphemous]

I have full credit ratings,but got a letter today from A&l, that they have cancelled my crerdit card, as i don't use it, this will save me from being a victim of fraud

Never had a loan in my life, f you need somewhere to live, i could see that, but why go to live beyond your means?

Most people are in denial

Hold on a sec, you say you've got 'full credit rating'. First of all, what do you mean by 'full credit rating'? I shall assume (until you have enlightened me), that you are suggesting that you have a good credit score and as such are a 'low risk' borrower. However, you go on to say that you've 'never had a loan' in your life. How can someone that's 'never' had a loan/debt, have a 'full credit rating'? If you've never had any loans then the banks are unable to assess your risk category. They do check a number of factors when assessing risk. One area being, is this person actually 'earning' money! That 'may' be the cause of your Credit Card withdrawal.

My wife used to work in the Financial Services Industry. She is of the opinion that the FSA have failed in their duty here. I am not knowledgeable enough to provide any insight into their duties.

I respect her opinion, if for no other reason than the fact that I can't summon up one single memory of any announcement that the FSA has lifted one single finger, ever, to bring to task any of the organisations that it's supposed to oversee.

Spend time to learn Everythng your wife and family does, it will pay off in the long run.

Oh ok.....errm, why? How will it 'pay off'?

 

[kevplumb]

when they rob the bank marra

 

[empip]

when they rob the bank marra

May be no dosh there matey, only that 'promise to pay' -- There is an Icy ring to those words...

 

[Soggy_weetabix]

As a Gas Engineer, Im as busy as I was last year and the year before.

People who neglect their boilers realise heating is not a luxury at this time of year and are desperate to have it fixed.

Dave

 

[AndrewSchofield]

I've just been talking to a mate of mine who is a land surveyor - his boss has just cancelled xmas leave as they are TOO BUSY!!! He says in the present climate they don't want to turn work down so are taking everything on that comes their way but they're struggling to cope under the workload!!!

 

[mark vincent]

'Neither a borrower or lender be' used to be regarded as sound advice, i owed £20,000 on credit cards once, most of the debt was due to the banks penalty charges and exorbitant rates of interest.

They then sold my debt to a debt collecting company who tried the hardball approach. One of their 'advisors' said to me 'you owe £20,000 arn't you worried about that' i replied 'if you owed me £20,000 and couldn't pay it, then i would be worried' after that i couldn't get get credit for six years, which in imho was a good thing.

Then out of the blue i got a letter from the same bank to whom i had owed the £20,000, they described me as a 'valued customer' and offered me six months interest free loans if i signed up within 14 days . I then got advice as i thought it was a bit fishy, i was informed that under the statute of limitations your debts are wiped out after six years.

I now have credit cards with the same bank who six years before had been making my life hell because i was unemployed.

Of course the banks are to blame, it is their responsibilty to make sure that those to whom they loan money will pay it back.