Another top post from Neg Nick

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
10/02/2009 08:14

I was talking to a pal last night who is a money broker in London, about Turkey's falling interest rate.



He Reccons Turkey is on the up and interest rates will continue to fall and are likely to be below 10% by the end of the year, so i ask you (and be honest, please).....



If the interest you receive on your savings dropped to say 8%, (less 8% tax, so nett 7.36%), could you survive in the TRNC ??



My answer to start the ball rolling:



"no, not by a long way - that's why my villa is for sale with 6 agents"



Nick

Chaz4566


Joined: 31/12/2008
Posts: 32

Message Posted:
10/02/2009 08:35

Nick, we sold up in the uk, bought our villa for cash and invested just over £100k to provide an income. No pension or other income.



7.36% wouldn't keep the wolf from the door. Wife and i have been desperately looking for work, but there isn't any (well none that will pay a reasonable rate of pay). Been doing a bit of pool cleaning on the QT, but constantly worried about getting caught and deported.



We know we are looking disaster in the face and have been desperately trying to sell our villa, but the agents tell me the only stuff that is selling has to be very cheap, otherwise we have no chance.



Our dream life over hear is more nightmare than dream.



Quite a few of my friends are in a similar position, all attracted by cheap property prices and hugh interest rates on savings.



How foolish we were. Chaz.

Becks


Joined: 17/11/2008
Posts: 130

Message Posted:
10/02/2009 09:15

you are really living up to your name negative . why bother postting if evrything you say is negative . ur just upsetting a lot of peple .

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
10/02/2009 09:18

Well I'm not upset by his posts, and yes it would affect me if the interest rate drops here but ...oh well cest la vie..

dixie normus


Joined: 22/02/2008
Posts: 820

Message Posted:
10/02/2009 09:23

Who expected the interests rate to remain at a high forever? Yes the good times are probably behind us but those who did not use this spring board of good times to make arrangements for less favorable times has been short sighted. Gormless Gorden comes to mind. Even to sell up and return to the UK is going to be a mountain to climb as many changes have taken place in the past 2 years the burden of taxation will be a cloud over Blighty for many years as Mr middleclass has to pay back for Gordons follies .

Yes I could survive, but forward thinking and an eye for opertunity will be sharpend. Anyway must go the plastic sheet over the skip is leaking.



D.N

stilluvithere



Joined: 03/12/2008
Posts: 765

Message Posted:
10/02/2009 09:28

so you are going to sell up and go back to England where the cost of living is far higher than here, unless you can only survive here on English foods. The interest rate in England is ridiculously low so if the Turkish rate drops as low as you say it will and you can't live on that, how do you expect to live in England

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
10/02/2009 09:29

Let's reverse the question, how many who have retired early could survive in the UK at the present time & live on interest paying at between 2 & 3.6% before tax? We have just had a gas bill for £300-00 for the quarter & the electric company has more than doubled our direct debit, because the electricity has gone up so much.

P

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
10/02/2009 09:43

Stillluvithere...actually the cost of living here is higher that in the UK or at least on a level with it...the only thing cheap here is the property...but still I love it.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
10/02/2009 09:47

Chaz...msg 2

Sorry to hear about your situation.

Just a word of advice though.....don't admit to doing any work "on the QT" on a forum where you have published your full name!

You never know who might be watching.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
10/02/2009 09:52

Well having just returned from te Uk and braed the weather I could not beleive that many new houses had the prices slashed by 50% I spoke with some of my wealthier friends who are buying up houses new and repossed to sit on till the market changes.I found the price wars in the supermarkets good value a lot cheaper than here. Reading all the unhappy people here . since our return we went to renew buisness permits etc more than doubled. see paddys post on this.It makes you wonder if its all worth it.But who the hell would buy a restaurant.I just think if Nick could cut his losses like Stewey he may be happier.

Hippo


Joined: 02/02/2007
Posts: 2070

Message Posted:
10/02/2009 10:00

10% i think you will be lucky if it only goes that low falling interest around the world dictates that it will go lower much lower below 5%.



A banker collegue of mine predicted this over 1 year ago (Turkish banker)

also that the TL is vastly over valued and a rate more to 4yt to the euro was a more realistic figure.



Although we have seen a little better exchange rate between pound and euro it is more the euro weakening than the pound strengthening.



It will be a difficult few years but have you realised that in a falling economy like this a setlement on the Cyprus issue is made more likley.

Needs must.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
10/02/2009 10:12

I disagree that the cost of living is higher in the trnc than the UK.



For a start, you have Council Tax. The cost of Transport/Travel is high. Taxes, National Insurance, are both much higher in the UK. For those of you that smoke, cigarettes are more expensive. Alcohol is more expensive. Generally Food is more expensive. Heating your House is more expensive.



Personally I think living in the trnc is a lot cheaper than the UK.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
10/02/2009 10:15

No1Doyen....you may have a point.

But I think the problem is that many Brits moved to NC when you could live for half the price of the UK....and they expected it to stay that way in perpetuity !

The rising prices in the TRNC and the reduction in ex-pats income via the falling interest on their savings,is bursting a few bubbles.

Quarmby


Joined: 15/09/2008
Posts: 975

Message Posted:
10/02/2009 10:29

For most expats living in the TRNC they don't pay income tax on income ,don't pay NI because they don't work so hardly comparable is it. Heating the home? on what basis do you formulate your reasons you should compare like with like.How much does a Kw of electric cost in the UK compared with the TRNC? What is the average wage in the TRNC compared with the UK, surely this must be taken into account when comparing cost of living. Council tax, of course its low in the TRNC there is hardly any infrastructure or services to pay out on. Of course some things cost more in the UK, people get paid more, surely that is pretty obvious.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
10/02/2009 12:28

Quarmby - "For most expats living in the TRNC they don't pay income tax on income".

Don't understand that. Or do you mean that they don't pay TRNC income tax on TRNC income? I still pay UK income tax.

sparta


Joined: 24/10/2008
Posts: 226

Message Posted:
10/02/2009 12:34

NN

mabe the six agents you have your villa up for sale with, cant sell it because you are so negative to potential buyer's..



Do you tell the buyer's everything you preach on this forum?????

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
10/02/2009 12:44

it wouldn't make any difference to us atall.

but then our investments are not in the trnc.

DutchCrusader



Joined: 19/05/2008
Posts: 11280

Message Posted:
10/02/2009 12:49

RE msg 16, sparta : The very best post in 2009!

Becks


Joined: 17/11/2008
Posts: 130

Message Posted:
10/02/2009 12:58

negative , are you the GC nicos is disgiuse ? why do you not answer the questions you just say something and go away ?

Steve1953



Joined: 04/12/2008
Posts: 298

Message Posted:
10/02/2009 13:55

Dear Nick,hindsight and market timing is the real problem.

I think families will be reluctant to move to the TRNC because of getting a job - but I am advised that the south is getting bad,unless you have a trade ... and er ... dont mention Spain .... cos the euro,taxes going up and house prices collapsing. Friend of mine has been trying to sell his villa near Valencia for about 3 years,and the only thing that has gone are his solar panels - about 4 times.



Blackpool area is an unemployment blackspot,with unemployed encouraged to draw their dole by the seaside .... then they wonder why no one comes to here for family hols - pleasure beach has extortionate prices,parking fees,clamping and dont mention the mountains of litter and lousy motorists in 4 wheel drives who hit your car whilst you are shopping and dont leave a note(height of bump before u ask).

God,I,'m feeling b... negative now,and I haven't even warmed up yet ... maybe I'm getting old ... but at least you have sun

Steve

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
10/02/2009 14:25

if you can ride it out i am confident they will increase next year ! "always look on the bright side of life" Whistle bit !!!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
10/02/2009 16:19

dear stevie yes hindsight iswonderful and its not just nick feeling negative at the moment here. they have just put the business permits up by 100%plus plus plus and what he accountants charge well i could go on . January blues happening a little later here. People are very worried re the lira the rising costs here beleive me its not cheap ca taxes etc there is such an air of doom and gloom which is so sad plus its cold and raining. I feeel for Nick he couls cut his losses and pick up a bargain back home. But and yes I know should not stat a sentance with a but for what dole, no qualty of life etc; i guess his state of mind he has no real good quality as he is always worried but if you read between the lines there is humour. Nobody not even me could forsee this. Some people wil become quite rich again in the UK given the discounts on house and repossesions. We were there last week and could have got a restaurant for a third of what we pay here. The meal prices were a joke 21.95 for a

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
10/02/2009 16:34

sorry typing away and did not see that i had run out of words. not like me ? anyway for an 8ox steak 3.95 each extra and 3 pounds for bread and oil. They say we are expensive but my god a million times better here so you people think what your alternative will be. All the restaurants and bars try so hard for your custom. we dont have cash and carrys we pay as you do.However all we want is your custom and show us you care that we go to the end of the earth for you. You woud get variety of course you would but we all do the very best with our limited ingredients. So next time yo5 question why a bottle of villa is 22tl please dont offend the bar owner by saying you can by it fr 9tl. Remember what we all have to pay. You would not do that in uk you would enjoy your chabblis or your beer no matter what was charged. Oh god steve im not having a go just asking people not to be negative. lets all prop each other up who knows. just emotional support. thanks You take care speak soon xxxxxxxxxxx

Steve1953



Joined: 04/12/2008
Posts: 298

Message Posted:
10/02/2009 16:42

Dear Lilli,not sure Nick could pick up a bargain up north at present - mainly because stupid people pushed prices up too much.



Too many get rich quick kids here - only thing -they did it on borrowed money;and could tell you a few tales- but wont go there. It seems to have been the same since Mrs Thatchers ownership is best thesis - everybody knew it was flawed,but the bandwagon kept running till the early 90's when the wheels fell off.



Just been talking to a plumber who sounded like NN - hes just lost all his money and annuity(for his pension),because he invested in banks - no more cruises and holidays at age 66.



Before you start in UK - £3000 pa for council tax,water +utilities;sounds like TRNC are also jumping on the roundabout.

It follows that it will turn again - but may take some time - batten down the hatches everywhere ... and let me read your crystal ball,Lilli,whilst u read my palm,

pleasure conversing with you as usual,Lilli - I also feel refreshed,cheers,Steve x

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
10/02/2009 17:49

Thanks Lilli, your post is spot on, we must all hang on in there, the good times will come again, just not yet.



Hattikins

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
10/02/2009 19:55

sorting out the wheat from the Chaff - just looks like it's me and poor old Chaz that are up the creak without a paddle - you lot must have loads of cash, investment properties aplenty, shares, pensions etc etc.



The very best of luck to you !





Nick

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
10/02/2009 20:26

hiya nick i think we have to rely on faith and hope because as sure as hell we wont get charity. i wish you all the very best to get peace in your heart xx

Steve1953



Joined: 04/12/2008
Posts: 298

Message Posted:
10/02/2009 20:36

Dear Nick,only crumb of comfort is that what goes down usually goes back up. My son, against my advice,bought a house in Nottingham 2 years ago and has a paper loss of maybe £20,000 on a 95K mortgage. He has started to pay the capital back,and has got it down to 83k.



Maybe similar in TRNC - but I guess it then depends on location. I preferred Kyrenia,because it seemed to be the main area of activity.

My mate bought at Lapta via Santa Fe - say no more,one problem after another.



Hang on in there mate,it should improve gradually - the tunnel is always darkest at its deepest ..... kind regards,Steve

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
10/02/2009 20:39

Nick. As Lilli said we all live in hope. I'm staying optimistic.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
10/02/2009 20:47

Nick (and anyone else in your position)

I have every sympathy for you and your situation. I can understand your views and can only hope that there is someone who can afford to buy your villa so you can return to the UK. Knowing what I know now there is absolutely no way I would have bought my apartment. I agree with those who point out the nonsense of the 'you should have researched more' brigade. Whilst there are those who criticise the UK (and they have many valid points) at least you know roughly where you stand, have rights/laws to protect you, MP's and politicians to moan at, welfare, police, investagative journalists, Watchdog etc.

Watching the death throes of the NC economy is painful and I don't live there.

biker-babe


Joined: 30/12/2008
Posts: 75

Message Posted:
10/02/2009 23:22

Nick i think there are more people in your boat than are owning up to it! Suzie