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Mounting debt in the TRNC ??

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negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
14/05/2011 07:58

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Message 1 of 17 in Discussion

THis is a sign of the times - saw a poster in Girne yesterday:



"Now you can borrow enough to get yourself completely out of debt"...................



spider


Joined: 03/01/2009
Posts: 5527

Message Posted:
14/05/2011 08:05

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Message 2 of 17 in Discussion

For goodness sake Nick you can even do that back home ! and all over the world.



The best advice I was ever given was never get into debt....







Spider,X



erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
14/05/2011 08:16

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Message 3 of 17 in Discussion

Greece , Portugal and Ireland currently trying to do just that, but it doesnt seem to be working for them, despite the EU's 'consolodiate all your loans into one easy payment' pitch.



negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
14/05/2011 11:05

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Message 4 of 17 in Discussion

spider - Erol



it was a joke



no sign, just me trying to bring sum humor to the depressing old trnc.....



foreigners cannot get credit in the trnc - so why would any one put a poster up offering credit ??





its a very famous old joke....





lighten up - PLEASE !



martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
14/05/2011 11:17

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Message 5 of 17 in Discussion

Never mind NN, you know what they say, "some fell on Stony Ground"....................



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
14/05/2011 14:17

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Message 6 of 17 in Discussion

Actually you are wrong foreigners can get credit you just have to know where to go.



negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
14/05/2011 15:18

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Message 7 of 17 in Discussion

mess 6 - there called "loan sharks" luv............



no bank is going to give an unscured loan to a non tc...............



ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
14/05/2011 15:32

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Message 8 of 17 in Discussion

Who mentioned unsecured loans?.



negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
14/05/2011 15:41

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Message 9 of 17 in Discussion

mess 8 - so who's going to lend a cash strapped brit 25k without any security?



erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
14/05/2011 15:49

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Message 10 of 17 in Discussion

well my post was a joke too NN, the EU is not pitching ' consolidate all your national debt into one easy payment', in case you thought I was being serious.



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
14/05/2011 16:00

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Message 11 of 17 in Discussion

Credit West gave a brit friend of mine a loan unsecured to buy a car.



negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
14/05/2011 16:19

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Message 12 of 17 in Discussion

mess 11 - but they keep the kochan (log book) - and if he no pay - credit west co and pick up "their" car........



So secured - and i bet they only lend 50-60% of value........



And he would have to have the same amount in "savings" in the bank, which they would "mark off"....





Not really "un secured"...........





but good try...........



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
14/05/2011 16:21

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Message 13 of 17 in Discussion

I am not trying at all just saying what happened. They didnt ask him for any log book or block his account.



erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
14/05/2011 16:42

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Message 14 of 17 in Discussion

Its true NN the banks here are no where near as sophisticated as those in the US and Uk and elsewhere, who with their unsecured lending as well as 'secured' lending against property that was not worth as much as the loan to those with no realistic means of repaying it along with thier clever bundling up of such debt into super sophisticated instruments led us to a global economic meltdown and recssion the like of which had not been seen since 1930 and required massive taxpayer bailouts. Sub prime ring any bells ? Maybe one day , if we are lucky, the banks here will learn to be as sophisticated as well. One can only hope.



Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
14/05/2011 16:43

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Message 15 of 17 in Discussion

Can I lend money to that nice Afkinans bank? I'd only charge 500% interest....



Visitor


Joined: 19/08/2010
Posts: 492

Message Posted:
14/05/2011 17:40

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Message 16 of 17 in Discussion

It was reported today in the Guardian that the UK's growth record was the third weakest in the European Union, with only Greece and Portugal both in deep financial crisis doing worse. Whist the German economy has not been as strong for decades. France is also growing



keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
14/05/2011 17:52

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Message 17 of 17 in Discussion

I do hope not,flogging trailer park trash mortgages as AAA investments should be a serious fraud issue....



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