How will we all manage ???

Chaz4566


Joined: 31/12/2008
Posts: 32

Message Posted:
20/01/2009 21:19

Let's be honest, we all moved to the TRNC because it was cheap...



House sold in the uk, villa bought for cash and the rest invested allowing early retirement - sound familiar ?



But with the cost of living here rocketing and now 2% chopped off the HSBC's savings rates today (now 13%), with other banks set to follow suit..



Is anyone out there, like me, feeling the pinch ?



With interest rates set to drop further (poss another 2% next month) and little or no legitimate employment to "top up" the short fall, how long can we Brits survive ?



Be interested in your comments.





Chaz

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
20/01/2009 21:36

Chaz - I feel there are many more starting to "feel the pinch".

If I knew a way around the current situation, I think I would probably make a fortune.

If it's any consolation, interest rates here in the UK are dire. Best on offer at present seems to be something around the 4.6% if you want to tie your money up for 12 months!

I do feel there are a lot of people in the same boat - keep telling yourself that things can only get better!

Good luck and all the best.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
20/01/2009 21:38

Chaz....I'm sure you are feeling the pinch but it's hardly a "survival" issue.



It's all relative....I'm sure some Gaza residents would swap places with you.



Carry on living the dream.....life's too short to obsess about interest rates.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
20/01/2009 21:40

still seems like a good deal to me

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
20/01/2009 21:46

Cronos - point taken and I appreciate that everything is relative. I have watched the news reports of the devastation of Gaza. However, if interest rates for YTL continue to fall (as I believe they must) then people who rely on investments=high interest rates=money to live on, then I think there are probably a lot of people with grave concerns right now.



I agree, it's not necessarily a "survival" issue, but a worry nevertheless.

suntanman



Joined: 18/04/2007
Posts: 721

Message Posted:
20/01/2009 22:00

Also a worry back here in UK, 6 months ago I was getting 6% on a savings account, today its 1.8%.

Seriously thinking of moving (with my money) to TRNC

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
20/01/2009 22:08

I was listening to Martin Lewis money advisor last week - and apparantly we may well be taxed if we save imgaine that insane eh! - so I guess 13% over in the TRNC is looking good !!!



Regards

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
20/01/2009 22:54

My building society in the UK now paying 0.5 % , the next step i will be paying them to keep my money.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
20/01/2009 23:50

I do not think anyone came here to live basing their income on the local interest rates. If they did then they were very short sighted.



We came here with an income and worked out the fall back positions if things did start to change. It is sad to read about people who moved here, Spain, Greece or whatever with an income that was only appicable to the scenario at the time of moving. Sad, but I have no sympathy. It is all part of the so called "credit crunch" where people have tried to live beyond their means.



People have to take responsibilty for their actions, remember the Dickens character Mr Micawber. Cannot remember the exact words but along these lines. Income 20 shillings, outgoings 19 and 6 happiness. Income 20 shillings and outgoings 20 and 6 problems.

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
21/01/2009 00:08

Take a look at this ad for a now defunct British Insurance Agency, if they can't get it right, how can we expect you to? Quite prophetic really.



http://uk.youtube.com/watch?v=HWCK0hCxGjI&feature=related



Don't panic!



Lem

Nemika



Joined: 05/04/2008
Posts: 413

Message Posted:
21/01/2009 00:23

Im feeling the pinch i moved here with my mum and dad now both returned to UK now im looking after my baby, husband and two 18 year olds ( my brother and sister) and hubby has been laid off work due to not enough work on and too many staff. no savings, no income, no help!!! your lucky you all still have some money coming in, some of us dont choose the situation we end up in. how can we take responsibilty for our actions if we had no choice but to come here in the 1st place.

MaggieAndBernie



Joined: 26/07/2008
Posts: 2012

Message Posted:
21/01/2009 00:34

Well said Nemika, some people can be very 'smug' & unsympathetic. No one could have foreseen the 'credit crunch' (well Northern Rock never saw it coming did they!) We have lots a lot of money that we had in shares so will have to wait a while before we can stay in N Cyprus permanently but it is still our aim to quit the cold, miserable UK as soon as possible. We won't be living 'beyond our means', just enjoying the sunshine which is free!

I hope your hubby gets fixed up with some work soon - hopefully things will pick up soon as the summer season gets underway.

Maggie

Nemika



Joined: 05/04/2008
Posts: 413

Message Posted:
21/01/2009 00:39

Thank you maggie. you are right some people just cant see past the £££ signs. i hope things pick up to we just have the problem of how do will live from now untill then with no income. these will be hard times for many people x

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
21/01/2009 01:22

Maggie

Know what you mean i.e. Shares, thought I was being clever a few years back and bought a load of shares in Banks. Never have had the best of luck in investing!

Never mind, not starving and still have a roof over my head, and still think it'll be easier to live cheaper in TRNC, can't wait to get there permanent.

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
21/01/2009 01:44

Good luck to you all.



times will get better.



wish I was out in Cyprus.

bakala


Joined: 10/01/2009
Posts: 34

Message Posted:
21/01/2009 04:19

Its a sad fact that we are in the same boat as the rest of the world

The only people making money in a time of financial crisis is the people who already have money,



The people at the bottom of the heap have trouble keeping warm and food on the table, for them the future realy is bleak, so perhaps by comparison we are lucky.

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 07:30

you could be in alot worse off in england

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
21/01/2009 08:30

re msg 17



"you could be in alot worse off in england"



I *think* given recent historical track records of banks in Turkey and UK I know where I'd rather put my "eggs" .....

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
21/01/2009 08:39

moving all your money to TRNC then are you Mark?

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 08:45

dont often agree with you mark, but on this occasion with the state of the banking in uk, turkey seems good lmao

babyblueeyes


Joined: 13/01/2009
Posts: 18

Message Posted:
21/01/2009 10:22

Yes I agree the cost of living has increased & income has been reduced for most of us trying to live a simple life in the TRNC. Finding work, if possible, defeats the object of being here, in my case.

I assume most of us are in our 50+ so labouring is not an option, again I speak for myself.

I would have no objection being paid or rewarded or receiving a gift for introductions to the service industry; retailers etc.

I could continue enjoying my life in the sun & earn a bit to top up my income or lifestyle?

This then would not be classed as employment or taxable etc???

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
21/01/2009 10:44

I am at present looking at investing some of my ill gotten gains in banks in Azerbaijan. Having worked there for 4+ years I regard the country as having a stable economy (due to oil and gas reserves) and most banks giving at a minimum 15% on savings. The global economic crisis has and will have even less impact on Azerbaijan than Turkey and the TRNC. I have to make contact with some people that I used to know but if anyone is interested then I am more than willing to pass on information. Please contact me off board.

AJ

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
21/01/2009 10:46

hi babyblueeyes yes it would be subject to everything including work permits and social segorta. Its becoming a nightmare for people who have business here and have to rely on that to live .

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
21/01/2009 11:51

I feel sorry for all the "poor" Brits in the south living on sterling and buying with Euros.

babyblueeyes


Joined: 13/01/2009
Posts: 18

Message Posted:
21/01/2009 12:00

Jack, I've known people who have invested in business ventures in Azerbaijan & surrounding countries & have only made big losses. Copying with the sysytem & it's people turned out to be a nightmere!

Maybe the banking industry is different & wish you luck.

Lilli, I will make some descret enquiries about the points you made.

Surely I as an individual can make a recomendation about a retailer, service provider and any reward/gift given to me is the responsiblity of the producer?

If I'm not contracted or employed by them I should have NO tax etc liability?

I will find out more & inform you all.

In the mean time we should keep our hopes up?

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
21/01/2009 14:42

Hi Mike re msg 20





I think you may have misunderstood me.. :( I was saying that I would 2trust" a UK bank- well the govt - rather than the TR based ones.. weren't you around in 1999/2000 ?!



TR / "TRNC" / Russian banks folded many leaving their clients "screwed"...



re msg 19



Geoff, I did open an account there, for a "laugh" and put in 10 million "old" TL seven years ago... thinking I might use it .. never did :(



re msg 22



AJ, you MAY be right re Azerbaijhan - but a year ago I was telling people that Russia was on the up and the stock Market was going CRAZY as was property...if they had piled in ... property peaked having gone up 400% in 8 years and oil prices now don't cover the govt's budget.. WHoops..





You can get 20% + from banks.. and the Rouble had strengthened 20% against the GBP... but would you WANT to do it?.. Especially, if you don't have a "friend" over there..?



I always think it's best to stick to the places you are familiar with.

markvpiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
21/01/2009 16:45

If you get 13% interest in a TL account, but inflation is at 17%, you are not making an "income" from your savings, you will be 4% poorer each year.



Anyone who thinks a lump of cash in a deposit account is going to keep them into the style to which they have become accustomed, should consider taking professional financial advice



Mark

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
21/01/2009 18:03

Mark

"should consider taking professional financial advice"

Evertime I've taken "professional financial advice", and I've used many highly recommended IFA's, I've ended up losing money.

I now just listen to my own advice, at least I only have myself to blame if things go T**s Up.

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
21/01/2009 18:11

Re msg 27, well Mark, i would not be taking any financial advise from you, how many times in the last six months have you advised people to get out of the Lira because it was going to be 5 to the pound? If anyone had taken your advise they would be in serious trouble by now.

rothwell


Joined: 29/09/2008
Posts: 5

Message Posted:
21/01/2009 18:34

teatime

well said,in the last 10 years taking financial advice i have lost aprox 35% of my savings,now i manage all my money myself.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
21/01/2009 19:06

If you invest at 13% in TRNC you do need advice, 18% is still closer to the norm.



Even then better at 13% than on UK rates and be 13% poorer pa

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
21/01/2009 20:03

Its all going very pear shape and people should quite rightly be worried. The economy here at present has been o.k ish but the drop in TL interest rates is what I see as the first of many steps downward as its not only the Brits who rely on the 19% every month. Most non essential spend will be deferred with the business community feeling the backlash. Shops and restraunts will close, TCs will lose their jobs and everyone will try and ride out the storm the best they can. With no income and savings dwindling the people in the TRNC (and in most countries throughout the globe) will take to the streets and anarcy will set in.

Scaremongering you might say, but just think this is not so far fetched as it seems.

Have a happy evening

Michael

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
21/01/2009 21:18

Can anyone lend us a fiver?



Lem

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
22/01/2009 00:08

Big issue anyone !!

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
22/01/2009 00:15

Oi! This is my pitch, I'm the one with the sleeping bag and the dog.



I was here first.



Lem

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
22/01/2009 00:23

ok, i'll go car washing, if you wanna sell your pitch let me know !!

tootie


Joined: 28/08/2008
Posts: 2037

Message Posted:
22/01/2009 00:47

Reply to msg 10...

Thanks I love the link, Gone straight into my favorites. LOL

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
22/01/2009 07:51

Mark, Re msg 26,



Your 10 mill will now be worth 37ytl, if you had put your £5 into a uk bank that would be worth a grand total of £7 now.

Tell me again where the best place is for our money.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
22/01/2009 15:24

preferably in a bank who wont run away or be gone tomorrow.

bakala


Joined: 10/01/2009
Posts: 34

Message Posted:
22/01/2009 17:36

Lets not forget Money has no particular use except to buy stuff and as a way of comparing prices,



Example



£7 doesent feed you unless you exchange it for food.

your anology of £5 would be worth £7 now is totaly silly unless you consider the purchasing power of the currency



The original £5 may have bought 10 loaves of bread where the present £7 only buys 5



so where does that leave your valuation of comparing sterling and YTL ?

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
22/01/2009 17:47

Hi Geoff 38



If I'd put it into Roubles I'd have made more ;) Pound fell and higher interest rates..

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
22/01/2009 18:01

Bakala, it was only a joke!!!!!!!!!!

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
22/01/2009 22:35

When billions of pounds get wiped off the value of shares in UK Banks, where does this money go? Does it disappear into the ether?



Okay, suppose it does, it just disappears.



Conversely then, we can just invent money, just pluck it back out of the ether and say it now exists. Whose to know different?



I think that's what the banks do when they lend money, they make it up, its lent to a borrower who sticks in another bank and that bank just lends it to someone else.



All we have to do is get back to pretending money is real and then the whole money system will be alright again. Its just a question of believing the bankers.



Have a look at this, it may disturb some of your beliefs about money.



http://uk.youtube.com/watch?v=_dmPchuXIXQ&feature=PlayList&p=0A196902EF94497E&index=0&playnext=1



I have no money, so none of this affects me.



Lem

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
23/01/2009 00:31

Mark

I still think Azeri Manats are the safest bet at the moment.

AJ

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
23/01/2009 01:04

Naw ...Stroud "Groats"....



The Cotswold town close to where we're "at" has been toying for years about a local currency.. I'm surrounded by "Wooly jumpered Alternative Greenies".. and you know what.. they might not be so crazy after all ;)...



http://www.thisisgloucestershire.co.uk/gloucestershireheadlines/Stroud-currency-moves-step-closer/article-615460-detail/article.html#StartComments



I can barter, me , ow awre ....

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
23/01/2009 01:12

Sorry Mark mate, that link has gone down.



Have a look at the zeitgeist movie, especially the Christianity part.



Very interesting,



Lem