Progress?

[Goweresque]

FFS , who uses finance on car purchases? No I'm not f@cking joking either!

The vast majority of the UK public, thats who. No-one buys a car new for cash, or even a secondhand one, its all about how much per month. Thats how the economy works. Forget how much debt I have in total, can I make the monthly payment?

 

[DRC]

FFS , who uses finance on car purchases? No I'm not f@cking joking either!

The vast majority of the population .

 

[7610 super q]

FFS , who uses finance on car purchases? No I'm not f@cking joking either!

We had 3 tractors,and a car (on finance ), an overdraft, and a mortgage at one time.
In bad years we were working for the bank.
In good years we were working for the bank, and the taxman.

Never again. If that means driving around in a wonky old 7810, so be it.

 

[Walterp]

The English are, undeniably, very sensitive...

It's enough to get (some) going , just by mentioning that they are, in fact, 'English.' They should, perhaps, just accept this and move on with their life - it's not my fault that they are as a nation both dissatisfied and angry.

Anyway, I focused on DEFRA's stats because they are the most topical, and available. Farm structure is rather different in Scotland, for several reasons, and debt averages are harder to find. Wales ditto*. *Anyone who can find these stats is welcome to put them up for discussion.

The Prince's Trust says farm borrowing across the UK has more than doubled 2006-2015 (to £11 billion) and in 2017 it reached £18 billion. Those facts speak for themselves.

Much as I disagree with my former neighbour on many topics, this is not 'progress', folks. It is merely the illusion of it.

 

[Bury the Trash]

be good if interest rates go up and I don't give a dam if land prices fall[/QUOTE]
They wont because they dont make it anymore,likes of 3rd runway at heathrow etc etc


Surely A fixed rate (repayment loan ) at low ,very low interest rates even is better,
even if you have to pay more for the land.
Well for for young people / developers / the ambitious,.. anyway

I wouldnt have done anything like i have when younger if we hadnt borrowed. still do now not so much tho what good is savings when yer deid

 

[Derrick Hughes]

Comments on what you see as bennefits of putting a loan on a Mortgage rather than an overdraft .ok you don't have an annual arrangement fee which is annoying .do they really need an annual review which the charge heavily for , other than that; you are paying interest in a Mortgage when your current account may be well into credit

 

[Bury the Trash]

I see moneys purpose is for using. not like that old farmer who i used to rent from with hes stash.

 

[joe soapy]

Comments on what you see as bennefits of putting a loan on a Mortgage rather than an overdraft .ok you don't have an annual arrangement fee which is annoying .do they really need an annual review which the charge heavily for , other than that; you are paying interest in a Mortgage when your current account may be well into credit

There is an interest rate level where a overdraft is better than a mortgage, probably close to 5%

 

[czechmate]

Walter always conveniently forgets Wales.
It’s the English he likes to get stuck into .
Personally I’d love interest rates to rise, as I’ve no debt and getting bugger all from savings. It seems like in today’s world your penalised for actually saving money and paying off debt.
My father had to deal with 16% interest rates, so @Forage Trader implication that the banks are now fleecing everyone is wide of the mark . They have been virtually giving the stuff away for a number of years.

Did you watch question time last night? It’s certainly not just Walt and tbh I think the welsh (and Scots) (and NI) have a point

 

[JP1]

I went to Prembroke once, apart from Stratford it was probably the most English place I've ever been, it must be something of an internal battle with him struggling to hate the English yet looking in the mirror and feeling more English than those he seems to despise the most.

As for the topic would it be a fair assumption that more English farmers being younger on average are investing in the future than their Welsh cousins ( in walts case brothers ) so carrying more debt ?

Yes but Pembroke IS Little England. ......................

 

[vantage]

Yes but Pembroke IS Little England. ......................

Partly true. Pembrokeshire ( Below the Landsker line) may well be a little England beyond Wales,but North of the line Welsh would probably be the dominant language.
@Walterp is a southerner,where coincidentally most of the best land is.

 

[JP1]

Partly true. Pembrokeshire ( Below the Landsker line) may well be a little England beyond Wales,but North of the line Welsh would probably be the dominant language.
@Walterp is a southerner,where coincidentally most of the best land is.

I love St Davids by the way and even got to see a Red Welsh Galloway bull there once

 

[Hereward]

The vast majority of the UK public, thats who. No-one buys a car new for cash, or even a secondhand one, its all about how much per month. Thats how the economy works. Forget how much debt I have in total, can I make the monthly payment?

Most new cars on UK roads are leased, so they only have to be able to afford the monthlys on the depreciation plus a small margin for the lease company.

The lease company sell the cars once returned at auction, which are bought by car dealers, who sell them to their customers on finance, its often not until the third or fourth 'owner' (I use that term loosely) that the car is owned outright and not by a finance company.

The above is true for a lot of big farm equipment, be it combines, tractors etc.

 

[Henarar]

@Bury the Trash
it already has dropped a bit around here
as for the rest of your post no idea what you are on about

 

[DRC]

Did you watch question time last night? It’s certainly not just Walt and tbh I think the welsh (and Scots) (and NI) have a point

I didn’t watch it. What point do the welsh , Scots and Irish have ?

 

[Ashtree]

The bank loan d’jour currently and for the past decade has certainly been the PCP contracts used primarily in the car industry. The system is a ticking time bomb, waiting for a recession or economic shock to cause widespread dafaulting on monthly payments.
I chuckle when I hear Brexiteers blithely say a no deal hard Brexit would be good even though it would probably cause short medium term pain and recession.
Too damn right it would. Time was folks owned most of their stuff, and the house was on tick. Likewise the banks exposure was to bricks and mortar.
Not anymore folks. It’s the house, TV (all 60 something inch’s of it), American style fridge, car (BMW), second car (4X4) ....last years jolly in Salou, this years jolly is just weeks away so must get on and make that last payment on last years one .....
The whole damn thing is a one way bet, winning bet till something causes the music to stop ......

Have seen it at very close quarters here in Ireland, when the roulette wheel got a wobble ......
It’s not pretty, I can assure you!!

 

[Goweresque]

Anyone who thinks interest rates are going back to anything like where they used to be needs to look at the economic history of Japan over the last 3 decades. They had the mother of all financial crashes in the early 90s based on huge debt levels and inflated property values (at one point in the late 80s the Imperial Palace Tokyo was theoretically valued at more than the entire property value of the State of California), ie exactly the sort of crash that hit the western economies ten years ago. Japanese interest rates quickly dropped to 1% by the mid 90s and 0% by about 2000 and have stayed their ever since, in fact they're currently negative, -0.1%.

https://tradingeconomics.com/japan/interest-rate

The Financial Crash of 2007/8 is the Japanese crash writ large. The Japanese invented QE and 0% interest rate monetary policy, and the rest of the world copied them 10 years ago. The Japanese still haven't managed to get their interest rates to above zero, nearly 30 years after their crash. I can't see ours going anywhere any time soon.

 

[czechmate]

The bank loan d’jour currently and for the past decade has certainly been the PCP contracts used primarily in the car industry. The system is a ticking time bomb, waiting for a recession or economic shock to cause widespread dafaulting on monthly payments.
I chuckle when I hear Brexiteers blithely say a no deal hard Brexit would be good even though it would probably cause short medium term pain and recession.
Too damn right it would. Time was folks owned most of their stuff, and the house was on tick. Likewise the banks exposure was to bricks and mortar.
Not anymore folks. It’s the house, TV (all 60 something inch’s of it), American style fridge, car (BMW), second car (4X4) ....last years jolly in Salou, this years jolly is just weeks away so must get on and make that last payment on last years one .....
The whole damn thing is a one way bet, winning bet till something causes the music to stop ......

Have seen it at very close quarters here in Ireland, when the roulette wheel got a wobble ......
It’s not pretty, I can assure you!!

And there's still last Christmas to pay for...

 

[chipchap]

Perhaps the pound, dollar euro yen etc. Are all finished, and the real currency going forward is Bitcoin or something similar; after all money is only a man made phenomenon now the gold standard is no more.

 

[JCMaloney]

Money doesn`t exist, its just a huge old pyramid scheme. Once the pyramid starts to wobble "magic up some money".

Someone mentioned the EU Central Banks announcement....

"The ECB said it will reduce the pace of asset purchases from €30bn (£26.4bn) per month to €15bn from September to December, in a press released today after its latest monetary policy meeting in Riga, the capital of Latvia."

Now does anyone think that that kind of money physically exists anywhere and not just "on the books " or a spread sheet?

Money is just oppression & slavery for us all......... you arrive with nowt & go out with nowt.