The "Credit Crunch" and you? - Page 24

Zirax · 15-01-2009, 00:16

One thing I've noticed since driving back upto Leeds is that there appears to be a lot less cars on the A1. Both on the drive up and down. Now my work has implemented a travel ban on the technical side of the business, my side is ok. Just wondering if anyone else has this.

Certainly being one of very few cars heading down the A1 at 7pm was odd. Normally a stream of cars go from Leeds down the A1.

iCraig · 15-01-2009, 00:25

We've definately noticed a decline in demand, and tendered proposals are almost always negotiated now. Always on the price. A few customers haven't paid up either. We're owed several grand at least for unpaid work. Almost certainly concerned businesses beginning to pay what they consider the most important bills first, and seeing how long they can delay the others. Official letters citing debt collection and legal action will probably go out soon, which feels harsh, taking the very little money these businesses are trying to cling on to, but, we're a business as well and we have to look after ourselves. Nobody else will.

Halfmad · 15-01-2009, 01:56

Only thing that we're bothered by is the building of our new house being indefinately delayed, they asked us to call back in April to see if they'll be doing anything on the site this year. Our house is one of the last ones to be built, so rather than moving in this September it could be 2+ years.

Financially though it's had no effect on us, if anything we're in a better position to barter with the house builders as we've not agreed a price! Our current flat isn't worth much anyway so any drops in house prices won't hugely effect us, seeing as we've a tiny mortgage which at the rate we're going will be paid off by the end of 2010.

I feel very lucky compared to some people, if our house being delayed is the only thing, then I'll happily accept it!

loki · 21-01-2009, 11:08

Mrs L got took into a breifing this morning (She works for Co-Operative bank) that CFS are merging with Britannia building society to create a new super mutual

Quote:

The Boards of Britannia Building Society and Co-operative Financial Services (CFS) - two of the biggest customer-owned financial services businesses in the UK - today confirm they have agreed to merge to create a super-mutual as a unique, ethical alternative to shareholder- and Government-owned banks.

The new business will combine CFS's strong personal and corporate banking, insurance and investment expertise with Britannia's extensive high street presence and savings and mortgage product strength.

I was asking her the other day about how things are with CFS and the bank as the industry wasn't in the best of health. It appears tht CFS are in a very healthy position as they were a lot more responsible in what they borrowed, where they borrowed it from and who they lend to to. It is expected that they will annouce record profits this year, new account applications are up and more are being accepted.

So it's not all doom and gloom in the banking world. Good news very rarely makes the front pages these days though.

Solari · 21-01-2009, 15:04

I always had tonnes of cash when I started this job 3 years ago, now I seem to be going down to the wire more and more (I have always saved the same amount each month and never touch it)... no pay rises the past 2 years and it looks like there won't be one this year despite our firm actually doing well out of the whole credit crunch situation

bonuses are to be halved (if we get one at all).

Meh

Justsomebloke · 21-01-2009, 18:26

I'm in the Best position I've been for a Decade which is Damn strange when all I hear about is Job losses & how most people are in Skintsville.
I have a job, I'm rebuilding my credit limit/rating & I am able to take advantage of cheap deals for my food. I can honestly say that I don't really want for much at all apart from maintaining my good health.

Tak · 19-02-2009, 09:20

Credit crunch hits porn?

Slinwagh · 19-02-2009, 10:39

It hasn't affected us really, although utilities have gone up our mortgage has gone down, so in terms of income and outgoings we are pretty much on a par.

Our mortgage rate is now only 2.1% we get any cut passed onto us in full so we are benefiting from that, we can afford the rate to increase by 5% and still be where we budgeted for if that makes sense.

Del Lardo · 20-02-2009, 12:21

One of my friends took voluntary redundancy from Citi yesterday. Works in IT on trading systems (so not an overpaid banker) and they've already has several rounds of compulsory redundancy so he's decided to take the money and run. It's worked out pretty well for him as he was planning on moving to Australia this year so he'll be going a couple of months earlier but with a bigger pile of cash.

He was also telling me yesterday that there have been two 'jumpers' in his building since September and he has the displeasure of seeing the 2nd one go past his window. He did get the rest of the afternoon off work and a net has now been installed.

Lomster · 20-02-2009, 12:27

Quote:

Originally Posted by Del Lardo

He was also telling me yesterday that there have been two 'jumpers' in his building since September and he has the displeasure of seeing the 2nd one go past his window. He did get the rest of the afternoon off work and a net has now been installed.

I shouldn't but.....

Faysh.

15-01-2009, 00:25	#232
iCraig iCustom User Title Join Date: Jul 2006 Posts: 2,250	We've definately noticed a decline in demand, and tendered proposals are almost always negotiated now. Always on the price. A few customers haven't paid up either. We're owed several grand at least for unpaid work. Almost certainly concerned businesses beginning to pay what they consider the most important bills first, and seeing how long they can delay the others. Official letters citing debt collection and legal action will probably go out soon, which feels harsh, taking the very little money these businesses are trying to cling on to, but, we're a business as well and we have to look after ourselves. Nobody else will. __________________

21-01-2009, 15:04	#235
Solari Nice weak cup of Earl Grey Join Date: Jan 2009 Posts: 35	I always had tonnes of cash when I started this job 3 years ago, now I seem to be going down to the wire more and more (I have always saved the same amount each month and never touch it)... no pay rises the past 2 years and it looks like there won't be one this year despite our firm actually doing well out of the whole credit crunch situation bonuses are to be halved (if we get one at all). Meh Last edited by Solari; 21-01-2009 at 17:09.

21-01-2009, 18:26	#236
Justsomebloke The Night Worker Join Date: Jul 2006 Posts: 5,228	I'm in the Best position I've been for a Decade which is Damn strange when all I hear about is Job losses & how most people are in Skintsville. I have a job, I'm rebuilding my credit limit/rating & I am able to take advantage of cheap deals for my food. I can honestly say that I don't really want for much at all apart from maintaining my good health. __________________

19-02-2009, 09:20	#237
Tak L'Oréal Join Date: Jul 2006 Location: Portsmouth Posts: 9,977	Credit crunch hits porn? __________________ The look on your face when a toddler rips out your heart and shows it to you? Priceless.... For everything else, there's FWOOSH!

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15-01-2009, 00:16	#231
Zirax Goes up to 11! Join Date: Jul 2006 Posts: 4,577	One thing I've noticed since driving back upto Leeds is that there appears to be a lot less cars on the A1. Both on the drive up and down. Now my work has implemented a travel ban on the technical side of the business, my side is ok. Just wondering if anyone else has this. Certainly being one of very few cars heading down the A1 at 7pm was odd. Normally a stream of cars go from Leeds down the A1.

15-01-2009, 01:56	#233
Halfmad Nice weak cup of Earl Grey Join Date: Jan 2009 Posts: 24	Only thing that we're bothered by is the building of our new house being indefinately delayed, they asked us to call back in April to see if they'll be doing anything on the site this year. Our house is one of the last ones to be built, so rather than moving in this September it could be 2+ years. Financially though it's had no effect on us, if anything we're in a better position to barter with the house builders as we've not agreed a price! Our current flat isn't worth much anyway so any drops in house prices won't hugely effect us, seeing as we've a tiny mortgage which at the rate we're going will be paid off by the end of 2010. I feel very lucky compared to some people, if our house being delayed is the only thing, then I'll happily accept it!

19-02-2009, 10:39	#238
Slinwagh Long Island Iced Tea Join Date: Feb 2009 Posts: 107	It hasn't affected us really, although utilities have gone up our mortgage has gone down, so in terms of income and outgoings we are pretty much on a par. Our mortgage rate is now only 2.1% we get any cut passed onto us in full so we are benefiting from that, we can afford the rate to increase by 5% and still be where we budgeted for if that makes sense.

20-02-2009, 12:21	#239
Del Lardo Absinthe Join Date: Jan 2007 Location: Cambridge Posts: 2,539	One of my friends took voluntary redundancy from Citi yesterday. Works in IT on trading systems (so not an overpaid banker) and they've already has several rounds of compulsory redundancy so he's decided to take the money and run. It's worked out pretty well for him as he was planning on moving to Australia this year so he'll be going a couple of months earlier but with a bigger pile of cash. He was also telling me yesterday that there have been two 'jumpers' in his building since September and he has the displeasure of seeing the 2nd one go past his window. He did get the rest of the afternoon off work and a net has now been installed.