The "Credit Crunch" and you?

[iCraig]

My Dad (builder) is really starting to feel it. 2 more jobs left on but nothing else in the pipeline. Should take him through to the end of Dec then him and his mates are on their own unless Barrett find them something. Anything.

His pension is also suffering, and even with my Mum moving into full time work to help, they may need to run off their savings in 2009. The savings they've kept in reserve for decades to enjoy when they retire. It's depressing and unfair, my Dad has worked his fingers to the bone all his life, and is approaching retirement in the next 5-10 years and it's not looking good, the government are pledging to help where they can but it all seems too little too late and thousands of honest workers like my Dad who have put blood sweat and tears into their job, the subsquently the economy, and are now being "punished" for other's greed and mistakes.

[Belmit]

You know, I thought this was pretty much passing me by but I've noticed a couple of things that have affected me. Because I work at a university my job is as safe as houses - people still want education, and a lot of money comes from international students. In fact, work even honoured a 5% pay increase this October because our projections have continued as planned compared to most sectors.

However, I normally pay the full allowance into my ISA each year, and this year so far I've paid nothing, and it's not looking like I'll be able to afford to even with this pay increase AND my promotion in September. Where's the money gone? I haven't bought anything outrageously expensive this year that I hadn't already planned for, and I'm currently surfing the line between red and black.

[Pheebs]

to iCraig... it does seem to suck the most with people who just genuinely don't deserve it at all. I'm not saying anyone deserves to be hung dry but it's not fair :/

Originally Posted by Belmit

.... Where's the money gone?....

*cough* cheese *cough*



I know what you mean though - Picky is in a pretty darn safe job as a teacher (*touches wood*) and the wages there aren't too bad at all... but even so we just seem to have little if nothing going into savings! It's so baffling... I get confuddled by it everytime I look at our accounts.

As soon as my darn business breaks even things will be muchos better but even then it's a struggle negotiating prices in my line of work. It's always been a tight market... but those extra few pence off a card for me amounts to a heck of a lot.

[Mark]

Hope you don't get knocked back by it Pheebs. I've read that Clintons aren't doing so well right now - don't know about the rest.

[phykell]

Originally Posted by iCraig

My Dad (builder) is really starting to feel it. 2 more jobs left on but nothing else in the pipeline. Should take him through to the end of Dec then him and his mates are on their own unless Barrett find them something. Anything.

His pension is also suffering, and even with my Mum moving into full time work to help, they may need to run off their savings in 2009. The savings they've kept in reserve for decades to enjoy when they retire. It's depressing and unfair, my Dad has worked his fingers to the bone all his life, and is approaching retirement in the next 5-10 years and it's not looking good, the government are pledging to help where they can but it all seems too little too late and thousands of honest workers like my Dad who have put blood sweat and tears into their job, the subsquently the economy, and are now being "punished" for other's greed and mistakes.

It's crazy that builders are feeling the pinch so badly. I think (and that's all it is of course - conjecture!) that builders are always going to be in demand, not necessarily for building new houses, but certainly for other work. The requirement to maintain existing structures does not go away: houses are, if anything, built to poorer standards than years ago; the population hasn't decreased; people are more willing these days to have extensions rather than pay to move house; people still want to improve and maintain their homes. An analogy might be to suggest that a software developer would work more on maintenance and support rather than development in the current market so perhaps your dad's job function may need to change. I imagine that the term "builder" covers a multitude of disciplines like IT, so it really depends on what he actually does. Hope it works out though

I can't help but feel that the "credit crunch" phenomenon is akin to some sort of mass hysteria. Some companies are using it to their advantage, plying their trade using credit crunch sales tactics; others are using it simply to tighten their belts and that is probably a good thing anyway; still others, however, are using it as an excuse to exercise the typical British management "knee-jerk" reaction and I think we're seeing a disproportionate number with regards to the latter.

Last point - pensions. They're nothing more than a Government-sponsored scam IMO.

[Mark]

We're doing the 'credit crunch sales tactics' part, and doing fairly well at it so far, but that only works if the companies you sell to are in business. We have government customers, so they're a relatively safe bet, but we also have banking customers, and I don't need to tell you what they're like at the moment.

As expected, DSG have reported they're in trouble. Yet another long-running basket case.

[_dogma_]

Starting to worry a little bit, Iain isn't getting his xmas bonus this year and the offices around the country and slowly letting staff go. His offer to go to Dubai is also out the window as people from other offices are being relocated to there. A few of the projects he's working on are getting shut down too
Our gas prices went up a fair amount but we pay by SO so we're not quite feeling that yet.
We are on a fixed rate mortgage at the moment but with the interest rate drop it would've been better if we weren't.
Jobwise I'm ok. They always need till monkeys down the high street but trying to apply for a pub job isn't going well.

My parents and brother own a tyre fitting company and MOT centre and they're really feeling it. They had to send the van guy home the other day as there was just no work but obviously still had to pay him, they're getting maybe 3 or 4 calls a week atm.

[Tak]

There are currently meetings going on about how much Social Services will increase what they pay for residents. Portsmouth have been the lowest for the past two years and as majority of out residents come though Ports SS it kinda makes things difficult. The "government" are insisting that nursing homes pay a certain wage for care assistants but when individual social services aren't paying enough to cover basic amenities it makes you wonder how we are meant to do it.

[vix]

Dad's business (electrical contractor) is going into liquidation.

One of the companies I do the accounts for has gone into liquidation, the MD of two of the other co's I work for has taken accounts work off us to save costs. Therefore I've had my hours cut. Hmph.

[Beansprout]

Friend lost her job as a manager at her local woolworths

Personally...'tis a good time to be buying businesses at good prices, running special offers (3 for 2 at the moment ) and so on! Lots of clients asking how we're doing as a result of the credit crunch...fortunately, so far, people still need websites.

I have however stopped shopping at Sainsbury's, preferring the Morrissons which is excellent so far and so much cheaper.