Real stories of people losing their homes

[Peoplesoft bloke]

Not in the world of Nu Liebore.

Or indeed of the Tories in days gone by, let's hope "call me Dave" has learned his lesson.

[Gonzo]

Or indeed of the Tories in days gone by, let's hope "call me Dave" has learned his lesson.

Care to elaborate?

[DaffydKJones]

http://news.bbc.co.uk/1/hi/business/7680498.stm

Charles Okwalinga moved into a council house in Lewisham with his wife and kids which he ended up buying, enticed by the government's right-to-buy scheme.

The government discount was very attractive. We paid £15,000 and the government put in £16,000. That left us with a mortgage of about £167,000.

We had to pay interest at 9.8%, which I was advised was the best I could get at the time because of credit problems, as neither my wife nor I were working. "


So lets get this straight. You took a council house, invoked your right to buy and effectively took £16K of tax payers money to help you buy. You secured a mortgage which you consider bad as no one was working (how the fook you can get a mortgage with just I guess social money is staggering).

Now you demand the government help you out of this mess?

Charles gets around a bit. He may be unemployed, but that doesn't stop him trying to make money.
Here's a couple of his websites:
http://www.lifelineinvestments.org/page005.html - essentially a glorified ponzi-like scheme

http://www.ecademy.com/account.php?id=75333 - nice self-biography

http://afrotalk.com/node/57#comment-87 - "How Africans can dominate in Business" - seems quite sensible, actually

[Peoplesoft bloke]

Care to elaborate?

Lord Archole?
Jonathan Aitken?
Neil Hamilton?

Hardly shining examples of taking responsibility for their actions.

Norman "Je Ne Regret Rein" Lamont? - and his adviser - David "call me Dave" Cameron.

[BoredBloke]

Charles gets around a bit. He may be unemployed, but that doesn't stop him trying to make money.
Here's a couple of his websites:
http://www.lifelineinvestments.org/page005.html - essentially a glorified ponzi-like scheme

http://www.ecademy.com/account.php?id=75333 - nice self-biography

http://afrotalk.com/node/57#comment-87 - "How Africans can dominate in Business" - seems quite sensible, actually

Good find!

I particularly like

"Lifeline Investments was founded in 2008 and already
takes the leading position on implementing strategic investment ideas. "

So he advises others on making investments but then appears on the beeb saying that he can't afford his own investment.

[aussielong]

Right To Buy

I don't believe the figures in this story. You don't qualify for the big discount until you've been a tenant for 15 years+. Only then you would get the max 70% discount. A 3 bed council house in Lewisham would have been worth 100K at least in 2000. I was looking at private 1 bed flats not far from there around 1998/99 and they were about 90K at the time.

That said, next time I live in the UK i'm getting on the council housing list. See if I can get a place and then rent it out for 15 years, then buy/sell it and make a killing. I have a close family member that has done just this and is now sitting on 250K if he sells his council flat which he bought for 25K. Tory councils always bring back RTB.

[tim123]

I don't believe the figures in this story. You don't qualify for the big discount until you've been a tenant for 15 years+. Only then you would get the max 70% discount. A 3 bed council house in Lewisham would have been worth 100K at least in 2000. I was looking at private 1 bed flats not far from there around 1998/99 and they were about 90K at the time.
.

He didn't get a big discount. The purchase price appears to be 198K of which he got 16K discount from HMG, so about 8%.

tim

[Cyberman]

FFS since when has a buy-to-let speculator been a 'consumer'?!!

I agree. These people are speculating just as if they are buying shares with a loan. HMG have willingly allowed this by not having any semblance of credit controls, in order to perpetuate a boom scenario. No wonder the chickens are coming home.

Fortunately, these people are in the minority, but for those with spare cash like myself there could be some nice bargains around very soon!!

[AtW]

What really pisses me off is that f***wit Darling abolished CGT relief so those guys now will pay 18% on speculative assets (well not unless they make profit which many won't) rather than 40%, yet those who are long term business investors will pay 18% rather than 10% - that was the I sworn to never ever vote Labour

[ratewhore]

- that was the I sworn to never ever vote Labour

As a russki, do you have the right to vote here?