Credit Crunch

[BrilloPad]

Did you mean carp? I think ability may not be the cause, I think its balls. The thing I keep reading on this forum is how 'my pimp' robs me or 'its the way all agencies are'. At the end of the day you can tell the agent to ram his rise, he may drop you he may agree your terms. If your agent is getting £20 an hour from you and you want £5 of this then it all depends on how good you are/how good a job you are doing and if he has a queue of people waiting to fill your space. Me if I didnt get what I wanted I would push for it and if its clear its not happening I would walk then or as soon as someone offers me what I want. I have never been out of work it works for me and I now get quite a bit of direct work.

We now have the 90's brought up when it was so bad.... for those that contracted in the 90's they earnt a packet - I did set me up fo life so cant complain, the bubble bust in 2000 but those that were earning good money and had tight contracts did not lose much I still earnt well but saw many go permie or lose their balls and drop their rate even some as low as 50% less. I suppose it depends on your circumstances and how good you are with money.

As for a crash, I doubt it. Things will be tight for some of this year but there is still more work than workers. Once the housing markets crashes rates will climb again as they did in the last cycle. If you cant afford to be out of work you should not contract its not worth losing your home - if you are thinking of going permie then do it before things get tighter as it might look bad for you.

I agree with alot of that. But the big growth area recently has been IBs. And alot are pulling in their horns. They all know what the others are doing.

[backgetyou]

That may not be due to the credit crunch. Perhaps the client thinks you are carp?

Did you mean crap? I think ability may not be the cause, I think its balls. The thing I keep reading on this forum is how 'my pimp' robs me or 'its the way all agencies are'. At the end of the day you can tell the agent to ram his rise, he may drop you he may agree your terms. If your agent is getting £20 an hour from you and you want £5 of this then it all depends on how good you are/how good a job you are doing and if he has a queue of people waiting to fill your space. Me if I didnt get what I wanted I would push for it and if its clear its not happening I would walk then or as soon as someone offers me what I want. I have never been out of work it works for me and I now get quite a bit of direct work.

We now have the 90's brought up when it was so bad.... for those that contracted in the 90's they earnt a packet - I did set me up fo life so cant complain, the bubble bust in 2000 but those that were earning good money and had tight contracts did not lose much I still earnt well but saw many go permie or lose their balls and drop their rate even some as low as 50% less. I suppose it depends on your circumstances and how good you are with money.

As for a crash, I doubt it. Things will be tight for some of this year but there is still more work than workers. Once the housing markets crashes rates will climb again as they did in the last cycle. If you cant afford to be out of work you should not contract its not worth losing your home - if you are thinking of going permie then do it before things get tighter as it might look bad for you.

[Sysman]

I pay mine off every month, so nope.

(I feel an article coming on...)

Remembering what it was like in the early nineties, I've been battening down the hatches.

I actually applied for two permie jobs a couple of months ago. Both positions have been cancelled, which gave me an early warning of how hard that bank was going to be hit.

This is entirely in line with what I've seen in previous recessions. Headcount gets frozen/reduced (contractors don't count for this, so that cloud can have a silver lining). Capital expenditure and new projects also get hit. This can be good if you are into supporting legacy systems.

Go on Jacko - write an article

[Bumfluff]

IF anything its created more work for me, alot of the banks (wont mention there names), did not have easy access to data relating to the exposure to mortgage providers, current contract is to build a reporting tool that will allow this easy access, primarly on the US market, bet late then never

However a few friends at other banks have had projects pulled just before xmas due to cut backs as a result of Credit Crunch, they were at banks that had been hit pretty hard though.

[oracleslave]

negotiations were going well until some new credit edict came round. I am on 2nd time at ClientCo - left 1st ime to get more money. Looks like history will repeat itself.

Fair enough. I would live with that answer as long as I was convinced it is genuine and not some bullshlte exscuse from clientcorp not to pay the higher rate. As you say the alternative might just be to move on.

[BrilloPad]

Only trolling slightly. I am not convinced that your lack of rate increase can wholly be attributed to the current global credit situation.

You got "half the rise you wanted". Well unfortunately in life what we want and what we get is not always the same thing.

negotiations were going well until some new credit edict came round. I am on 2nd time at ClientCo - left 1st ime to get more money. Looks like history will repeat itself.

[oracleslave]

trolling per chance?

is it not possible to have any serious thread here?

Only trolling slightly. I am not convinced that your lack of rate increase can wholly be attributed to the current global credit situation.

You got "half the rise you wanted". Well unfortunately in life what we want and what we get is not always the same thing.

[BrilloPad]

That may not be due to the credit crunch. Perhaps the client thinks you are carp?

trolling per chance?

is it not possible to have any serious thread here?

[oracleslave]

I got screwed on rate rise in October - got half the rise I wanted(one sixth of what I asked for). But now I have a year until Oct 2008.

I do hate ClientCo though - I am still looking round...

That may not be due to the credit crunch. Perhaps the client thinks you are crap?

[BrilloPad]

ppl,

what has been the effect of credit crunch on contractors/contracting? Have guys felt any effect?

I got screwed on rate rise in October - got half the rise I wanted(one sixth of what I asked for). But now I have a year until Oct 2008.

I do hate ClientCo though - I am still looking round...

[cojak]

I pay mine off every month, so nope.

(I feel an article coming on...)

[Sockpuppet]

Not felt owt yet. Just had an extension to start on Wednesday. Then again I'm not really in the financial sector and work more in eastern Europe and people over there are not up to their eye balls in debt......yet.

[bullseye]

ppl,

what has been the effect of credit crunch on contractors/contracting? Have guys felt any effect?