Tuesday, October 07, 2008

Have you noticed?

It seems the adverts offering easy credit have disappeared from our TV screens. You know the ones: “Have you been refused a loan elsewhere? Got bad credit ratings? Insolvency and county court judgments? Can’t afford to pay more bills? Come and rack up even more debts with Idiotloans™”

Who would have thought that an industry built on giving money to people who had a history of being unable to pay money back would have been an unsustainable business model? Or that lending money against a house which is already mortgaged to the hilt will result in there being no money to pay you back when house prices start to drop?

(Insider tip - secondary mortgage companies which give you a new massive loan to pay off all your old debts suddenly have no assets to claim. If you can’t pay your bills, your primary mortgage provider gets the money from the sale of your house, and if you’re in negative equity your secondary mortgage provider will get nothing if the primary mortgage provider has taken it all. Which is why 'consolidate your debt' companies are suddenly not touting for business. Their 'secured' loans are no longer secure.)

So I guess that’s one positive thing about the “Credit Crunch”/financial meltdown/death of capitalism - Carol Vorderman won’t be patronising us with talk of ‘one monthly payment’ and pretending that you’ll pay less under the scheme she’s pitching.


  1. *mind tries to think of alternative suitable jobs for carol vordaman* ... um?...lion food?

  2. I'm glad you wrote this, Jon, because I was saying exactly the same (although, blatantly less eloquently than you have put it, of course) about 4 days ago to Vianney. Those adverts used to do my head in so much and then suddenly they've completely dropped off the planet. There's literally always a silver lining.... :) x
    P.S. Love it, Matt!!