Irish Taxi Forum
Public Area => Taxi Talk => Topic started by: Dr. Martin Gooter Bling on September 06, 2017, 01:05:41 pm
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http://m.independent.ie/irish-news/taxi-man-in-arrears-could-lose-his-home-36104666.html (http://m.independent.ie/irish-news/taxi-man-in-arrears-could-lose-his-home-36104666.html)
A Dublin taxi driver has said that he is facing repossession of his home due to crippling interest rates after taking out a loan from a sub-prime lender more than a decade ago.
Sean Duffy (60), from Walkinstown, said he had re-mortgaged his home in 2005 in order to consolidate outstanding debts of around €80,000.
He used his home - which was then valued at around €250,000 - as collateral.
But due to his poor credit rating, he could not get a loan from a bank or credit union.
Mr Duffy said that he had no choice but to turn to a now-defunct sub-prime lender, which loaned him €80,000 at a annual interest rate of 6.35pc.
But 12 years later, after the company was taken over by another financial company, due to penalties and compound interest, he still owes €77,000 on the principal.
Complain
He is now faced with having his home - now worth about €325,000 - being repossessed by the company that took over the original lender's debts.
"I was able to pay off the mortgage, but not the arrears," he said.
"It's just the interest building up and up."
Mr Duffy called up RTÉ's Liveline programme yesterday to complain that the company which later took over the sub-prime lender was now ringing him some six times a month looking for payment.
"They won't budge on the interest rate," he said.
"But I'm no further ahead after 12 years."
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Consolidate your loans....best thing to do....said no one...ever!!
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6.3% isn't too bad.There must be more to the story.
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6.3% isn't too bad.There must be more to the story.
Ye wha? 6.3%,on that amount over x amount of years...that's double our current variable rate....and i think we're being hard done by!!
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I just left bank of Ireland who are charging 4.5% right now on the variable rate.Interest rates are shit here but 80k at 6.3 wouldn't be that much for a taxi driver.He probably wasn't paying enough off and misunderstood how the interest works..No reason why interest rates wouldn't go back higher in the future.
I think at one stage Ulster bank were charging 6% about ten years ago.It's not that unusual.But still robbery.
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There's stirrins that the ECB are goin to increase their rate so no doubt our banks will only be fondling themselves if that happens,our banks are already one of the highest for interest rates in the eurozone.
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The only way to beat them is to pay lumps off the principal when ya can.Easier said than done.Hoping to clear mine by 50.Then I can start wasting me money on other things.
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80k at 6.3% is about 900 a month over ten years.I know some drivers who were paying over 2k a month during the shit years.
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I'd love to be in a position(like John m and his nearly free gaff from the corpo) to pay lumps off our mortgage,we'll be finished in 2024...or maybe somebody will drop 40k in my lap!!
I was thinking of starting a crowdfunding...all i need is a euro off 40 thousand people,should be doable,might even get ermy on board for advice...cos he has a degree in economics from The Finches.
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Hal yer bleeding loaded...this is a handy tool.
https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/ (https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/)
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We're with BOI....not out of choice but because they bought our mortgage from IBRC(we were an Irish Nationwide customer) but we're not worth a wa nk to them cos we owe fukall,they don't even want to entertain us with a fixed rate @ 3%, our mortgage hasn't changed in yrs,i think we're in the "just leave them alone" pile!!
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The only way to beat them is to pay lumps off the principal when ya can.Easier said than done.Hoping to clear mine by 50.Then I can start wasting me money on other things.
Agreed, budgeting to pay the monthly interest on top of the minimum payment is a good approach. Work hard and pay more while you're young. Past generations could rely on inflation to reduce their payments in real terms, those days are gone.
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A wise owl once told me to stay in debt for as long as possible. Paying things off earlier only benefits those in your wake. Poor accountant ended up in serious bother himself.
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Dunno...if you borrow 250k and let it run the full term your paying back 500k.Debt is good for certain things but the term is the ball breaker.
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True. Was referring to smaller amounts. I always ensure I owe more than 5k to the credit union. Thought most banks penalised people if they went about lumping money against a mortgage? Anyway, shortly, the days of Mick and Concepta getting their own gaff will be a pipedream.
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Would a burd called Concepta entertain anyone called Mick?
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Banks can and will "fine" customers who pay lump sums off their loans. Especially within the fixed rate term of the loan. Wall banks are different though. I will hopefully pay a lump sum when I get me inheritance, or do I invest it a 10 year plan with a high return but also high risk, or low risk, low return
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Fixed rate loans will always attract a penalty...they're upfront in telling you that much but variable rate loans can generally be paid off early,always best to ask them though.
I'd love to get rid of the mortgage though,€600 per month on hookers and cocaine...a bit of a treat!!
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Yes and as Lip said, always be in debt to your local credit union. If you croak it, the loan is written off and MOST will double whatever savings are in the account. Terms and conditions obviously apply, every credit union is different. Some you have to opt in to this benefit.
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Some you have to opt in to this benefit.
Does Ermy know that?
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Variable rates have no penalty.Some banks with fixed rates will allow you to overpay by 10% without getting a penalty.Double check as usual though.
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Joe, I borrowed money. Now I have to pay it back.
Joe, I'm wary of strangers approaching my taxi.
Joe, when theres Garda checkpoints 5000 illegal taxis dissappear.
Joe, my PSV license renewal went up 3000%.
Joe, I predicted all this years ago.
Joe, I don't know how it'll all end.
Joe, I spent €17,000 on a new car. Now the NTA are telling me it can't be used as a taxi.
Joe, the taxi regulator is on six figures.
Joe, I need to work a hundred hours a week to make what I'd get on the dole.
Joe, before deregulation I made a good living, not a great living.
Joe, the taxi industry is the most regulated industry in Ireland.
Joe, if I'm off the road I can't make money.
Joe, I forgot what I was gonna say.
Joe, I can actually get on a rank when the guards are out doing their job.
Joe, there's unemployed brain surgeons and airline pilots out there drivin' taxis.
Joe, all the blacks were handed medical cards.
Joe, I'm considering gettin' a job flippin' fuckin' burgers at Burger King.
Joe, the taxi game is a dumping ground for criminals.
Joe, the Nigerians say "you show, I go" to people.
Joe, I shouldn't have to clean up vomit.
Joe, we had a whip round to send a black fella home to see his sick mother.
Joe, It's illegal to ask a customer for a deposit.
Joe, diesel cars will be banned from College Green. Only electric cars will be allowed pass.
Joe, I'm a taxi driver.
Joe, who'd give me a job.
Joe, the Nigerians give you counterfeit money in change.
Joe, I drove around for 6 months with an expired psv license.
Joe, there's teachers driving taxis during the summer. You can see them correcting homework.
Joe, why should I keep my car clean. It's only gonna get dirty again.
Joe, I'd lose my license if my car wasn't clean.
Joe, I'm running a business.
Joe, receipts are a waste of money.
Joe, if there's no ink in my pen technically I'm an illegal driver.
Joe, i failed the suitability test because my bandages were out of date.
Adrian, I mean Joe...
Joe, how many blacks are employed in the government? How many work in RTE for that matter.
Joe, I don't pick up women.
Joe, I only pick up women.
Joe, I make more from the soilage charge than I do from fares.
Joe, I'm allergic to guide dogs.
Joe, if I'm driving around looking for fares I'm using fuel.
Joe, taxi drivers don't carry much money on them.
Joe, I'm not required to carry change.
Joe, the industry should become cashless to protect driver's safety.
Joe, it's illegal to install cctv in my car.
Joe, self drive cars are about to be introduced.
Joe, they're gonna bring in tachometers and facial recognition technology.
Joe, if you work over 8 hours then your car won't start.
Joe, the revenue will be able to print off every fare you do.
Joe, I can't afford all these expenses.
Joe, the taxi regulator embezzled twenty million euro of our money.
Joe, I'm driving 36 years. I've never seen the taxi regulator on the ranks.
Joe, the taxi regulator doesn't have the right to check my details.
Joe, the Nigerians eat their dinner while they're driving people around.
Joe, I spent a hundred grand on my plate. 2 days later mary harney deregulated the industry.
Joe, I still owe a hundred grand after buying my plate in 2000.
Joe, the rental sector is a hive of criminality.
Joe, the nigg....i mean, the Africans don't know where they're going.
Joe, the little green light on the roof sign is to tell punters the taxi is available, that's all.
Joe, punters don't want to get in taxis driven by blacks.
Joe, the blacks rob people.
Joe, we're gonna occupy Fitzwilliam Square 'till our demands are met.
Joe, the taxi regulator is trying to starve us in to submission.
Joe, I have bills to pay.
Joe, if I went to Nigeria I wouldn't be allowed drive a taxi.
Joe, there's fellas out there on the fuckin' dole driving taxis. Sorry for the language, Joe.
Joe, there's this thing called "back to work enterprise allowance."
Joe, a fella told me the blacks had their cars and plates bought for them by the tax payer.
Joe, they contribute nothing to the economy. They send all their money home.
Joe, the roof sign causes increased fuel consumption.
Joe, we're gonna be barred from College Green and the quays.
Joe, the Nigerians don't drink or smoke.
Joe, the blacks and their dodgy claims is the reason why insurance has gone up.
Joe, we need your help.
Joe, you do often get people running off without paying.
Joe, we're meeting with the taxi regulator tomorrow.
Joe, the Nigerians are more racist than the irish.
Joe, I earned fifteen hundred euro a week minimum in the good times.
Joe, the double jobbers come out at our busiest times.
Joe, we're gonna march on Leinster House.
Joe, we're prepared for the long haul.
Joe, there should be daytime plates and nighttime plates.
Joe, its awful but ye just havta get on with it.
Joe, I've mouths to feed like everybody else.
Joe, the Nigerians won't direct the customer to the first taxi in the queue who's probably been waiting 3 hours for a fare.
Joe, before deregulation all the drivers obeyed the "first in the queue" rule.
Joe, we're taking our case to the European Court of human rights.
Joe, we're perceived as poor mouthers and always moaning.
Joe, there should be a different queue for short runs up the airport.
Joe, they're advertising package deals in Nigeria saying "come to Ireland and drive a taxi."
Joe, the Nigerians were handed their licenses.
Joe, irish drivers have to get 80% to pass the psv exam. The Nigerians only havta get 40%.
Joe, I'm down money before I even begin.
Joe, the Nigerians drive cloned taxis.
Joe, there's 5 or 6 of them sharing the car on the same policy.
Joe, we all knew each other years ago.
Joe, we were promised "one man, one plate."
Joe, these new small wheelchair taxis are taking business away from saloon taxis.
Joe, I'm self employed.
Joe, I'm not qualified to give first aid.
Joe, a car's value depreciates after its been used as a taxi.
Joe, business plummets for taxi drivers when theres a bus strike.
Joe, the bus drivers will be out driving their taxis.
Joe, I havta get my car passed out next week again.
Joe, it's all money.
Joe, there's 500 taxi rank spaces for 15,000 taxis.
Joe, they removed our rank overnight and didn't tell anyone.
Joe, we're gonna bring this town to a standstill. It's the only way we'll be heard.
Joe, I'm up in court next week for "plying for hire at an unappointed stand."
Joe, I could be fined €5,000.
Joe, the airport should be opened up to all taxis.
Joe, the guards are harassing drivers just trying to make a living.
Joe, the traffic corps keep moving us on.
Joe, my windows are too tinted to be used as a taxi.
Joe, I was told I can't transfer my license.
Joe, I'm a fool for playing by the rules.
Joe, I'm not racist but we all know who the biggest offenders are.
Joe, I spent forty grand on a people carrier. The new wheelchair specifications will ruin me.
Joe, I only drive mercedes cars.
Joe, I can't afford to buy another mercedes.
Joe, the money isn't there to warrant buying a mercedes.
Joe, there's money in this country.
Joe, the public deserve to be driven in high end cars.
Joe, we're assured by the government Uber won't be allowed.
Joe, I've huge debts. I had to sell my plate for three grand. I'm on the dole now.
Joe, I shouldn't have to look at two gay fellas kissing. I told them to get out.
Joe, I only use Hailo to pick people up.
Joe? Can you hear me? Joe? The cunt can't hear me. Joe? Am I on the air?
Joe, I can't stop ringing in.
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Joe,me bleedin thumbs are killin me!!
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Joe,me bleedin thumbs are killin me!!
rofl rofl rofl rofl rofl