Taken from our regular appearances on TV3’s ‘The Morning Show’
Wednesday, March 27, 2013
This week ‘The Insider’ looked at the pro’s and cons of ‘handing back the keys’.
This week we talked about the information that banks have and how they use it to sell you product. We stress getting independent advice and not buying directly from banks, or at least shopping around before doing so.
This week our bank guarantee (the last vestiges of it) was given an end date, the 28th of March 2013, that’s when the ELG or ‘eligible liability guarantee’ will be terminated. The regular deposit guarantee scheme (DGS) will continue.
I saw a t-shirt once that had a picture of a pyramid and it said ‘slavery, it gets sh1t done’. While I don’t agree with enslaving anybody, it makes a point that sometimes the unpalatable is also the most practical. Which is why when I hear people bemoan how we are enslaving future generations because of the bank bailout or promissory note deal I secretly die inside, we are doing that already. The Economic and Fiscal Outlook of 2013 (if you look it up check out table 12) shows that irrespective of banks that we’d be short to the tune of €40bn between 2012 and 2015.
Friday, February 22, 2013
This piece was about ‘The Insider’ of personal finance pieces we are doing with TV3. The solution is to have a positive but strong relationship with your creditors and that can be done by making sure that they don’t abuse their position of power. We also covered banks dealing with arrears, will they be able to fix the problem by the end of 2013? We have our doubts!
Thursday, February 7, 2013
On this segment we discussed the ‘working poor’ and how it occurs due to taxation, wage cuts, debt and rising costs.
Thursday, January 31, 2013
We were back on the Morning Show talking about property price and market trends
Something occurred to me recently, it’s that state controlled AIB have too many distribution channels. There is AIB branches, AIB direct and online, AIB for brokers, then EBS both broker owned and direct and finally a soon to be revamped sub-group called ‘Haven Homeloans’. No matter who you make an application to the actual underwriting of the loan (the criteria of whether you get it or not) will be identical.
Currently you could say the world is divided into the ‘haves’ the ‘have nots’ and the ‘have not paid for what they haves’. Today I’ll explain how to deal with debt when you run into problems, to do this I interviewed a few trusted sources who work as actual collectors. This is such a huge topic that I’ll break it down into two halves, this week we look at the early stages of arrears. Getting into financial trouble doesn’t always come with a bang, often you drift into it over time due to paycuts, higher taxes and spent savings. This is our first area, it’s called ‘pre-arrears’ and it gets very little little attention.
