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Blame Culture
Over the past few months the popular media have been having a field day on all things financial. If you believed all you read, saw or heard you’d probably sell your worldly possessions and go and live in a cave. As with most journalism, it’s all about the headline: “Northern Rock Meltdown “Sub Prime Disaster” etc etc. have been shouted about. The problem with this is the lack of detail, and in a lot of cases, downright misinformation. There was a piece on the radio which really made my blood boil - it was about someone who had borrowed 10 times their salary on what they called a sub-prime mortgage and now could not keep up with the payments. This was so wrong on many levels: Firstly, the journalist obviously didn’t have a clue what a sub-prime mortgage was, confusing it with self-cert (where you do not have to prove your income). Might sound trivial, but how hard would it have been to talk to someone who knew what they were talking about? Then the listeners might have actually gained something useful from the piece.
Secondly how did the bloke borrow such a large amount of money without lying to the lender and committing mortgage fraud (by the way, potentially an offence that can land you inside).
Thirdly: why did he borrow so much - did he not realise the risks involved? If he completed the application himself, he only has himself to blame. If he used a broker then there is potential for compensation/further action against the broker. Either way, I come back to point 3 - in the end, he borrowed more than he could afford and knew it. The blame culture that is growing in this country where personal responsibility is forgotten needs to stop - look what happen over the pond. The most worrying aspect is that this exposure might actually deter people from seeking professional advice when that is the worst thing they could do. A decent advisor will give impartial, honest advice and if they do work on your behalf you have both protection and the benefit of their expertise and experience.
Jon Davies
www.holidayinyourpocket.com
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This intel was contributed by Jon Davies
Jon Davies
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May, 2012
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