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Jobs axed as credit crunch hits lender
9:02am Thursday 13th December 2007
Comments (70)HUNDREDS of staff at a Hampshire mortgage lender face an uncertain Christmas after the company went into administration.
Already 80 of the 250 workers at TML's Whiteley headquarters have been laid off and the rest are waiting to hear if they will have a job in the new year.
The firm specialised in arranging higher risk sub-prime mortgages and has fallen victim to the so-called credit crunch in a similar way to Northern Rock.
Mortgage customers are unaffected because TML only acts as a middle-man between borrowers and lenders.
Administrators described the company, which was sold for £25m just five years ago, as "attractive" to potential buyers and hope to sell it as a going concern.
Your Say YourDaily Echo
Anony-Moose, says...
9:33am Thu 13 Dec 07
Same way we should get rid of McDonalds, BK and KFC because they sell fatty food to people who cannot or will not lose weight?
They only offer credit... not force people to take it.
They only offer credit... not force people to take it.
hmm, says...
9:36am Thu 13 Dec 07
Anony-Moose wrote:Stupid people (usually fat) are good for the economy
Same way we should get rid of McDonalds, BK and KFC because they sell fatty food to people who cannot or will not lose weight?
They only offer credit... not force people to take it.
SB, says...
9:54am Thu 13 Dec 07
Misleading journalism again - TML are not a mortgage lender. They don't lend any of their own money (if they had any), but act as brokers i.e. sourcing deals and products from lenders, for clients.
It has not "fallen victim" to the credit-crunch in the same way as Northern Rock at all. Different situation entirely.
Northern Rock are not exclusively a sub-prime lender. TML are brokers working exclusively in the sub-prime market.
It is more difficult to place sub-prime mortgage business - in fact any mortgage business - since the issues in the sub-prime market in the US, but many other lenders and brokers are still active and financially strong.
There must be other reasons why TML have failed.
It has not "fallen victim" to the credit-crunch in the same way as Northern Rock at all. Different situation entirely.
Northern Rock are not exclusively a sub-prime lender. TML are brokers working exclusively in the sub-prime market.
It is more difficult to place sub-prime mortgage business - in fact any mortgage business - since the issues in the sub-prime market in the US, but many other lenders and brokers are still active and financially strong.
There must be other reasons why TML have failed.
Hummer, says...
9:59am Thu 13 Dec 07
hmm wrote:Not really. While you're at it, let's take the stereotype further....stupid people = unskilled, low income earners, therefore contribute less in taxes to the economy. Higher rates of smoking in the working classes.
Anony-Moose wrote: Same way we should get rid of McDonalds, BK and KFC because they sell fatty food to people who cannot or will not lose weight? They only offer credit... not force people to take it.Stupid people (usually fat) are good for the economy
Smoking and obesity related illness is the biggest drain on NHS and social services resources to the tune of billions of pounds a year.
Still think that stupid people (usually fat) are good for the economy?
Credit Pushers Out, says...
10:04am Thu 13 Dec 07
Misleading journalism again - TML are not a mortgage lender. They don't lend any of their own money (if they had any), but act as brokers i.e. sourcing deals and products from lenders, for clients.
That's entirely clear from the story if you read it properly.
As for the argument about junk food - nobody tells fat people that they won't get fat by eating loads of junk. Whereas money lenders have been telling people "yes you can have a mansion and a speed boat at a price you can afford". Er, no, you can't afford it, not after the first 3 months introductory rate.
And why do they lend to people who can't afford it? So they can charge higher interest rates, and pick off the assets of a small percentage of defaulters. The funny part is there are more defaulters than the credit pushers guessed there would be and too many of the loans have gone bad.
They took the risk of lending, and blew it. Boo hoo hoo.
krankinonamarley, sotonia says...
10:07am Thu 13 Dec 07
Anony-Moose wrote:KFC BK and Mickey D's only offer fatty foods - same as the credit companies. some individuals do not have will power, whether with credit, fast food or anyting else. people need to take responsibility for themselves
Same way we should get rid of McDonalds, BK and KFC because they sell fatty food to people who cannot or will not lose weight? They only offer credit... not force people to take it.
Hugh Carres, says...
10:21am Thu 13 Dec 07
Companies go to the wall all year round, so it's Christmas - boo hoo !
What should they do, carry on running at a loss so some fat kid gets his Playstation on Christmas morning ?
Do me a favour.
What should they do, carry on running at a loss so some fat kid gets his Playstation on Christmas morning ?
Do me a favour.
Humbug, says...
10:40am Thu 13 Dec 07
Hummer wrote:But tobacco sales is a massive source of revenue for the government, to a similar tune of billions. Seems things aren't as clear-cut as you think. Not only that, but poor, fat, stuipd unskilled workers (as you and our eponymous friend brand them) spend all the money they earn, so their income tax isn't their only contribution to the economy. Seems things are even less clear than you think
hmm wrote:Not really. While you're at it, let's take the
Anony-Moose wrote: Same way we should get rid ofStupid people (usually fat) are good for the
McDonalds, BK and KFC because they sell fatty food to people who cannot
or will not lose weight? They only offer credit... not force people to
take it.
economy
stereotype further....stupid people = unskilled, low income earners,
therefore contribute less in taxes to the economy. Higher rates of
smoking in the working classes.
Smoking and obesity related illness is the biggest drain on NHS and
social services resources to the tune of billions of pounds a year.
Still think that stupid people (usually fat) are good for the economy?
cityboy, southampton says...
10:42am Thu 13 Dec 07
the free market economy is over,tax payers money is pouring in to prop up failing banks,a depression is on the cards now.
Hummer, says...
10:49am Thu 13 Dec 07
Humbug wrote:That was my point, Humbug. Your post and mine prove the absurdity of hmm's post.
Hummer wrote:But tobacco sales is a massive source of revenue for the government, to a similar tune of billions. Seems things aren't as clear-cut as you think. Not only that, but poor, fat, stuipd unskilled workers (as you and our eponymous friend brand them) spend all the money they earn, so their income tax isn't their only contribution to the economy. Seems things are even less clear than you thinkhmm wrote:Not really. While you're at it, let's take the stereotype further....stupid people = unskilled, low income earners, therefore contribute less in taxes to the economy. Higher rates of smoking in the working classes. Smoking and obesity related illness is the biggest drain on NHS and social services resources to the tune of billions of pounds a year. Still think that stupid people (usually fat) are good for the economy?Anony-Moose wrote: Same way we should get rid of McDonalds, BK and KFC because they sell fatty food to people who cannot or will not lose weight? They only offer credit... not force people to take it.Stupid people (usually fat) are good for the economy
SB, says...
11:01am Thu 13 Dec 07
Credit Pushers Out wrote:No it's not entirely clear from the story. Read it properly...
Misleading journalism again - TML are not a mortgage lender. They don't lend any of their own money (if they had any), but act as brokers i.e. sourcing deals and products from lenders, for clients.That's entirely clear from the story if you read it properly. As for the argument about junk food - nobody tells fat people that they won't get fat by eating loads of junk. Whereas money lenders have been telling people "yes you can have a mansion and a speed boat at a price you can afford". Er, no, you can't afford it, not after the first 3 months introductory rate. And why do they lend to people who can't afford it? So they can charge higher interest rates, and pick off the assets of a small percentage of defaulters. The funny part is there are more defaulters than the credit pushers guessed there would be and too many of the loans have gone bad. They took the risk of lending, and blew it. Boo hoo hoo.
"Jobs axed as credit crunch hits lender"
"staff at a Hampshire mortgage lender"
I genuinely don't understand why you have such a problem with sub-prime lending? Do you appreciate exactly how a regulated lending operation works?
Money lenders do not tell people they can afford something they can't. 1. Lenders are regulated by the FSA and have to demonstrate affordability, and 2. It is not in their interest for people to default on loans and mortgages. Lenders will accrue sizeable legal costs in trying to recover bad debt, and invariably won't recover the full amount owed. So why would a lender want to lend money to someone they know will default "after the first 3 months introductory rate"? (as if that applies anway).
Lenders charge a higher rate because of the higher risk. Full stop.
Your comments show a complete ignorance of the facts and how the market works, instead preferring to blame the system at every turn. People who borrow money have to accept the responsibility that goes with it. If they borrow money, they have a resposnibility to repay it.
It is, unfortunately all too common that people consolidate debts on to a mortgage having overspent on e.g. Christmas, and then go on to rack up more debt. How is that the lenders fault?
Sounds like you have a chip on your choulder. Been turned down for a loan or mortgage perhaps, or can't get credit? Boo hoo.
Christoff, says...
11:18am Thu 13 Dec 07
SB wrote:If you think that the FSA regulation means that companies act in a responsible way then you don't have a clue either. Just because the regulations say you have to prove affordability that doesn't mean that it will be done, or at least honestly. I can tell you there are thousands of brokers/intermediari
Credit Pushers Out wrote:No it's not entirely clear from the story. Read it properly... "Jobs axed as credit crunch hits lender" "staff at a Hampshire mortgage lender" I genuinely don't understand why you have such a problem with sub-prime lending? Do you appreciate exactly how a regulated lending operation works? Money lenders do not tell people they can afford something they can't. 1. Lenders are regulated by the FSA and have to demonstrate affordability, and 2. It is not in their interest for people to default on loans and mortgages. Lenders will accrue sizeable legal costs in trying to recover bad debt, and invariably won't recover the full amount owed. So why would a lender want to lend money to someone they know will default "after the first 3 months introductory rate"? (as if that applies anway). Lenders charge a higher rate because of the higher risk. Full stop. Your comments show a complete ignorance of the facts and how the market works, instead preferring to blame the system at every turn. People who borrow money have to accept the responsibility that goes with it. If they borrow money, they have a resposnibility to repay it. It is, unfortunately all too common that people consolidate debts on to a mortgage having overspent on e.g. Christmas, and then go on to rack up more debt. How is that the lenders fault? Sounds like you have a chip on your choulder. Been turned down for a loan or mortgage perhaps, or can't get credit? Boo hoo.Misleading journalism again - TML are not a mortgage lender. They don't lend any of their own money (if they had any), but act as brokers i.e. sourcing deals and products from lenders, for clients.That's entirely clear from the story if you read it properly. As for the argument about junk food - nobody tells fat people that they won't get fat by eating loads of junk. Whereas money lenders have been telling people "yes you can have a mansion and a speed boat at a price you can afford". Er, no, you can't afford it, not after the first 3 months introductory rate. And why do they lend to people who can't afford it? So they can charge higher interest rates, and pick off the assets of a small percentage of defaulters. The funny part is there are more defaulters than the credit pushers guessed there would be and too many of the loans have gone bad. They took the risk of lending, and blew it. Boo hoo hoo.
es across this great land who will lie to get a deal on the books....all they want is their commission. The customer will sometimes be in on it, sometimes not. Although a lot of the other comments you make are correct, your trust in the FSA is more than misplaced.
SB, says...
11:41am Thu 13 Dec 07
Christoff,
You're absolutely right, in the same way there are good and bad doctors, policemen, teachers, binmen etc. No amount amount of regulation in any industry is always going to full protect the consumer, when human nature i.e. greed, is involved.
There is not enough time or space to go into that much detail in these posts, and to have done so would have added fuel to the ignoramous' argument. I believe the gist of my message is true though.
You're absolutely right, in the same way there are good and bad doctors, policemen, teachers, binmen etc. No amount amount of regulation in any industry is always going to full protect the consumer, when human nature i.e. greed, is involved.
There is not enough time or space to go into that much detail in these posts, and to have done so would have added fuel to the ignoramous' argument. I believe the gist of my message is true though.
king moo, Southampton says...
11:42am Thu 13 Dec 07
TML is a non-advice lender. They provide details of the loans available and the applicants decide if they want the loan. Simple.
Sub Prime lenders have been singled out recently as the Boogiemen of the Finance industry. The truth is that they help people with adverse credit to purchase homes, avoid repossession, consolidate debts and stabalise their finances. The fact that some people don't read how much they're going to have to pay back is not the lenders fault. I don't read the small print when I buy a new TV or join a gym, but when it comes to borrowing hundreds of thousands of pounds I make sure I have a look at the terms and conditions! The lenders cannot be blamed for what is happening in the sub prime market.
Sub Prime lenders have been singled out recently as the Boogiemen of the Finance industry. The truth is that they help people with adverse credit to purchase homes, avoid repossession, consolidate debts and stabalise their finances. The fact that some people don't read how much they're going to have to pay back is not the lenders fault. I don't read the small print when I buy a new TV or join a gym, but when it comes to borrowing hundreds of thousands of pounds I make sure I have a look at the terms and conditions! The lenders cannot be blamed for what is happening in the sub prime market.
Jobbo, says...
11:51am Thu 13 Dec 07
king moo wrote:Here here.
TML is a non-advice lender. They provide details of the loans available and the applicants decide if they want the loan. Simple. Sub Prime lenders have been singled out recently as the Boogiemen of the Finance industry. The truth is that they help people with adverse credit to purchase homes, avoid repossession, consolidate debts and stabalise their finances. The fact that some people don't read how much they're going to have to pay back is not the lenders fault. I don't read the small print when I buy a new TV or join a gym, but when it comes to borrowing hundreds of thousands of pounds I make sure I have a look at the terms and conditions! The lenders cannot be blamed for what is happening in the sub prime market.
Christoff, says...
12:04pm Thu 13 Dec 07
Jobbo wrote:You are right that they can't blamed for the problem but they do have to take some of the blame as they were too happy to give risky borrowers funds. If they had been stricter, the more wayward borrowers wouldn't have had any luck getting the funds. The sub prime lenders have proved me right because a majority of the borrowers who successfully got a mortgage last year won't stand a chance now because the lenders are actually watching themselves for a change. There is no one person to blame, it is mixed bag of lenders, borrowers, fsa and the government
king moo wrote: TML is a non-advice lender. They provide details of the loans available and the applicants decide if they want the loan. Simple. Sub Prime lenders have been singled out recently as the Boogiemen of the Finance industry. The truth is that they help people with adverse credit to purchase homes, avoid repossession, consolidate debts and stabalise their finances. The fact that some people don't read how much they're going to have to pay back is not the lenders fault. I don't read the small print when I buy a new TV or join a gym, but when it comes to borrowing hundreds of thousands of pounds I make sure I have a look at the terms and conditions! The lenders cannot be blamed for what is happening in the sub prime market.Here here.
Markys, Southampton says...
12:09pm Thu 13 Dec 07
Apart from a few posts, the usual uninformed drivel.
The problems in the mortgage market have NOT been caused by an unusually high number of defaulted loans in the UK. The problem has arisen from America where they do not particularly have a regulated mortgage market. Lenders there have been lending to sub prime customers who can not afford their payments.
This has caused a problem over here because a lot of the funding for our lenders comes from America.
Companies like TML are not responsible for this, they are not dodgy loan sharks and they operate in a heavily regulated mortgage market. A customer will always receive a mortgage offer from a lender; they know actually how much they are going to be paying for the whole term of the mortgage before the mortgage completes. This idea that customers are somehow being duped into borrowing money that they cant afford is complete nonsense.
I personally feel very sorry for the people who work at TML. It must be an awful thing to happen at this time of year, especially if you have a family. Maybe some of the self righteous fools that have commented on this story should think how you would feel in a similar situation.
The problems in the mortgage market have NOT been caused by an unusually high number of defaulted loans in the UK. The problem has arisen from America where they do not particularly have a regulated mortgage market. Lenders there have been lending to sub prime customers who can not afford their payments.
This has caused a problem over here because a lot of the funding for our lenders comes from America.
Companies like TML are not responsible for this, they are not dodgy loan sharks and they operate in a heavily regulated mortgage market. A customer will always receive a mortgage offer from a lender; they know actually how much they are going to be paying for the whole term of the mortgage before the mortgage completes. This idea that customers are somehow being duped into borrowing money that they cant afford is complete nonsense.
I personally feel very sorry for the people who work at TML. It must be an awful thing to happen at this time of year, especially if you have a family. Maybe some of the self righteous fools that have commented on this story should think how you would feel in a similar situation.
Credit Pushers Out is clueless, Southampton says...
12:28pm Thu 13 Dec 07
TML's main problem was not that they would lend to any Tom Dick and Harry, their problem was they grew far too quickly and when smaller brokers offered the same service they couldnt compete.
When word got out that redundancies were looming all staff that had a head on their shoulders left to work for these smaller brokers leaving TML with the dreggs!
TML has been doomed for 2 years but it lays a lot deeper than just the 'credit-crunch'.
When word got out that redundancies were looming all staff that had a head on their shoulders left to work for these smaller brokers leaving TML with the dreggs!
TML has been doomed for 2 years but it lays a lot deeper than just the 'credit-crunch'.
Robert, says...
1:43pm Thu 13 Dec 07
Let me have men about me that are fat.
Computer games bring in the VAT.
Computer games bring in the VAT.
i know best, dorset says...
2:00pm Thu 13 Dec 07
its good they have gone before xmas as they are no more then legal money lenders that cause people a lot of misery when they charge then thousands of pounds in intrest.
Sheitma Pance, Sotonon says...
2:07pm Thu 13 Dec 07
personaly, i blame carole vordermann.
she is always on the tele plugging expensive loans.
people thinks she's expert on loans because she's good at mathematicals and she's honest so they takes out a loan but she's not. she's only doing the adverts for the money and says whatever the cameraman tells her two. if that means saying arubbish loan is good loan then shes does it for the money.
it is carole that is ripping these people off not the loans companies. she should be sacked from countdown.
grrr. makes me angry!
she is always on the tele plugging expensive loans.
people thinks she's expert on loans because she's good at mathematicals and she's honest so they takes out a loan but she's not. she's only doing the adverts for the money and says whatever the cameraman tells her two. if that means saying arubbish loan is good loan then shes does it for the money.
it is carole that is ripping these people off not the loans companies. she should be sacked from countdown.
grrr. makes me angry!
Credit Pushers Out, says...
2:09pm Thu 13 Dec 07
Mortgage customers are unaffected because TML only acts as a middle-man between borrowers and lenders.
There you go...entirely obvious. What part are you having trouble understanding.
Oh and your touching faith in the FSA indicates an incredible naivity or just may be you are a shill for the company involved or one of the other credit pushers.
Ashit Matroosers, says...
2:18pm Thu 13 Dec 07
Sheitma Pance wrote:The cameraman doesn't tell her to do anything
personaly, i blame carole vordermann.
she is always on the tele plugging expensive loans. people thinks she's
expert on loans because she's good at mathematicals and she's honest so
they takes out a loan but she's not. she's only doing the adverts for
the money and says whatever the cameraman tells her two. if that means
saying arubbish loan is good loan then shes does it for the money.
it is carole that is ripping these people off not the loans companies.
she should be sacked from countdown. grrr. makes me angry!
Anon, Eastleigh says...
2:28pm Thu 13 Dec 07
Carol Voderman wrote:I heard Picture is far better.
Phone Welcome Fianance for a unsecured loan on your bottom.
Denzil, says...
2:36pm Thu 13 Dec 07
Lol@people losing there jobs at xmas.
Yarisb0y, Southampton says...
2:43pm Thu 13 Dec 07
i know best wrote:What a load of rubbish. How can it be good that they have gone before christmas? Imagine the scene that your husband/wife/partner comes in and tells you that you they have lost their job and you can no longer count on that income for January. Misery for the season that is supposed to be about families and happiness.
its good they have gone before xmas as they are no more then legal money lenders that cause people a lot of misery when they charge then thousands of pounds in intrest.
The individuals at TML are not to blame for lenders charging high rates of interest, they are only offering the products that actual mortgage lenders (not brokers) are offering to people who have had some credit problems. We as a society need to stop blaming the people that lend money when at the end of the day if you know that you cannot afford the mortgage/credit card/loan why take it out and spend the money! Noone can force you to take out a mortgage(or any other form of credit), you have to sign alot of paperwork to obtain one (and the paperwork includes a formal mortgage offer which lays out the terms and payments that you will be expected to pay over the term) so lets think before we write complete rubbish on a public site.
TML, says...
2:46pm Thu 13 Dec 07
Pwn'd. Merry Dole office.
Denzil's boss, says...
2:46pm Thu 13 Dec 07
Denzil wrote:Denzil
Lol@people losing there jobs at xmas.
It is with much regret that I must inform you that today we purchased a Kenwood Teasmaid. As such, your services are no longer required. I would like to take this opportunity to thank you for the 50 years hard work you have devoted to our beverage satisfaction, and offer this cheap gold watch by way of remuneration. We wish you all the best for the future, and lots of luck in your career
Yours sincerely
B. Cheese
George, says...
2:48pm Thu 13 Dec 07
i know best wrote:You say "money lenders" as if there were some stigma attached to that. Why? As for the "misery", it's not like the interest rates are a surprise or anything
its good they have gone before xmas as they are no more then legal
money lenders that cause people a lot of misery when they charge then
thousands of pounds in intrest.
George, says...
2:50pm Thu 13 Dec 07
Im in 10,000 worth of debt, i spent it on Marmite.
George (the real one), says...
2:53pm Thu 13 Dec 07
George wrote:Aww, did the nasty man say something you didn't like? Get used to it, kid
Im in 10,000 worth of debt, i spent it on Marmite.
The Real George, says...
2:58pm Thu 13 Dec 07
Im talking to myself, strange.
Anony-Moose, says...
3:02pm Thu 13 Dec 07
Why do people bother making comments on forums, and when they lose the "debate" they go all childish?
George.. i'd ignore the moron.. you'll only fuel him/her/it.
George.. i'd ignore the moron.. you'll only fuel him/her/it.
DSS, says...
3:03pm Thu 13 Dec 07
Denzil wrote:If only Denzzzzzzzil had a job to lose
Lol@people losing there jobs at xmas.
Anony-Moose, says...
3:05pm Thu 13 Dec 07
Im in £30,000 worth of debt with a loan shark, last time i watch Jaws.
I also like to stick twigs in my hair and dance the fandango.
I also like to stick twigs in my hair and dance the fandango.
Gerry, says...
3:07pm Thu 13 Dec 07
Hugh Carres wrote:afternoon Hugh, does one require the old bentley to swing by this evening?
Companies go to the wall all year round, so it's Christmas - boo hoo ! What should they do, carry on running at a loss so some fat kid gets his Playstation on Christmas morning ? Do me a favour.
SB, says...
3:45pm Thu 13 Dec 07
Credit Pushers Out wrote:CPO - calm down mate, this isn't a pi**ing contest. Don't want a semi-sensible discussion to turn into a comprehension exercise. The Echo misreported a couple of times that TML were a lender . Incorrect, therefore not correct in its entirety . Get it?
Mortgage customers are unaffected because TML only acts as a middle-man between borrowers and lenders.There you go...entirely obvious. What part are you having trouble understanding. Oh and your touching faith in the FSA indicates an incredible naivity or just may be you are a shill for the company involved or one of the other credit pushers.
Read subsequent posts. I am neither naive, a shill nor a credit pusher.
Your understanding of the situation is at best misguided, abd only serves to contribute to the undeserved media frenzy surrounding sub-prime lenders and Northern Rock. Anyone with more insight will appreciate that NR aren't a bad lender, they're business structure fell foul of sub-prime business failures in the US. TML's reasons for going into administration aren't as clear.
Gerald Ratner, says...
3:47pm Thu 13 Dec 07
Denzil's boss wrote:Mr Cheese,
Denzil wrote: Lol@people losing there jobs at xmas.Denzil It is with much regret that I must inform you that today we purchased a Kenwood Teasmaid. As such, your services are no longer required. I would like to take this opportunity to thank you for the 50 years hard work you have devoted to our beverage satisfaction, and offer this cheap gold watch by way of remuneration. We wish you all the best for the future, and lots of luck in your career Yours sincerely B. Cheese
I hope you purchased that cheap watch from one of my shops.
G.R.
Hugh Carres, says...
3:50pm Thu 13 Dec 07
Gerry wrote:Afternoon Ger,
Hugh Carres wrote:afternoon Hugh, does one require the old bentley to swing by this evening?
Companies go to the wall all year round, so it\'s Christmas - boo hoo ! What should they do, carry on running at a loss so some fat kid gets his Playstation on Christmas morning ? Do me a favour.
I could use my own transport as things aren't as nasty as I expected............
....unless of course you're passing my way ?
If you do come round i n the blue jalopy, let me know beforehand - it scares the dog.
We may require your services next week when the Captain is back however.
this isme, portsmouth says...
4:56pm Thu 13 Dec 07
Has anyone considered that losing your job which is what may happen to the employees here = missed mortgage payments, loan payments = sub prime? It only take 1 payment on a mortgage to be missed for lenders on the high street to decline you, then you're classed as sub prime (and protection polcies usually don't pay for 2 months).
Some people posting comments on here need to find something better to do with their time, perhaps a little light reading to become better informed in the ways of the world's economy?
Some people posting comments on here need to find something better to do with their time, perhaps a little light reading to become better informed in the ways of the world's economy?
gerry, says...
4:56pm Thu 13 Dec 07
OK chap, make your own way to the yacht club and I will see you there. I'm guessing the captain will be not in the best of moods when he finds out what has been squatting in his pad.
Longman, Southampton says...
4:59pm Thu 13 Dec 07
Its clear from most of these comments that the majority of the Echo's readers are either Sub Prime customers or donkeys. I don't comment on nuclear physics because I don't understand it so why do these heathens who clearly have no understanding of the mortgage industry, either in the uk or the USA, insist on blaming brokers like TML? Who signs the mortgage application? Who drives around in their brand new BMW whilst defaulting on their mortgage month in and month out? The same idiots that are blaming lenders for falling into trouble after years of economical prosperity.
The ''credit crunch'' has been caused by the American finance and housing industry and also by a huge amount of scare mongering by the British press.
Pay your mortgage and your bills in the first place and you won't need to go to Sub Prime lenders or brokers that specialise in arranging Sub prime mortgages - simple, like the majority of people that complain when they get offered a loan at higher rates than the high street even though they haven't paid thier mortgage for 3 months.
TML has gone into administration because of bad management. When there was senior management in charge with good business acumen they were profitable, however once they left and the new generation of management moved in with their overriding sense to demotivate its work force and spend money on pink furniture for thier offices - what else would be the end result?
The ''credit crunch'' has been caused by the American finance and housing industry and also by a huge amount of scare mongering by the British press.
Pay your mortgage and your bills in the first place and you won't need to go to Sub Prime lenders or brokers that specialise in arranging Sub prime mortgages - simple, like the majority of people that complain when they get offered a loan at higher rates than the high street even though they haven't paid thier mortgage for 3 months.
TML has gone into administration because of bad management. When there was senior management in charge with good business acumen they were profitable, however once they left and the new generation of management moved in with their overriding sense to demotivate its work force and spend money on pink furniture for thier offices - what else would be the end result?
Rich Mondé, says...
5:00pm Thu 13 Dec 07
this isme wrote:"moan, moan, moan". You are one roller-coaster of fun.
Has anyone considered that losing your job which is what may happen to the employees here = missed mortgage payments, loan payments = sub prime? It only take 1 payment on a mortgage to be missed for lenders on the high street to decline you, then you're classed as sub prime (and protection polcies usually don't pay for 2 months). Some people posting comments on here need to find something better to do with their time, perhaps a little light reading to become better informed in the ways of the world's economy?
Credit Pushers Out, says...
5:23pm Thu 13 Dec 07
Who signs the mortgage application? Who drives around in their brand new BMW whilst defaulting on their mortgage month in and month out? The same idiots that are blaming lenders for falling into trouble after years of economical prosperity.
Who advertises to jobless numpties watching day time telly? Who offers 110% mortages? Who suggests a consolidation loan to pay off all those bills as well as send you off on a nice sunny holiday? Who says with a nudge and a wink "Oh you can self-certify - just give me a few photocopied pay slips" ?
Yes - its the sub-prime lenders and their brokers. Whilst that whole transaction was between these two parties, the rest of us have now to put up with higher rates and higher fees. Thanks a lot greedy banks and lenders. Thanks a bunch idiot borrowers living beyond their means.
big kahuna, southampton says...
6:25pm Thu 13 Dec 07
I can not believe how acidic and unfeeling the posts I have read are.
This is supposed to be the time of year when we consider others and it seems to have passed many of you by that a large number of people have just been made redundant weeks before xmas. Not only does this provide a bleak xmas, but also a bleak new year: given the market conditions at present it will be very difficult to find a new job in the mortgage industry when companies are placing recruitment drives on hold and slashing headcounts.
Try to spare a kind thought for them.
This is supposed to be the time of year when we consider others and it seems to have passed many of you by that a large number of people have just been made redundant weeks before xmas. Not only does this provide a bleak xmas, but also a bleak new year: given the market conditions at present it will be very difficult to find a new job in the mortgage industry when companies are placing recruitment drives on hold and slashing headcounts.
Try to spare a kind thought for them.
Mum07, PO says...
7:09pm Thu 13 Dec 07
First of all i'd like to clear up a few points, as i used to work there until last friday!!!
1. TML were a regualted( by FSA ) mortgage intermediary.
2. We were not there to rip people off, we help hundreads of thousands of people get back on the straight and narrow after high street banks turned there back on them.
3. All of your phone calls were recorded so we couldnt get people to lie about their income!
4 for all those people who think its a good that TML have closed, why dont they think try and think about the people who have lost their jobs, who's pay has been STOPPED with no notice period, redundacy or even a christmas card! And i can add most of the people who were laid off by TML were working mums, Pregnant mums, mums on maternity leave, or people off sick... tell me hows that is fair. If you want to moan about somthing moan about the poor ethics!
1. TML were a regualted( by FSA ) mortgage intermediary.
2. We were not there to rip people off, we help hundreads of thousands of people get back on the straight and narrow after high street banks turned there back on them.
3. All of your phone calls were recorded so we couldnt get people to lie about their income!
4 for all those people who think its a good that TML have closed, why dont they think try and think about the people who have lost their jobs, who's pay has been STOPPED with no notice period, redundacy or even a christmas card! And i can add most of the people who were laid off by TML were working mums, Pregnant mums, mums on maternity leave, or people off sick... tell me hows that is fair. If you want to moan about somthing moan about the poor ethics!
SB, says...
7:42pm Thu 13 Dec 07
Credit Pushers Out wrote:You really have no idea what you are talking about.
Who signs the mortgage application? Who drives around in their brand new BMW whilst defaulting on their mortgage month in and month out? The same idiots that are blaming lenders for falling into trouble after years of economical prosperity.Who advertises to jobless numpties watching day time telly? Who offers 110% mortages? Who suggests a consolidation loan to pay off all those bills as well as send you off on a nice sunny holiday? Who says with a nudge and a wink "Oh you can self-certify - just give me a few photocopied pay slips" ? Yes - its the sub-prime lenders and their brokers. Whilst that whole transaction was between these two parties, the rest of us have now to put up with higher rates and higher fees. Thanks a lot greedy banks and lenders. Thanks a bunch idiot borrowers living beyond their means.
Advertising to "jobless numpties"? What a load of tosh. Unless there are means to repay a loan, who is going to lend to someone without an income? Some - few - lenders will look at individuals on benefits. Consolidation loans can be extremely effective in freeing up cashflow, provided people appreciate that unsecured debt becomes secured, interest is greater etc, and as long as it is affordable. Unfortunately, quite often, those same individuals go on to borrow more and more money from other sources e.g. hp, credit cards, finance and get into difficulties. How is that the original lenders responsibility or fault?
Self-certification does not work on a nudge-nudge, wink-wink basis. If you self-cert, why do you need to provide payslips? You don't know what you're talking about. Self-cert works very well, but isnt available to just anyone. There has to be justification. Underwriters will assess whether the income certified is realistic for the occupation stated. It isnt a free-for-all. All lenders will examine a sample of self-cert cases and ask for evidence of income, as is their right.
Oh, and have you considered that mainstream borrowers default on their loans and mortgages too? Why lay the blame at sub-prime lenders' doors only?
I agree with one point you've made, and that it is - frequently - people living beyond their means that result in the rest of us paying increased fees and charges, but don't try and blame it on sub-prime brokers and lenders when you are clearly not qualified to do so.
SB, says...
7:45pm Thu 13 Dec 07
Mum07 wrote:Mum07 - I'm sorry that you got that impression. It seems that there are many people who haven't a clue what they're talking about, who feel qualified to give their "expert" opinion. Regardless of the reason, I am sorry for you and your colleagues. I hope you find another position soon and have a Merry Christmas.
First of all i'd like to clear up a few points, as i used to work there until last friday!!! 1. TML were a regualted( by FSA ) mortgage intermediary. 2. We were not there to rip people off, we help hundreads of thousands of people get back on the straight and narrow after high street banks turned there back on them. 3. All of your phone calls were recorded so we couldnt get people to lie about their income! 4 for all those people who think its a good that TML have closed, why dont they think try and think about the people who have lost their jobs, who's pay has been STOPPED with no notice period, redundacy or even a christmas card! And i can add most of the people who were laid off by TML were working mums, Pregnant mums, mums on maternity leave, or people off sick... tell me hows that is fair. If you want to moan about somthing moan about the poor ethics!
Kind regards.
johnthomas, fareham says...
7:51pm Thu 13 Dec 07
I must say that credit pushers out has come up with some of the most bizarre comments that i have ever read. Do you actually have any idea what you are talking about? These companies prevent houses being repossessed and assist people who have been ill and, as a result, have fallen behind with payments. TML is a victim of poor management by the director david titmuss and the lack of products now available to help people with impaired credit.
BS, says...
8:11pm Thu 13 Dec 07
Does amy one actually know what happened, if not then why is every one just speculating on what happened and not the facts. sounds to me that "credit pusher" has a chip on his shoulder and obviously had a loan or mortgage from a sub prime lender and could not keep up with payments.
Im sorry untill some one on here can actually come up with the facts then no one has any idea what really happened. opinions are rubbish
I am the same as mum07 i also worked there up till friday.
Merry christmas
Im sorry untill some one on here can actually come up with the facts then no one has any idea what really happened. opinions are rubbish
I am the same as mum07 i also worked there up till friday.
Merry christmas
c p-h, fareham says...
9:22pm Thu 13 Dec 07
Markys wrote:thanks markeys especially as I was one of them, we always acted in the best interst of the customer and on affordabilty and a great number were refused on that basis when payslips were checked against what the customer had "mistold" us what they earned. The sub prime problem was the amercian market caused lenders to reduce the max ltv they would offer in some cases by 15% which for a lot of consumers meant hey lost their homes. We always tried to act in the best interest of customer and give them the options for them to decide
Apart from a few posts, the usual uninformed drivel. The problems in the mortgage market have NOT been caused by an unusually high number of defaulted loans in the UK. The problem has arisen from America where they do not particularly have a regulated mortgage market. Lenders there have been lending to sub prime customers who can not afford their payments. This has caused a problem over here because a lot of the funding for our lenders comes from America. Companies like TML are not responsible for this, they are not dodgy loan sharks and they operate in a heavily regulated mortgage market. A customer will always receive a mortgage offer from a lender; they know actually how much they are going to be paying for the whole term of the mortgage before the mortgage completes. This idea that customers are somehow being duped into borrowing money that they cant afford is complete nonsense. I personally feel very sorry for the people who work at TML. It must be an awful thing to happen at this time of year, especially if you have a family. Maybe some of the self righteous fools that have commented on this story should think how you would feel in a similar situation.
quote
Adrian Smith, says...
9:29pm Thu 13 Dec 07
Mum07 wrote:-
"3. All of your phone calls were recorded so we couldnt get people to lie about their income!"
I am not quite sure how recording calls prevents people lying. When I had a dispute with my bank recently they told me that the particular call wasn't recorded (surprise surprise). Imagine their surprise when I produced my own recording. They then suggested that I could have "doctored" my copy. I ask you these financial institutions who record calls for training & quality purposes only manage to accept such recordings when they prove their case.
As far as I am concerned TML needs to be treated like any other failed business. Unfortunately the Government have messed up with Northern Rock and so any FSA regulated business now thinks it should be saved. It shouldn't. I know that you will get another job soon - so don't get too depressed. Consider some voluntary work to keep you active.
"3. All of your phone calls were recorded so we couldnt get people to lie about their income!"
I am not quite sure how recording calls prevents people lying. When I had a dispute with my bank recently they told me that the particular call wasn't recorded (surprise surprise). Imagine their surprise when I produced my own recording. They then suggested that I could have "doctored" my copy. I ask you these financial institutions who record calls for training & quality purposes only manage to accept such recordings when they prove their case.
As far as I am concerned TML needs to be treated like any other failed business. Unfortunately the Government have messed up with Northern Rock and so any FSA regulated business now thinks it should be saved. It shouldn't. I know that you will get another job soon - so don't get too depressed. Consider some voluntary work to keep you active.
MUM07, PO says...
9:59pm Thu 13 Dec 07
Adrian Smith wrote:i didn't say people dont lie,im sure they do exagerate but there is no chance we can ask them to lie as it would be heard on the call, most of our calls our listened to by a complience department who aduit calls to make sure they are up to FSA regulations....under Data protection companies have to keep calls for a set period of time.
Mum07 wrote:-
\\\\\\\"3. All of your phone calls were recorded so we couldnt get people to lie about their income!\\\\\\\"
I am not quite sure how recording calls prevents people lying. When I had a dispute with my bank recently they told me that the particular call wasn\\\\\\\'t recorded (surprise surprise). Imagine their surprise when I produced my own recording. They then suggested that I could have \\\\\\\"doctored\\\\\\\" my copy. I ask you these financial institutions who record calls for training & quality purposes only manage to accept such recordings when they prove their case.
As far as I am concerned TML needs to be treated like any other failed business. Unfortunately the Government have messed up with Northern Rock and so any FSA regulated business now thinks it should be saved. It shouldn\\\\\\\'t. I know that you will get another job soon - so don\\\\\\\'t get too depressed. Consider some voluntary work to keep you active.
TML arent asking the goverment to bail them out of the S**t, they've gone into administartion- a voluntary agrement to save the company!
Getting another job is the least of my worries, i have a 4 month old baby and im materity leave, my STATATORY maternity pay has been stopped too, so i hve no form of income at all and im not due to return to work unitl april, at what point shall i fit my voluntary work in????
jokky, Trimble Vallley says...
10:32pm Thu 13 Dec 07
Mum07
I can't take you seriously with all those spulling mistakes
I can't take you seriously with all those spulling mistakes
kingkong, USA says...
12:32am Fri 14 Dec 07
Only one person(krankinonamar
ley) made any sensible comment on this article about TML mortgage lender,I think everybody else are just plain ignorant and stupid as are most all of the comments made in this forum on just about any other subject.I'm beggining to think that about every body in England needs a swift kick up the A-- maybe then you will get some sense because thats where most of you talk out of.
ley) made any sensible comment on this article about TML mortgage lender,I think everybody else are just plain ignorant and stupid as are most all of the comments made in this forum on just about any other subject.I'm beggining to think that about every body in England needs a swift kick up the A-- maybe then you will get some sense because thats where most of you talk out of.
tim, says...
2:30am Fri 14 Dec 07
My friends told me this and said I'll be interested in it! Yes! He is right! I'm gonna tell them and may I cpoy some of article to post on my blog on naturistspace.org? OKAY? lol! Sure!
Bulldog spirit, says...
10:03am Fri 14 Dec 07
kingkong wrote:I bet you wouldn't say that to my face, sonny-boy.
Only one person(krankinonamar ley) made any sensible comment on this article about TML mortgage lender,I think everybody else are just plain ignorant and stupid as are most all of the comments made in this forum on just about any other subject.I'm beggining to think that about every body in England needs a swift kick up the A-- maybe then you will get some sense because thats where most of you talk out of.
It's the state of the industry in the US that has created this sh1t state of affairs across the globe.
I hardly think you're in any position to be criticising anyone, do you? If anyone needs a kick up the backside, it's you. And I bet we'd have no trouble hitting it either, lard-arse burger burglar.
keep, lending says...
11:06am Fri 14 Dec 07
Perhaps if they employed less mums, more work would have been done, and they would not have gone out of business, in terms of money mum07 you live in Portsmouth, I hear there is good money to be made down the docks.
BS, says...
11:18am Fri 14 Dec 07
Keep, lending on, you're a muppett have you got no respect!! sorry stupid question!! of course not. And jokky, Trimble Vallley on are you an english teacher!! probably not, Mum07 is obviously angry at the comments posted on here by people like yourself. what goes around comes around maybe you both wont be so cocky when this happens to you and you have no way to pay the bills. or do you both still live at home with mummy??
Keep, Lending says...
11:57am Fri 14 Dec 07
BS: No, I live with your dad.
King of Halo, Whiteley says...
2:56pm Fri 14 Dec 07
TML failed because it was run by clueless muppets that would rather employ their friends and worry about what company Porsche to get, than learn the business and speak to the staff like human beings
Ashit Matroosers, says...
3:23pm Fri 14 Dec 07
King of Halo wrote:Can't be that clueless if they're all driving around in Porsches
TML failed because it was run by clueless muppets that would rather
employ their friends and worry about what company Porsche to get, than
learn the business and speak to the staff like human beings
Henry the House, says...
4:03pm Fri 14 Dec 07
General about all of the above:
1) TML existed for 7 years, employed many people, paid excellent salaries and offered great working conditions.
2) There were no company Porsche's - all were owned privately by the individuals. This includes ones owned by employees, which were affordable due to the good salaries the 'clueless muppets' were paying
4) If friends were employed I can guarantee that they had the right skill set and experience to do the job properly. After all, why would you employ anyone that would assist in the demise of your company and income.
5) At the end of the day a company has gone into administration, it is very sad for ALL the people that were employed and contributed to making the busines successful. Irrelevant of the type of business and its customers.
1) TML existed for 7 years, employed many people, paid excellent salaries and offered great working conditions.
2) There were no company Porsche's - all were owned privately by the individuals. This includes ones owned by employees, which were affordable due to the good salaries the 'clueless muppets' were paying
4) If friends were employed I can guarantee that they had the right skill set and experience to do the job properly. After all, why would you employ anyone that would assist in the demise of your company and income.
5) At the end of the day a company has gone into administration, it is very sad for ALL the people that were employed and contributed to making the busines successful. Irrelevant of the type of business and its customers.
Ex Employee, Southampton says...
4:16pm Fri 14 Dec 07
TML was good in the old days. They looked after their staff. Then they got greedy and treated everyone like crap. However, I will say that the people that they arranged mortgages for chose to take the mortgages. Nobody was fooled into anything. People needed TML for all sorts of reasons. TML provide a service and people use it if they want / need to.
I'm so sorry to everyone that has been affected by the job losses and am so glad that I left a few years ago before it got bad. And to everyone else that is showing less sympathy, I hope that you have to suffer this sort of experience some day and choke on your words.
I'm so sorry to everyone that has been affected by the job losses and am so glad that I left a few years ago before it got bad. And to everyone else that is showing less sympathy, I hope that you have to suffer this sort of experience some day and choke on your words.
Humbug, says...
5:03pm Fri 14 Dec 07
Ex Employee wrote:...and a Merry Christmas to you too.
TML was good in the old days. They looked after their staff. Then they got greedy and treated everyone like crap. However, I will say that the people that they arranged mortgages for chose to take the mortgages. Nobody was fooled into anything. People needed TML for all sorts of reasons. TML provide a service and people use it if they want / need to. I'm so sorry to everyone that has been affected by the job losses and am so glad that I left a few years ago before it got bad. And to everyone else that is showing less sympathy, I hope that you have to suffer this sort of experience some day and choke on your words.
Anyone who shows less sympathy than you, you wish would lose their livelihood and choke on their words? Nice. How caring.
Did you miss out on the big bonuses and the Porsche?
Grow up.
johnthomas, southampton says...
5:28pm Fri 14 Dec 07
One person is responsible for all of these poor people being out of a job over christmas and that is David Titmuss. He ran the company in an autocratic way, believing that he knew all when in fact, it turned out that he was a C U Next Tuesday, with no more idea about running a company than a baboon has of writing a paper on quantum physics!
Stuart, Andover says...
5:41pm Fri 14 Dec 07
Only a few people have actually grasped why TML have left. Firstly as rightly pointed on an earlier post a lot of the more switched on members of staff left when they realised there was more money to be made starting up or working for a smaller broker.
The second issue and the one that seems to be greatly misunderstood here is that as the credit crunch has hit actual lenders have pulled 95% of all products in the Sub Prime sector. If there are no products available to service TML's target market then they will be uable to complete on any mortgages and so recieve no commission. With 250 staff to look after it becomes harder to cut costs elsewhere. They physically have to do a certain amount of mortgages per month in order to pay their staff. That puts them in an unfortunate position because they then have to spend more and more money on advertising to get the required business. This carries the double whammy that even Joe Bloggs on the street with bad credit knows that mortgage rates are going up so less and less people apply.
TML are not the first "big" company this has happened to and it will by no means be the last. This situation will affect even the best run businesses and the larger ones are probably the most at risk.
Best of luck to all involved
The second issue and the one that seems to be greatly misunderstood here is that as the credit crunch has hit actual lenders have pulled 95% of all products in the Sub Prime sector. If there are no products available to service TML's target market then they will be uable to complete on any mortgages and so recieve no commission. With 250 staff to look after it becomes harder to cut costs elsewhere. They physically have to do a certain amount of mortgages per month in order to pay their staff. That puts them in an unfortunate position because they then have to spend more and more money on advertising to get the required business. This carries the double whammy that even Joe Bloggs on the street with bad credit knows that mortgage rates are going up so less and less people apply.
TML are not the first "big" company this has happened to and it will by no means be the last. This situation will affect even the best run businesses and the larger ones are probably the most at risk.
Best of luck to all involved
BV, Portsmouth says...
6:49pm Fri 14 Dec 07
jokky wrote:im sure spelling errors are the least of her problems...
Mum07 I can\'t take you seriously with all those spulling mistakes
Ex Employee, Southampton says...
5:06pm Sat 22 Dec 07
Humbug wrote:Oh get a grip you joke. FYI i chose an alternative to the porsche and earned plenty.
Ex Employee wrote: TML was good in the old days. They looked after their staff. Then they got greedy and treated everyone like crap. However, I will say that the people that they arranged mortgages for chose to take the mortgages. Nobody was fooled into anything. People needed TML for all sorts of reasons. TML provide a service and people use it if they want / need to. I'm so sorry to everyone that has been affected by the job losses and am so glad that I left a few years ago before it got bad. And to everyone else that is showing less sympathy, I hope that you have to suffer this sort of experience some day and choke on your words....and a Merry Christmas to you too. Anyone who shows less sympathy than you, you wish would lose their livelihood and choke on their words? Nice. How caring. Did you miss out on the big bonuses and the Porsche? Grow up.
Everyone deserves sympathy for what has happened at TML. I have friends who are affected. The small minded people that can't see that would surely feel differently if it happened to them. Maybe then they would understand. That is my point you moron.
I would wish you a Merry Christmas but really I don't give a toss how your Chrismas goes Humbug
TML's Whiteley headquarters
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Credit Pushers Out, says...
9:21am Thu 13 Dec 07