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Blair could potentially go bankrupt - £4million mortgage!!!!

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Old 11 March 2006, 07:24 PM
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Petem95
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Red face Blair could potentially go bankrupt - £4million mortgage!!!!

Anyone see this on the front of the Mail today? Bliars mortgage is almost £4million, after they bought 2 flats in Bristol (2002) and a £3.65million town house in London (now worth £3.45million tops!)

Apparently they tried to let the London house out for £4k per week, but have only been able to get £2k per week, leaving them to find an extra £6k per month to pay the mortgage (mortgage payments are £14k/month!!) - plus its interest only!!! The tenant is about to move out as well!...

They were going to sell their 2 flats in Bristol (bought in 2002) to add to the down payment for that London place, but they didnt because they'd fallen in value by about £25k each (from the price they paid, not the original asking price!!) so theyve kept them!

The article suggests they may end up having to sell the London house, which has gone down in value by at least £200k since they bought it in 2004, and the paper reckons they'd lose the best part of £400k total (inc fees and taxes) if they did sell!!

Basically one big ****-up for the Bliars!! They've clearly had some very bad financial advice, or just been watching too many get-rich-quick property programmes on TV which make out BTL as a goldmine!!!
Old 11 March 2006, 08:32 PM
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But surley Chery(SP) Blair is able to pay of that easily. Being a lawyer, when say Shell or BP have a problem, they just say heres £2m, sort us out?

I thought it was just T Blair who is in debt.

Scotty
Old 11 March 2006, 08:34 PM
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Runs his own finances like he lets Gordon run the country's finances
Old 11 March 2006, 09:16 PM
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Suresh
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Question Wake up call : The Mail is a Tory rag

If it's true Blair should resign . If it's not, the Mail will be paying TB libel damages for years to come.
Old 11 March 2006, 09:18 PM
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jasey
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Originally Posted by Suresh
If it's true Blair should resign . If it's not, the Mail will be paying TB libel damages for years to come.
Sounds like he's in the same boat I was in when the Tories were last in (although the amounts are different )
Old 11 March 2006, 09:22 PM
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Suresh
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Originally Posted by jasey
Sounds like he's in the same boat I was in when the Tories were last in (although the amounts are different )
Do you reckon he'll be moving to Scotland too, to share in the oil wealth!
Old 11 March 2006, 09:25 PM
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Originally Posted by Suresh
Do you reckon he'll be moving to Scotland too, to share in the oil wealth!
Hopefully he'll go to America to be with his special friend .
Old 11 March 2006, 09:26 PM
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His Mrs must be on a fair whack and he'll be able to earns millions once he's moved out of No 10.

Bankrupt? My ****
Old 11 March 2006, 09:49 PM
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If he has a word with Jowell, I'm sure her husbands pal Berlusconi can help out. In fact why does,nt Tony just ask him himself next time he's on another freebie holiday in Italy
Old 11 March 2006, 10:17 PM
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p(eni)slewis will bail him out - he's minted (allegedly)

Cheers
Kav
Old 11 March 2006, 10:18 PM
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He can do what he wants, surely to god??

His wife can fund that without batting an eyelid ....

Pete
Old 12 March 2006, 07:27 PM
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He's turned the country round from the nightmare of the Tories,surely he can turn his own finances around.
Old 12 March 2006, 07:44 PM
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Originally Posted by paulr
He's turned the country round from the nightmare of the Tories,surely he can turn his own finances around.
Looks like he manages his own finances about as well as "crash" Gordon manages the county's - borrow borrow borrow - and dont think about the payback
Old 12 March 2006, 07:47 PM
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Originally Posted by Petem95
Looks like he manages his own finances about as well as "crash" Gordon manages the county's - borrow borrow borrow - and dont think about the payback
CRASH????

WHAT CRASH, you moronic imbecile

Gordon has been in charge of the purse for NINE years, yes - NINE years and we are all so much better off than we were with the Tory useless articles!!

Pete
Old 12 March 2006, 08:05 PM
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Originally Posted by pslewis
CRASH????

WHAT CRASH, you moronic imbecile
Sad thing is its not only PSL who is taken in by Gordon Browns economic's

Since NL came into power high earners now end up losing 50% of their income to tax, up from 36% in 1997.... the country has record debts, and the economy has only been kept afloat for the last few years by consumers racking up record debts..

Its all far from sustainable, but NL lemmings dont look at the bigger picture
Old 12 March 2006, 08:10 PM
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Could youplease back-up your staement that we are in a CRASH?

Or has the CRASH happened?

You are a clown who KNOWS NOTHING ...now, be a good chap and shut-up

By the way, I pay 50% TAX - whats so wrong with the rich contributing a fair share?????

Pete
Old 12 March 2006, 08:17 PM
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Originally Posted by Petem95
Looks like he manages his own finances about as well as "crash" Gordon manages the county's - borrow borrow borrow - and dont think about the payback
Every country in the world borrows apart from those oil rich arab nations.
Old 12 March 2006, 08:30 PM
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Originally Posted by AudiLover
Every country in the world borrows apart from those oil rich arab nations.
Don't confuse him ..... his tiny, weeny brain will explode!!

Pete
Old 12 March 2006, 10:14 PM
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Originally Posted by pslewis

NINE years and we are all so much better off than we were with the Tory useless articles!!

Pete
How's that then Pete????

Chip
Old 13 March 2006, 09:22 AM
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Petem95
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Originally Posted by AudiLover
Every country in the world borrows apart from those oil rich arab nations.
But they dont borrow to such a massive extent as Brown has (other than the US of course).

The ECB (European Central Bank) has even warned Brown about the massive level of borrowing such is the extent

I guess its a difficult concept for people like PSL (and other NL lovers) to grasp, but when you are spending way more than you have coming in, and continue this for years the results wont be pretty when you reach the point where you have to pay back....
Old 13 March 2006, 09:31 AM
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Heres the original article btw;

Even In this age of colossal property prices, the size of the Blair family's housing debt is enough to make the eyes water. The Prime Minister and his wife owe almost £4million, part of it in a 95 per cent mortgage on a single property.
It is impossible to see how they can manage to be so deep in the red unless very special circumstances apply. Both are reasonably high earners by middleclass standards but they are not among the super-rich. Nor have they been lucky with their investments.

Their only success in the property market has been their humble constituency home in unfashionable Sedgefield, but this is worth about the same as a large cupboard in their London house, the price of which has dropped slightly since they bought it.

Unless they can obtain a tenant for that London house, about to fall vacant, mortgage payments will gobble up Mr Blair's entire annual salary in less than a year.

Most people would be close to despair. But the Blairs, apparently, are not. Plainly, there is something we do not know. Either the couple have access to other funds or they have managed to persuade their building society they can be very confident of a large future income.

Such an income could come only from a future book deal on the couple's memoirs, linked with newspaper serialisation rights and the likely earnings they could expect from the lecture circuit. Both will depend completely on Mr Blair retaining his current popularity in the USA.

The Prime Minister has put himself in a position where he cannot risk offending American public opinion, because to do so could leave him financially submerged.

It is very foolish of him to have got himself into this fix. He cannot conceivably be unaware of the debt, or of the need to pay it off. It is impossible to believe that this does not influence him and his wife in much that they do.

It is yet another sign that his Prime Ministership, which started amid such hopes and boasts of probity, is fast losing all moral authority.

Torture is always evil

Subjected To the simulated drowning known in the interrogation trade as waterboarding, hardened CIA agents begged for mercy after 30 seconds.

Most people would not need much more than 30 seconds to conclude that such a technique was wholly unacceptable, something that a civilised country could not possibly use. Its only real purpose, like that of all torture, is to terrify its victims into submission. Any 'confession' made under such treatment would be worthless. The victim would say anything to make it stop.

That, in fact, is why this country abandoned torture more than three centuries ago. But now a Foreign Office Minister, Ian Pearson, seems to be suggesting that waterboarding might be legal in some circumstances. Comically, Mr Pearson is responsible for Human Rights.

In a slippery attempt to avoid responsibility, the Minister's statement is now being blamed on the civil servant who drafted it. It is better news that we are promised 'clarification' of Mr Pearson's answer. What a pity that the simple truth that torture is always wrong should not have been clear in the first place.
Old 13 March 2006, 10:10 AM
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I always wondered how waterboarding works?

How do you 'simulate' drowning? - either their face is underwater or its not? wierd concept

Anyone in the know?
Old 13 March 2006, 10:36 AM
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There are two ways:

1) The old-fashioned way: hold their head underwater while their body is out of the water.

2) Tie them down on their back, put a tube down their throat, and pour water down the funnel.

Not sure which is the version under discussion though.


M
Old 13 March 2006, 11:50 AM
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Isnt the big 95% mortgage an interest only one too!!!

so he still has 3.95 mill to find at the end...


Mart
Old 13 March 2006, 12:06 PM
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"Crash, what crash?"

I must remember that one!

Les
Old 13 March 2006, 12:08 PM
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guys, clearly none of you know what a QC can afford.

this is so not a problem.

I am no blair fan, but to suggest this lot is reason to resign is utter bollocks.

So they have been unlucky and might stand to lose 400k on property over 5 years.

First of all you dont lose money on property unless you have to sell it, until then it is an unrealised loss, and market predictions are only estimations,

Second, if you earn upwards of 2 mill a year, losing 400k in property over 5 years is no big deal.

I think they only publish this to wow poor people!
Old 13 March 2006, 12:17 PM
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Originally Posted by Petem95

Apparently they tried to let the London house out for £4k per week, but have only been able to get £2k per week, leaving them to find an extra £6k per month to pay the mortgage (mortgage payments are £14k/month!!) - plus its interest only!!! The tenant is about to move out as well!...
IIRC they had great problems trying to rent the house out. Then up pops an American business man to move in, who just happens to be a good friend of Mr B
Old 13 March 2006, 12:17 PM
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All these figures are surely just beer money to the Blairs. He'll go onto make millions from book deals etc, and she already earns a lot from the lecture circuit and her normal line of work. I expect they'll just settle the whole debt with cash in a couple of years' time.
Old 13 March 2006, 01:53 PM
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think he's got other troubles as well
http://www.telegraph.co.uk/news/main...ixnewstop.html
Old 13 March 2006, 08:27 PM
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Originally Posted by Adam M
guys, clearly none of you know what a QC can afford.

this is so not a problem.

I am no blair fan, but to suggest this lot is reason to resign is utter bollocks.

So they have been unlucky and might stand to lose 400k on property over 5 years.

First of all you dont lose money on property unless you have to sell it, until then it is an unrealised loss, and market predictions are only estimations,

Second, if you earn upwards of 2 mill a year, losing 400k in property over 5 years is no big deal.

I think they only publish this to wow poor people!

Agreed......Its only the thicko's that get excited over this rubbish. Blair saved the country,i'm sure he can save himself.


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