well the spending has stopped. only those that can actually afford are spending hence the crunch.
yes we were all stupid but at the same time stupidly encouraged by a government endorsed financial institution.
the worst cases we are seeing are those who are private tenants.
the pay their rent on time every month to their landlords, but the landlords arent passing it on to the mortgage lenders.
the first the tenants know about it is normally when the bailiffs visit giving them 7 days to get out and they aint got a legal leg to stand on.
Its not always individuals either, sometimes they are long term tenants with families and the owner of the house has re-mortgaged for a silly amount but guaranteed it on that property.
more homeless people.