Northshore in trouble???

I have bought 3 new boats and have been lucky that while both Portway and Sea Ventures went pop after I completed the purchase I got my boats.

Accept that Twister Kens bank guarantee is one sound way to buy a new boat but I wonder is there another.

Because of the extra protection under Section 75 of the Consumer credit Act I pay for as much as possible by credit cards. I paid the 10% deposit using a number of CC. I now wonder about the HP element. Boats are sold on no cash - no splash with the last payment made about 2 weeks before factory departure. If all or the bulk of that money was on HP who is liable if the builder or dealer goes pop anmd no boat. I ask as I am not sure but I imagine its the HP companies loss (+the CC Co for the deposit)

Can anyone advise please.

My thinking is to take out say 80% on HP even if you almost immediately pay back a large element (as I did when I recovered the 20% VAT).

Commiserations to the many that are effected by this and do hope they start up again. I was seriously considering a Southerly for my next boat (if I ever buy one now!!)
 
Been there, tried that ... doesn't work!

If the contacted value is more than £30K section 75 doesn't apply. I put an arguement to the FSA that there wasn't contracted value which was true (it was just a spread sheet estimate of completion cost that I wasn't commited to) .... but the FSA didn't agree
 
fireball said:
So - £30k for a (second hand) 30'er ... you reckon ppl should have 300k in cash/assets excluding the house before buying one?
Or £120k for a new AWB - you'd expect ppl to have £1.2 mil in cash?! .
Click to expand...

Yes - you can debate the percentage but the view I was trying to put forward is that a boat for all but a few of us is a toy. Whats more its a toy that these days loses value - my own boat for example cost the original buyer back in 96 almost exactly double what it now is worth and thats a fairly upmarket vessel. So does a sensible person re- mortgage the house to buy a depreciating toy? To me its the middle class equivalent of the jobless family buying the new 50 inch LCD telly on the never never and enough posters on here sneer at that.

Maybe I'm old fashioned but I reckon you should only buy a boat when you've saved up enough money to pay cash for it
 
Bosun Higgs said:
Maybe I'm old fashioned but I reckon you should only buy a boat when you've saved up enough money to pay cash for it
Click to expand...

most expensive toys are bought on loans - be that a campervan or boat - bicycle or motorbike - sure they're depreciating "assets" but that rather devalues the pleasure as well as the cost of the alternative.
If we all waited till we had the cash there would be a much smaller boating scene.
 
fastjedi said:
Been there, tried that ... doesn't work!

If the contacted value is more than £30K section 75 doesn't apply. I put an arguement to the FSA that there wasn't contracted value which was true (it was just a spread sheet estimate of completion cost that I wasn't commited to) .... but the FSA didn't agree
Click to expand...
How about instead of hp or mortgage... A lease, with guaranteed option to purchase at the end...

Leasing company doesn't provide the assert... Tough on them.
 
fireball said:
most expensive toys are bought on loans - be that a campervan or boat - bicycle or motorbike - sure they're depreciating "assets" but that rather devalues the pleasure as well as the cost of the alternative.
If we all waited till we had the cash there would be a much smaller boating scene.
Click to expand...
If i cant afford to pay cash for it i dont have it
 
I wish I had the cash to do that, never having a mortgage to buy a house, credit cards !! perhaps we should not judge either (this sounds like a lounge post)
If Southerly has gone pop it is a real shame as it they were a real dream for many people and a real shame for all the skilled people who have lost their jobs after working to provide the dream for so many (marine mortgage or not).
Why do threads wander so much here?
 
sailorman said:
If i cant afford to pay cash for it i dont have it
Click to expand...

Would love to be in that position. Unfortunately most of us aren't. However, we're capable of working out tco and if we believe the purchase is worth the outlay.
What's the difference anyway - save up the money now and buy in 5 years when the price has gone up or buy now on finance and end up spending what you would've had to have saved ..... But enjoy it now...
 
Shaking out the weak

Recessions are a way for weak businesses to fall by the wayside. It's a natural cycle and makes room for the next businesses to come through. As others have pointed out NS seemed happy to make yet bigger and more expensive (and out of reach) boats, I really fail to see the wisdom of this in today's climate, I'm going to be controversial here but I never liked them, poor sailing performance and too many steps to fall down, for the advantage of drying out, many bilge keelers / shoal draft boats are just as good if not better at quite a bit cheaper. I'm not saying im happy for people to lose their jobs as its not their fault at all
 
It's funny that amongst all the chat no one mentions having talked to any of those who have lost their jobs. I am sure their view would be remarkably insightful. Clarifying even . - or is it a middle England/'working chaps ' faux pas , a no-no perhaps subconsciously ....?
 
photodog said:
How about instead of hp or mortgage... A lease, with guaranteed option to purchase at the end...

Leasing company doesn't provide the assert... Tough on them.
Click to expand...

Don't think it is possible to get HP on a boat. Leasing is a possibility but usually only business assets. Marine morgtgages used to be popular but less so now because of the general shortage of loans and the poor security offered by boats in the market. Many banks have had their fingers burned with defaulting loans in recent years compounded by weak demand for used boats.
 
Blueboatman said:
It's funny that amongst all the chat no one mentions having talked to any of those who have lost their jobs. I am sure their view would be remarkably insightful. Clarifying even . - or is it a middle England/'working chaps ' faux pas , a no-no perhaps subconsciously ....?
Click to expand...

Think you'll find that I mentioned it on page 5
 
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