What happened to you in 2008

[UKSBD]

I keep reading, worse since 2008 implying that *so far* this year isn't as bad as 2008 but what actually happened to you in 2008?

I know we had a big crash, a few people temporarily couldn't access money, Northern Rock went under, a few high risk/off shore investments took a hit, borrowing was tough, etc. but I can't think of a single thing that affected me personally.

Was it as bad as is made out, was anyone here personally affected as much as they are being now?

 

[Darren_Ssc]

Was it as bad as is made out, was anyone here personally affected as much as they are being now?

I worked in construction and the 2 billion project I was working on was cancelled. Finding work elsewhere became difficult and I went from working flat out 12-14 hours a day to doing nothing.

Depression set in and left me in a black hole for a couple of years, various other bad stuff happened, I lost my home, I ended up living on the streets for a while.

So, yeah, I was affected. Would this have happened anyway, I don't know?

Now I'm OK, earning good money with the freedom to do what I like. I've lived abroad on and off, tried semi-retirement for a while but threw myself back into working full-time out of boredom more than necessity.

Would I be in this position today if bad things hadn't happened back then? Who knows?

 

[Gordon - Commercial Finance]

I was still in University studying finance, so I was learning about cause and effects in real time! Very interesting.

I know it was a tough time in business for many people though. Don’t want to downplay that or make light of it but my experience of it was quite positive...

 

[Mr D]

In 2008 nothing much happened with my business at the time.
No impact on my finances, no impact on the income the business gave - very similar per hour worked to 2007.

 

[MBE2017]

2008 was a hiccup compared to this pandemic. 2008 probably resulted in an 8% GDP drop in the economy, bad enough, but nothing compared to the 20-30% heading our way.

This is my fourth bad recession in my lifetime, and it will almost certainly be worse than the other three combined IMO.

 

[Mark T Jones]

I learned an interesting lesson that alternative finance doesn’t work well when the banks aren’t lending.

construction always seems to take a knock in recessions but overall it was far less brutal than 88 - 92.

 

[BustersDogs]

I started my business in Sept 2008, so I didn't know any different! Now with nearly 12 years experience, it didn't take me any longer to build up clients, than it does now when I change what sort of clients I am targetting, or need more dogs to create a new staff position. I wasn't looking for loans or credit anyway.

My only personal issue was that my fixed rate mortgage ran out at about that time, and I couldn't remortgage because I 'couldn't afford to pay it' even though I *was* paying it. So I saw everyone else enjoying that really low interest rate while I was stuck on about 5% because I couldn't change it. On the plus side... being without any kind of 'deal' I was able to pay off my mortgage 9 years before it was due, with only a £99 fee added on to my final payment. (couldn't afford the mortgage I paid off in 16 years, yay for banks with really no idea).

So every cloud and all that...

 

[ecommerce84]

I had about £20k in an Icesave account and was in a fair amount of shock when I heard they’d gone bust.

Luckily I got it all back, but it was worrying for a time. Also luckily, I am reasonably savvy with my money so it was spread around many accounts, so even had I have lost it I would have been destitute.

I had a part time job in a hardware shop at the time (is had it since 2003, alongside my business) and we had some of our best months ever during the recession. I sold my business in 2009.

 

[Alyson Dyer]

2008? Husband’s business switched focus from Financial Advisors to Wills/Estate Administration.
I was diagnosed with a brain tumour and discovered how heartless the corporate world was in those circumstances.

 

[DavidWH]

I was still serving in the Navy in 2008

We were told "there's no jobs outside" and of course "there are queues of people wanting your job",

Didn't resolve their manpower issues did it

 

[Scalloway]

Our mortgage was paid off around the start of 2008 and we took our kids to Euro Disney. One of the places I was working for had been up for sale and I was told on a Friday that the new owner had a meeting with his bank next week to sort out the finance and it would be a done deal. On Monday the banks crashed.

 

[fisicx]

I brought a TR6 and went on holiday to India.

Was working as a contractor for the MOD back then so nothing really changed.

 

[Hunnie]

Our actual business was unaffected by the bank crisis in 2008.
We were in a community centre and were opening our own leasehold studio that year.
The Indian restaurant next door to the new studio must have been struggling as they deliberately set it on fire in the middle of the night, to collect the insurance! This was the day before we were due to sign the lease.
The restaurant owners were charged with arson.
It meant we couldn't open until April 2009 but just continued in the community centre until then.
The landlord was great and consulted us on the refurbishment so the fire was to our advantage really in the end.

 

[Martin Patfield]

I had just left school and starting college / first part time job at Waitrose. £4.96 an hour!!

I didn't really notice or know what was going on at the time.

I think it will be more noticeable this time round now knowing somewhat how the world works a little.

 

[JEREMY HAWKE]

I lost 70k with customers going bust that year
That year we said no more credit and now we demand payment on booking for most

This time around it is not that bad I thought a couple of months ago it would be a disaster but their are new opportunities. We are in much stronger position than our local competitors. We have no borrowings and lower overheads

 

[Bob Morgan]

RECESSIONS I HAVE KNOWN AND LOVED!

2008: Employed in the Middle East. Not being dependent upon Government Mega Projects, I kept going until November 2019 – Still making a modest profit. However, Head Office in Mother England decided to put the whole company up for a Takeover. My Branch together with several others around the world was closed. On 19 November 2009 I issued 59 Termination Letters – Number 60 was my own! I was the one to turn-off the lights!

2010: SE Asia. Plan B Implemented, moving 5 of my Original Staff from the Middle East and ‘Set-Up Shop’ – We have been here ever since. No ‘Faircloughs,’ Redundancies, or Lay-Offs during the recent Coronavirus Saga. Sufficient work for all, until Q1 2021. Plans B C D E F and G have been prepared and are being monitored. Freehold Premises, Zero Debt.

1990: UK. The firm I was working for went ‘Bust!’ I took on projects from former clients, making a reasonable living, until moving to the Middle East in 1997. This is still the Representative Office for the UK.

1981: UK. Graduation and Professional Practice Year – But, no jobs! (Internships were not permitted at that time.) Part-Time HGV Driving and working for a Sole Practitioner who had suffered a stroke. Managed to achieve sufficient hours for Professional Practice. Weekend Bar Work at £3 Per Hour!

1973: UK. My first job following school was with a large firm of Architects (4 Branches and over 200 Staff). Today, they are down to 5 Staff. Upon starting, the first task that I was given was to remove every ‘Other’ fluorescent light tube in the office! December 1973 – Sat at a Drawing Board wrapped in 2 Coats, Scarf and ‘Albert Steptoe Finger Mittens!’ – No Heating! January 1974 saw the 3 Day Week, and Rotated Power Cuts. Salary? £10 Per Week! (Reduced to £6 during the 3 Day Week).

 

[Bluejen84]

I started in 2008. I was investing alot to build our business and working from home (I had a head injury 2007). It was a good year for me. I think I remember reading about hard times but as mentioned by others in another post it was only the media telling you.

Northern rock was a a disaster waiting to happen. They really were giving mortgages to anyone for anything. All the lenders where.

 

[Socio South West]

I calculated that if I took advantage of every offer of 'Automatically approved' loans that were dropping through my mailbox almost daily I could probably have borrowed £350-400k within a couple of weeks - This from several different sources and without anyone apparently asking a question.... and unsecured too.
The temptation was so great.....

A few weeks later I wanted to spread the cost of the purchase of a new machine over 18 months and applied for a 4k loan with substantial security available if required... only to be turned down. I felt like I had fired a howitzer at a piece of tissue paper and the shell came back and hit me.

Strange times they were..... So this was Tony Blair's 'Things.... are gonna get better....'

 

[Annoying Donkey]

(I had a head injury 2007).

As good an excuse as any for starting your own business...!

 

[Bob Morgan]

Strange times they were..... So this was Tony Blair's 'Things.... are gonna get better....'

Gordon Brown was actually Prime Minister in 2008 (2007 to 2010)

 

[STDFR33]

I keep reading, worse since 2008 implying that *so far* this year isn't as bad as 2008 but what actually happened to you in 2008?

I know we had a big crash, a few people temporarily couldn't access money, Northern Rock went under, a few high risk/off shore investments took a hit, borrowing was tough, etc. but I can't think of a single thing that affected me personally.

Was it as bad as is made out, was anyone here personally affected as much as they are being now?

Part way through training to be an accountant and got made redundant.

Got some non related work that gave me some spending money .. still living at home fortunately.

Took me a year to the day to gain relevant full time employment again.

 

[Paul Norman]

From memory, I sold my shares in one of my retail businesses.

I kept the other two going. The software business plodded on.

I think this round will be more challenging, though. But if we can press on, we shall!

 

[RobinBHM]

I was running a joinery company in 2008 -TBH I never noticed any change whatsoever. I was supplying local builders and they were all busy and have been ever since.

The business was based on the Sussex, Surrey border so being in a wealthy area surrounded by big period houses probably helped.

 

[Bluejen84]

As good an excuse as any for starting your own business...!

I know!!!
But I was essentially left unemployable!

Funny how things turn out.

 

[JEREMY HAWKE]

I know!!!
But I was essentially left unemployable!

Funny how things turn out.

Well you have certainly fallen in with the right bunch here
Look at the regular posters here and none of us are employable
Some are exceptionally good at covering it up

 

[billybob99]

I was wearing very short shorts up to my nipples.

 

[marakana88]

I was in school at that time. My dad had real estate agency in Ukraine that time, and it was a really difficult time for him. Prices for his property dropped down.

 

[Mitch3473]

I cant remember what I did yesterday so sorry, cant help you there....

 

[SillyBill]

Took us a year to recover the lost ground then onwards and upwards. I seem to recall things being quite cautious until as late as 2011-2012. It did shake out the construction sector quite a bit. I consider it to be wholly necessary through. A recession is a healthy part of the business cycle.

 

[Mitch3473]

Well you have certainly fallen in with the right bunch here
Look at the regular posters here and none of us are employable
Some are exceptionally good at covering it up

30 years ago I was told by a director of a business I was getting involved in that I was unemployable. At the time I didn't know whether to take it as an insult or a compliment. Turned out he right either way.