Tuesday, Nov 18, 2008
Can't moan Gordy's paid my Icesave money back with interest!
BBC: City helps pay mortgage arrears
Wakefield council will provide a limited number of interest-free loans of up to £15,000 to those worst-affected by the economic downturn.
Posted by cheekie charlie @ 11:34 AM (514 views) Add Comment
7 Comments
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1. d'oh said...
...and when these borrowers default I pay for it through my council tax...absolutely ^&%$£! outrageous. For Pete's sake, why must we tolerate this robbing from the frugal to give to the prodigal? I want to scream with frustration at the immorality of the whole thing. This is just fundamentally wrong. Wrong, wrong, wrong! Society needs safety nets, otherwise you end up with the US, but this is completely and utterly inappropriate. Boy am I fuming.
2. stillthinking said...
You would pay more otherwise though if they ended up in social housing.
3. phdinbubbles said...
This is beyond being outrageous. This is downright criminal.
"We knew that if people were feeling vulnerable in their own households they would not be spending money in the local economy so we wanted to ease some of this pressure."
That's right, lend money to people who are financially incompetent so they can spend even more money that doesn't belong to them. The above quote describes exactly the stupidity of what the council are trying to do. It’s not about trying to give people good advice to manage their debts, but getting them to spend more.
"The council's mortgage assistance scheme was highlighted as an example of good practice in a report published last week by the Local Government Association (LGA)."
Really. You will be receiveing a letter LGA. You are the scum of society.
4. the haunted said...
How do you help people who can't aford there debt? LEND THEM MORE MONEY!!
5. renting2 said...
Sheer twatology.
6. phdinbubbles said...
To be fair, having had a look at the council website, the loans should only be made to those that have been made redundant or are suffering from illness. The BBC fail to mention this and seem to give the impression that the council are simply helping out people hit by the credit crunch - unless illnesses are caused by the crunch? (shouldn't insurance cover this?). Having said that it does seem half-baked to say the least. The loans are for three years and no payment is absolutely required until the end of the three years - I can see that working well. Do wakefield envisage that people made redundant now are going to find enough equivalent work within the next three years to get on top of their current difficulties and pay back the loan? Fools. The loans are secured, so are they going to repossess the house if they don't get their money back? Something more sensible might be a bridging loan to cover negative equity so someone can downsize to a property commensurate with their income and the council would get their money back after a short period. But that wouldn't be acceptable would it. Everyone has a right to live in the house they want at the expense of those that are prudent.
7. rumble said...
Seems tax is the next bubble. How do I invest?
Australia, Canada - any other recommendations?