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Bee Bear

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A friend with a good job has confided that he self certified and took out a whacking mortgage (interest only). Now the "deal" has ended and the mortgage is over £1500. Overdraft and cc's are maxed out. Only option left is to take in a lodger. I feel very sorry for the friend but smug when told i am "wasting" my money on rent.

Really? Well i am debt free thank you very much! :D

Oh and just booked my winter holidays to Hawaii while stuffing my savings account and looking forward to buying when the crash comes!

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Oh and just booked my winter holidays to Hawaii while stuffing my savings account and looking forward to buying when the crash comes!

Aha! Hawaii is where the new series 'Lost' was filmed. Now being shown by our very good friends Channel 4 television!

Be advised to take a handgun and look out for polar bears...

:lol:

www.channel4.com/lost

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A friend with a good job has confided that he self certified and took out a whacking mortgage (interest only).  Now the "deal" has ended and the mortgage is over £1500. Overdraft and cc's

What is more scary is the amount of people who have switched from their longstanding repayment mortgages, released equity, and taken on interest only mortgages in its place. Repayment is now a thing of the past with most people, convinced that the house will be worth mega amounts later on, sounds a bit like the miss-selling of endownments all over again.

Short term its great and gives them more money a month to play around with to fuel their life style and credit card spending. Shame they will never actualy get to own that home though, suckers.

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A friend with a good job has confided that he self certified and took out a whacking mortgage (interest only).  Now the "deal" has ended and the mortgage is over £1500. Overdraft and cc's are maxed out.  Only option left is to take in a lodger.  I feel very sorry for the friend but smug when told i am "wasting" my money on rent.

Really?  Well i am debt free thank you very much! :D

Oh and just booked my winter holidays to Hawaii while stuffing my savings account and looking forward to buying when the crash comes!

It is amazing how many 'friends' are 'treated like sh!t'

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What is more scary is the amount of people who have switched from their longstanding repayment mortgages, released equity, and taken on interest only mortgages in its place. Repayment is now a thing of the past with most people, convinced that the house will be worth mega amounts later on, sounds a bit like the miss-selling of endownments all over again.

Short term its great and gives them more money a month to play around with to fuel their life style and credit card spending. Shame they will never actualy get to own that home though, suckers.

oh, I forgot to add this link, its all been known about and pre planned for years take you time to read it, and how people have played into it.

Equity release, Interest only, Other

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"We consistently strive for efficient and responsible market practices in practical ways such as the Lenders' Handbook ..., and supporting the development of technological advances such as common protocols for databanking for Home Information Pack (HIP) information" -- from the CML link

I there was I thinking home information packs were to benefit purchasers.

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"We consistently strive for efficient and responsible market practices in practical ways such as the Lenders' Handbook ..., and supporting the development of technological advances such as common protocols for databanking for Home Information Pack (HIP) information" -- from the CML link

I there was I thinking home information packs were to benefit purchasers.

Common protocols? Databanking?

Who's deciding all this stuff? Who gets to keep all this data?

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When he tells you "renting is dead money", why dont you tell him back "interest only mortgage is dead money" too 

Thanks! I hadn't thought of that -- so true.

This site keeps me going when i start to waver! :D

Bee Bear

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Am I the only one ho reckons that low inflation and the resultant non-erosion of debt poses a real risk to millions? I just don't think IRs are scuppering the housing market; it's debt, unemployment and low growth.

Call me heartless, if you wish, but seeing the greed which has infected so many Brits over the past 10 years, I'm not shedding any tears for them now it's all going pear shaped.

And yet, some people are still in denial about debt, falling house prices and rising unemployment.

This recession/depression will eclipse anything the early 90s threw at the UK.

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THE personal debt crisis has escalated to the point where six out of ten borrowers would default on loans and credit cards within three months of losing their job, a report warned yesterday.

CRISIS: Dozens of borrowers with six-figure debts are walking through CAB doors every week to seek help

OTHER STORIESBeware the grim legacy of bankruptcy

Lenders stop card flutter

Insolvencies hit a new high

Delusions led to £70,000 debt

Watchdog to crackdown on debt collectors

CREDIT & LOAN TOOLSTOOLS: Calculators

TOOLS: Check credit rating

GUIDES: Credit & loans

CHAT: Advice on cards and debt

HAVE YOUR SAY'Unkown debts linked to me'

'How can I get out of debt?'

'What is the best balance transfer card?'

More than 40% have so little saved they would no longer be able to pay their mortgage, according to a survey by the Combined Insurance company.

It comes on top of a warning from Citizens Advice Bureaux that personal debts of £100,000 are becoming increasingly common.

Dozens of borrowers with six-figure debts are walking through CAB doors every week to seek help. The charity has advised three - quarters of the clients it has seen with money difficulties in the past few months to declare themselves bankrupt because of the huge size of their debts.

CAB handled more than one million consumer debt cases in 2003 to 2004 and said next month's figures would show a significant increase.

Senior social policy officer Sue Edwards said: 'It's going to get worse before it gets better.

'Our bureaux are seeing more and more cases of bad debt every week - many with huge debts built up from several creditors. Levels of debt over £100,000 are not uncommon any more.'

The Combined Insurance survey, carried out by YouGov, asked 2,000 respondents which financial commitments they would not be able to keep up for more than three months should they lose their income.

One in two first-time buyers said they would not be able to afford their mortgage payments.

Around 59 per cent of all people said they would be forced to default on credit card balances and loan repayments.

As many as 41% of borrowers would be unable to pay their utility bills while 38 per cent would not have enough to put food on the table.

Nigel Brittle, of Combined Insurance, said: 'As a general rule of thumb, the equivalent of three months' salary put aside to guard against any unforeseen circumstances is generally a good level of protection for most people.

'Losing your income through illness or injury won't stop the bills coming in. Debts will still have to be paid and food will still have to be bought.'

So far this year banks have made provisions of £3bn to cover possible bad debts. Last week, mortgage lender Bradford & Bingley revealed the number of homes it repossessed in the past year had increased threefold.

Earlier this month, the Department of Trade and Industry said the number of people declaring themselves insolvent hit a record high during the second quarter of this year.

CAB handled more than one million consumer debt cases in 2003 to 2004 and said next month's figures would show a significant increase.

:blink::blink::blink:B)

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Aha! Hawaii is where the new series 'Lost' was filmed. Now being shown by our very good friends Channel 4 television!

Be advised to take a handgun and look out for polar bears...

:lol:

www.channel4.com/lost

is it a polar bear then?

......I watched the first one for about 20 minutes and just cant get into all that hammy american type of acting.

Looking forward to 'Get Carter' and some other good stuff on BBC3 though.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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