Jump to content
House Price Crash Forum

Preventing Repossessions Fund


pl1
 Share

Recommended Posts

Didn't see this as a thread anywhere, Grant Schapps has announced a plan (this week) where £20 million of taxpayers cash (on top of the £200 million SMI, ZIRP, QE etc) will go to help people who can't pay a loan they shouldn't have taken out in the first place. Calling it PRF:

Struggling homeowners at risk of losing their home are to get support from a £20 million government safety net.Grant Shapps, the housing minister, said the Preventing Repossessions Fund would give councils the opportunity to offer small interest free loans to homeowners at risk of seeing their home repossessed. Every local housing authority in England will be allocated cash from the fund which will then enable them to offer struggling families interest-free loans of up to £5,000 to help households get back on top of their finances.

http://www.insidehou...6520421.article

Edited by pl1
Link to comment
Share on other sites

This is not a new fund, just a re-announcement by Shapps. The Preventing Repossessions Fund was introduced in 2009 by the then Labour government, and is just being continued by the ConDems.

http://www.theyworkforyou.com/wrans/?id=2009-10-16c.292082.h&s=%22Preventing+Repossessions+Fund%22

The £20 million Preventing Repossessions Fund was announced by the Chancellor in the Budget to enable local authorities to offer small loans up to a maximum value of £5,000 to families at risk of homelessness through repossession or eviction. A list of allocations made in June 2009 to individual local authorities for 2009-10 has been placed in the House Library.
Link to comment
Share on other sites

This is not a new fund, just a re-announcement by Shapps. The Preventing Repossessions Fund was introduced in 2009 by the then Labour government, and is just being continued by the ConDems.

http://www.theyworkforyou.com/wrans/?id=2009-10-16c.292082.h&s=%22Preventing+Repossessions+Fund%22

Was it any more than smoke-and-mirrors then?

Is it any more than smoke-and-mirrors now?

Perhaps more interesting would be to compare press attitudes then and now and see what's changing.

Link to comment
Share on other sites

Is this a replacement for SMI or in addition to? Does it make any allowances for previous MEW on a home?

JUST WHERE HAS THE ******ING MORAL HAZARD GONE IN TODAY'S SOCIETY? mad.gif

Only confirms my stance that a vote for any party is a wasted vote as you get exactly the same policies.

Just love this taxpayers who can't afford to buy bailing out those who it seems also couldn't afford to buy.

Link to comment
Share on other sites

Grossly exaggerate income to obtain a mortgage that could never be paid back. MORTGAGE FRAUD.

Default.

Pass bill to tax payer.

Forget that using good money to wash away dirty money is MONEY LAUNDERING.

Money laundering is widely defined in the UK In effect any handling or involvement with any proceeds of any crime (or monies or assets representing the proceeds of crime) can be a money laundering offence. An offender's possession of the proceeds of his own crime falls within the UK definition of money laundering. The definition also covers activities which would fall within the traditional definition of money laundering as a process by which proceeds of crime are concealed or disguised so that they may be made to appear to be of legitimate origin.

Unlike certain other jurisdictions (notably the USA and much of Europe), UK money laundering offences are not limited to the proceeds of serious crimes, nor are there any monetary limits, nor is there any necessity for there to be a money laundering design or purpose to an action for it to amount to a money laundering offence. A money laundering offence under UK legislation need not involve money, since the money laundering legislation covers assets of any description. In consequence any person who commits an acquisitive crime (i.e. one from which he obtains some benefit in the form of money or an asset of any description) in the UK will inevitably also commit a money laundering offence under UK legislation.

Edited by Lord D'arcy Pew
Link to comment
Share on other sites

Is this PRF against EU rules now? Article about how France deals with mortgages in arrears.

The current position, resulting from the global recession, is that no sympathy is given to those who cannot honour their agreement to repay the French bank. If arrears build up for three months (i.e. 90 days) the French lender will not hesitate to commence repossession proceedings in the local French court. There is no leniency for British second home owners in France.

This 90 day default rule implements a recent EU Directive applicable to all banks in the EU that have advanced a loan and taken a property as security. It is likely therefore that UK banks which currently allow arrears to accrue for up to six months (180 days) are now likely to take action after 90 days to come into line with the rest of the EU

http://www.frenchentree.com/french-law/DisplayArticle.asp?ID=45904

Link to comment
Share on other sites

PBLF

Preventing Bank Losses Fund

Just another way to keep the bank bonuses flowing courtesy of taxpayers.

Nicely put.

Is this PRF against EU rules now? Article about how France deals with mortgages in arrears.

More from the same link;

This 90 day default rule implements a recent EU Directive applicable to all banks in the EU that have advanced a loan and taken a property as security. It is likely therefore that UK banks which currently allow arrears to accrue for up to six months (180 days) are now likely to take action after 90 days to come into line with the rest of the EU.

And quite right too.

Edit to add quote.

Edited by macfarlan
Link to comment
Share on other sites

It is incredible that we're charging interest of RPI plus 3% on loans used to train our future scientists and engineers but giving interest free taxpayers' money to anyone who wants to buy imported tatt from DFS. It's an admission that government really sees no future in a productive economy. The only growth they can create is consumer debt and retail spending. And most of that growth is just generated by rising prices caused by devaluation of the currency.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.