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Bruce Banner

More help for the indebted.

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http://www.independent.co.uk/news/business/news/problem-debt-uk-treasury-six-week-breathing-space-chancellor-lenders-a8016506.html

 

People who are suffering from problem debt could be granted a six-week grace period to get their finances back on track, under new plans being considered by the Treasury.

Under the plans, those plagued with excessive household debt would be exempt from further interest, charges and enforcement action for a period of six weeks, which the Treasury is describing as “breathing space”.

That would give those affected them the opportunity to seek financial advice on how to manage and relieve their debt burden, which may include coming up with informal repayment plans or debt write-off options.

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Corporate Mork calling Mindy - please sort out our mess and make it sustainable.  Light touch only though please.

Edited by Fence

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You can easily sort out 20+ years of MEWing to spend on a lifestyle you could never really afford in 6 weeks so I think this is an excellent idea. 

I'd love to know what "advice" you could get that would sort it out - basically it's six weeks to come to terms with the words "You're F**ked mate, you're going down"

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4 minutes ago, stop_the_craziness said:

You can easily sort out 20+ years of MEWing to spend on a lifestyle you could never really afford in 6 weeks so I think this is an excellent idea. 

I'd love to know what "advice" you could get that would sort it out - basically it's six weeks to come to terms with the words "You're F**ked mate, you're going down"

Pretty much ..perhaps they think in 6 weeks you can do a bit of Ubering or Deliverooing on the side to get some extra cash together 

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31 minutes ago, Nabby81 said:

Pretty much ..perhaps they think in 6 weeks you can do a bit of Ubering or Deliverooing on the side to get some extra cash together 

Time to dig the gold up out the garden and move it to somewhere secure before the house gets repossessed?

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Six weeks is plenty of time to temporarily stop buying iphones and that double frappachocospressini marshmallow latte every morning. Maybe have one less steak per week. Bish Bash Bosh. Payments back on track. Get a new iphone.

 

 

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Presumably this is to encourage more lending...that will be the outcome as folks feel more confident borrowing and its best to look at the outcomes to determine intention.

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More help needed for those looking for creditworthy clients that require or are willing to increase their debt holding you mean, at a price they can't afford.;)

Edited by winkie

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9 hours ago, Bruce Banner said:

http://www.independent.co.uk/news/business/news/problem-debt-uk-treasury-six-week-breathing-space-chancellor-lenders-a8016506.html

 

People who are suffering from problem debt could be granted a six-week grace period to get their finances back on track, under new plans being considered by the Treasury.

Under the plans, those plagued with excessive household debt would be exempt from further interest, charges and enforcement action for a period of six weeks, which the Treasury is describing as “breathing space”.

That would give those affected them the opportunity to seek financial advice on how to manage and relieve their debt burden, which may include coming up with informal repayment plans or debt write-off options.

My cousin who is a serial defaulter to the likes of Provident Financial will see an opportunity for a shopping trip to New York. She will be toasting the Government's well thought out legislation from the restaurant at the top of the Empire State Building.

Edited by crashmonitor

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Responsible lending?  What's suddenly brought this on.

Talk about nanny state. 

Anyway, about Brighthouse . . .

Quote

 

 -  the Financial Conduct Authority (FCA) said 384,000 customer lending agreements were found that "may not have been affordable" and payments "which should have been refunded" between 2010 and 2016.

The regulator hit out at the firm's lending application affordability assessment and collections processes, saying they "did not always deliver good outcomes for customers, particularly those who were at a higher risk of falling into financial difficulty".

As a result of the failures, the FCA said 81,000 customers, covering 114,000 transactions, who were not properly assessed and had since handed back the goods would be repaid the interest and fees they were charged.

It said those people would also get 8% in compensatory interest.

 

Time to hand back those houses which 'may not have been affordable' . . . 

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As soon as I saw the Brighthouse story I thought "what if you substitute the concept of an unaffordable washing machine for unaffordable house?  Do the same rules still apply?

If so then it's not about the people who have handed back what they can't afford, it's the ones who haven't that I'm interested in

"In the case of customers who were not assessed properly at the start of the loan who may have had difficulty making payments, BrightHouse will pay back interest and fees along with compensatory interest of 8% - if they return the goods.

Those who kept the goods will have their balances written off."

Help to Buy loan writeoff anyone?  Surely the most irresponsible piece of lending ever seen, so why not?

http://www.bbc.co.uk/news/business-41732865

 

 

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48 minutes ago, Freezer? Best place for it said:

UC screw-up, and this are directly connected.  They will reduce the waiting period, if the money lenders pick up the bill for "helping" the indebted.  Gosh, we really care about the under class scum.

 

Interesting. It is all slightly farcical. Since loansharking isn't against the law, one has to wonder how 'responsible loansharking' could be any more acceptable. The interest rates are still double those of a credit card.

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3 hours ago, stop_the_craziness said:

 

Help to Buy loan writeoff anyone? 

i can see that happening 

is it any different to home owners selling and the buyers having to pay the uplift in profit ? just round the other way.   apart from being tax payers money of course.

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  • 295 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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