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Realistbear

Lenders Alarmed As They See Borrowers Squander Payouts

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http://portal.telegraph.co.uk/money/main.j...8/ixperson.html

Lenders are warning of a
new mortgage endowment crisis
because thousands of homeowners are blowing compensation payments on holidays, home improvements and new cars rather than restructuring their home loans.
It is estimated that by the end of this year the compensation bill for mis-sold endowments will have reached more than
£2.5 billion,
with up to one million households receiving a cheque, typically for about £5,000, after being wrongly sold an endowment policy. Some payouts have been as high as £50,000.
But lenders reckon less than half this cash has been used to put the mortgage back on track,
triggering fears
that householders are heading for shortfalls at the end of their mortgage term. They want compensation to be automatically used to reduce home loans.
The Building Societies Association
expressed fear
that in six or seven years' time, thousands of borrowers would find they were unable to repay their mortgages

.

Oh dear, looks like yet another crisis looming as a result of the spend spend economy dubbed as a "miracle."

:o

Edited by Realistbear

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Those evil building societies have obviously not been advising the recipients of these "windfall" payments correctly then...there's got to be a claim for compensation in there somewhere.

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I'm loving it.

Instant gratification rules.

Used to be considered part of the infant stage.

My 8 year old daughter is going through this stage. Has a pile of toys in the wardrobe, but only wants the one that's on the shelf at ToysRus. Once she's got that, and the instant gratification has worn off, the cycle starts again. Trying to explain this to her is like trying to convince a BTLer that you don't have to be a 'property millionaire' to be happy.

Humans have basic psychological needs that have to be attended to in order to achieve contentment. Modern living has been hijacked by the media and marketing men, and the focus on consumerism prevents individuals from ever achieving contentment.

Schools should teach kids the methods by which advertisers are attempting to control their minds. Give 'em a fighting chance at attaining happiness at least.

Sorry if I got a bit deep there, but I think society is due a BIG change in attitudes.

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Mis-sold my **se. These people deserve nothing let alone our money to "help" them out. I hope this hits the mainstream as compensation culture makes me sick and this Govt has elevated it to an art form at the expense of the hard working, conscientous, responsible, workers and savers.

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... hard working, conscientous, responsible, workers and savers.

Sorry none of these qualities are considered by the government. They are only interested in your capacity to consume and borrow. The above qualities are for outsourcing only.

btp

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Sorry none of these qualities are considered by the government. They are only interested in your capacity to consume and borrow. The above qualities are for outsourcing only.

btp

Dead on btp! Sums it up beautifully.

Edited by Realistbear

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My 8 year old daughter is going through this stage. Has a pile of toys in the wardrobe, but only wants the one that's on the shelf at ToysRus. Once she's got that, and the instant gratification has worn off, the cycle starts again. Trying to explain this to her is like trying to convince a BTLer that you don't have to be a 'property millionaire' to be happy.

Humans have basic psychological needs that have to be attended to in order to achieve contentment. Modern living has been hijacked by the media and marketing men, and the focus on consumerism prevents individuals from ever achieving contentment.

Schools should teach kids the methods by which advertisers are attempting to control their minds. Give 'em a fighting chance at attaining happiness at least.

Sorry if I got a bit deep there, but I think society is due a BIG change in attitudes.

Banning all TV advertising directly aimed at kids would be a start.

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My 8 year old daughter is going through this stage. Has a pile of toys in the wardrobe, but only wants the one that's on the shelf at ToysRus. Once she's got that, and the instant gratification has worn off, the cycle starts again.

Is this a condition as a result of advertising or as a result of being born a female? They don't change as they get older!

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I assume that had the stock market performed consistently well and more than paid off their mortgage liability they would have sent the remainder back to the bank, as they should never have been sold the policy in the first place?

Gotta love the British public, everything is a one way bet, if something doesn't quite turn out as expected you can just blame someone else and demand compensation for your own stupidity. We've seen this time again with endowments, split-caps and precipice bonds it can't be long until IO mortages and BTL join the fray.

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My 8 year old daughter is going through this stage. Has a pile of toys in the wardrobe, but only wants the one that's on the shelf at ToysRus. Once she's got that, and the instant gratification has worn off, the cycle starts again. Trying to explain this to her is like trying to convince a BTLer that you don't have to be a 'property millionaire' to be happy.

Humans have basic psychological needs that have to be attended to in order to achieve contentment. Modern living has been hijacked by the media and marketing men, and the focus on consumerism prevents individuals from ever achieving contentment.

Schools should teach kids the methods by which advertisers are attempting to control their minds. Give 'em a fighting chance at attaining happiness at least.

Sorry if I got a bit deep there, but I think society is due a BIG change in attitudes.

To state the obvious, don't go to ToysRus.

Parents should teach the values that they consider matter.

You have your children for more time than the teachers.

Those teachers have the Government on their backs.

Mrs. Mushroom is an Headteacher so I know.

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My 8 year old daughter is going through this stage. Has a pile of toys in the wardrobe, but only wants the one that's on the shelf at ToysRus. Once she's got that, and the instant gratification has worn off, the cycle starts again. Trying to explain this to her is like trying to convince a BTLer that you don't have to be a 'property millionaire' to be happy.

My mate, who has three kids arround that age, only let's them get a toy each at Xmass and on birthday's. Definately the way to go. Everybody seems mutch happier than the usual constant battles over crap. I think I will addopt that policy myslef. No doubt they will turn into revolting teenagers anyway, but in the meantime it looks fairly pleasant.

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To state the obvious, don't go to ToysRus.

Parents should teach the values that they consider matter.

You have your children for more time than the teachers.

In an ideal world, that would be the obvious answer.

Reality is, their peirs appear to be bathed in consumerism to an even greater degree (mobile phones, ipods etc), and no matter what I do to limit my kid's consumption, she is the one who is battling not to be second class citizens on the playground (having said that she does not have a phone or ipod). I agree with the 'presents at Christmas and Birthdays only', and that works for the big stuff, but when they've saved their pocket money and the Grandparent treat money, the urge to spend arises again, based on what they see around them.

If all parents would wise up to what is going on, then maybe we would have a bit more control.

Laughable, but my 14 year old neice went to a school ball, to find that her friends had received £80.00+ makeovers paid for by their aspirational parents. Even with the grounding she has had, it still takes a lot of character to not feel the odd one out.

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IF we are going on about targeting kids with advertising I'd like to point out that society is targeting kids with sexy underwear, and wanting to make kids feel sexy. Is it just me or is trying to sell sexy underwear to kids the work of peadophiles(sp)? I hit up the manager of a large chain store and took them to task with the line of clothes they were selling to young kids. Things got heated and the cops were called. I contend that kids are not sexy. They are cute but not sexy and to try and make them sexy is sick sick sick. Sure the age of consent in the 1800's in America was 10, and Japan had NO age of consent until recently. But this is the 21st century.

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[quote name='Shropshire Lad' date='Feb 6 2006, 11:50 PM' post='292135'

Laughable, but my 14 year old neice went to a school ball, to find that her friends had received £80.00+ makeovers paid for by their aspirational parents. Even with the grounding she has had, it still takes a lot of character to not feel the odd one out.

At Mrs. Mushroom's school the Ball for the 16 year old leavers has had not only the expensive makeovers and £400 ballgowns but some arrive by chartered helicopter!

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Laughable, but my 14 year old neice went to a school ball, to find that her friends had received £80.00+ makeovers paid for by their aspirational parents. Even with the grounding she has had, it still takes a lot of character to not feel the odd one out.

I agree totally. Consumerism is pushed at all times. My nephew comes home one day asking for a playstation 2, xbox, computer and tv all in once go. Apparently most of his friends have got at least two of the items. FFS, he's only 9 years old. We did end up getting him an xbox but use it as an incentive for him to study harder.

His friend that lives across the road - you see the TV on at night, either he's getting dumbed down watching telly or he's playing a game. He's only 9 and obese. That's the way the future generation is shaping up.

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IF we are going on about targeting kids with advertising I'd like to point out that society is targeting kids with sexy underwear, and wanting to make kids feel sexy. Is it just me or is trying to sell sexy underwear to kids the work of peadophiles(sp)? I hit up the manager of a large chain store and took them to task with the line of clothes they were selling to young kids. Things got heated and the cops were called. I contend that kids are not sexy. They are cute but not sexy and to try and make them sexy is sick sick sick. Sure the age of consent in the 1800's in America was 10, and Japan had NO age of consent until recently. But this is the 21st century.

IMO an even more dangerous 'selling to children' process starts almost at birth for many kids - religion. You only have to talk to a nominally 'lapsed' catholic to detect the deep-seated undercurrent of fear that lurks just below the surface. It is an absolute truth (there aren't many of them) - get them young and they'll be hooked for life. Religion goes hand-in-hand with consumerism, control of the poor/many by the rich/few.

Cheers

LL

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He's only 9 and obese. That's the way the future generation is shaping up.

They'll need that body fat to live off once the rest of the economy is shipped to China.

But yeah, school exists to provide cheap childcare and indoctrinate kids to be happy little consumers. Just think what would happen if we brought up kids to only buy things they had a real use for: the global economy would implode.

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IF we are going on about targeting kids with advertising I'd like to point out that society is targeting kids with sexy underwear, and wanting to make kids feel sexy. Is it just me or is trying to sell sexy underwear to kids the work of peadophiles(sp)? I hit up the manager of a large chain store and took them to task with the line of clothes they were selling to young kids. Things got heated and the cops were called. I contend that kids are not sexy. They are cute but not sexy and to try and make them sexy is sick sick sick. Sure the age of consent in the 1800's in America was 10, and Japan had NO age of consent until recently. But this is the 21st century.

Totally agree. It doesn't help that the music targetted at these youngsters is presented by scantily clad sex sirens, on CD's with 'Parental Advisory' stickers. And that other parents allow their kids to watch TV programs after 9.00pm. My kids aren't allowed to watch Little Britain, but the day after broadcast, my 10 year old comes home from school telling how funny it was, and about the sketch depicting some 'dumb old lady' peeing on the floor of a supermarket.

Parents are not parenting, and it is buggering up the efforts of those who do (try to).

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Is this a condition as a result of advertising or as a result of being born a female? They don't change as they get older!

Taking a kid into a toy shop and then not buying them anything is cruel. So why take them?

What's wrong with a weekly trip to the bank to take the pocket money in and save it?

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  • 301 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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