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UK extends payments freeze for consumers struggling with debt to Oct 31st 2020


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UK extends payments freeze for consumers struggling with debt til oct 31st 

https://www.theguardian.com/money/2020/jun/19/uk-extends-payments-freeze-for-consumers-struggling-with-debt

More ££ to pay your mortgage / rent ? 

(thought it deserved its own thread ) 

Quote

...The UK’s financial watchdog has extended emergency measures to allow consumers struggling financially because of the coronavirus outbreak to freeze loan and credit card payments until 31 October.

The measures, which were announced by the Financial Conduct Authority in April for an initial period of three months, also includes overdrafts, store cards and catalogue credit.

Customers who have yet to request a payment freeze, or an arranged interest-free overdraft up to £500, can apply for one until 31 October.

For consumers who have already taken one and are still experiencing temporary payment difficulties because of the health emergency, the FCA said firms must continue to offer support including further payment deferral, or reducing payment amounts to a manageable level, for a further three months...

 

Edited by Saving For a Space Ship
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15 minutes ago, Warlord said:

Debt junkies....

I have NO debt. I rent and proud of it and I don't own any credit cards either!  

 

So if you do want to take a mortgage out at some point, you're at risk of having a poor credit rating

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1 minute ago, rantnrave said:

So if you do want to take a mortgage out at some point, you're at risk of having a poor credit rating

I doubt I would have a problem if I needed to borrow money not that intend to anyway .

 

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4 minutes ago, rantnrave said:

So if you do want to take a mortgage out at some point, you're at risk of having a poor credit rating

Insane isn't it?  I use my credit card as a debit card (auto payoff of full balance every month by direct debit) simply to give myself a credit "footprint" just in case I decide to get into some massive housing debt one day.

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Remember back in 2008, Gordon Brown changed personal debt payment prioritisation from the lowest to highest APR.. This rule remains with us today. 

It may have had some effect on house prices but didn't stop them from falling. The same will be said of this temporary change too in my opinion.

Edited by spacedin
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2 minutes ago, The Spaniard said:

 Unfortunately, as UK taxpayers we must pay ever increasing interest on our ever increasing collective debt (gilts).

No escape from our monetary servitude.

I take your point. It's nothing more than bonded slavery.

Taxes will be going up for the average person the rich will just avoid.

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34 minutes ago, stop_the_craziness said:

Insane isn't it?  I use my credit card as a debit card (auto payoff of full balance every month by direct debit) simply to give myself a credit "footprint" just in case I decide to get into some massive housing debt one day.

I have never bothered to check what my credit rating is but when i was 19 and starting out Capital one gave me a platinum card with a £10k  limit. I never used it except for some online stuff 

Edited by Warlord
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1 hour ago, Warlord said:

Debt junkies....

I have NO debt. I rent and proud of it and I don't own any credit cards either!  

 

Credit cards are good, as long as you setup a DD to pay them off in full every month. Some give rewards and cashback and you can link your paypal and Amazon accounts to them.

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3 minutes ago, Bruce Banner said:

Credit cards are good, as long as you setup a DD to pay them off in full every month. Some give rewards and cashback and you can link your paypal and Amazon accounts to them.

Yeah their good for insurance too. I should use one but since I got VISA debit card from my bank  i;ve never really needed it and I do use PayPal a lot. I like PayPal. Good company.

 

 

Edited by Warlord
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7 minutes ago, Warlord said:

Yeah their good for insurance too. I should use one but since I got VISA debit card from my bank  i;ve never really needed it and I do use PayPal a lot. I like PayPal. Good company.

An early Elon Musk winner.

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Just now, longgone said:

paypal is only good for buyers 

These days I will use paypal for buying stuff because they have a dispute system so if anything goes wrong you can get it sorted. 

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1 minute ago, Warlord said:

These days I will use paypal for buying stuff because they have a dispute system so if anything goes wrong you can get it sorted. 

indeed thats why its good for buyers not much so for sellers. 

although you have s75 credit consumer protection on the card also, another reason to use your card and pay it off. 

saying that i have screwed over paypal in the past being a seller £500 for nothing 

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1 minute ago, longgone said:

indeed thats why its good for buyers not much so for sellers. 

although you have s75 credit consumer protection on the card also, another reason to use your card and pay it off. 

saying that i have screwed over paypal in the past being a seller £500 for nothing 

Yeah i've never been through a dispute but im guessing its not always straight forward.  Credit cards are covered by the law so it does make sense but I can't be bothered :)

 

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1 minute ago, Warlord said:

Yeah i've never been through a dispute but im guessing its not always straight forward.  Credit cards are covered by the law so it does make sense but I can't be bothered :)

 

lol i know the ebay and paypal system intimately 

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s75 is good you could pay a deposit on a lemon used car say £100 and the rest paid in cash and you can claim the full amount if there is a problem ?

shall we set up a lemon Mercedes sale for £29950 LOL

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5 minutes ago, Warlord said:

Yeah i've never been through a dispute but im guessing its not always straight forward.  Credit cards are covered by the law so it does make sense but I can't be bothered :)

 

Worth noting that Section 75 only covers payments of £100 and above and doesn't include third party websites like AliExpress. 

So it's a bit odd that it appears to include eBay.

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1 minute ago, Warlord said:

What happened to the £500?

paypal always agree with the buyer that is set in stone, i sold a laptop that the buyer sent away to hp to be repaired after it became faulty after selling it to them. she admitted this in the comments of the dispute that parts had been replaced, but they still sided with her. so they refunded her by accident as this breaks the rules as im not getting back what was sent out in the first place. so she gets her money i get the laptop back and i keep the original payment. 

so i just sold it again ?   twice something similar occurred like this same with ebay too.  got a cement mixer for free. 

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7 minutes ago, spacedin said:

Worth noting that Section 75 only covers payments of £100 and above and doesn't include third party websites like AliExpress. 

So it's a bit odd that it appears to include eBay.

deliberate loopholes are left open 

https://www.moneysavingexpert.com/news/2017/04/revealed-section-75-credit-card-protection-may-fail-due-to-payment-processing-loophole---shoppers-beware/

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3 minutes ago, erat_forte said:

I don't have any debt but would love a payment freeze. Could do a trolley dash in Waitrose and not have to pay for it. Is that how this is meant to work?

Terribly bad form to 'dash' in Waitrose, old chap. ?

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3 hours ago, Warlord said:

Debt junkies....

I have NO debt. I rent and proud of it and I don't own any credit cards either!  

 

You really should be ashamed of yourself not doing your bit for the economy by spending more than you can afford and getting up to your eyeballs in debt

Saving for the future is so last century!

May not be too long before they steal all your savings anyway so they can let all those borrowers off ever having to repair their debts!

Edited by MARTINX9
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  • 415 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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