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Charity Calls For Repossession Safety Net

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http://www.guardian.co.uk/money/2008/mar/05/mortgages.debt

The plan would cover 10 months of complete mortgage payments should the borrower become unemployed, fall sick or have an accident, and would start paying out after three months.

Under the current state system, introduced in 1995, borrowers who do qualify for help with their mortgage interest payments have to wait nine months before they are eligible.

In a report entitled Developing safety nets for homeowners, Rowntree said Shop could be available for a cost of £3.40 a month.

This fee would be shared, with the government and lenders paying 25% (or 85p) each and borrowers picking up the bill for the remaining 50%, or £1.70.

****

But if as someone else has pointed out they're repossessing early - after 3 payments, then any scheme is right on the boundary of that time limit!

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Guest DissipatedYouthIsValuable
http://www.guardian.co.uk/money/2008/mar/05/mortgages.debt

The plan would cover 10 months of complete mortgage payments should the borrower become unemployed, fall sick or have an accident, and would start paying out after three months.

Under the current state system, introduced in 1995, borrowers who do qualify for help with their mortgage interest payments have to wait nine months before they are eligible.

In a report entitled Developing safety nets for homeowners, Rowntree said Shop could be available for a cost of £3.40 a month.

This fee would be shared, with the government and lenders paying 25% (or 85p) each and borrowers picking up the bill for the remaining 50%, or £1.70.

****

But if as someone else has pointed out they're repossessing early - after 3 payments, then any scheme is right on the boundary of that time limit!

Is this another attempt at a tax to steal money from the prudent and give it to flagrant ***** who have difficulty with numbers over 5?

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Yes.

If they wanted the banks could make you have insurance to cover your repayments if you lose your job in this miracle economy... But like most products of this type they're usually biased against the consumer.

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Dear Mr. Darling,

Could you help me out? I went to Vegas for a long weekend break and lost a little bit of money. "Big Tony" and the boys tell me that they want they money back otherwise they will make me eat my own legs, toenails first. I don't think they were joking.

Anyway, if you could just pay them off tomorrow, I could pay you back over say, 125 years?

Yours in anticipation,

Paddles

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Dear Mr Paddles,

I would very much like to help you in your situation, however I checked the records with the British Bankers Association and The Bank of England, and could find no record of your qualifications or registrations to apply for emergency funding. As you are no doubt aware, the British taxpayer cannot hand money out to just anybody, and we require the highest quality collateral - you must be highly qualified and run a substantial business in a Labour voting constituency to be eligible.

Might I suggest you write to one of the following addresses for possible further assistance, they will perhaps be more accomodating :

Prof B Bernanke

Board of Governors of the Federal Reserve System,

20th Street and Constitution Avenue NW

Washington,

DC 20551

USA

HH Hamad Bin Jassem Bin Jabr Al Thani

Qatar Investment Authority

Corniche Street

P.O. Box 23224

Doha

Qatar

Warmest regards,

A Darling

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Just watched this on 'Working Lunch' on BBC2. Apparently the Rowntree Thinkers want us to help bail out irresponsible borrowers and lenders, the idea being that it would help to stop house prices from falling.

Of course he said 'the government' not taxpayers and didn't mention the fact that we would be helping to assist those who have borrowed to use some of the money to buy cars and holidays.

Another scam I have heard of is for 'the government' to buy unsold properties, again the stated reason is to stop prices falling. The houses and flats would then provide subsidised housing. (Subsidised by the tax payer of course.)

Can anyone remember any inovative plans like this being brought in when property prices were rocketing?

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Another scam I have heard of is for 'the government' to buy unsold properties, again the stated reason is to stop prices falling. The houses and flats would then provide subsidised housing. (Subsidised by the tax payer of course.)

I've got an idea, hear me out you'll like it;

Why don't we get the taxpayers who haven't thrown away their money on depreciating assets like speculatively-priced houses, cars, electrical good or holidays to buy the properties after the prices have reverted to a sensible level.

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pathetic

charities and Labour need to wake up and smell the coffee, no one is going to be willing to pay for this tripe

The trouble is your were probably raised to understand fairness and right and wrong. Those qualities are for the few. You are outnumbered. Isn't mobocracy grand ? I blame the parents.

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in hindsight this will have little impact because its not job loss/illness that will cause repos, its just the simple fact that people cannot afford the new monthly payments when they come off a fixed rate

oh hang on Gordon what if you come up with a new tax cedit to help these fools with their increased mortgage payments?

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Dear Mr Paddles,

I would very much like to help you in your situation, however I checked the records with the British Bankers Association and The Bank of England, and could find no record of your qualifications or registrations to apply for emergency funding. As you are no doubt aware, the British taxpayer cannot hand money out to just anybody, and we require the highest quality collateral - you must be highly qualified and run a substantial business in a Labour voting constituency to be eligible.

Might I suggest you write to one of the following addresses for possible further assistance, they will perhaps be more accomodating :

Prof B Bernanke

Board of Governors of the Federal Reserve System,

20th Street and Constitution Avenue NW

Washington,

DC 20551

USA

HH Hamad Bin Jassem Bin Jabr Al Thani

Qatar Investment Authority

Corniche Street

P.O. Box 23224

Doha

Qatar

Warmest regards,

A Darling

:lol:

As for bailing out, utterly daft idea, what sort of signal does that send to chancers? Then they really will bankrupt the whole country and we'll have to have aid flown in from China and America, how embarrassing would that be. Mind you, the US might quietly slip some cash in as a donation anyway, without telling anyone. How humiliating!

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Dear Mr. Darling,

Could you help me out? I went to Vegas for a long weekend break and lost a little bit of money. "Big Tony" and the boys tell me that they want they money back otherwise they will make me eat my own legs, toenails first. I don't think they were joking.

Anyway, if you could just pay them off tomorrow, I could pay you back over say, 125 years?

Yours in anticipation,

Paddles

:lol:

F**t it - i'm off out to buy a new Aston Martin on tick. I'm sure this labour shower will help me out if I decide that I don't want to pay.

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Is the government going to do anything about the increase in repossessions? My mortgage is due to rise in August by £250 per month and as yet I have been unable to find another mortgage deal to match what I am paying now. I am really starting to worry, the drop in house prices has virtually wiped out my deposit, so im verging on negative equity.

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Is the government going to do anything about the increase in repossessions? My mortgage is due to rise in August by £250 per month and as yet I have been unable to find another mortgage deal to match what I am paying now. I am really starting to worry, the drop in house prices has virtually wiped out my deposit, so im verging on negative equity.

Hate to break it to you, but you're pretty much screwed.

Try to sell before you hit negative equity, and rent instead... it's not too late, the crash is only just starting!

Alternatively, ignore this advice, wait until August, then wish you hadn't ignored it...

Take a small loss now, or a massive loss later, it's your choice.

Edited by DementedTuna

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£3.40 a month to insure mortgage against unemployment, just as the economy looks like it's heading into a major downturn? Sounds like superb value. I trust the report's authors will be signing up as underwriters. Anyway, at such a low price, surely mortgagors can pay for this themselves without state assistance?

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  • 293 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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