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Ted D. Bear

Moneysupermarket.com Survey

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This is unsustainable.

The FSA if they had any balls would stop this immediately.

However they won't and the problem will get worse.

Having said that this is exactly the same policy the banks are using to stay afloat so the consumer is merely copying what big business have been doing.

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Why should the FSA get involved...

Surely the banking donkeys must have even better information that we have because they can see where the money is going to...

So surely when they see credit cards being used to pay morgages they must rub those 2 brain cells together to understand they are never getting their money back..EVER...

And therefore stop giving out credit, stop giving out credit cards, stop giving out loans, stop giving out 95% morgages, stop believing the bullsheete valuations, and cut down the limits on cards and overdrafts and start bringing the debt back under control...

It is completely F88king nuts that almost everyone on MSE all have £100k of unsecured loan...and esp. when they then post how much they have in assets which is normlaly very close to zero...

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I suspect they have used a self selecting sample, i.e. asking people on page about people with financial problems whether they use their credit cards to pay their mortgage.

If not then we are up that rancid creek, without means to row.

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Why should the FSA get involved...

Because this must be illegal. Mortgage is given on specific terms of income/outgoings/debt balance and these conditions have been breached without notifying the bank. This must have invalidated the mortgage contract.

Few thousand of such cases could have been put down to just statistically normal level of fraud but 4,000,000 means that the conditions for this type of crime has been engineered into the system and neglected to let it flourish???!!! FSA should be ashamed and, possibly, sacked.

Edited by refusnik

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I think a lot of people still think this a temporary blip, that fuel and food might become cheaper in the near future, wheras the reality is the rise in living costs is going to keep on going at least into 2009 and probably beyond.

People need to be cutting back on unnecesarry luxuries in order to pay their mortgage, not chucking it on the CC to worry about it another day.

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How does Moneysupermarket know this? It sounds highly unlikely to me.

Apparently it is following the results of a survey run by the site, which has zero scientific credibility.

I would love to put my mortgage on the credit card - it would postpone each of my payments by a month, which would be great as it would effectively give me a free £750 to go and spend on a new TV or something frivolous. However the bank would probably not accept this and they would be pretty miserable about having to pay 2.5% of that amount to Visa every month.

Anyone able to comment on whether and how it is possible to put the mortgage on a credit card or is moneysupermarket talking nonsense?

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Most people wouldnt pay the mortgage directly using a credit card, I'm sure that banks wouldnt allow it.

Instead theyd use a hole in the wall, and use it to withdraw money from the credit card, then theyd deposit it into the current account from where its drawn, or pay into the mortgage account directly.

Trouble is cash advances are charged at an even higher interest rate than normal card purchases.

Slippery slope I'm afraid..... :o

Edited by Yorkshire Lad

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I think a lot of people still think this a temporary blip, that fuel and food might become cheaper in the near future, wheras the reality is the rise in living costs is going to keep on going at least into 2009 and probably beyond.

People need to be cutting back on unnecesarry luxuries in order to pay their mortgage, not chucking it on the CC to worry about it another day.

Nail & head. Over the last few months we've managed to cut our outgoings by approx £3-400 per month by thinking twice about unecessary journeys, cutting out convenience foods, less eating out, switching lights off etc, all the things our parents would have done without thinking about it.

People have got to face up to the fact that the STANDARD OF LIVING FOR BRITS IS GOING TO REDUCE CONSIDERABLY for the foreseable future.

Over the last decade we've had 'prosperous' times built on massive public and individual debt whilst people have gorged themselves on SUV's, Plasma TV's, Playstations, £200 Jeans whilst people in Chindia worked so they could eat rice. Unfortunately the tables are turning.

People who have been used to buying things on credit during the good times, are in for a shock.

ABC

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People have got to face up to the fact that the STANDARD OF LIVING FOR BRITS IS GOING TO REDUCE CONSIDERABLY for the foreseable future.

ABC

I m comming to think that with the abundance of luxury cars on the road [e.g. Mercs, BMWs, Lexus,].. Has this country produced anything tangible in return for these luxury cars to the countries that produce them?

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I think a lot of people still think this a temporary blip, that fuel and food might become cheaper in the near future, wheras the reality is the rise in living costs is going to keep on going at least into 2009 and probably beyond.

People need to be cutting back on unnecesarry luxuries in order to pay their mortgage, not chucking it on the CC to worry about it another day.

I can't say I'm surprised, when a generation has been brought up with the "Buy now, pay later" mentality it is no surprise to me to see these people using any method available to them to keep the trend going.

Edited by YoungFTB

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  • 396 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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