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Bunkermagnet

Bunkermagnet

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So today I get an email from my bank and mortgage provider. They tell me to help in the current situation they are creating a web portal that allows you to get a 3month holiday for my mortage payments. This though will get interest, so my payments will be increased from now after the 3 months holiday period.
Perhaps I'm forgetting things, but didnt we bail out the fricking banks?

Thanks Halifax, socially aware my as.s
 
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Bunkermagnet said:
So today I get an email from my bank and mortgage provider. They tell me to help in the current situation they are creating a web portal that allows you to get a 3month holiday for my mortage payments. This though will get interest. so my payments will be increased from now after the 3 months holiday period.
Perhaps I'm forgetting things, but didnt we bail out the fricking banks?

Thanks Halifax, socially aware my as.s
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The banks need teaching a lesson.
But the politicians don’t want to do it.
When they were bailed out some form of contract should have been put in to stop them doing this.
Just in times of national emergency.
 
clubchamp98 said:
The banks need teaching a lesson.
But the politicians don’t want to do it.
When they were bailed out some form of contract should have been put in to stop them doing this.
Just in times of national emergency.
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Like the morally correct thing to do..... now how would you word that???
 
Banks never lose money... they are due a windfall when the markets revive. They got out before it went down ..
pretty sure they could write off every one’s mortgage or run it at boe interest rates.
Credit companies are also mickey takers but so many are dependent on them.
 
How hard is it to just extend peoples mortgage for 3 months over the term? The interest will still be the same as calculated from the initial loan?

The country is almost in lockdown, people are dying and all there interested in, is making more money......charlatans.
 
IanM said:
It isnt and can probably be agreed with the lender....
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You’d like to think so, unfortunately some banks aren’t doing so and in fact are accruing the interest missed onto the term of the loan.
 
now at work we all being paid.. a lot are thinking of taking the payment holidays to have more of a cash reserve

sounds a silly idea to me
 
pauljames87 said:
now at work we all being paid.. a lot are thinking of taking the payment holidays to have more of a cash reserve

sounds a silly idea to me
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Unfortunately this is the way society thinks now, why should I miss out attitude. That said I can understand the thinking, it makes sense.

I’m of the opinion if you need it, use it. The only people a payment holiday will affect is the mortgage payer.
 
Stuart_C said:
Unfortunately this is the way society thinks now, why should I miss out attitude. That said I can understand the thinking, it makes sense.

I’m of the opinion if you need it, use it. The only people a payment holiday will affect is the mortgage payer.
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I worry more than I'll need it later in life so don't want to use it now

Will see what happens ofc . Your right about if someone gets it etc. Plenty of examples of that I have seen
 
Funnily enough, my wife is friends with someone who is quite high up at Halifax and she was recommending 'utilising' the payment holiday to build up a cash reserve, just in case we need it at a later date. If we don't need it then we'll just use that money to overpay.

I'm dead against it, I can't see any benefit to this unless we need it. I don't get sick pay and if it came to the point that I couldn't work then I'd be all for using it.

I just can't see the rationale or the benefit of using it just for the sake of it.
 
DeanoMK said:
Funnily enough, my wife is friends with someone who is quite high up at Halifax and she was recommending 'utilising' the payment holiday to build up a cash reserve, just in case we need it at a later date. If we don't need it then we'll just use that money to overpay.

I'm dead against it, I can't see any benefit to this unless we need it. I don't get sick pay and if it came to the point that I couldn't work then I'd be all for using it.

I just can't see the rationale or the benefit of using it just for the sake of it.
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My mates Mortgage is £1800pm, he’s self employed (does contracting for Nuclear) and got a few quid. I spoke to him yesterday and he said he’s going to use it, “I’d rather have £5.4k in my arse pocket now“ was his thoughts.
 
“If you don’t need it, don’t take it.”

When did we stop doing that? It’s certainly something I try to live by.

“If it’s too good to be true, it probably is” is another one I live by. You can’t ever win if you don’t take a risk, only take risks you can afford to lose. Never believe a risk free win!

There is the argument that giving everyone a bit of cash will stimulate the economy post social distancing but this should not come with a long term penalty, just fair exchange.
 
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I suspect I wont get much being SE with a Mrs who's working and a decent amount of spare cash and savings...
But I'll take whatever they're prepared to give me and if it pays for the car then so be it.
I'll be able to stick it out and pick up, when it blows over, almost immediately as theres going to be a lot of people wanting to learn to drive (assuming theres money around of course)
But some of my colleagues are not going to come out of this as they're the major earner in the family.
Theres little or no guidance or advice from anywhere for us at the moment.:oops:
 
Imurg said:
I suspect I wont get much being SE with a Mrs who's working and a decent amount of spare cash and savings...
But I'll take whatever they're prepared to give me and if it pays for the car then so be it.
I'll be able to stick it out and pick up, when it blows over, almost immediately as theres going to be a lot of people wanting to learn to drive (assuming theres money around of course)
But some of my colleagues are not going to come out of this as they're the major earner in the family.
Theres little or no guidance or advice from anywhere for us at the moment.:oops:
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Taking a payment holiday may sound good but the interest you are getting on savings etc is zero really.
But the interest on your mortgage just racks up so it dosnt make financial sense .
If you are in a position to pay it that’s the best thing to do.
If you need to buy something ,tools kitchen etc it’s a way of doing this
 
Imurg said:
I suspect I wont get much being SE with a Mrs who's working and a decent amount of spare cash and savings...
But I'll take whatever they're prepared to give me and if it pays for the car then so be it.
I'll be able to stick it out and pick up, when it blows over, almost immediately as theres going to be a lot of people wanting to learn to drive (assuming theres money around of course)
But some of my colleagues are not going to come out of this as they're the major earner in the family.
Theres little or no guidance or advice from anywhere for us at the moment.:oops:
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You should be able to live off £94pw, after all it’s “free” money.

on a side note, looking forward to putting my tax return in next month. Doubt the HMRC will be happy when
they find out I’ve only been earning £94per week ?
 
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clubchamp98 said:
Taking a payment holiday may sound good but the interest you are getting on savings etc is zero really.
But the interest on your mortgage just racks up so it dosnt make financial sense .
If you are in a position to pay it that’s the best thing to do.
If you need to buy something ,tools kitchen etc it’s a way of doing this
Click to expand...

But you could also use the money when it recovers to overpay your mortgage that would save on the interest
 
Government should say to the banks that some times your investments lose money and some times they don’t... unfortunately for you today is the day you lose, all debt is to be written off. ?
 
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