• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Are people inherently stupid when it comes to money?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Are people inherently stupid when it comes to money?

    Listing to Money Box and the story is an old dear with an interest only mortgage that has been told she needs to repay the capital, she is up in arms that the bank are not allowing her to stay in the property till she dies paying the just the interest, after which they can sell the property.

    I know everyone is anti bank, and how they are picking on the little people, but it was refreshing to hear that the presenter trying to give her the opportunity to be a sob story, but at every turn it seems the bank has been doing decent things, giving her more time, writing in big letters on statement that she is only paying back the interest and she will need to find the capital.

    Please tell me, as I hope and suspect, that the extreme cases are the ones that get out in the public, and that editors/producers are just trying to make the banks look bad and running out of examples of them doing so.
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    #2
    Shall we have a whip round?

    Comment


      #3
      Yes mostly.
      Always forgive your enemies; nothing annoys them so much.

      Comment


        #4
        It is sad.

        It's sad that people are stupid. They can't understand that life is what it is and not some fantasy world they want to live in.

        Even more than that, it's sad that the media take the side of such idiots. In fact they could serve a useful purpose by running exactly the same stories excepting finishing up by saying "Don't make the same ridiculous mistake as this self deluded old codger"

        It affects us because lifetime mortgages make total sense (and would provide a ton of contract positions to implement) but the banks are too frightened of them because of the PPI/whatever happens we'll fine the banks mentality.

        It's gradually changing however.
        "Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark Twain

        Comment


          #5
          She's not totally in la la land. There are mortgage products that do exactly that. You just pay interest and they take the house when you snuff it.

          In Switzerland, mortgages are inherited. It's repayment that's unusual (because interest payments are tax deductible against the wealth tax).
          Down with racism. Long live miscegenation!

          Comment


            #6
            Originally posted by NotAllThere View Post
            She's not totally in la la land. There are mortgage products that do exactly that. You just pay interest and they take the house when you snuff it.

            In Switzerland, mortgages are inherited. It's repayment that's unusual (because interest payments are tax deductible against the wealth tax).
            If she had been sold such a product and the bank had changed it then maybe you would have a point.

            Its like complaining you should have a Ferrari when you bought a Lada.
            Always forgive your enemies; nothing annoys them so much.

            Comment


              #7
              Oh I see - she was supposed to repay it at retirement. Silly bint then.
              Down with racism. Long live miscegenation!

              Comment


                #8
                I got the impression she was trying it on.
                Playing moneybox to promote her 'Big bad bank vs the poor wee woman' story.

                Comment


                  #9
                  Originally posted by vetran View Post
                  Its like complaining you should have a Ferrari when you bought a Lada.

                  Comment


                    #10
                    Originally posted by NotAllThere View Post
                    Oh I see - she was supposed to repay it at retirement. Silly bint then.
                    A mortgage vendor should ensure that the buyer understands what needs repaying and when, and has the appropriate financial arrangements in place to make that repayment.

                    Sounds like misselling to me.

                    Comment

                    Working...
                    X