BofE Base Rate - October 2008

Realy

Generali wrote: »

18 months ago I'd have bet that there'd be at least nine of the top 10 US Investment Banks still functioning as a stand alone investment banking entity let alone none as has happened.

Anyway they wouldn't need to change for the most part, their T&Cs govern what they do. British customers seem to love being submissive to the companies they buy services from so why would they act differently in this case?

As much as I respect you opinions Generali if you read everyones T&C's and get out clauses you would not do anything, buy anything, sell anything, have an operation, etc.

Generali

Realy wrote: »

Depends on if they want the FSA on their back as that would be blatently
Miss-selling I had a 5.08% fixed that as not changed since rates went up?
Surly the legal costs of miss-selling would be worse than just honouring rates?

I think if you look at any T&C's for any company they have similar things but you have to trust some people some times. It is just the times we live in if you dont write somthing someone will always find somthing to sue you for.

Just look at how financial companies treat their customers. Equitable Life springs to mind as does all those charges for being overdrawn for a day. The FSA did nothing about either thing.

It's not misselling if you offer a mortgage on a set of T&Cs and then use those T&Cs to the detriment of the customers position.

Generali

Realy wrote: »

As much as I respect you opinions Generali if you read everyones T&C's and get out clauses you would not do anything, buy anything, sell anything, have an operation, etc.

Thank you for your kind words.

I particularly despise these sorts of weasel words in contracts. My opinion is that the law and any non-technical contract should be easily understood by the 'average' school leaver. Banks stick one thing on the website in the FAQs and Something Completely Different in the contract they have you sign.

It's a disgrace IMO and when I rule the world it'll be punishable by a particularly horrid punishment.

SarahNeedle1872

Voted for no change, as I suspect it will either be this or a slight drop.....
I have no idea what should happen for the good of the economy, I guess thats a matter of opinion, but I do love reading this thread each month! I'm slowly learning some basics in Economics because of it - I love you guys!

Realy

Generali wrote: »

It's a disgrace IMO and when I rule the world it'll be punishable by a particularly horrid punishment.

Payment of a mortgage.:D

Sapphire

Dan: wrote: »

Funnily enough I would rather have 100 quid off my mortgage every month then an extra 9p on a loaf of bread.

How do you figure you would have 100 quid off your mortgage every month? The moneylenders are not passing on BoE interest rate cuts to the borrowers.

JF77

I have voted hold the last few times but, am now thinking they will be cut by 0.25%. Just cant decide if this will happen this month or next.

Oh sod it I will say down 0.25% this month...how exciting lol.

:rotfl:

Ian_Griffiths_Halifax

Generali wrote: »

I particularly despise these sorts of weasel words in contracts. My opinion is that the law and any non-technical contract should be easily understood by the 'average' school leaver. Banks stick one thing on the website in the FAQs and Something Completely Different in the contract they have you sign.

That's the whole point of the Key Facts Illustration and I recon that any lender who tried to use a 'small print' clause of a T & C booklet might get a quick slap from the FSA.

Gorgeous_George

Does the Germans' actions intensify the call for interest rate cuts?

GG

lostinrates

Generali wrote: »

Thank you for your kind words.

I particularly despise these sorts of weasel words in contracts. My opinion is that the law and any non-technical contract should be easily understood by the 'average' school leaver. Banks stick one thing on the website in the FAQs and Something Completely Different in the contract they have you sign.

It's a disgrace IMO and when I rule the world it'll be punishable by a particularly horrid punishment.

DH would say the same. Interestingly any contracts he has written for our use personally are written comprehensively but simply.