Lloyds TSB blocks interest only mortgage switch

chucky

moanymoany wrote: »

I suppose it is how one looks at life. I would think getting that £46 a week for a couple could not be too difficult. Over on DFW board they have the make £10 a day extra - and many people have a great deal of success. Over on the Old Style board there are threads where people have fed themselves on 50p a day, there are people spending very small amounts of money for food. There is the woman who lived on £1 a day - after rent and utilities.

We do not know the personal circumstances of these people, but it would be a rare couple with a mortgage and both working who would find getting £200 a month more impossible.

We are too used to 'easy' living and this must be the tip of the iceberg. There is going to be a return to austerity and we have all got to get used to it.

In the last crash my in laws neighbour's business went belly up. Within a month he was doing gardening and lawn cutting, he emptied slot machines in pubs, he did cleaning - he did anything he could to keep his family going.

There is nothing wrong with doing what you have to do.

i really hope that these people that have 50p to feed themselves and these other stories are not true as they are terrible and would not want another person to be going through this.

i also hope that this doesn't sound insensitive but my question is how do they get on the internet? they must be paying a subscription of some sort, surely this would be one of the things that you would reduce to cut your budget?

andys15

MissMoneypenny wrote: »

So you would rather get into debt than do a job that you thought was beneath you?

Its not about doing a job that is beneath you. My 12 year old daughter has a mobile phone, and to pay for it she does chores, tidys the kitchen, takes the dog out etc etc. Next year I have told her she can get a paper round to pay for it. My friend is expecting there 2nd child, so there income is going to be reduced next year, there 5 year fixed deal has just ended, and they are looking at going interest only until his wife can get back to work. Shall I phone him and give him your advice of getting a paper round, perhaps he could job share with my 12 year old daughter.

moanymoany

chucky wrote: »

i really hope that these people that have 50p to feed themselves and these other stories are not true as they are terrible and would not want another person to be going through this.

i also hope that this doesn't sound insensitive but my question is how do they get on the internet? they must be paying a subscription of some sort, surely this would be one of the things that you would reduce to cut your budget?

The local library.

It doesn't matter what we say on here, the situation is as it is and there will be people who get hurt. At least the various boards on here give people some ideas on ways to survive. What else can we all do? It is a tragedy, undeniably. There will be need for some massive changes in the ways we live. There are going to be people who deserve to be repossessed and those who don't. The children of any family deserve to have a roof over their heads and a decent life. We in Britain have a poor record on child poverty, what is to come is going to make the situation worse.

There will be people who find it impossible to do anything to help themselves, but those who can do something, no matter how small, will survive the coming financial recession much more effectively.

MissMoneypenny

moanymoany wrote: »

There is the woman who lived on £1 a day - after rent and utilities.

Was that this person?
http://www.dailymail.co.uk/news/article-1052710/How-cash-strapped-teacher-beat-credit-crunch-living-1-day-YEAR-drunken-bet.html

moanymoany wrote: »

There is nothing wrong with doing what you have to do.

When I needed extra money to pay bills when my children were little, I took in ironing and did that every evening when the children were in bed. Anything is better than going under in a pile of debt. I also know of a school teacher who became a postman (on a bike) during the holidays to meet his financial commitments.

kennyboy66_2

MissMoneypenny wrote: »

So you would rather get into debt than do a job that you thought was beneath you?

I've done all sorts of jobs in various parts of the world and have never considered one that was 'beneath me'.

There are plenty of people out there who are doing everything they can to keep their head above water. I know plenty of people doing two jobs or more.
Many transport workers start at 5am monday morning and get back friday evening / saturday morning - where do they slot a paper-round in.
Some people have children / dependent relatives to look after as well as working full time.

I don't have a problem with people saying 'get rid of sky, stop drinking / smoking, etc, etc, etc.
But to say that everyone can easily earn an extra £46 a week (after tax) is just pathetic.

What's your next suggestion - put the kids in the workhouse.

MissMoneypenny

kennyboy66 wrote: »

Many transport workers start at 5am monday morning and get back friday evening / saturday morning - where do they slot a paper-round in.
Some people have children / dependent relatives to look after as well as working full time.

If they need more money, then why can't they work on Satrurday or Sundays too? Who told you life was going to be easy?

kennyboy66 wrote: »

What's your next suggestion - put the kids in the workhouse.

Parents are responsible for their own childrens wellbeing. It is the parents job to support their children.

Days of easy credit have gone and the some peoples are going to find it a big shock that they have to work extra hours in perhaps jobs they think are beneath them, to support their families. Other parents will just go out and get on with it.

fatpig_2

Bravo Lloyds TSB. Hopefully this sets a precedent and other banks will follow suit. Lending large amounts of money to any half-wit that wants it has to stop.

huntersc

!!!!!!? wrote: »

We are getting closer to the point where not having the cash in your bank account means you have no purchasing/paying power whatsoever.

And thanks goodness for that.

When I was little my mum borrowed money for Christmas, every year without fail. She'd then spend the year trying to pay it back. When the banks stopped lending to her she'd borrow from the guy that came around the estate with his stack of £20 notes offering money for a tiny interest rate of 40%.

I don't think she ever bought anything with money she actually had. The result? A life spent worrying about where the next meal would come from. She ended up getting depression and my parent's marriage failed.

She's not stupid but she got swallowed up in this world of buying things you cannot afford. My poor little sister has gone the same way, she has a good £20k on credit cards, she doesn't care. It's normal to her.

A friend of mine, we worked at the same company, he bought a DB4, 1958 model I think. Paid £300k for it. At the same time has a little pad in the Warf, bought it for £1.5m. He still borrows money from me. Doesn't have a penny in real money to his name. But he does have a number of credit cards and most weekends you'll find him in Boujais or the Sanderson paying £25 for a drink. All on credit.

The difference between him and my mum? Not very much. Neither have any concept of buying things they can afford.

The sooner that people like my friend and my mum are unable to fund their lives on credit the better. On one hand these people need to be protected from themselves. On the other we need a change in attitude. A change in our economic belief system.

Do I think it will happen? Not a chance. But I do hope that this recent crisis changes people's attitudes a little. I also hope that regulation comes into force to stop things like interest only mortgages.

MissMoneypenny

andys15 wrote: »

Shall I phone him and give him your advice of getting a paper round, perhaps he could job share with my 12 year old daughter.

Why do you think that an adult doing a paper round is so bad? You seem to see it as a childs job and something that an adult should not have to do. It's a stress free job.

chucky

moanymoany wrote: »

The local library.

so all of these people that have posted get on the internet using the local library facilities?