It is tough NOW. So how are we coping

cw18

ubamother wrote: »

pardon my ignorance please! but does this mean that those with endowment mortgages (do they still exist?) will be better off in the long run? I'm not asking from a judgemental point of view at all, just interested in how systems work. It is so sad that banks' short-sightedness can cause people so much grief and cost the bank itself so much more in the long-term.

They don't call them "endowment" mortgages anymore -- they're now "interest only". When we bought this house in 2002 we took on a mortgage that was just over a third "interest only" (using existing endowment policies as the repayment vehicles) and put the rest on repayment (with a new DTA insurance in place for that).

If I were making a claim for Mortgage Assistance now, all I'd get would be help with the interest -- so (in theory) I'd still have to find the capital repayment part of the monthly payments. I did ask about temporarily switching it ALL to interest only (back in October 2007 when we had a major drop in income, and started the waiting period for assistance) -- but I didn't bother filing the paperwork as I was told the probability was that this request would be declined, as the property didn't value at £150k MORE than the balance on the mortgage (was only £130k over ).

However, the interest rate at my BS has just dropped to 3.5%, while the Mortgage Assistance is currently paying at 6.08% -- hence why I said 'in theory' I'd have to pay the capital repayment part, as this extra would probably cover it for now.......

elizabunny

rosieben wrote: »

Having been through several redundancies over the years I sympathise wholeheartedly with anyone badly affected by the current situation.

I've just watched Sarah Payne talking about the role she will play for the next 12 months, working for victims and their families, and I'm full of admiration for her strength and what she's achieved in the last few years. Its a salutary reminder that something positive can come from even the worst situation

rosieben -I absolutely agree with you. The strength and courage that people
seem to find in times of absolute desperation never fails to amaze me. I am so full of admiration at their determination. It is surely a reminder to us all that although things may be bad regarding the current situation -they are not that bad. There can be nothing worse than to lose a much loved partner, or one of your children or to cope with terminal illness.

I think we should all try to focus on the positive things in our lives and then build on them.

On a really positive note -I am so thrilled today because DS1 who recently lost his job, has just been just been offered a job after his interview earlier today. I feel so happy for him -I could burst:o . His guardian angel was watching over him for sure!

Hugs to all of those that need them, I know there are alot of us here still with real problems.

chrisbethany

SuziQ wrote: »

elizabunny wrote: »

So I personally, will do as my DH & MIL always say and trust in God because God is Good. (Not wishing to inflict my personal beliefs on anyone here, as we are all free to believe, or not believe in whatever we wish). But I personally, do believe in guardian angels and think that everyone has someone watching over them and helping them through difficult times

quote]


Agree with you totally elizabunny! :A
It never fails to amaze me that He always comes up with JUST what I need just when I need it! Never too much-I don't believe I was ever meant to be rich in monetary terms-but He knows EXACTLY what we need! I have just finished reading 'The Shack' and am so filled with His goodness at the moment!

We have a major hurdle this week whcih involves a court case which could cost me my house. I am learning that I have to hand things over to Him-because I can't sort things in my own strength. He is an AMAZING God!

Couldn't agree more, SuziQ :T

Don't know where I'd be without Him. Well, I do - six fee under! He saved me from total despair 23 years ago, and my life has been completely changed since. This is probably not the place to go on about this but, if anyone wants encouragement from my story, just PM me

By the way, The Shack is a fantastic book - totally blew me away!

Great news, Elizabunny!!!!

Love to all virtual friends :wave:

Chris

Charis

ubamother wrote: »

I don't really have an opinion on whether or not x y and z should be paid, but I can understand people having concerns about mortgages being paid for those who could, theoretically, end up privately-owning a property paid for by the taxman

Presumably that's how a lot of landlords will be paying off their buy-to-let mortgages, or simply making more money on their investments than they would have if they had sold the property a year ago and deposited the money in the bank.

My sympathies lie with people who already own their own homes and are having to maintain and insure them out of that £60 a week benefit money, especially if they are not physically able to do much maintenance themselves.

Those who rent often see owning a home as an investment or an inheritance for the owners' children but given our increased longevity it could all end up paying care home fees, which would otherwise have to be financed by the state.

Hollyberry

Cinny91 wrote: »

I'd love to go camping - plus there is always the option of moving around to different places during the week if we want. Thanks for the idea! I'm sure OH would love to as well.

That's what we spent most of last summer doing when we were strapped for money, also had alot of lovely picnics by the canal watching the boats. Really is the little things in life really, I'm thankful my parents bought me up believing in that.

You really made me smile with this, as much of our summer last year was spent in the same way, watching the boats on the canal and the ducks at play, and waiting for the cygnets to hatch (after watching Mr Swan do a fine defensive job for several weeks against a pair of marauding Canada geese). Not sure if I will be back at work this summer, but if we are still on a microbudget, we'll still be having a great time.

[Deleted User]

we camped every year when the children were small and money was oh so tight. Generally lovely times except the year of the fastnet gales when we were in a field in west wales. One by one the other campers left but we stayed although everything was sodden. Our treat used to be a cake and a small drink after the children were in bed.

The clothes were all damp but it felt luxurious as we had a camp kitchen and a double burner, instead of squatting on the floor to cook on one ring

The worst bit was unpacking the wet, muddy tent, equipment and clothes but we were determined to stick it out as we had paid upfront

Primrose

kittie - reminds me of a damp Welsh cottage we hired in our early married days when we had no money. We were the first hire of the season and there had been no heating on all winter so everything was damp including the bedding. The landlord had provided two saucepans, and one plate, knife, fork & spoon for each occupation - absolutely nothing else. It rained every day and the shilling in the pre-paid meter for electricity lasted about one hour. We both caught heavy colds and left at the end of the first week. We were innocents in those days. Nowadays I would have asked for a return of the entire two weeks' rental as Not Fit for Purpose.

wigglebeena

kittie wrote: »

I`m needing to follow my own advice now re anger. I am still hopping mad re tesco and the 60p they won`t refund me.:mad: I have had moral payback in that the (half price plus £5 voucher plus hopefully petrol coupon) delivery is arriving in a couple of hours but tesco madness is still inside me. I am not going to write the cause of my anger down and tear it up but I am going to write to their head office instead and then I will forget about it when I have posted it.

goodbye tesco and good riddance

Don't forget their 'work trials' *cough* slave labour *cough* over Christmas...

Icemaiden

Talking of Tesco's, for anyone who's interested, Hugh's on again tonight at 9.00pm C4 taking on the shareholders, can't wait.

Ice
x

ceridwen

ubamother wrote: »

pardon my ignorance please! but does this mean that those with endowment mortgages (do they still exist?) will be better off in the long run? I'm not asking from a judgemental point of view at all, just interested in how systems work. It is so sad that banks' short-sightedness can cause people so much grief and cost the bank itself so much more in the long-term.

I wouldnt have thought so. When I took out a mortgage - many years ago now as it was - I deliberately took out a repayment mortgage (rather than an endowment mortgage). Two reasons:

1. I had gone through the unemployment mill by then and so I knew that the endowment premium would have to be paid by me out of my personal benefit (as - even before the loadsa cuts in benefit that have been made since my day - the D.H.S.S. as was wouldnt pay it).

2. I simply didnt believe that endowment mortgages really WOULD pay out the lump sum at the end of it all that they said I would get - boy, have I been thanking heaven frequently for being such a cynic since - as that is precisely what has been happening. Moreover - lots of people have found out that their endowment mortgages wouldnt even pay off the mortgage itself at the end of its "life".