Stuck on a mortgage rate of 9.7%.... Ouch !

Airwolf1

They may have had their lbm, but maybe too late ndg. Though they may be responsible now, they are still suffering the after effects of the times when they weren't responsible (and may be suffering for a long time to come).

But I do understand what you're saying.

obsessed_saver

Anybody thinking that this is what the banks are after all this time? All their mortgage borrowers paying them 9.7% interest because they have no where else to go. This is the banks' profit making dream - borrow at 3% and lend it out at 9.7%.

treliac

ad9898 wrote: »

What it does show is just how indebted a lot of people are, Brown may have gone on about 14% interest rates in the late '80's early '90's, yet we did come through that, if we were at 14% rates now their would be civil unrest without any doubt, repo's would be over 2 million.

Just proves how bad Browns economic policies have been, that we are heading for a worse state than we were in then with interest rates currently at a fifth of what they were.

And when interest rates went that high, you could only borrow 2.5 to 3 x salary so the nation wasn't in the state of indebtedness that exists now, in the first place.

We struggled like crazy then, with a young family, but had kept our borrowing as low as possible, giving us a bit of breathing space.

PasturesNew

Really2 wrote: »

How the hell do you rack up a £20K CC debt. Thats a 1/4 of their mortgage.

I don't know.
Ask this guy, seems to have £120k of CC debt + £150k mortgage
http://forums.moneysavingexpert.com/showthread.html?t=1327113
This blew me away. I couldn't breathe and had to close the window!

chewmylegoff

PasturesNew wrote: »

I don't know.
Ask this guy, seems to have £120k of CC debt + £150k mortgage
http://forums.moneysavingexpert.com/showthread.html?t=1327113
This blew me away. I couldn't breathe and had to close the window!

staggering.

like the point he makes regarding his wishes for someone to take the banks to task over irresponsible lending :rolleyes:

RobertoMoir

neverdespairgirl wrote: »

How can you have recently cleared debt you can't afford (one party) and be in a DMP (the other one) and be "responsible borrowers"?

Lazy journalism would account for it I reckon.
I sympathise with them, I do, but for underwriters their credit rating must read like a stephen king horror novel reads to the rest of us.

Kenny4315

My heart bleeds for them. Don't spend what you can't afford to pay. :mad:

I'm fed up with the government bailing every Tom, !!!!!! and Harry out, :mad: because they have screwed up :mad: (both the government & the individuals), and more annoying is they are doing it with my cash. :mad:

The more prudent you are and the more you put in the less you get out. :mad: Responsible borrowers my Ar$£, :mad: how can they have so much debt. :mad: Electricians are on a good whack now since the government effectively requires certificates for just about everything now that most electrical work is now covered by Part P building regs, :mad: now even an industrial electrician dealing with multi-million pound installations can do very little of even the simplest stuff in a domestic dwelling,:mad: in my area £180 a day, :mad: know doubt in London even more, there's no excuse. :mad: :mad:

Generali

chewmylegoff wrote: »

staggering.

like the point he makes regarding his wishes for someone to take the banks to task over irresponsible lending :rolleyes:

Yeah, I don't let myself post on DFW or even read the posts. I don't want to end up barred for making 'inappropriate' comments when you've got some 'king idiot that is up to his eyeballs in debt and isn't prepared to give up Sky TV or the 4x4.

<calm thoughts>sit quietly Generali...big deep breaths...one...two...three...four......</calm thoughts>

neverdespairgirl

Airwolf1 wrote: »

They may have had their lbm, but maybe too late ndg. Though they may be responsible now, they are still suffering the after effects of the times when they weren't irresponsible (and may be suffering for a long time to come).

But I do understand what you're saying.

I think that while you are paying 1% of a debt back per month on a DMP, you just can't be a responsible borrower.

neverdespairgirl

PasturesNew wrote: »

I don't know.
Ask this guy, seems to have £120k of CC debt + £150k mortgage

PN, you missed a bit. The secured loans, taking secured debt up to £200k.