Where do I go now? My saving plan is ruined.

cloud_dog

Old_Slaphead wrote: »

Ahh, let's look after those idiots who had £50,000+ of unguaranteed investment with dodgy foreign banks but stick 2 fingers to those who had their small pensions invested with the same failing pension company as the MPs (before they extracated themselves on favourable terms).

What is it about this Government and fairness?

So you don't care about the people who had less than the (circa) £20k passport limit which the Icelandic scheme should have covered and reneged and then the FSCA / Government stepped in and covered. Very big hearted of you. :mad:

It would seem that a couple of people have never ever expereinced an interest rate cycle. I know it must be a very new phenomenon and I'm sure it must have come as a huge shock to someone with 40 years working expereince who has never experienced interest rates going up and down.

I am going to write a very nasty letter to the PM and Boe asking, ney demanding, that interest rates are fixed forever so that I will not experience this huge shock.

(I appologise to all sane people who have been adversely affected by this mess especially those who have or might lose their jobs at this time of year but some people........... Jeeez.)

cloud_dog

fatpig_2

theAnarchist wrote: »

Hi I am a customer of Kaupthing and thanks to ING my money was saved. But thanks to these fcuking a*ses in power my saving rates how now been slashed.

Excuse the language but I am seething with anger .

I saved when they told people to save, I didn't borrow or get myself into large amounts of debt and I have a good credit rating.

Now I find myself bailing out greed merchants, unable to get a mortgage even with a deposit, and my rate of savings slashed to a useless amount.

Where do I go now? I am with this government.

I have been persecuted for other people’s greed. It should be people like me that they should be saving.

Labour have let me down.

Proper anarchists don't save money. Give it away

Hungerdunger

theAnarchist wrote: »

This is after the cu**s have taxed me on it!!!

Savings are all that I have in life.

If savings really are all you have then (1) you should have been taking more interest in the current financial crisis. Regular visits here would have made it plain that you needed to get as much of your savings as you could afford into fixed-rate accounts before the slide started; and (2) If you are not already doing so, you can reclaim your tax-free allowance from HMRC after the end of the current tax year.

gozomark

fatpig wrote: »

Proper anarchists don't save money. Give it away

nah, a proper anarchist would burn the money, and then set fire to the bank

Old_Slaphead

cloud_dog wrote: »

So you don't care about the people who had less than the (circa) £20k passport limit which the Icelandic scheme should have covered and reneged and then the FSCA / Government stepped in and covered. Very big hearted of you. :mad:
cloud_dog

Where ever did you get that idea (subtle but apparently overlooked point in my posting is that it refers to people with £50000+) ????????

My point was that this Government sees fit to indemnify ALL private savers even those who have acted very irresponsibly by ignoring the £50,000 (originally £32000) FSCS/passport guarantee limit whilst at the same time ignoring many long-suffering EL pension annuitants who were penalised due to abject failure of the Gov'ts financial regulatory system.

HankMcSpank

As a saver, I'd be at total ease with 0% saving interest rate... *if* deflation is running at -5%pa.

It makes no sense to be content with a savings rate of 5%pa if inflation is also 5%pa. Far better to have everything coming down in price (deflation), while your stash isn't!

Jake'sGran

theAnarchist wrote: »

Thanks I will. Its glum reading all of this.



We are loosing money at the expense of bailing out others that have become debt ridden through sheer ignorance.

That's life! and you must have learned by now that it is not fair. You can't blame everyone who is in debt because a lot of it is caused by silly house prices and people being offered mortgages over 100%. For some people it was the only way they were ever going to get a house of their own. A lot of my investments are greatly reduced in value but I have never thought of blaming anyone. We all know or should know that ...."investments can fall as well as rise etc".... It's just that this has happened so fast.

The F word is obviously part of your normal vocabulary but I still object to it in a forum even with the letters the wrong way round.

climbgirl

Jake'sGran wrote: »

people being offered mortgages over 100%. For some people it was the only way they were ever going to get a house of their own.

Nobody forced people to take out those mortgages though, there are other alternatives than house-ownership! There's fault on both sides of the lending equation that lead us to where we are today. I would dearly love to have a house of my own and despite being in a well-paid job, I've never quite been able to afford it. Many times I was offered a 100%+ mortgage and didn't take it because it didn't seem like a very smart idea - property is cyclical, prices don't rise endlessly.

The number of times people tried to talk me into buying a house because "prices will never drop" was quite unbelievable. Usually these gems of advice were from people who'd rushed into massive mortgages they couldn't really afford. House prices have always been cyclical and it isn't difficult to see that borrowing more than what the asset actually costs isn't the smartest move.

I can understand the OP's frustrations.

jon3001

HankMcSpank wrote: »

As a saver, I'd be at total ease with 0% saving interest rate... *if* deflation is running at -5%pa.

I believe OP is saving for a house. HPI is falling at a much greater rate than 5% pa.

aqueoushumour01

HankMcSpank wrote: »

As a saver, I'd be at total ease with 0% saving interest rate... *if* deflation is running at -5%pa.

It makes no sense to be content with a savings rate of 5%pa if inflation is also 5%pa. Far better to have everything coming down in price (deflation), while your stash isn't!

Deflation: a persistent decrease in prices. Sounds great doesn't it - until, of course, wages start falling, nobody spends in anticipation of further price falls and unemployment sky rockets. Just ask the Japanese...