When will interest rates go up again?

mower5

Adebisi wrote: »

But I got a 5x my wage 100% mortgage, so the money I save is building up plus I have managed to get 11 credit cards over the last few weeks. Add the over draft and a 15k loan I have just been approved for to the credit card limits and savings and after I have taken this all out stuck it under my bed and gone bankrupt. I will have lost 2k that I have paid off my house and the 500 quid I have lost for the bankrupt fee I will have around 80k to buy a bigger cheaper place outright with cash. Gordon has set me up in a win win situation.

Err....i do not uderstand.

At first reading that looks like fraud? Why take out loans if you intend never to pay off the debt but try to go bankrupt? Apologies if i misunderstand....

Austin_Allegro

Adebisi wrote: »

But I got a 5x my wage 100% mortgage, so the money I save is building up plus I have managed to get 11 credit cards over the last few weeks. Add the over draft and a 15k loan I have just been approved for to the credit card limits and savings and after I have taken this all out stuck it under my bed and gone bankrupt. I will have lost 2k that I have paid off my house and the 500 quid I have lost for the bankrupt fee I will have around 80k to buy a bigger cheaper place outright with cash. Gordon has set me up in a win win situation.

:rotfl: Don't forget to claim your disability allowance, jobseekers' allowance, family tax credits, child allowance, attendance allowance, war widows pension, etc etc etc it's all free money - Gordon wouldn't want you to miss out! :rotfl:

Wookster

Austin_Allegro wrote: »

:rotfl: Don't forget to claim your disability allowance, jobseekers' allowance, family tax credits, child allowance, attendance allowance, war widows pension, etc etc etc it's all free money - Gordon wouldn't want you to miss out! :rotfl:

Paid for by who?

The tax payer, now bailing out the banks...

hmmmmm

Dan:_4

Thrugelmir wrote: »

A number of credit card companies now charge 30% plus interest rates having recently raised them 8%. So low interest rates are of no benefit to these cardholders.

My point exactly.

(They want to be shifting that balance onto a nice 12 month 0% card)

mewbie_2

chucky wrote: »

current interest rates....
unfortunately some people will be hit by this and will have to change their investment strategy or lose out - ie savers...

Yeah, change their investment strategy. Like.. er.. stop saving.. and spend their capital rather than live off interest. Some strategy.

Dan:_4

mower5 wrote: »

Err....i do not uderstand.

At first reading that looks like fraud? Why take out loans if you intend never to pay off the debt but try to go bankrupt? Apologies if i misunderstand....

You can only be done for fraud if you do not make at least 1 repayment towards the debt. So ensure you meet the first payment date.

chucky

mewbie wrote: »

Yeah, change their investment strategy. Like.. er.. stop saving.. and spend their capital rather than live off interest. Some strategy.

yeah course that goes with out saying

or even invest in equities that are paying at least 5% or even a house if you're adventurous

mewbie_2

Actually I wonder if Merve has to write a letter when inflation falls 1% below target. Wow, write a letter. I mean he must have a PA. "Dear Gordon, whoops, love Merve". I like the way it's described as being 1% above the target as well, by most commentators, when actually it's 50%.

mewbie_2

chucky wrote: »

yeah course that goes with out saying

or even invest in equities that are paying at least 5% or even a house if you're adventurous

OK so your 85 and getting no interest on your life savings. You're a bit frail. Is now really the time to stuff the lot on the stock market and spend each and every time stressing the old ticker. But yeah they could get into BTL I suppose while prices might drop and / or tenants play up. Somehow more comfortable having money in the post office and getting a few quid each week.

chucky

mewbie wrote: »

OK so your 85 and getting no interest on your life savings. You're a bit frail. Is now really the time to stuff the lot on the stock market and spend each and every time stressing the old ticker. But yeah they could get into BTL I suppose while prices might drop and / or tenants play up. Somehow more comfortable having money in the post office and getting a few quid each week.

i guess that's the mistake or unfortunately taken the wrong advice just to concentrate all of their pension income from savings - i think that they call that putting all your eggs in one basket.

but seriously Mewbs - yes it's not fair. hopefully this frail 85 year old that you painted this picture of will be given better advice in the future instead of just focusing all future income from interest derived from savings.