Bank Charges - Banks Win!

Inactive

bendix wrote: »

There also seems to be a prevailing sense in the UK now that a middle class life is the automatic right of everyone, irrespective of your ability to pay for it. Anyone over 30 knows that this is a new culture - previously, people who could afford to have tvs had them. Those who couldn't, didn't.

At what point did that all change? Ahhhh, I remember - the introduction of easy credit coupled with the 'it's me entitlement' culture.

It all started with the Thatcher, dog eat dog culture.

( Head down, slopes off before the flak.:D ).

oscar52

Lokolo wrote: »

Because everyone who is claiming back charges has kids, mortgages and is on minimum wage. Get a grip. Most people who want to reclaim charges do have mortgages which they clearly did not think through[URL="http://"][/URL]

So could you afford your mortgage if rates shot up to 17%? - its happened before, it could happen again.

Inactive

oscar52 wrote: »

so why not stop the payment at source? - surely the embarrasment caused, that they banks try to save us from, would do the same thing? Personally, I would rather be embarrassed than have a carton of milk cost 39 quid because i forgot about a direct debit going out the day before.
Banks dont want to refuse the transaction as ten they cant charge hefty fees.

But it isn't just a " carton of milk " is it, how would you feel if your electricity supply was cut off because the bank had bounced your Direct debit and the electricity supplier wanted say £200 to reconnect it?

Couldn't happen, I hear you say, it could and does in Spain.;)

Lokolo

oscar52 wrote: »

So could you afford your mortgage if rates shot up to 17%? - its happened before, it could happen again.

No I am renting.... I will not get a mortgage until I have a 25% deposit and know I will be able to afford repayments even if interest rates did shot up.

And yes it could happen again, but let me ask you this, how many do you think have prepared for this? Interest rates for mortgages for the majority are very low at the moment, would you agree? How many do you think of these are saving up some of this extra disposible income incase mortgage rates go up?

thebrow2000

thebrow2000 wrote: »

I JUST DONT GET IT!!!

IF the banks lost surely this would have been the end of FREE banking ???

whats all the fuss about, I like FREE banking!!!

I respect Martin for his money saving ideas, but I dont get why he campaigning to stop charges.

How does this fit into his moneysaving mantra for those who are ontop of their finances??

never-in-doubt

Lokolo wrote: »

No I am renting.... I will not get a mortgage until I have a 25% deposit and know I will be able to afford repayments even if interest rates did shot up.

And yes it could happen again, but let me ask you this, how many do you think have prepared for this? Interest rates for mortgages for the majority are very low at the moment, would you agree? How many do you think of these are saving up some of this extra disposible income incase mortgage rates go up?

The above shows your a) immaturity and b) unrealistic approach to life.

You state you will 'not get a mortgage until 'I have a 25% deposit and know I will be able to afford repayments' but I have to ask how you can possibly plan for such a thing? I mean, lets be realistic for a moment. You get a house for £200k and save your £50k deposit. You then get a 25 year mortgage at say 2% which would mean your repayments sit at around £650 per month.

THEN

The worse happens and rates shoot up and before you know it, it is 4% (£800 p/m) then 7% (£1100p/m) and even as high as 9% (god forbid) - (£1300p/m)...

So, here you are - you started with a mortgage paying £650 p/m and before you know it you have to then conjure up double that - £1300. Could you plan for that? I certainly couldn't and neither do most other adults!

Point proven. :D

never-in-doubt

thebrow2000 wrote: »

I respect Martin for his money saving ideas, but I dont get why he campaigning to stop charges.

How does this fit into his moneysaving mantra for those who are ontop of their finances??

Idiot!

Moneysaving by paying a reasonable amount for a charge and not whatever the banks decide to charge! :mad::mad:

Lokolo

never-in-doubt wrote: »

The above shows your a) immaturity and b) unrealistic approach to life.

You state you will 'not get a mortgage until 'I have a 25% deposit and know I will be able to afford repayments' but I have to ask how you can possibly plan for such a thing? I mean, lets be realistic for a moment. You get a house for £200k and save your £50k deposit. You then get a 25 year mortgage at say 2% which would mean your repayments sit at around £650 per month.

THEN

The worse happens and rates shoot up and before you know it, it is 4% (£800 p/m) then 7% (£1100p/m) and even as high as 9% (god forbid) - (£1300p/m)...

So, here you are - you started with a mortgage paying £650 p/m and before you know it you have to then conjure up double that - £1300. Could you plan for that? I certainly couldn't and neither do most other adults!

Point proven. :D

But why not?

I don't get it. You're saying I shouldn't bother preparing, noone else does blah blah blah.

How does it show my immaturity by saying I am not getting a mortgage until I know how I can afford it?

And before I know? Well for starters I would get a 5 year fixed rate, so that gives me at least 5 years to prepare, knowing my rate will not change in that time. Good eh? Sensible? Mature would you say?

p.s. lets be honest, me being immature? I am not the one saying to people on forums that I hope they lose their jobs etc.

Wutang_2

Lokolo wrote: »

No I am renting.... I will not get a mortgage until I have a 25% deposit and know I will be able to afford repayments even if interest rates did shot up.

And yes it could happen again, but let me ask you this, how many do you think have prepared for this? Interest rates for mortgages for the majority are very low at the moment, would you agree? How many do you think of these are saving up some of this extra disposible income incase mortgage rates go up?

You are a fountain of knowledge lokolo - why do you keep talking about/referring to yourself though?

Thats just weird

Lokolo

Wutang wrote: »

You are a fountain of knowledge lokolo - why do you keep talking about/referring to yourself though?

Thats just weird

I have no friends.

Nah but in all seriousness, people are arguing that its not anyones fault if they get into debt. Which is just a rediculous statement and the fact why I am arguing against it and seem to have internet people ganging up against me to tell me I'm wrong. With the counter argument that being on minimum wage, having a huge mortgage, and having 100000 kids will get you into debt.

Well of course it bloody will but noone at 18 (or 16), will come out, get a mortgage, have kids and be on minimum wage and get straight into debt. People get into debt over time! Which could be compeltely avoided!