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DWP mortgage cuts could mean rise in reposessions
AMILLIONDOLLARS
Posts: 2,299 Forumite
Featured on BBC Breakfast News this morning.
http://www.bbc.co.uk/news/business-11368181
This cut is only a couple of weeks away, this is going to effect a lot of families, and eventually the housing market!
AMD
http://www.bbc.co.uk/news/business-11368181
This cut is only a couple of weeks away, this is going to effect a lot of families, and eventually the housing market!
AMD
Debt Free!!!
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Comments
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The cuts were actually announced in July in newspapers. Odd that it's taken until now for people to realise what is happening.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
AMILLIONDOLLARS wrote: »Featured on BBC Breakfast News this morning.
http://www.bbc.co.uk/news/business-11368181
This cut is only a couple of weeks away, this is going to effect a lot of families, and eventually the housing market!
AMD
First of a thousand cuts. There are also people coming up to the 2 year anniversary of the original scheme who will get nothing after January 2011 if they remain unemployed.0 -
The cuts were actually announced in July in newspapers. Odd that it's taken until now for people to realise what is happening.
I've always called this budget the Sleepwalker's budget, as a lot of people do not realise how bad these budget cuts are going to be. Come October the S**T is going to hit the fan for a lot people out there!!
AMDDebt Free!!!0 -
There have been several threads in other parts of MSE about this, with people starting to get the letters telling them how much of a shortfall they will have to make up....and it is scaring them.
Remember, this isn't just those out of work but also those disabled or are carers for a disabled partner/child and unable to work who are impacted by the changes.
It sometimes makes me wonder if the majority actually watch the budget transmission as I was aware of this change (and if doesn't affect me at all) but some others seem to be reacting with surprise.We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.0 -
There have been several threads in other parts of MSE about this, with people starting to get the letters telling them how much of a shortfall they will have to make up....and it is scaring them.
Remember, this isn't just those out of work but also those disabled or are carers for a disabled partner/child and unable to work who are impacted by the changes.
It sometimes makes me wonder if the majority actually watch the budget transmission as I was aware of this change (and if doesn't affect me at all) but some others seem to be reacting with surprise.
They did, but I'm sure the majority didn't think it related to them!!
AMDDebt Free!!!0 -
Was the government really paying nearly 6.5%pa of the outstanding balance? That was crazy, given the reduction in interest rates.No reliance should be placed on the above! Absolutely none, do you hear?0
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Rise in repossessions from what to what?
Without that information this is meaningless frothing.0 -
Was the government really paying nearly 6.5%pa of the outstanding balance? That was crazy, given the reduction in interest rates.
Yep the scheme didn't keep up with the fall in interest rates.
Unfortunately many mortgage companies didn't cut interest rates to the government estimates so now instead of over paying for everyone they are going to be under paying for 50% of people.
Ideally the scheme should pay the actual interest rate the mortgage company states as the money goes straight to the mortgage company and never touches the claimants hands.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
AMILLIONDOLLARS wrote: »They did, but I'm sure the majority didn't think it related to them!!
AMD
The majority of people only worried about the rise in VAT.
Some of the people who this affects would have been in employment when the budget was announced.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Was the government really paying nearly 6.5%pa of the outstanding balance? That was crazy, given the reduction in interest rates.
Do you think everyone is on a low rate mortgage?
What about those that fixed in summer 2008 as advised by most media sources & banks?
I know a few of my neighbours fixed high....Not Again0
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