MSE News: Dump Sky and iPhones, struggling homeowners told

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Thousands of homeowners are to be warned by taxpayer-owned banks to forget renewing their subscription to Sky TV or buying a new iPhone and instead focus on paying their mortgage ..."

Read the full story:
Dump Sky and iPhones, struggling homeowners told

skylight

Good idea.

It will put some peoples backs up. It will remind others and guide some. If it helps some to stay on track then its a good thing.

As long as - the call is NOT used as way to sell other goods the bank is offering.

busiscoming2

Although most people realise the s**t they can get into if they can't pay their mortgage, I think a lot of younger people believe it is necessary to have Sky subscription, huge TVs and iphones etc.

Do I think they should give them up if needed to pay their mortgage - YES!

cally6008

News article is here - http://www.dailymail.co.uk/news/article-2031934/Now-banks-ring-cash-strapped-home-owners-warn-Cut-spending--risk-losing-home.html#ixzz1WatL2HSc

The banks are going to be credit checking lots of people without them knowing

opinions4u

cally6008 wrote: »

News article is here - http://www.dailymail.co.uk/news/article-2031934/Now-banks-ring-cash-strapped-home-owners-warn-Cut-spending--risk-losing-home.html#ixzz1WatL2HSc

The banks are going to be credit checking lots of people without them knowing

Most banks terms and conditions already allow for two way feeds of information with the credit reference agencies. It's already happening. No searches show up.

It's not new. It's something the customer has already signed up for. The Daily Mail is playing it's usual game of writing articles in a way that gets an emotional reaction out of the reader. Don't fall for it.

skylight wrote: »

As long as - the call is NOT used as way to sell other goods the bank is offering.

Unlikely. It's a wind-down operation with no other products to sell.

Reaper

People are strangely reluctant to accept a cut in lifestyle when their circumstances change.

It's not a new thing either. 25 years ago a building society manager told me about some borrowers who came in to tell her they could no longer afford their mortgage payments and needed a reduction. They arrived in a luxury car and wore fur coats and expensive jewelry to the meeting. They didn't get a sympathetic hearing!

beeb

I wonder if people paying rent rather than a mortgage rate that particular bill higher in their priorities???

poggs

I've a mortgage with them and have received 2 phone calls over the past 2 months doing a 'survey' asking how I think I would cope if my mortgage went up £300 a month next week etc.

Now I'm guessing it was a fishing expedition to decide what to do about me.

Never missed a payment so far on my 125% mortgage I took out in 2005. Of course I would change and remortgage if I could, but since we took out the mortgage, my wife has given up work to raise our children and we only have one salary. Current LTV is about 90% and at 175k. My one salary wont stretch to a remortgage so we're totally stuck with NRAM or whatever the bad bank is called!

chattychappy

They (spenders) can get away with it.

Sounds like a PR thing. The reality is, that until people really start getting their houses repossessed it will be water off a ducks back - except for the moans about "harassment".

It seems to be politically unacceptable for people to lose their homes so the government will not allow it to happen.

Pity - the housing market could do with a readjustment, but its unlikely to happen whilst people are kept in homes they can't afford and probably should never have bought in the first place.

Secured loan should mean just that. Default? Get repossessed.

tgroom57

It is quite normal for these calls to also insist you get rid of any family pets, -dogs and cats- to save money as these are also seen as non-essential.

I wish that banker's bonuses were similarly non-essential.

rogerblack

tgroom57 wrote: »

It is quite normal for these calls to also insist you get rid of any family pets, -dogs and cats- to save money as these are also seen as non-essential.

When economising, you need to consider _everything_.

Not just the nice and easy things, but also the hard things, including pets.

For example - have you split up with a partner, and the ex wanted the dog, and will take care of it?

Can fido move to own-brand dogfood.

Do you have any spare children you could sell into slavery (or encourage harder to look for work, which Marx says is much the same thing).

Seriously though, economising means you need to look at every single expenditure, nomatter how trivial, and see if you can eliminate or reduce it.
Including very much things you think of as essential.