MSE News: Dump Sky and iPhones, struggling homeowners told

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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  • I would be quite amused to get a call like this, I don't think we will though as we are in a position to pay all our outgoings with a good surplus over every month. I would enjoy pointing out to them that we are able to do this because we have never remortagaged despite NR phoning us many times when they were still lending money to everyone and telling us that we could have a holiday, home improvements etc etc by doing so. We once had someone ask if I was really happy to be driving a five year old car and wouldn't I like a new one which I could get by releasing more equity from the house.:eek:
    Given their track record they're hardly in a position to offer anyone financial advice.:D
    I was off to conquer the world but I got distracted by something sparkly :D

  • Percy1983Percy1983 Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker
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    On a side note it does worry me when people say Sky is there life, seriously I only watch about 2-3 hours TV a week and (a little more on F1 weekends).

    I honestly mean this if you don't spend £50 every month on Sky you could entertain yourself in so many other ways with that money rather than just sitting there.

    Back on the wider topic is it just me who wouldn't be offended by such a call, I don't need the advice but can see there intentions are good.
    Have my first business premises (+4th business) 01/11/2017
    Quit day job to run 3 businesses 08/02/2017
    Started third business 25/06/2016
    Son born 13/09/2015
    Started a second business 03/08/2013
    Officially the owner of my own business since 13/01/2012
  • opinions4u wrote: »
    Please explain how they create this money.

    http://en.wikipedia.org/wiki/Fractional-reserve_banking

    as boring as that article is lol
  • opinions4uopinions4u
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    You've misunderstood it.
  • jimjamesjimjames Forumite
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    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    There is a saying "make hay while the sun shines" which I think could apply here.

    Interest rates are at historic lows for most people on variable rates. If your rates have dropped massively it would then be worthwhile overpaying to build up a reserve to cover you should any unforseen event happen in future.

    Often the problem comes not from a change in circumstances but the lack of a buffer to cope with those changes. If you are always in the situation where you are spending more than you earn then something needs to give in order to bring things back to balance.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Sammy85_2Sammy85_2 Forumite
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    I can see a phonecall like this annoying alot of people for whom it is not necesary, but for every person that didnt need the call there are bound to be others who did. Those people that took on mortgages without considering the "what ifs" for example. Im sure for every person that is a MSE there is another who hasnt the slightest clue about their finances and this may be the gentle nudge that prevents a bigger fall later.
    :jProud mummy to a beautiful baby girl born 22/12/11 :j
  • black_taxi_2black_taxi_2 Forumite
    1.8K Posts
    Debt-free and Proud! Mortgage-free Glee!
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    about about 5 years ago-when changing jobs--went into bank an asked for a breather---2 month break mortgage payments

    all i got was a sales pitch---bank products

    i left bank quite shocked---i was hoping for help
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • liam8282liam8282 Forumite
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    IMO this is a preemptive strategy by banks, so that when rates go up and people inevitably default, the banks are well within their rights to go for repossessions.

    Nobody can then say that the banks haven't offered any advice to customers or made clear to them the consequences of their actions.

    Personally I am all for people living within their means, and if this means some people are going to lose their homes because they cannot afford them, then so be it.

  • ILWILW
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    So punish the poor? the citizens by invading their privacy and right of self determination by intrusive phone calls.
    I live on Benefits. what I decide to spend my money on is my business and my business alone.
    I use a Batch System because I can't afford to buy Clothes, Books academic shock horror expensive (waits for onslaught!) Travel etc. I keep my quality of goods high but aim to keep overall spending low.
    I have no mortgage.
    I object to exploiting Landlords getting tenants to pay the mortgage for them instead of tenants embarking on process of home ownership in suitable starter homes.
    Shoppers are exploited at the Retailers by 25% price rises in overall food inflation.
    The Retailers don't give a flying !!!! about the wellbeing of consumers/targets of constant intrusive marketing messages utilising psychologically invasive techniques.
    Plus Daily Heil #ukuncut#falseeconomy #feralelite#bullingdonclubeconomics are forcing Free Market doctrines on us and transfering public sector to private.
    Bankers Bailouts and bonuses nuff said.
    The poor are summarily punished and disciplined by neo-liberal economic doctrine by right wing Tories, how wonderful to see the common man assault the poor because his or her consent has been thoroughly manufactured especially at Election time.
    We have a one party state effective as Labour is not old labour of working man but Blair, Milliband, brown et al.
    Big Business is of course delighted.
    We must have flexible labour markets then we return to good working practices of spouses waiting at docks for work which may or may not come, wonderful economic insecurity! (just penalise benefits claimants and forget tax evasion which can more than plug the gap).
    So my attitude is I am gonna live my !!!!ing life as I see fit: High qaulity. There is so much !!!!ing !!!! in terms of product qaulity leved at poor and I aint' buying it,(slag me off here here here here ) Qaulity is a cheaper decision.
    I used to have SKY but I find it cheapskate and mean with programme content, a total waste of money, Only Free Sky unless I need a French film Channel. French is good for brain.
    I need to be enrolled on various Challenges here as good idea but I wait for the misunderstandings and judgments ato arise. It is not my fault I was made redundant. The mathematics of job seeking mean 100 applicants to 1 post.
    At my age 50+ employers view me as over the hill.
    I wish people would use their brains more and don't take to hand all the media dole out by them and read !!!!ing books to find out what the hell is going on.
    My mum buys low spends high quality, she is a woman of qaulity and it pays her back in various means.
    I believe in qaulity and praise the lord own a beautiful Iphone 3GS this means I can download maps of the Highlands and use the GPS on it to help me find my friend, a talk and texter you so espouse won't do that.
    My iphone makes up for the slaughter of adult education going beyond cookery classes to real academia.
    My apps can mark my maths work better than an disinterested teacher only allocating me 10 minutes.
    No Maths teacher to touch me up in my attempt to overcome maths problems and become whole.
    I proudly own a laptop repaired by brother and a pc, proudly have my books.
    Reading is cheaper than going to the pub but I have had pub periods.
    GPS on Iphone can help me calculate mileage etc on walking routes. I can monitor my habits so I make good virtuos ones, diet etc.
    no !!!!ing bank is gonna tell me what to spend or not on basis of my statements. I would act prudently to keep my mortgage intact and have a lifestyle that is high qaulity but cheap.
    I resent the corporate data mining that is at our expense.
    I hope i make my point clear. There is no excuse at such patronising action. Quicken withdrew its Consumer Software to grovel at Businesses, We need all the Software help we can get to help us run our budgets.
    Big Business gives us a little as humanly possible at the greatest possible cost.
    I rest my case (judgements stand here and I will stand here proud, erect, good looking, looking great, with iphone etc in hand seeking many ways to make a budget).
    Lois Mc Qaunt Punishing the poor Neo liberal regimes creating economic insecurity. On wish list
    Chomsky the manfacturing of consent.
    Chomsky Profit before People
    Frances Fox Piven Regulation of the Poor Got book but will read.
    Shock Doctrine No Logo Naomi Klein.

    You need a hobby.
  • J_i_mJ_i_m Forumite
    1.3K Posts
    Percy1983 wrote: »
    People say Sky is there life, seriously I only watch about 2-3 hours TV a week and (a little more on F1 weekends.

    I kind of know what you mean. I've never had SKY, and even though I consider myself a F1-aholic... I'm still not ever going to get SKY. I don't actually watch much TV... maybe a tinny bit of news, Dr Who, the F1 and Quantum Leap. That's about it. I'm certainly not going to waste money on Sky because I'd never use it.

    Back on the subject..

    I did spend a couple of years living outside of my means though, this was via simply living in accommodation where the rent was just that bit to much for me.

    However.. I've moved back in with the parents..I hardly ever go out, I spend as little as £20 a week on groceries, although that is getting much harder now. I changed my car to one that is cheaper to run and I generally try to walk to most places except work.

    I do have a iPhone on contract (waits to be blasted :D), but I am considering changing it to the cheapest plan once my contract is up or going PAYG.

    For holidays, I tend to visit friends, who are generous enough offer free accommodation... or I go in a group holiday where we car pool etc and bring the cost down.

    I do like to give myself the odd treat now and then.. like a gadget (shock horror! :mad:) although to be fair I am now saving upwards of £400 a month now on top of paying off other debts including car finance and a bank loan.

    I've made financial mistakes in my life... but I've learnt from them. I don't think I'd be too pleased to receive a phone call from some faceless company telling me what I should or shouldn't buy.
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
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