Shrinking savings put millions at risk of reposession

Aberdeenangarse

chucky wrote: »

It tells you how little people think of you. You worry about who Thanks people's posts more than having intelligent discussion.

What are the mortgage default and late payment numbers like for the last few months/quarters?

Have you got problems Chunks? Is that why you're selling?;)

mayonnaise

Graham_Devon wrote: »

LOL, love how many thanks mayonnaise gets!

I love that too.

Blacklight

Who saves anything these days?

Jenniefour

Blacklight wrote: »

Who saves anything these days?

:eek::eek::eek:

Apparently plenty of people don't. I do - I would be terrified if I didn't have a safety net even though I probably have much less need for one now. Earning tiny amount of interest on my cash pot though.

antrobus

Graham_Devon wrote: »

LOL, love how many thanks mayonnaise gets!

Even though it's factually wrong, so long as it's optimistic, people applaud it!

Well it might be because a number of people have twigged that there isn't much difference between,

(a) In total, 3.9 million British families may be just one paycheque away from losing their family home.

and,

(b) Nearly four million families who pay rent or a mortgage have so few savings that it would take only a month's missed salary to lose their home

In fact, some people might conclude that "3.9 million" is "nearly four million", and therefore conclude that little has changed and that therefore HTB (whatever version) has made frack all difference.

But then who am I to spoil someone else's miserablism? Whatever floats your boat.

BillJones

Blacklight wrote: »

Who saves anything these days?

Well, er me. And my wife. The bloke next to me at work, and the one next to him.

Also my parents. Brothers. Friends...

Anyone who doesn't save is being foolish.

PasturesNew

When I bought a house in 2000, I had to pay a Mortgage Indeminty Guarantee fee (of about £1k) so that if the house were repossessed it'd be paid off (then they'd have X years to continue to chase me for the money).

Back then people with mortgages were also sold "Income Protection Plans" to give you an income in case you lost your job.

Few people seem to have such insurances these days.... they seem to have disappeared off the mentionable radar.

Back then you had to go 9 months before any form of benefits would be paid to go towards your mortgage. This was reduced to just 13 weeks in recent years. With 13 weeks most will muddle through .... at 9 months you were pretty much stuffed, hence the idea that the Income Protection would kick in to cover you until then.

It's an article about nothing really ....

PasturesNew

Savings are the preserve of the more well off.... there are those that can and don't - and there are those that just can't.

chucknorris

BillJones wrote: »

Well, er me. And my wife. The bloke next to me at work, and the one next to him.

Also my parents. Brothers. Friends...

Anyone who doesn't save is being foolish.

I think he means due that to the low savings rates on offer, many people that would have saved have now started to invest or invest more. My savings (excluding cash ISA's) have reduced dramatically, it is mostly invested nowadays. Now that there is flexibility with ISA's I may even move the cash ISA's into SS ISA's when my fixed rate cash ISA's mature.

System

chucknorris wrote: »

I think he means due that to the low savings rates on offer, many people that would have saved have now started to invest or invest more. My savings (excluding cash ISA's) have reduced dramatically, it is mostly invested nowadays.

You means you have shifted your savings spread so that it now tends more towards the longer-term? It's all still "savings". A sensible saver would have a spread of access terms, ranging from instant, 1-month, 6 month, 2 years, up to long-term investment locked away for 10 years or more.
The proportions would differ for different people and circumstances.