Mortgages and debt consolidation

PeteWhite

Senior_Paper_Monitor wrote: »

There is a tendency for bank staff lower down the chain to reply "it's an FSA - should be the FCA now - directive" (it's the airline equivalent of "because of security sir".


Its not a specific directive - however there are many FCA policies and guidelines which the banks are free to interpret (as part of their commercial policies) as they deem appropriate.


Limiting the repayment period on consolidated debt rather than adding to the full mortgage seems a responsible interpretation and policy.

Thank you SPM, that's just what I wanted to know.


Pete

PeteWhite

kiddakidda wrote: »

With you having only 12 years left on the mortgage, how long did you want the consolidated term for?

We wanted the consolidated term for the full 12 years.


Pete

Thrugelmir

PeteWhite wrote: »

Agreed, but jumping to conclusions over my circumstances is not very helpful, is it?

Many many people live on the edge with insufficient savings to tide them over. Then one of the 3 D's strikes. Death, divorce or distress (financial). Living from pay cheque to pay cheque.

People learn best from their mistakes if they actually participate in the outcome. Rather than being given an easy way out. A little pain helps focus the mind. Statistically people do re-offend. That's down to human nature as in peoples genes. Some people are born risk takers others are more cautious. So my comments are in no way personal. Just a top down view of the world.