real effect of late payments

Jhoney_2

@Thrugelmir

That's a bit harsh a theory. It's not a dream to need help it's a circumstance.

The business model that is UK plc has everyone snarling at each other but in the end, we all need help at times e.g sick = NHS or the young who want a house and cant afford it or the unemployed who still have to eat,sleep somewhere.

Financially the whole private banking industry took help for their unaffordable dream - significantly less people will need transitional assistance or whatever it is. The did the lending/risk assessment why can they not mitigate their business losses like everyone else? - esp after what we have all been through due to their bad practices.

Not a lot to ask really.

blahblahblah85

midlander81 wrote: »

Thanks amnblog. Perhaps I am naïve but don't most people have a late payment marker here and there? None of us are perfect and it is easily done when you are leading a busy life. Seems really harsh.

I've never had a late payment, always paid in full or set up a DD, husband is same I don't think we're unique in this.
On the flip side to the loans/debt boards you'll find the savings/mortgage free wannabes where people go to extremes in organising their fiances!!

Thrugelmir

Jhoney wrote: »

@Thrugelmir

That's a bit harsh a theory. It's not a dream to need help it's a circumstance.

The business model that is UK plc has everyone snarling at each other but in the end, we all need help at times e.g sick = NHS or the young who want a house and cant afford it or the unemployed who still have to eat,sleep somewhere.

Financially the whole private banking industry took help for their unaffordable dream - significantly less people will need transitional assistance or whatever it is. The did the lending/risk assessment why can they not mitigate their business losses like everyone else? - esp after what we have all been through due to their bad practices.

Not a lot to ask really.

Of course I emphasise with people on a personal level. Life is a roller coaster. I have my personal collection of teeshirts as a testament to that. In the main though one has to get on with the hand that one gets dealt. Banks are a reflection of society. After all companies or organisations are just people. Culture will take time to change. After a while the new era will become the norm. Just like the previous ones did.

hcb42

cavework wrote: »

No problem , as long as you the tax payer are happy for me to be awarded social housing because my mortgage lender will no longer lend and allow me to pay the monthly amount regularly without default, due to my missing a few payments that were then brought up to date within a few months each time .. plus OMG my husband is 65 and I am 54 and have been self employed for 14 years.
The issue of stopping the situation arising again does not solve the problem of those who did not over borrow , were approved and have tried every way to meet their commitments for the last 15 plus years but now need a little help
I will think of you when I register on the social housing list

If you are paying the mortgage without issue, have I missed the actual issue?

Edit, my bad, not the OP!!

Jhoney_2

Thrugelmir wrote: »

Of course I emphasise with people on a personal level. Life is a roller coaster. I have my personal collection of teeshirts as a testament to that. In the main though one has to get on with the hand that one gets dealt. Banks are a reflection of society. After all companies or organisations are just people. Culture will take time to change. After a while the new era will become the norm. Just like the previous ones did.

The thing is, it's hypocrisy of their own mantra of The 'free' Market
business success = their profit
business failure = or our loss
Our (some could argue joint) loss/mistake/circumstance = repossession/interest hikes,no mortgage etc.

I agree it will become the norm, but there are those cases that need to be looked at so we enter the new era together and in a fairer way. As I said, this will not be a huge amount of people anyway and at significantly less cost than the bailouts.

They still have a charge on the asset throughout the term. What did we get? What do we get if they default it again? Austerity cuts ,lol.