What's The Point in MoneySavingExpert?

KiKi

It's a good point Stacey, and I think a lot of it centres around the R word:
RESPONSIBILITY!

For example, I am reclaiming my mortgage redeption fee from the Abbey. Not claiming back something I *owe* them, but claiming back a fee that they put up by 125% during the one year I had my mortgage with them! It was irresponsible of them to suddenly put those fees up when I signed up to something else completely.

If I do some consultancy work for a client and they don't pay me on time, I can't charge them 20% interest for every day they don't pay. I come up with a sensible solution, maybe with interest, maybe not, to ensure that I get paid for the work I've done, and that doesn't cripple them in the process.

There is an argument to say that if you sign up to a 20% interest loan, then you have to pay it back with that interest. On the other hand, there is a question as to how appropriate 20% is in the first place...and how responsible were they in lending you that money in the first place? I would NEVER do consultancy work for companies who I wasn't sure would be able to pay me. And banks should not be allowed to lend money at such HUGE interest rates to people who can never pay it back.

Also, in all those cases are personal stories. I've seen threads where individuals are significantly in debt because they were just careless and materialistic, and as a result have a terrible credit rating. My emotional response to that is 'tough'. I've seen other threads of heartbreaking stories where people are in debt through almost no fault of their own, suffering terribly, and desperately trying to do the right thing to pay it back. And my heart goes out to them.

I take your point completely. But there is a question of how responsible both the bank, and that local man selling computer parts, are in the way they deal with people.

lunar

just wondering then what should we do if we are if we are in debt and cant manage it, everyone makes mistakes. nobody thinks we shouldnt have to face our debts but it should be possible to fix things without the bank making so much profit form it with charges. how many first posters come here with suicidal thoughts? these big companies need to take some responsibility for their actions and the whole credit system in this country needs to be re-examined. maybe we should just all be put in jail for our debts, that wont be a drain on the community!

everyone comes here for support and to try and correct their situations not for judgment.

sorry for the rant, i just think there are worse crimes in life that seem to carry a much lower penalty than being in debt!

stacey21_2

But should it matter what impact it has on that business? Because that's what they are, a business. No-one condones going into say, PC World and stealing a PC, because 'PC World can afford it'.

joeblack066

..........erm.....I can see that you're raising points for discussion, and to me the point is varied for each individual. The people on the Housebuying board are likely to be in very different circumstances from those on the DFW board for example.
In MY individual circumstances, DFW brought me back from feeling suicidal, completely hopeless, to the here and now with me debts well on the way to being paid, the house that was fast becoming a millstone around my neck completing it's sale on Tuesday, and my offer on my new house being accepted. I cannot thank the DFW guys enough. They literally saved my life. That, for me, is the point.

immoral_angeluk

Broken_hearted wrote: »

No it has most effect on the family of the lower level bank staff who lose their jobs.

But what I'm saying is the company isn't going to fire someone because one person hasn't paid their debt... whereas with the man if one person doesn't pay it could have a massive knock on effect..

immoral_angeluk

joeblack066 wrote: »

..........erm.....I can see that you're raising points for discussion, and to me the point is varied for each individual. The people on the Housebuying board are likely to be in very different circumstances from those on the DFW board for example.
In MY individual circumstances, DFW brought me back from feeling suicidal, completely hopeless, to the here and now with me debts well on the way to being paid, the house that was fast becoming a millstone around my neck completing it's sale on Tuesday, and my offer on my new house being accepted. I cannot thank the DFW guys enough. They literally saved my life. That, for me, is the point.

Excellent post.. :T :T :T :T :T :T

Larumbelle

and regardless of the other debates we seem to have had here, joeblack066's reason IS the point.

Broken_hearted

immoral_angeluk wrote: »

But what I'm saying is the company isn't going to fire someone because one person hasn't paid their debt... whereas with the man if one person doesn't pay it could have a massive knock on effect..

True but it isn't just one person it's 10's thousands.

rayday2

I do see the original posters point in a way.

If we all get wise we eventually will pay, like with credit cards it is harder and harder to get o% deals because they know people got wise and I believe they have even added costs now for transferring (been out my league ages so could be wrong!) so evenutally we will become vicitims of our own sense.

I am one of the dreaded people on zero interest DMP, but I intend to pay back every penny I know I owe them the money, I had the goods or services I am just relieved that I can pay in a friendlier way if you like.

I do believe in saving money but not to the extreme points some do on here, and without the anorak lol But I also believe in a life beyond this site and enjoying little luxuries. The point of it to me is its a site I go on and get tips, help anyone I can with something I have experienced and thats about it.

Some valid points made, but it is a two sided thing too I guess - everything in moderation!

Zulu_Dawn

I don't think people are congratulated on becoming bankrupt.

They are congatulated on taking responsibility for their finances and dealing with their problems in the most appropriate manner.

This board provides a great deal of information and support and unquestionably has helped many people financially.

My personal "complaint" (too strong a word really) is that I increasingly find that most threads are not much to do with money and the DFW forum has become increasingly more like a chat room which is a shame. Because of that I don't tend to use it as much as I used to.

Despite that minor gripe, it is a fantastic site and has helped me to save thousands of pounds over the last year or so. Not many sites can claim to have achieved that.

ZD