MSE News: Dump Sky and iPhones, struggling homeowners told

edited 30 November -1 at 1:00AM in Mortgages & Endowments
128 replies 15K views
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  • Percy1983 wrote: »
    Are you serious, sounds like a whining child, I can't comment on the reasons for your redundancy and have every sympathy. But to say you are carrying on with your old spending habbits because life isn't fair sounds a bit wrong.

    To put my point simply:

    I can't afford and iPhone or Sky so I don't have them, if you can't afford them why should you have them?
    Erm child? How very dare you. You do not know me you imbecile. :eek:

    I have cut down my habits thank you very much, try not jumping to false conclusions. I used to earn £120,000 now earn £25,000. you try taking such a big drop and see how you cope. it is not easy.

    all I have is sky, my phone and computer. I do not drink or smoke. so please, take your self righteous ideals and shove them very far where you'll eventually regurgitate them.

    thanks. ;)
  • liam8282liam8282 Forumite
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    How do all the people on this thread who are saying, ditch Sky, ditch the mobile, go about doing this when you are in a fixed term contract?

  • Percy1983Percy1983 Forumite
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    auto-man wrote: »
    Erm child? How very dare you. You do not know me you imbecile. :eek:

    I have cut down my habits thank you very much, try not jumping to false conclusions. I used to earn £120,000 now earn £25,000. you try taking such a big drop and see how you cope. it is not easy.

    all I have is sky, my phone and computer. I do not drink or smoke. so please, take your self righteous ideals and shove them very far where you'll eventually regurgitate them.

    thanks. ;)

    What a well balanced adult reply... I do stand by my comment of your posting style is very much that of an angry teenager.

    With that if I took that kind of cut in pay I would be rather bitter too so I will forgive your tantrum.

    Just try deep breaths before posting.
    liam8282 wrote: »
    How do all the people on this thread who are saying, ditch Sky, ditch the mobile, go about doing this when you are in a fixed term contract?

    Damage control, reduce tariffs/plans where possible until you can get out of said contract. In the case of Iphones etc they can fetch a fair bit on ebay and you can get decent phones for less than £10.
    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
  • antonia1antonia1 Forumite
    596 Posts
    I'm not sure about that - banks don't need £100k to lend someone a £100k mortgage - they need about £25/30k. They create the other 70k(ish).

    The only way they could mess that up is through greed.....oh wait lol

    You are indeed correct. It is called Fractional Reserve Banking (they keep a fraction of the loan in the bank's reserve), and this the basis for pretty much all commercial banking in the West. The scary thing is what happens in the following situation:

    I deposit £100 in bank A
    Bank A uses that to loan £1000 to bank B
    Bank B uses that to loan £10000 to bank C
    Bank C uses that to loan me £100000 to buy a house

    My house is now funded by fictitious money.

    Back to the original point - yes, people should stop spending on Sky and iPhones if they can't pay their mortgage. Lets not make this about age though. Most of today's youth have learned these practices from their parents. I don't need to have Sky TV (even though I love sport), but then again my parents weren't bothered about keeping up with the Joneses. My father has a saying:
    Most people spend their lives doing jobs they don't like, to buy things they don't need, to impress people they don't know.
    If you can avoid buying things you don't need when you have money then you can certainly avoid it when your'e skint!
    :A If saving money is wrong, I don't want to be right. William Shatner

    CC1 [STRIKE] £9400 [/STRIKE] £9300
    CC2 [STRIKE] £800 [/STRIKE] £750
    OD [STRIKE] £1350 [/STRIKE] £1150
  • My reply was very balanced, I am saying you have it wrong by generalising with rubbish
  • Percy1983Percy1983 Forumite
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    auto-man wrote: »
    My reply was very balanced, I am saying you have it wrong by generalising with rubbish

    So people should pay for Iphones and sky before there mortgage?
    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
  • iscamaidiscamaid Forumite
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    What happens to us people who do not have Sky, have Pay as you go phones, have 15 year old cars, do not smoke, do not go on foreign holidays, do not get takeway or pre-packaged food and buy most goods second-hand?. I have not had a pay rise for 3 years and have been told not to expect one next year. During this time my bills for petrol, food and heating have rocketed. Where can I possibly make cut backs if my mortgage goes up as well???
  • Percy1983Percy1983 Forumite
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    iscamaid wrote: »
    What happens to us people who do not have Sky, have Pay as you go phones, have 15 year old cars, do not smoke, do not go on foreign holidays, do not get takeway or pre-packaged food and buy most goods second-hand?. I have not had a pay rise for 3 years and have been told not to expect one next year. During this time my bills for petrol, food and heating have rocketed. Where can I possibly make cut backs if my mortgage goes up as well???

    This is a very good question, I guess you have no savings, is your income down on usual or just getting more squeezed, could you up your income?

    Yes it isn't always simple, but it is simple to cut expensive none essentials first (which is what the article is about).

    On a side note if your not already on there the Debt Free Wannabe forums may be able to help you more, even if you don't have debts they are full of money saving (living on the cheap) ideas.
    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
  • Thousands of homeowners are to be warned by taxpayer-owned banks to forget renewing their subscription to Sky TV or buying a new iPhone and instead focus on paying their mortgage.

    Dumping Sky & iPhones sounds like good advice for anyone - not just homeowners.
  • marks7389marks7389 Forumite
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    auto-man wrote: »
    I used to earn £120,000 now earn £25,000. you try taking such a big drop and see how you cope. it is not easy.

    I guess everything is relative.

    You said in an earlier post that you own your house outright. £25K per year would be a decent salary to most people, particularly if not having to pay mortgage or rent. Certainly a few luxuries such as Sky and a reasonable phone, even some decent holidays should be well affordable.

    But given what you said about repayment of debts I suspect that is far from the full picture. Obviously any debts you incurred before your unfortunate redundancy still have to be repaid - there may be a lesson in that for all of us.
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