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General Election - 8 June 2017 - Page 20 - General Chat - The Lotus Forums Jump to content
Bazza 907

General Election - 8 June 2017

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Funny thing is I was having a discussion about the economy this afternoon with family over dinner.  The main topic was is another recession on the way and what the government would be able to do to try and make it have less impact ! 

They can't drop the intrest rates any more if a recession did happen and as said by others way to many people lIving beyond their means. 

I was lucky enough not to have a mortgage hanging around my neck in the recession in the 90s but lots of folks I no who did actually lived of jam sandwiches as the mortgage rates that had not been fixed went 3 x the normal monthly payment ! 

Scary times during that era, nothing compared in comparison to the little one we had in 2008 :(

 

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Dan I didn't realise that. But what pisses me off is I understand APR like I am guessing most people on here but loads of people don't and unfortunately these are targeted at them people. 

I had this with an apprentice, who just happened to mention he was buying a Peugeot on finance from some 2nd hand dealer  I said before you do anything show me the finance agreement. Now this lad is a hard worker, comes from nothing and has shared a bedroom with his brother in a council flat since he was born. Etc, etc. 

Well it was a disgrace, they knocked off £500 off the asking price then put it back on 6 times on the finance. He didn't have a clue thought he had negotiated a cracking deal. In the end after they kept calling him, I said, take me down there. I rarely lose it with people in cheap suits but that day I did. 

Do you remember how hard it used to be to a loan and a mortgage? I liked that. It's still happening now, I spend everything I can on a BA Amex card for the air miles pay it off every month. Well if you could see the credit limit now it's a joke I could literally go buy a Evora 410 tomorrow I couldn't afford to pay for it but I could buy it. 

 

 

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Barry so what has it been capped at then? I missed that bit of news. 

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I think it's at double the money you borrow - so a £100 loan - max repayment is £200

its daft. It need stopping and now.

another old con is the car finance flat rate finance - fuck me how do they getaway with that? When I bought my new work van and they tried to sell it to me via that method I nearly lost it big time with the bloke.

last recession ? What recession?? I never noticed - went self employed just as it all went tits up 


Only here once

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Having spent the past 8 years enjoying the fruits of a variable rate mortgage that was originated in the last days of the old 'boom', I've bitten the bullet and fixed for 10 years at just over 2.6%. The monthly payment has gone up a fair bit but I can't help thinking that it will look a good move in a few years time. There are rate and tax rises coming and at least this way I have certainty of costs for the next decade. And with a decent bit of inflation and a following wind, it might even be repaid at the end of the fixed term! 

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Bought my first house in '87 and the interest rate was around 4.5%. 18 months -2 years later it was 17%. That was bloody painful and the happiest day of my life was a few years ago becoming mortgage free. Will never go back for another one!

never understood why anyone would go for an interest only mortgage and amazed at the recent sob stories, I mean news stories of the people who took out interest only 20 odd years ago and have only just woken up to the fact tgey still need to pay off the original capital loan.  FFS, how stupid can you be? I mean, the clue is in the name "Interest Only!"

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Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!        

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^^ JC will be after you then rich boy ???


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Lol. Wish I was a rich boy. I'd have a garage full of Loti.....

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Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!        

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1 hour ago, C8RKH said:

Lol. Wish I was a rich boy. I'd have a garage full of Loti.....

 

Never fear, I'm sure JC will find numerous other ways to fleece you of your hard-earned to pay for his Brave New World.

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Margate Exotics.

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