EGG and defaults

[Never-In-Doubt]

Re: EGG and defaults

Yep we do have different views on this mate and sorry but there are many flexible mortgages on the market that allow you to over pay without penalty and stop and no disrepect to you this is what I do for a living and in the right situations it works and i'm sorry but where do you get the statement it's never been good practice from???.

It's only bad practice if it's not done properly but that could be said about anything , horse for course mate

I know what you do for a living

I am not arguing the semantics - I am simply saying adding unsecured debts to your mortgage is not ideal practice. Course it isn't....

---> http://www.money.co.uk/article/10045...ther-debts.htm

The pragmatic approach would suggest this....

Well, as with most financial decisions, there are upsides and downsides, but no hard and fast answers – everything depends on your situation. The trick here is to balance the potential benefits with the risks.

[mgfboy]

Re: EGG and defaults

So true mate and in a ideal world I agree with you, but as we know that world doesn't exist

[Never-In-Doubt]

Re: EGG and defaults

I just want to add a comment.... Whilst mgfboy and I clearly have differing views on remortgaging unsecured debts I am arguing more on the ethical side - I would trust what mgfboy tells me, as he does this for a living and does know his stuff.

Please don't confuse my banter here with arrogance and please whatever you do, don't think I am right cos I'm actually not. The facts remain, each situation will have its own merits - mgfboy would also take that approach. I am just being stubborn as I think it's a load of old bollocks but just cos I think it, doesn't make it true.

Just wanted to clear this up.... the facts will be different to each of you. Whilst one may be worse off, another may be better off.

If you have any financial related issues, I have previously authorised mgfboy to assist and that stands - that shows how much I trust him and his advice when dealing with financial products.

Thanks

[SXGuy]

Re: EGG and defaults

All of us here including me understands this is just harmless debate banter, so its cool Niddy, we all have our views, we cant always agree with each other

[MrsD]

Re: EGG and defaults

my tuppenceworth is that the whole thing is about the credit reports. They have waaaaay too much power in everybody's life, not just the poor bugger in the street, but companies and even countries.

We're probably past the point but this word would be a better place without them, banks would need to do their own due diligence (like they used to with the old-fashioned bank manager) and the world would be a better place. I for one don't want to be in a world where your credit rating defines you, most of our debts are UE, when we're through with them, we're off the radar, and that's where we'll stay, granted we are older and can.

[mgfboy]

Re: EGG and defaults

my tuppenceworth is that the whole thing is about the credit reports. They have waaaaay too much power in everybody's life, not just the poor bugger in the street, but companies and even countries.

We're probably past the point but this word would be a better place without them, banks would need to do their own due diligence (like they used to with the old-fashioned bank manager) and the world would be a better place. I for one don't want to be in a world where your credit rating defines you, most of our debts are UE, when we're through with them, we're off the radar, and that's where we'll stay, granted we are older and can.

I couldn't agree more

All of us here including me understands this is just harmless debate banter, so its cool Niddy, we all have our views, we cant always agree with each other

Life would be boring if we all agreed all the time

Fp all cases are different and the whole idea of good financial planning is to try and stop the problems happening. But as I know personally shit happens and I still feel guilty that I should have been able to forsee it and sort the problems out, it's what I do after all!!!

[MrsD]

Re: EGG and defaults

you shouldn't feel guilty, because you operated on the premise that everyone would hold to their part of the bargains(contracts) you made. you even expected the guys that you didn't even know to hold to their bargains and the sad truth is that no one held to the bargain at all, not the government, not the banks, not the finance companies, not the councils not anyone actually

so the guilt for whatever happened is not yours
you just have to get past the best way you can and you need to protect yourself and yours all the way along the line, and if that means telling a few careless and dishonest bankers to shove it, so be it!