Endowment shortfall compensation
Discussion
I might get slagged off for this, but the man or woman in the street is all too keen to scream at 'bankers' as they took out out a secured loan on their house in the mid 90s, to buy a new telly, a second car, a decent holiday. Why? Because they were encouraged to with all those adverts and never bothered to ask themselves.. who is going to pay for all this 'free' money, and when?
There were four components to the financial crash; a completely incompetent and unfit for purpose regulator, a government which needed to fund all manner of vote winning projects sold people that idea that if they replaced the word 'debt' with 'credit' all of a sudden it was ok to own tens of thousands, a greedy and criminal financial sector that was allowed to continue because Gordon Brown needed it to feed tax revenue.. and the individual.
I wonder how many of those fools scrapping for a telly yesterday considered an emergency fund, savings, investments, retirement planning etc? But those same people are the very same ones who will wallow in their own self induced misery as they look for a scapegoat, in a few years, when they have no money and no pension and have to work until they're 75 just to make ends meet.
And you can bet your bottom dollar, there'll be a politician out for a vote, offering a shoulder to cry on. How quickly we seem to have forgotten 2008.
There were four components to the financial crash; a completely incompetent and unfit for purpose regulator, a government which needed to fund all manner of vote winning projects sold people that idea that if they replaced the word 'debt' with 'credit' all of a sudden it was ok to own tens of thousands, a greedy and criminal financial sector that was allowed to continue because Gordon Brown needed it to feed tax revenue.. and the individual.
I wonder how many of those fools scrapping for a telly yesterday considered an emergency fund, savings, investments, retirement planning etc? But those same people are the very same ones who will wallow in their own self induced misery as they look for a scapegoat, in a few years, when they have no money and no pension and have to work until they're 75 just to make ends meet.
And you can bet your bottom dollar, there'll be a politician out for a vote, offering a shoulder to cry on. How quickly we seem to have forgotten 2008.
Ginge R said:
I wonder how many of those fools scrapping for a telly yesterday considered an emergency fund, savings, investments, retirement planning etc? But those same people are the very same ones who will wallow in their own self induced misery as they look for a scapegoat, in a few years, when they have no money and no pension and have to work until they're 75 just to make ends meet.
My ex wife never understood budgeting and she can't understand why I sit on a small pot of cash for when things go tits up. I'm freelance and twice I got caught out, one heart attack and one motorcycle crash, and was sailing very close to the wind in making payments with no income for a while.So now I have a fund that can see me through a couple of years at worst if an accident, illness or financial disaster befalls me.
Boy! I'd love to splash out on a new car though
Ginge R said:
I wonder how many of those fools scrapping for a telly yesterday considered an emergency fund, savings, investments, retirement planning etc? But those same people are the very same ones who will wallow in their own self induced misery as they look for a scapegoat, in a few years, when they have no money and no pension and have to work until they're 75 just to make ends meet.
Before I start I'll just say that I avoid events like Black Friday.Now, regarding "emergency fund, savings, investments, retirement planning..." these are dreams for most people. Despite the wisdom of PH which wants to believe that everyone else is maxing their credit cards to afford luxuries while all goes to ruin the reality is different.
Most people have to choose what to do and what not to do. Typically something on the list below has to go.
A nice car (anything better than a five year old 1.6 Focus)
A bigger house (where the kids don't have to sleep two to a room plus Granny)
Foreign holidays (to somewhere you'd actually want to go)
An emergency fund
Christmas and Birthdays
Owning your own house
etc
If you give someone who has spent years not doing two or three or all of the above the chance to save fifty quid on a telly they'll bite your arm off. This isn't because they are stupid, it's because they want a treat, just once this year.
A pension, really? They know they haven't got one! Not one that will make any difference anyway.
I'm sure someone will be along soon to waffle on about how they should all work harder. Unfortunately the biggest way for ordinary people to earn more, paid overtime, has been severely restricted by many employers, indeed a lot of employees aren't even certain if they are working any time at all these days (zero hours contracts). I've never met anyone who wants their paid hours cut but strangely doing exactly that is always presented as some kind of improvement.
I realise that there are many people caught up, unfairly, in poverty. But if we look back 10 years, many of those who were most profligate then were those already in receipt of income but who lost sight of the basics. We had little financial resilience, and the middle class suffered as badly as anyone.
Watching Ed Balls and George Osborne on Marr this morning you realise that not much has changed; both are ideologues, hypothesists who think that money for something now needs to be found from somewhere.. but only later on down the line. They relate life to the abstract, and not vice versa.
The tragic irony is that although people don't *need* another new TV, and the state publically deplores their lack of saving, it still needs them to keep buying those TVs. Of course, the ensuing chaos allows political self licking lollipops the chance to impose yet more of their ideology.. and so the cycle continues.
Watching Ed Balls and George Osborne on Marr this morning you realise that not much has changed; both are ideologues, hypothesists who think that money for something now needs to be found from somewhere.. but only later on down the line. They relate life to the abstract, and not vice versa.
The tragic irony is that although people don't *need* another new TV, and the state publically deplores their lack of saving, it still needs them to keep buying those TVs. Of course, the ensuing chaos allows political self licking lollipops the chance to impose yet more of their ideology.. and so the cycle continues.
We had our mortgage finish in2013 to which the rbs informed us that we had a shortfall from four endowment policy’s some of which the company’s met the shortfall which we thought would only be around £3000 of which we would just pay from savings but the letters stated it was £12000 which we could not afford so we took out a loan for 12 grand of which we are still paying last week we received a letter from aviva stating we had a uncashed endowment homebuilder policy for £9000 which we thought had been cashed in to pay the mortgage have we a claim against R B S
Matty59 said:
We had our mortgage finish in2013 to which the rbs informed us that we had a shortfall from four endowment policy’s some of which the company’s met the shortfall which we thought would only be around £3000 of which we would just pay from savings but the letters stated it was £12000 which we could not afford so we took out a loan for 12 grand of which we are still paying last week we received a letter from aviva stating we had a uncashed endowment homebuilder policy for £9000 which we thought had been cashed in to pay the mortgage have we a claim against R B S
Who is the endowment with?Who was responsible for cashing in the endowment to pay back the mortgage?
How much has the endowment increased in value since 2013 - likely to be more than the interest in the loan?
Edited by sidicks on Sunday 25th February 22:41
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