Not that it will make a lot of difference to the vast majority.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Makes no difference to me as I do not have savings or a mortgage but I very much doubt any of the lenders will pass this on anyway - they always fine something in there small print [:)]
HSBC have said that they will, but they are the only ones I know of.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't see the point of the BoE cutting interest rates as the cuts won't be passed on.
I think the government needs to stop being weak and force the banks to cut interest rates accordingly. After all they are quick enough to pass on the cuts to savers!
I didn't get the last rate cut at all, and I doubt I will get much of this one. I will be interested to see how quickly rate rises are passed on when eventually they do start to rise again.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
We know we are going to get a small cut (and that's not from todays cut), but that's not till next month and that will be it until next year as ours is only reviewed every 12 months. Sometimes it works in our favour - sometimes it doesn't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You may be surprised Skip - the company I work for is forcasting base rates to be at 1% by the end of 2009 and they will stay around there until the economy shows signs of recovering, which will unlikely be until 2010 at the earliest. Also, as inflation is coming down rapidly, there is little need for the BOE to increase base rates, but the relevant point has already been made, unless the Lenders pass on the base rate reductions to to consumers, it will have little impact on consumer spending, and therefore little impact on economic growth.
There is a no Win Win situation for everyone. Its getting ridiculous now. Saving is virtually pointless! Screw all these cash isas and savings accounts.
The lower the BASE rates mean the economy has got worse and that fuels futher redundancies, price cuts and manageing debt becomes even harder unless you are insolvent and then the vicious cycle begins again and again.
Now they say lets print more money...its all gone teletubbies now....the lunatics are running the ayslum - a kinda of a 'One flew over the Cookoos Nest' syndrome has pravailed over borrowing and lending.
For assessment of IVA payments this creates alot of confusion when it comes to Reviews. IP could demand maybe hundreds more from debtors who may may have spent the savings by the next Review.
Built me time machine and I set it for 2015 then return. Its that bad.
But surely if anyone gets a reduction in their mortgage they need to contact their IP to find out whether it needs to be paid into their IVA rather than spending the money?
I know it's easy for me to say, but I'd much rather have confirmation from my IP.
Last edited by Skippy on Thu Jan 08, 2009 4:07 pm, edited 1 time in total.
You should contact them Skip, you are right. I believe some of them are waiting till the annual review to decide whether or not to take any of the money.
I'd rather contact them when I know and be told it's ok, than suddenly have a demand for a lot of money appear through the door.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think It'll all be sorted at the yearly Reviews....as more cuts and savings are due.Two more at least till we are at 0%.....and when rates raises then what.
This is another congo,as in the Louise Rednap song 'lets go round again'.....
IP would be working 24 7 to cater for all queries like this.
As not everyone is getting, or has had a rate cut, then I doubt the IP's are that inundated.
I should be getting one next month - as soon as I do, I shall be on the phone to check whether it's mine or not.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
