How credit cards & bank loans REALLY work - Learn, & this will change your whole life!!

[nuke em]

Latest rip off:-

 

Government Guaranteed Loan For Small Businesses

 

Announced toady, sounds good...........maybe not.

 

Basically the banks have dropped their lending criteria to a lower level, however the loan is in no way guaranteed to be granted.

 

If you are successful you have to pay the usual charges and interest to the bank, plus a 2% per annum fee to the government paid quarterly in advance.........

 

Now what I want to know is, if you default presambly the government can come after you like they can now with council tax etc, ie just send the bailiffs in.

 

Do they think we are stupid.

 

 

All part of the plan to get us more into debt - my advice - Avoid

[kitchenboy]

A light look at securitization;

 

Young Bob moved to Devon and bought a Donkey from a farmer for £100.00. The farmer agreed to deliver the Donkey the next day.

 

The next day he drove up and said, "Sorry son, but I have some bad news, the donkey died."

 

Bob replied, "Well, then just give me my money back." The farmer said, "Can't do that. I went and spent it already." Bob said, "Ok, then, just bring me the dead donkey."

 

The farmer asked, "What you going to do with him?" Bob said, "I'm going to raffle him off."

 

The farmer said, "You can't raffle off a dead donkey!" Bob said, "Sure I can. Watch me. I just won't tell anybody he's dead."

 

A month later, the farmer met up with Bob and asked, "What happened with that dead donkey?" Bob said, "I raffled him off. I sold 500 tickets at two pounds a piece and made a profit of £998.00."

 

The farmer said, "Didn't anyone complain?" Bob said, "Just the guy who won. So I gave him his £2 back."

 

Bob now works for Goldman Sachs.

[nuke em]

so are you saying that GS employee Bob used to work for DEFRA ? and knowa lot about farming ? haha haha

[TryingToGetEven]

Has anyone heard of an approach to dealing with Credit Cards that involves 'Novation'?

[cosalt]

I hadnt but I have now, Just googled it.

 

"Novation agreements are used to transfer the rights and obligations of one party under a contract to another party, whilst the other contracting party remains the same. All three parties - the transferor, the transferee, and the other contracting parties - need to sign the novation agreement."

 

Very interesting !

[TryingToGetEven]

Don't know if you've found it already, but take a look at:

 

Eliminate Credit Card Debt totally

[pt2537]

i think you should really look at s173 Consumer Credit Act 1974

 

that section contains ALL you need

[cosalt]

i think you should really look at s173 Consumer Credit Act 1974

 

that section contains ALL you need

 

 

Hi, I know its not really relevant to this thread but do you have a link whereby I can download a copy of the complete Consumer Credit Act.

 

I really would like a copy I can refer to but can't seem to locate one anywhere ?

[pt2537]

Hi, I know its not really relevant to this thread but do you have a link whereby I can download a copy of the complete Consumer Credit Act.

 

I really would like a copy I can refer to but can't seem to locate one anywhere ?

Results within legislation - Statute Law Database

[cosalt]

Excellent, thank you so much.

[atwozee]

i think you should really look at s173 Consumer Credit Act 1974

 

that section contains ALL you need

 

So that would void a term written into a credit card agreement such as –

 

‘We may cancel this agreement at anytime’

 

Because it is inconsistent with s87 – correct?

[cosalt]

So that would void a term written into a credit card agreement such as –

 

‘We may cancel this agreement at anytime’

 

Because it is inconsistent with s87 – correct?

 

 

I think so, but does that mean say in the case of egg cancelling agreements that were not in default, by them doing it the agreement is void or that they have to reverse it and reinstate the agreement ?

[pt2537]

So that would void a term written into a credit card agreement such as –

 

‘We may cancel this agreement at anytime’

 

Because it is inconsistent with s87 – correct?

 

(1) A term contained in a regulated agreement or linked transaction, or in any other agreement relating to an actual or prospective regulated agreement or linked transaction, is void if, and to the extent that, it is inconsistent with a provision for the protection of the debtor or hirer or his relative or any surety contained in this Act or in any regulation made under this Act.

 

No, what im refering to is this above quote.

 

how can they assign a benefit to a third party which has the effect of removing an obligation to provide a copy of the agreement

 

we all know cabot say they have only been assigned the benefit not the responsibilities

 

that would be inconsistent with s173

[atwozee]

Okay, understood - but it would still apply to other terms in the agreement that perhaps shouldn't be binding on the debtor - just thinking ahead that's all.

[nuke em]

i think credit card interest rates will be 25 to 35% by the end of the year, with base rate in the mid to upper teens , scary !

[cosalt]

i think credit card interest rates will be 25 to 35% by the end of the year,

 

 

Most of mine already are

[nuke em]

Yes but wait untiil "prime" borrowers with excellent credit get charged these rates....

 

also look to serious inflation by year end and the wholesale crashing of the uk pound ( to get us into the "safe" Euro )

[cosalt]

Yes but wait untiil "prime" borrowers with excellent credit get charged these rates....

 

 

Are you saying I am 'sub prime' ? Only joking

[cosalt]

also look to serious inflation by year end and the wholesale crashing of the uk pound ( to get us into the "safe" Euro )

 

I reckon you are right, of course all part of the big plan !

[kitchenboy]

Oh and we will also see singular global currency in the next few years. That's if we make it past 2012.

[nuke em]

Oh and we will also see singular global currency in the next few years. That's if we make it past 2012.

 

 

Actually Three Currencies

 

The Amero, The Euro & one for the Asian/Far East market ( dont know if it has a name yet)

 

The one currency after that will be: everyone ( who is left) being RFID tagged so electronic currency will be the New Order of the day

[nuke em]

I reckon you are right, of course all part of the big plan !

 

 

if anyone has any savings they should look to buy physical pure .999 Gold Or pure .999 Silver to hedge against currency inflation

 

i know the irony is that this is a debt forum but neverless people should know what's in store for them in the next year or two...

[underdog13]

also look to serious inflation by year end and the wholesale crashing of the uk pound ( to get us into the "safe" Euro )

 

God, I hope not - I've got two tracker mortgages and such a bad credit rating I won't get a new mortgage. I'll be finished; I'll lose everything.

 

Japan kept low interest rates for a decade. Why do you think ours will rocket, Nuke'em? Seriously worried now - even more so than before (and that was enough to start an ulcer:-|).

[nuke em]

also look to serious inflation by year end and the wholesale crashing of the uk pound ( to get us into the "safe" Euro )

 

God, I hope not - I've got two tracker mortgages and such a bad credit rating I won't get a new mortgage. I'll be finished; I'll lose everything.

 

Japan kept low interest rates for a decade. Why do you think ours will rocket, Nuke'em? Seriously worried now - even more so than before (and that was enough to start an ulcer:-|).

 

 

Because our unelected PM and his pet poodle are "printing currency" ( see below for definition) to stave off deflation, ( if they just gave each citizen the cash instead of theZombie banks who are just hoarding there wouldn't be a problem)

 

If you have assets ( ie the Rich, remember this bit) you need gentle, controlled inflation to keep your values firm & on the rise .....BUT.

 

As we have learnt, the £CURRENCY supply relative to the MONEY supply = PRICES. The MONEY supply is not easily manipulated. Contrary to the slippery words of our PM, one cannot print money. It is an absurd notion that one can "print" a house, or a car. What can be printed (or burned), quite easily, is CURRENCY, as any petty counterfeiter will tell you.

 

The act of flooding the market with CURRENCY is known as INFLATION. The act of draining CURRENCY from the system is known as DEFLATION. the total CURRENCY supply divided by the total MONEY supply yields our current PRICE levels.

 

So:

 

INFLATION is the act introducing more paper currency into the system, causing prices to rise as new paper competes with old paper to buy existing assets.

 

DEFLATION is the act of draining paper currency from the system, causing prices to fall due to currency starvation (ala our current real estate and stock markets).

 

So "Money Changers" quite literally change the price of MONEY by willful manipulation of the CURRENCY supply. This handy little trick is not magic, to the contrary, it is a trivial feat in any system that allows fractional reserve banking.

 

Most people think of INFLATION as an accident, or some sort of natural phenomenon of macro economics. Oh, how wrong that is. INFLATION must be introduced by an act of malice. It's measurable existence is the smoke produced by a simmering fire of hidden crime. How does INFLATION impact you? Simple. By printing more CURRENCY, the Money Changers simply purchase your MONEY from you, causing all prices to rise. As prices rise, things become less affordable, which in turn ratchets down your standard of living. You've been scammed.

 

But as bad as intentional INFLATION sounds, in a country that is supposedly honest, forthright and free, it pales by comparison to the DEFLATIONARY scandal the Money Changers have in store for you. After they steal your wealth by INFLATION, they cut you off at the knees with DEFLATION. Once INFLATION causes prices to rise,( which has just happened) people have no choice but to adjust to the new price levels. Unless you refuse to live in a house, you have to pay the price of a house. Same goes for cars, energy, food, everything. You are trapped if you must conduct trade in their currency (hence the importance of consolidating currencies, like the Euro). INFLATION also means that the price of DEBT notes goes up. Instead of a £4,000 mortgage in 1956, we now have £400,000 mortgages. The existence of INFLATED DEBT notes present the Money Changers with a uniquely profitable opportunity.

 

The [problem] is almost complete. INFLATION has run its course, now it is time for DEFLATION. With society hooked on high priced DEBT, a sharp drop in prices is catastrophic for the borrower. Given DEFLATION, a £300,000 home falls to £150,000, drowning the borrower £150,000 underwater. His wages fall, or possibly disappear, causing the INFLATED PRICE of his DEBT note to become more and more of a burden. Additionally, lower prices across the board increase the VALUE of future interest payments. Eventually, borrowers break, and their homes, cars, savings (their MONEY) is seized by the Money Changers.

 

Who are the modern Money Changers?

 

The answer is another question: Who holds the keys to INFLATION and DEFLATION in our financial system?

 

The answer: The bank of England or The Fed reserve in the USA or the European Central bank in the EU, all are for-profit run banks.

 

Now here is the rub, remember before i said that we have to have high interest rates by the end of the year, why? becuase allthough we are going through deflation now , (no one is spending, prices are dropping, can't get credit etc) WHEN the effect of all the extra CURRENCY that is being introduced into the system is felt in the our economy (and it can take 6-8 months or more to show ) that is INFLATIONARY ,almost HYPER-INFLATIONARY and the way they control that is by a massive upwards spke in the base interest rate, i can see mortgage rates being 10% at least by the end of this year

 

so i f i was you i would either

 

a) sell the props or

b) get a 5 year fixed rate under 6% asap

 

[underdog13]

I can't find any buyers for the properties and I can't change to a fixed rate mortgage because of defaults on credit cards. Can't even put my head in the oven 'cos it's electric.

 

When the scenario you've outlined comes to pass I'm finished...