worrying: most people only a few pay days away from poverty.

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We have had interest free credit when buying furniture if they don’t give a discount on the ticket price. Apart from that there’s our credit cards which we use to buy big stuff, flights, holidays or stuff online (as Martin moneysavingexpert says, “pay off, IN FULL”) and get protection and M&S rewards but apart from that, the only credit I’ve had was about 4 years ago when I bought our used Evoque from a main dealer. That’s the only time I’ve ever paid interest. I wanted to just buy it outright but after I’d negotiated the best deal I could, I took out a loan from Land Rover Finance (I tried to borrow £100 but £10k was the minimum amount you could have) to qualify myself for two years free main dealer servicing and warranty. The catch was you didn’t get it if you paid it off before 6 months were up. Fair enough I thought, and planned to do that but after I’d made the first two payments and was reading the small print, the term used was ‘mustn’t be paid off IN FULL' so I paid it all off bar a quid and saved a bit on the interest - not bad to get £800 quids worth (two oil changes lol) of servicing and two years full warranty.
 
Significantly harder to get a decent company credit rating though.
 
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Top tip, take out a credit card from one of the credit rating agencies "offers" very much a case of you scratch my back etc.
 
noseall said:
Mine will be poo then. I (personally) don't have a credit card. The missus uses one to pay for items that benefit from the back-up of credit card security.
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A credit card would have been the death of me back in the day (spent money faster than I earned it), but now I don't think it does me any harm.
I only spend what I ordinarily would have done on my debit card, but have the advantage of internet banking on my 'phone, so can pay it off immediately.
I also benefit from the credit protection, and I get (20%?) interest-free foreign spending on it.
Basically, for every pound I spend on the CC, I get 20p to spend, interest-free, when abroad.
So, having spent £10k or so cumulatively (easily done when you're buying literally everything on the CC, then paying it straight off), I had £2k of CC to use in restaurants etc, while on holiday.
 
A further update...

Tens of thousands of homeowners face difficulty remortgaging after taking payment holiday

"Tens of thousands of homeowners who took mortgage payment holidays to help them through the coronavirus pandemic are facing higher repayments or may find it harder to remortgage over the next 12 months, despite assurances from the government and regulators.

Experts warned that confusing messages from ministers had left consumers unaware that taking a break from paying their home loan could harm their chances of getting credit in future and increase the costs of remortgaging."

Sounds like another PPI claims process in the making!

And of course this negative credit rating aspect will also apply to those who chose to take the furlough 'benefits' that they didn't actually need/weren't entitled to...
 
ellal said:
There is and has never been such a thing as a 'free lunch'!
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Really? We’ve been tucking in since March and can’t wait to get our £2k desserts in January. My bleedin' jaw's aching with all the chewing I’m doing. (y)

ellal said:
And of course this negative credit rating aspect will also apply to those who chose to take the furlough 'benefits' that they didn't actually need/weren't entitled to...
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Utter and total codswallop from Ellal as usual but even if true that wouldn’t bother me as apart from not taking anything that I’m not entitled to, I will never, ever, ever need credit of any amount. Mind you, I’ll have to get that £128 down so I’ll just dip into my very deep furlough fun money pot. :p

A1EC5090-23E1-40D1-9209-2F7407B03270.png
 
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ellal said:
arrogance of the highest order...
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No, just plain hard facts. Our house is paid for. Our commercial business premises are paid for. I am receiving a private pension. I’ve had a small business grant, I’m getting furlough money, the business has a war chest of reserves to draw on, I will be getting furlough employee retention bonus plus I have a business bounce back loan to run down over the next 18 months while tending my allotment and walking my dog. We have a decent savings pot. What on earth would I need to borrow any money for?
 
Mottie said:
No, just plain hard facts. Our house is paid for. Our commercial business premises are paid for. I am receiving a private pension. I’ve had a small business grant, I’m getting furlough money, the business has a war chest of reserves to draw on, I will be getting furlough employee retention bonus plus I have a business bounce back loan to run down over the next 18 months while tending my allotment and walking my dog. We have a decent savings pot. What on earth would I need to borrow any money for?
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Divorce.illness.court case.....
 
durhamplumber said:
Divorce.illness.court case.....
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Pretty sure I wouldn’t need to borrow money for any of those and at my age I probably wouldn’t be eligible for a loan anyway.

My comments were just in response to Lally who seems bothered that I am 'enjoying' furlough payments when I don’t really 'need' them and takes any opportunity to have a dig at me. I’m sure there’s plenty of others the length and breadth of the U.K. who are also getting furlough payments that may own their own house outright as well as having savings but as far as I’m aware, it’s not means tested. Perhaps he thinks it should be? Never mind, if it irks him, that’s the cherry on the cake for me. ;)
 
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Mottie said:
Pretty sure I wouldn’t need to borrow money for any of those and at my age I probably wouldn’t be eligible for a loan anyway.

My comments were just in response to Lally who seems bothered that I am 'enjoying' furlough payments when I don’t really 'need' them and takes any opportunity to have a dig at me. I’m sure there’s plenty of others the length and breadth of the U.K. who are also getting furlough payments that may own their own house outright as well as having savings but as far as I’m aware, it’s not means tested. Perhaps he thinks it should be? Never mind, if it irks him, that’s the cherry on the cake for me. ;)
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I'd lend you a fiver so long as you bought me a few pints in return :whistle:
 
Mottie said:
No, just plain hard facts. Our house is paid for. Our commercial business premises are paid for. I am receiving a private pension. I’ve had a small business grant, I’m getting furlough money, the business has a war chest of reserves to draw on, I will be getting furlough employee retention bonus plus I have a business bounce back loan to run down over the next 18 months while tending my allotment and walking my dog. We have a decent savings pot. What on earth would I need to borrow any money for?
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I must admit I have to take my hat off to you...

You must be the only person on the planet who is immune from any circumstances beyond your control ever happening to you...

Either that or you are as I said ignorant and arrogant...

Therefore I have a feeling it will be your undoing (y)
 
Mottie, you need any work doing you tight bastward?
 
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