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Old 25-05-18, 19:39
Castman Castman is offline
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Default New government scam

Iíve just been told that the latest plans for the government to get more dosh out of us is to make homeowners get equity release to pay for their care, if needed. Bloody cheek!

What about people who rent? How will they pay? Or, as I suspect, theyíll get their care for free!

Back in 1976, I took the decision to save like hell for a deposit, do without boozey weekends (unlike my renting buddies) I found a place I could just afford and got a mortgage - at 17% interest! Which meant that I lived on the bread line for 6 years. After paying off my mortgage, I was informed that my state pension would be a pittance and I needed to double my self employed pension, then along came Gordon Brown and that devalued, then the Big Bang and it went down even more.

After a partial recovery I then found that my pension was earning next to nothing because interest rates are being kept deliberately low.

I canít retire until Iím 66years and 3months old. I may be forced to sell part of my house to some rip-off equity release firm and my son will end up with a very small inheritance which I worked hard for and did without for years to try and build up for him.

Ok house prices were cheaper then, but so were wages. I, and everyone else were also paying a far greater percentages in tax and N.I. Contributions than people pay now.

If the social care system is that hard up, then tax and/N.I. Has to be increased, no more penalising people whoíve long since Ďpaid iní. And stop letting people from overseas rob our NHS blind, I didnít paying for their benefit!

End of rant (for now!)
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  #2  
Old 25-05-18, 20:04
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billw billw is offline
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Default Re: New government scam

Snap! You have just described my life to the proverbial T. I sometimes wonder why the hell did I bother.

Bill.
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  #3  
Old 25-05-18, 20:32
roy5051uk roy5051uk is online now
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Default Re: New government scam

Me Too! The poor youngsters moan that they can't afford to buy a house; so what? I couldn't afford one until I was 39, then it was a struggle. And I didn't have all the "essential" gadgets that the young now have, like iPads, expensive phones, nights out boozing, foreign holidays, etc.

I started working at 14 as a grocery delivery boy (on a bike), and paid in all my life until I retired at 65, then took a part-time job, which I am still doing at 75. Why shouldn't I have the benefits I paid in for all my working life, without having to partially sell my home to fund them?

Let the youngsters find out what it was really like when we were their age; how many of us started out married life without a fridge, a television, a washing machine, no carpets (only lino - I wonder if they know what lino is?). Working a full day, then driving taxis or working behind a bar in the evenings ( at £1.50 a night) to get those little extras, like a week in a caravan at the local seaside once a year.

Sorry kids, you don't know how well off you are; try working 12-14 hours a day for 4 shillings and 4 pence an hour (about 22 new pence). If you could earn £1000 per year you were in heaven!

So let's have a little less about screwing the pensioners out of their hard-earned "wealth".
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Old 26-05-18, 08:21
pete.i pete.i is offline
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Default Re: New government scam

Equity release is a huge scam. In my opinion it should be investigated along in the same way that PPI was and is. I took out equity release on my property a few years back. Our drive was falling apart and so was our roof. I needed £20,000 to put it right and I didn't have that sort of money. My house had been valued by a local estate agent at the time at £200,000. I took equity release but the equity release company seriously undervalued my home. They offered me a maximum of £45,000. Now that does sound like a lot of money for doing not very much. BUT the house then belongs to the equity release company. Whilst I am allowed to live in it rent free until I die or go into care, effectively, the equity release company have bought a ever increasing asset for a pittance. Luckily I found my myself in a position where I was able to buy my house back a few years later but that cost me £65.000.



It is a scam of the highest order in my opinion. It was, at that time, nearly impossible to take out a loan. I didn't want to remortgage my home. In retrospect there was a miriad of other things I could have done to raise the money but we were desparate and I was stupid. It wont happen again.
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Old 26-05-18, 08:25
pete.i pete.i is offline
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Default Re: New government scam

Why does this forum tell me that there are no new posts when I log in and why can I not edit my post in this thread when I have just posted it, realised that I forgot something and immediately logged back in.


Anyway what I wanted to add was that if the government, any government, get their hands on equity release it will be a monumentally bigger scam than it is now.
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Old 26-05-18, 09:28
Laichlea9 Laichlea9 is offline
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Default Re: New government scam

Not everyone's story is like Castman's though.


Married in 1967, we bought our first little house 6 months earlier for £2,150, with a mortgage of £14.2s.7d per month ! Earnings of course were relative and I was earning around £1100 pa when we married.
Became mortgage free at 51 having just missed my target of that happening at 50.
Enjoyed a 41 year career on BR / Railtrack / Network Rail and for the last 15 years of my career the railway pension fund was so awash with money our contributions were halved ! So I, like many of my former colleagues paid into a company sponsored AVC, which the company matched, up to a certain figure.
After 40 years my pension was paid for, I worked one year extra and retired at 57.

The care of the elderly is different in Scotland anyway, but why worry too much about leaving a large inheritance ?

Get it spent and enjoy your retirement, I certainly do. After 16 years retired I still can't believe how much I am enjoying it.
4 holidays a year and a new car every 2-3 years.
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Old 26-05-18, 11:21
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CJ72 CJ72 is offline
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Default Re: New government scam

I'm waiting for the Moron Pratts (MPs) to start taxing the air we breathe.
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  #8  
Old 26-05-18, 11:38
pete.i pete.i is offline
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Default Re: New government scam

Quote:
Originally Posted by Laichlea9 View Post
Not everyone's story is like Castman's though.


Married in 1967, we bought our first little house 6 months earlier for £2,150, with a mortgage of £14.2s.7d per month ! Earnings of course were relative and I was earning around £1100 pa when we married.
Became mortgage free at 51 having just missed my target of that happening at 50.
Enjoyed a 41 year career on BR / Railtrack / Network Rail and for the last 15 years of my career the railway pension fund was so awash with money our contributions were halved ! So I, like many of my former colleagues paid into a company sponsored AVC, which the company matched, up to a certain figure.
After 40 years my pension was paid for, I worked one year extra and retired at 57.

The care of the elderly is different in Scotland anyway, but why worry too much about leaving a large inheritance ?

Get it spent and enjoy your retirement, I certainly do. After 16 years retired I still can't believe how much I am enjoying it.
4 holidays a year and a new car every 2-3 years.

I don't worry about leaving a large inheritance. What I do worry about is the scheming coniving bunch of barstewards in government (all political persuasions) and business, stealing it from me
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Old 28-05-18, 01:28
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Madeline Madeline is offline
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Default Re: New government scam

We've thought about getting equity release, but I've always had a bad feeling about it although I couldn't explain why. After spending my working life paying off a mortgage, I felt very uneasy about selling our home for a lot less than its market value to a bunch of thieves and shysters, rogues and scoundrels.
Quote:
What I do worry about is the scheming coniving bunch of barstewards in government (all political persuasions) and business, stealing it from me
Yes, precisely.
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Old 28-05-18, 08:32
pete.i pete.i is offline
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Default Re: New government scam

Quote:
Originally Posted by Madeline View Post
We've thought about getting equity release, but I've always had a bad feeling about it although I couldn't explain why. After spending my working life paying off a mortgage, I felt very uneasy about selling our home for a lot less than its market value to a bunch of thieves and shysters, rogues and scoundrels.

Yes, precisely.

Take it from one who went down that road and regretted it bitterly, Don't even think about it. They are not doing for your benefit no matter what they say. I was lucky but it cost me dearly.
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