Bank of England

[livestock 1]

Many businesses were living on borrowed time prior to COVID. I'm not saying it's BBLs orfurloughing that's come back to bite them in the arse but many companies were zombified, I heard.

Explain why 3%+ inflation is good? Isn't that just a dog chasing its own tail? Fun exercise but pointless and gets us nowhere.

At the moment there’s not enough investment banks aren’t lending the whole economy is in decline, the planned war against inflation is damaging far too much in the process.
I can’t believe you are asking to be honest

 

[Headless chicken]

Concerning that the fed hasn’t moved but I suspect sunak would be baring down hard to show some movement to make him look better for GE

most news outlets suggesting that the fed will cut 75points and needs a very good reason not too as opposed to a reason too do so. Bounce back loans finish for many in circa 24 months. I wonder if that will put the cat amongst the pigeons a bit as I assume that will be one of the biggest settlements of loans in short succession ever seen.

 

[Full of bull(s)]

most news outlets suggesting that the fed will cut 75points and needs a very good reason not too as opposed to a reason too do so. Bounce back loans finish for many in circa 24 months. I wonder if that will put the cat amongst the pigeons a bit as I assume that will be one of the biggest settlements of loans in short succession ever seen.

I suspect an awful lot of the borrowers extended the term once they had the chance to, would be a good decision too financially

 

[Tubbylew]

Its all bo##ocks really. Inflation has dropped which means things havent got cheaper, they just arent getting dearer as fast as they were. Government thinks its all rosey but council tax is rising ,councils are going bust and they havent the money to repair our shocking roads etc . They must have rose tinted glasses on. BOE will keep rates as they are tomorrow by the sounds.

They're just telling folk what they want to hear.

 

[teslacoils]

What are you doing to turn things around....?
If you are standing still you are in reality going backwards.

Well, UK rents went up by around ten percent last year. So some folk are clearly doing fine. Less so when 1/4 of adult families have under £500 cash savings.

#rentseeking

The quest for rent, rather than productivity, has been a known plague that subsequent governments have done nothing about for decades.

 

[Skintagain]

Well, UK rents went up by around ten percent last year. So some folk are clearly doing fine. Less so when 1/4 of adult families have under £500 cash savings.

#rentseeking

The quest for rent, rather than productivity, has been a known plague that subsequent governments have done nothing about for decades.

Some folk spend whatever they have no matter how much they earn

I know a few like this never dream of saving whether times are tough or not jay finance it whatever the cost of interest

 

[Martyn]

I suspect an awful lot of the borrowers extended the term once they had the chance to, would be a good decision too financially

Overdraft review this week, bank recommends extending bb loan over 4 years 2.5 fixed rate, reduce payments from £800 to £300. Why wouldn’t you

 

[pellow]

Overdraft review this week, bank recommends extending bb loan over 4 years 2.5 fixed rate, reduce payments from £800 to £300. Why wouldn’t you

It was said on here before that it might affect your credit rating

 

[Martyn]

It was said on here before that it might affect your credit rating

I checked that but apparently as it’s government backed failure to pay or defaults can’t be passed onto credit rating as it’s state information

 

[pellow]

I checked that but apparently as it’s government backed failure to pay or defaults can’t be passed onto credit rating as it’s state information

No wonder there are so many BB loans going unpaid if thats the case

 

[Dragon]

No wonder there are so many BB loans going unpaid if thats the case

My lloyds man said huge amount have been written off, un paid.
However if it a sole trader BBL then this would effect credit rating and the have the ability to recover from personal property before claiming off the government.

 

[Clive]

No wonder there are so many BB loans going unpaid if thats the case

why would anyone pay back a bounce back loan ? borrowing at 2.5% and sticking it somewhere that can get 5/6% sounds like money for nothing to me ?

i suspect most won’t get paid back until interest rates drop significantly

 

[Clive]

My lloyds man said huge amount have been written off, un paid.
However if it a sole trader BBL then this would effect credit rating and the have the ability to recover from personal property before claiming off the government.

why would they write them off ? payment can be deferred and as above repayment right now make no financial sense

only loans in company names that have since ceased trading will have been “written off” at this point surely ?

 

[Clive]

Overdraft review this week, bank recommends extending bb loan over 4 years 2.5 fixed rate, reduce payments from £800 to £300. Why wouldn’t you

why repay at all until rates are lower than the bbl rates ? not sure the bank are giving the best advice there

just pay the 2.5% interest only and keep kicking the can down the road - put the repayment amounts into a high interest account at 5% - use that to clear the bbl latter

if interest rates remain above 2.5% these bbl will eventually pay themselves off

 

[Yale]

So the likes of us who did the right thing and didn’t take the BBL are now subsidising loans which aren’t needed and could be paid back?

 

[redsloe]

So the likes of us who did the right thing and didn’t take the BBL are now subsidising loans which aren’t needed and could be paid back?

Borrowers eh?
It sounds like it's only Borrowers that add to GDP. The rest of us are a blight to society

Clives right though, right now farm savings, cash isa's etc is earning more than current BtL mortgages are costing.

 

[SilliamWhale]

So the likes of us who did the right thing and didn’t take the BBL are now subsidising loans which aren’t needed and could be paid back?

You did the wrong thing

 

[soapsud]

At the moment there’s not enough investment banks aren’t lending the whole economy is in decline, the planned war against inflation is damaging far too much in the process.
I can’t believe you are asking to be honest

Fair enough-ski

 

[Bald Rick]

Wonder if the government will take back control of the BoE ability to set the interest rates?
I suspect they would already be coming down if that was the case

 

[lloyd]

Would be better to just keep the rates around present
levels for a few years .Too cheap rates just encourage reckless
spending and short changes savers.