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March 12, 2004
Toyman
With the greatest respect to you and your wife...
...yes thats sneaky and wrong. However, does your wife not read
things before she signs up to them? Maybe I'm just an old bitter
and twisted cynic, that trusts no-one, and signs nothing till I've
read every single word of what I'm signing up for; but I take the
view that you do not get something for nothing in this world and if
someone is desperate for me to sign up to something - it has to
be in their interest and not mine and I steer well clear of them.
It makes me laugh when I see our FSA (Financial Services
Authority, who oversee our Financial Service Companies) come
down hard on Banks and Building societies who sold
Endowment mortages (Interest only, rather than repayment
which are interest and a little capital) to supposedly unwitting
customers in the 90's, who are now bitching like hell, because
these same Endowment mortgages (that seemed so attractive
at the time due to their low monthly repayments) are not repaying
(or scheduled to repay) those mortagages due to low interest
rates and poor stock market performance. They're now looking
for compensation from the FSA for mis-selling.
Well if those same people had actually bothered to read the
small print that came with those mortgages (instead of being
seduced by the low monthly repayments) they would have
realised that Endowment Mortagages come with a certain
element of risk attached to them. Which is in effect that if the
performance of the investments that the lending bank/building
society makes on your behalf doesn't do was well as expected -
then your mortage isn't going to get repaid! Thats the trade off
between low monthly repayments and risk.
So you're absolutely right - Caveat Emptor, but sadly many
people are simply too stupid to even understand what that
means.
Nigel
"amukdigiphoto" < amukdigiphoto@... > 30746
Posted on March 12, 2004 02:39 PM
Posted to category(s) Restoration | Tuning
