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Old 08-12-2011, 09:25 PM
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Default Banks demand mortgages from Riot victims

yes...those people who had their flats distroyed by fire from the looting...and whose houses dont exist anymore...the British Banks are still demanding they pay their mortgages

Britain's banking giants were slammed yesterday for refusing to help the innocent victims of the riots.
For many, the iconic image of the violence was the burning Carpetright building in Tottenham, North London, and the flats above the shop.
But it emerged yesterday that residents whose homes were gutted in the blaze are still being forced to pay their mortgage.
Wrecked: The burnt out shell of Tottenham's Carpetright building. Residents of the flats above have been denied a break in mortgage payments
Speaking exclusively to the Daily Mail, the housing association's chief executive said he is 'livid' and 'appalled by' the banks' behaviour.
Bill Payne, 56, said: 'The country came to the assistance of the banks when the industry was collapsing. It does not leave a pleasant taste in the mouth that they won't come to our help now.
'I think their behaviour is hard-nosed, insensitive and immoral.'

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One victim, who has lost everything, said she is 'disgusted' by the way she has been treated by her bank.
Mr Payne runs Metropolitan Housing Partnership, which operates the 26 shared ownership flats in the block.
Under this scheme, the homeowner has a mortgage for a percentage of the property, and pays rent to the housing association for the rest of it.
Many of the victims have called their bank to ask to be let off paying their mortgage for a month or two to give them some breathing space.
And many have been refused, a response that he found staggering given the terrible trauma which they have suffered.
It comes at a time when they will need every spare bit of money to replace goods destroyed in Saturday's fire, even if they are covered by insurance in the long term.
'I think their behaviour is hard-nosed, insensitive and immoral'

Bill Payne, housing association chiefSome are also losing out on income because they are too traumatised to return to work. Mr Payne said he had immediately decided to waive all the rent which the residents of the block, River Heights, were due to pay him.
He is also paying their hotel bills, and doing everything else possible to assist the residents, who include families with young children.
He said: 'They are calling the banks to say, “My home has been burned to the ground”.
'And the bank just says, “You've got to keep paying your mortgage. It is up to you to pay”.'
Earlier in the week, Rosie Patousa, who lived in one of the flats, told how she managed to escape the burning building with minutes to spare.
She said: 'I saw flames coming up the building. As we were trying to get out alive, a white man was coming out of Carpetright with a rug over his shoulder, laughing.'
She said she managed to leave the area with just the clothes on her back.
Homeless: Rosie Patousa managed to escape her burning home with just the clothes on her back
During emergency meetings of the residents, organised by MHP, Mr Payne said residents have been in tears, shaking and hugging each other.
Mr Payne added: 'There are people who are not sure if they can ever go back to work because they are so traumatised.'
One female resident left homeless by the fire has spoken of her outrage at her mortgage lender, Woolwich, part of Barclays.
Despite losing her home and all her belongings in the arson attack, she is being forced to keep up with her £661 monthly payments for her flat.
The woman in her 20s, who is staying with relatives, said: 'I asked Woolwich for a payment holiday.
'I wasn't trying to get out of paying my mortgage. I just wanted a month or two so I could get myself sorted because the flat has been destroyed and I've been left homeless.
'They just refused to help because they didn't feel the fact that the flat is not even there was a valid reason.
'I think it is disgusting. The whole country can see what we've been through. You would expect some compassion at a time like this. We've all been left homeless and everything we've owned has gone.
'You would expect the banking industry, who the people of this country have bailed out time and time again, would show us a little compassion.'
Enlarge Other residents have declined to be named as they speak out about their difficulties with mortgage-lenders in fear of provoking further ill-treatment.
Some residents have been more fortunate, with their bank immediately offering to help.
Yesterday a spokesman for Barclays said: 'We are dealing with it on a case by case basis, and we are obviously being sympathetic.'
A spokesman for the Association of British Insurers confirmed a homeowner is legally obliged to continue paying their mortgage, even if the flat burns down.
Their buildings insurance, which is a legal requirement for everybody who has a mortgage, only covers the rebuild costs of the property.
Mr Payne said it is likely to take about two years to rebuild the River Heights block of flats.
But he said many residents have told him that they have no intention of returning because it would bring back such terrible memories.
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Old 08-13-2011, 12:50 AM
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No surprise there. Banks aren't there to help people, just commit legal robbery.
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Old 08-13-2011, 11:47 AM
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The banks will go under if they don't get paid back for the money they loaned out. American banks don't just let you stop paying your mortgage if your house is destroyed. That's why you have insurance.


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Old 08-13-2011, 12:46 PM
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Quote:
A spokesman for the Association of British Insurers confirmed a homeowner is legally obliged to continue paying their mortgage, even if the flat burns down.
Their buildings insurance, which is a legal requirement for everybody who has a mortgage, only covers the rebuild costs of the property.
Mr Payne said it is likely to take about two years to rebuild the River Heights block of flats.
But he said many residents have told him that they have no intention of returning because it would bring back such terrible memories.
Our insurance would pay our mortgage if something like this happened.
Why would this insurance be required if you have a mortgage but not cover the mortgage?
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Old 08-13-2011, 02:43 PM
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Originally Posted by Neezar View Post
Our insurance would pay our mortgage if something like this happened.
Why would this insurance be required if you have a mortgage but not cover the mortgage?
Because Its Building insurance...you dont have mortgage insurance...because if you had the money to insure, you have the money to pay.

Amy...they are not asking for the bills to be written off, they are asking, effectively for more time to pay...because the insurance wont cover it, and it might be a while before they can work, and it will be their employment that funds the mortgage.

No...I am sorry...but it was the banks and their Greedy sordid little money making tricks that caused the reccession in the first place, that has led to people being tense, life being more difficult, and ultimately, this mindless vandalism is because people are so angry they need to just let off steam. This hasnt happened to everyone...its probably less then 500 people who have lost their home...NO Bank is going to go under for aggreeing to suspend payments for a Quarter for that few people.

Also...I dont think you realize that in England, a lot of these Banks are nationalized, and that was as a DIRECT consequence of the 2008 wall street wobble. So these people who pay taxes to the government...some of that tax money went into stabalizing the banks...Its not too much to ask that they hold back on payment deadlines for a few people for a few months.

Only Banking insitutions and the Government would see this request as unreasonable...and its all just for Greed....considering these are the two institutions, both in my country, and in yours, to inflict this situation onto people like myself, and you, to be unashamed and largely unappologetic, to not quite understand why people have a problem with them still raking in so much money...and then to refuse the reasonable request of freezing the mortgages of a few people, for a few months, whose homes have vanished thanks to mindless violence...is outrageous...as is the notion of anyone who isnt appauled by reading this.

It may not be true in America, you may pay taxes for shytes and giggles, I dont know...but in England we pay for certain insitutions to protect and help us. We pay each month, taxes to the emergency service, specifically so, in the event of something like the riots, they protect us. If they fail to do so...its not just an unfortunate situation, its basically that someone isnt getting what they are paying for.

I give a foolish example...but you'll get the idea. So a person will pay around about 100 to 150 pounds (double that for your currency) per month in council tax. One of the Services that we expect to get in return is refuse collection. We expect that each week, a van will come down the street and it will collect our rubbish. This is not something the council does out of the kindness of its heart, it is something that we pay for. Last year the winter was bad, and the vans didnt collect in some areas for three weeks. One little old lady told me how she had phoned the council, and how they replied that her bins were "not a priority" to which she replied "if I refuse to pay my council tax next month, will they become a priority then?"

We dont pay taxes for fun. Taxes ARE our insurance from the Government that they will look after us. Its simple retail. Now when a bank goes bust and the Government have to step in a fund it...they use OUR taxes to do that...which is fine, thats their business...but then to approach these banks less then five years later for reasonable help...and to be turned down...their existance in this land is thanks to our funds...I do not perceive that as apt gratitude and it makes me enourmously rage filled.
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Old 08-13-2011, 06:53 PM
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I guess I won't understand the British way of doing things. America makes much more sense to me. I even have insurance for my car so that if I die or become an invalid through some bizarre accident, my car will be paid off in full. Same goes for the mortgage I had with my ex on our house. If the house was destroyed by fire or hurricane, it would be paid off and I could rebuild or move. My taxes have nothing to do with my bills.


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Old 08-14-2011, 01:01 PM
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Originally Posted by TexasRN View Post
I guess I won't understand the British way of doing things. America makes much more sense to me. I even have insurance for my car so that if I die or become an invalid through some bizarre accident, my car will be paid off in full. Same goes for the mortgage I had with my ex on our house. If the house was destroyed by fire or hurricane, it would be paid off and I could rebuild or move. My taxes have nothing to do with my bills.


~Amy
Yes...see that is a BIG difference. In England we believe that our Taxes are basically payment for Government Services...and lots of Britons view that directly as Retail. We pay money to our Government FOR THEM TO SUPPLY US WITH SOMETHING. Yes its a compulsory payment...we HAVE to pay even if we dont want a service...BUT because we have to pay we get VERY angry when we do...and something happens...and they dont do as they should.

If you paid for your fire department to save you...and when your house caught fire, they didnt turn up...Our Taxes are basically viewed as insurance...maybe its protection, maybe its health care...but we expect services from the government in return for taxes...we dont pay them for nothing...and its when things go wrong, usually that they have to do a good job...Thats why people are so angry at the police...They paid for the police to protect them in any eventuality....and for many in London and Birmingham, who pay a tax each month to insure their safety in the event of something like what happened...for it to happen, and the police not to do a good job...well...it makes them dissapointed.

In America one of the things I found strange was that Value Added Tax was not included in the price. So you sit for a coffee at $1 and end up paying $1.50 and that extra is in tax...in England the original price includes all taxes.
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Old 08-14-2011, 01:38 PM
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Originally Posted by Tyburn View Post
Yes...see that is a BIG difference. In England we believe that our Taxes are basically payment for Government Services...and lots of Britons view that directly as Retail. We pay money to our Government FOR THEM TO SUPPLY US WITH SOMETHING. Yes its a compulsory payment...we HAVE to pay even if we dont want a service...BUT because we have to pay we get VERY angry when we do...and something happens...and they dont do as they should.

If you paid for your fire department to save you...and when your house caught fire, they didnt turn up...Our Taxes are basically viewed as insurance...maybe its protection, maybe its health care...but we expect services from the government in return for taxes...we dont pay them for nothing...and its when things go wrong, usually that they have to do a good job...Thats why people are so angry at the police...They paid for the police to protect them in any eventuality....and for many in London and Birmingham, who pay a tax each month to insure their safety in the event of something like what happened...for it to happen, and the police not to do a good job...well...it makes them dissapointed.

In America one of the things I found strange was that Value Added Tax was not included in the price. So you sit for a coffee at $1 and end up paying $1.50 and that extra is in tax...in England the original price includes all taxes.
I don't count on the police to protect me, I'm prepared to protect myself until the police are able to respond. Too bad the good folks weren't allowed to be armed to protect themselves. I believe too many people don't take care of themselves and rely on others to protect them, feed them, house them etc.

If your employer came into some hard times, would you work for a few months without pay until they were able to resume paying you?
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Old 08-14-2011, 01:52 PM
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So Dave, this is your scenario?

I loan you money to buy something and you agree to pay me back over time.
Somebody destroys the item you purchased with my money.
You think that means you no longer owe me the money or that I should be willing to let you skip a few payments?

Doesn't work like that. You pay up or you end up even more broke, if you know what I mean.
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Old 08-14-2011, 03:54 PM
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Quote:
Originally Posted by County Mike View Post
So Dave, this is your scenario?

I loan you money to buy something and you agree to pay me back over time.
Somebody destroys the item you purchased with my money.
You think that means you no longer owe me the money or that I should be willing to let you skip a few payments?

Doesn't work like that. You pay up or you end up even more broke, if you know what I mean.
....good one.
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