The Banks and Corona

The banks and building societies became inundated with mortgage payment pause requests.  In fact for a week some of the major lenders had to put new borrowing on hold to deal with the requests for re-structuring and or mortgage payment break requests.   These have been available for many years just at the moment they seem to be more publicised.

If your circumstances have changed, be that loss of work or reduced hours please get in touch, tell the bank your situation and what has changed there are numerous other organisations who can also help including dare I say it the Citizens Advice Bureau, and like any organisation there are good and bad advisers trust me, I have seen it all.

Payment Breaks

♠ Some lenders are producing statements similar to this.

 

“We offer payment holidays (up to three months, and down to zero pay) to customers (Buy to let and Residential) who have or anticipate having payment problems as a result of Covid-19. We do not require evidence but we will have a conversation with each customer to understand their circumstances and explore what the most appropriate solution is. Any payment holiday will not have a negative effect on the customer’s credit file. A zero-pay three month payment holiday may not be the most appropriate option.”

The bottom line is that people need advice, because making a part payment is better than making no payment, so speaking with an adviser before going direct to the lender could help in the long run.

People take care out there these are challenging times.

 

The chancellor

Did I hear or  read this correctly, the government have said that anyone who would be made redundant or loose their job due to corona they will back dated from the 1st of March 80% of their wages.

I am not confused just wondering if my eyes and ears are deceiving me?More to the point how do you claim this, imagine all the people at car phone warehouse are going to get an extra 3 months pay (Well 80% of it anyway) and then loose their jobs.

The world is going craaazy.

 

Covid19 the lock down

The walk to the office this evening opened a new sense of perspective to me. The air smelt fresh not laden with Petrol and Diesel Lead. I smoked for the first 20 years of my adult life, so my sense of smell has been depleted over the years, but I still know NO2 or polluted air.

Why can’t our children get a bus to school, or even better walk, why don’t we have decent cycle paths built by the side of the road as standard, yes it might mean relining the odd bit of front garden, but I would give up my one yard of front garden to make room, especially if people used it. For a cleaner air healthy purpose on their bikes.

What has this to do with Covid, nothing it is more to do with the fact that people don’t seem to be making so many unnecessary journeys, social isolation and less people rushing to the high street for their unnecessary Café lattes, which by the way are just as easy to make at home.  Yes not good for the oil based car driven economy.

Oh well in 12 weeks this virus hopefully will be finished, and can we start to continue thinking about living our lives in less polluting sort of way.

PS. If you are thinking of living for a more retired, sedentary life then don’t forget there is always an IFA with a webcam ready to give you some advice, before your funds pile through the floor along with the FTSE.

Enterprise Investment

It is life Jim but not as we know it. 

The great shift from paper to computer, which is how I see my industry changing. OK the fewer trees needed to mass produce reams of paper the better.  (Please note the lack on Australian bush fire and general farming increase in the South American rain forest jokes).

It’s got to be good right, and so have the systems to capture this data and process it, It could save tonnes of human work, but I still believe that people buy from people, not robots.

Having said that a huge amount of data can be easily stored and retrieved using computers, there will be less hunting for that piece of paper with pre-recorded information. A customer could have already typed in their basic credentials. The stuff that takes time to record, there is already tonnes of data stored by banks / insurance companies in this way.   So how could I capitalise on this knowledge and beat the big boys.  EASY   Enterprise Investment that is how !

 

 

 

Foundation

The begin of everything lie in the foundations. A message to the bridging crowd, look at your portfolio as a whole. the complete hotel, house, caravan etc. Then think about and reassess your goals, why are you in the market trying to sell when you could just be managing your stock. In other words you might want out of a bridge when you could easily switch to a let situation. It might be easier than you think !

The art of being a financial adviser Adivsor.

Well having observed the industry for a number of years I am arriving at the conclusion that most FA’s are a bit like peacocks, the spread their feathers to impress. Hence all the misleading statements about what they can do for you. Yes you, save, spend do as I would like you to do.

So I get paid that is the bottom line, whether the advice is good or bad in the long run, we all need to make a living, and what if you (the customer) feels that the advice was wrong? Do you find another adviser, complain to the FOS? Who knows the right answer because each person is an individual with a different set of hopes, plans at different times of their lives.

Enjoy the good weather because before we know it the days will be getting shorter again.