Are people inherently stupid when it comes to money?

[ASB]

What were her repayment conditions on her actual loan?

The first io mortgage i had 30 ish years ago had no term and was, in fact, silent on capital repayments. In those circumstances it is reasonable to be aggrieved on a repayment demand.

Of course my current io, which is offset, is explicit.

[OwlHoot]

partially but such a contract does require a certain investment of intelligence.

If she is mentally sub standard then possibly.

I didn't listen to the program, but possibly her hubbie organized the mortgage originally. So speculating on her intelligence or otherwise may be irrelevant.

As someone has already pointed out, in so many words, what is to stop her getting equity release and repaying the mortgage out of that?

[vetran]

I didn't listen to the program, but possibly her hubbie organized the mortgage originally. So speculating on her intelligence or otherwise may be irrelevant.

As someone has already pointed out, in so many words, what is to stop her getting equity release and repaying the mortgage out of that?

it will cost her more?

[eek]

it will cost her more?

Because her daughter owns some of it....

[BrilloPad]

She sounds stupid.

Can you post her contact details? Plan B is to fleece the stupid...

[Old Greg]

She sounds stupid.

Can you post her contact details? Plan B is to fleece the stupid...

How did that contractor loan scheme work out for you?

[LondonManc]

How did that contractor loan scheme work out for you?

He accidentally loaned himself a tenner and went bust on the interest.

[d000hg]

She's not totally in la la land. There are mortgage products that do exactly that. You just pay interest and they take the house when you snuff it.

In Switzerland, mortgages are inherited. It's repayment that's unusual (because interest payments are tax deductible against the wealth tax).

I was going to say what some here dismiss as "stupidity" is exactly how things may work in other countries.

It's not primarily a question of stupidity, it's a question of poor education. This stuff isn't (or at least wasn't) taught at school as part of basic money education which would be more useful than learning P=IV and the capital of Australia.

[SueEllen]

I was going to say what some here dismiss as "stupidity" is exactly how things may work in other countries.

It's not primarily a question of stupidity, it's a question of poor education. This stuff isn't (or at least wasn't) taught at school as part of basic money education which would be more useful than learning P=IV and the capital of Australia.

What do people have parents for?

You can't make schools teach everything otherwise they get accused of teaching leftish or rightish views.

[d000hg]

What do people have parents for?

You can't make schools teach everything otherwise they get accused of teaching leftish or rightish views.

Basic money management like how to create a budget, how borrowing and saving work, what a mortgage is, should be mandatory. You could say the parents should teach the children how to read and write and do simple arithmetic; more parents know those things!

All these financial things can very easily be covered as part of the existing curriculum as it's basic arithmetic, you just apply the context. Relying on parents who may not know themselves just perpetuates the issue.

I'm not saying we should have GCSE questions "Tarquin's fathers earn £34k collectively, if they get 99% mortgages how many BTLs can they buy" just basic, useful skills. Hell if you think education should focus on the more pure academic stuff then teach it along with woodwork and IT as a namby pamby life skill module!