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Contracting in a recession

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    #21
    Originally posted by SueEllen View Post


    No seriously keep your finances under review at all times and keep an eye on the general economic news.
    This - a month before any renewal Mortgage, Insurance, energy etc set MSE etc to advise you, then call up the provider and get a discount or move. They want to drag your renewal cost up by stealth , most of the time it will be available from the same or another supplier cheaper than last year.

    Most times you will save £100+ on any renewal. over the 10 or so insurances etc you have that is a lot of money for 10 minutes work.

    Any other big costs sky, broadband, phone etc also haggle. My FIL nearly had Sky paying him to watch.




    Always forgive your enemies; nothing annoys them so much.

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      #22
      I started contracting in 2007, just as the big crash hit. I was never out if work the whole time and had no rate reduction (usually an increase). If you have the right skills you'll always be in demand ... if you're just a bum on seats contractor then it will probably get harder.

      At the moment PM and BA roles are paying a premium, I get calls daily and we are struggling to hold on to talent as they can leave for 30-50% more outside. I've just negotiated a 60% pay increase .... can't really see inside/outside etc having any real impact. Companies have projects to deliver, they will pay market rates to deliver them.
      I am what I drink, and I'm a bitter man

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        #23
        On bonus/comp day don't make jokes about every day being bonus day when everyone else is receiving donuts.

        Keep quiet about your ski holiday, flying lessons, buy to lets and midlife crisis sport car.

        Advice for life, not just recessions.

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          #24
          Originally posted by vetran View Post
          My FIL nearly had Sky paying him to watch.
          I highly doubt it. We do the dance with Sky every year and they are wise to it, threats to move etc. Yes, you get a small discount, but they have myriad ways to screw you over and you rarely end up saving much, if anything. ( Same experience at other suppliers too, before you ask - in other words, when annoyance overtakes inertia, we have moved in the past. )

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            #25
            Originally posted by jamesbrown View Post

            I highly doubt it. We do the dance with Sky every year and they are wise to it, threats to move etc. Yes, you get a small discount, but they have myriad ways to screw you over and you rarely end up saving much, if anything. ( Same experience at other suppliers too, before you ask - in other words, when annoyance overtakes inertia, we have moved in the past. )
            People are individuals with individual circumstances. So Vetran's FIL could have been paying loads more than he needed to for years so when he haggled they knew they were taking the piss and he could complain further, so gave him a load back.
            "You’re just a bad memory who doesn’t know when to go away" JR

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              #26
              Originally posted by d000hg View Post
              The disparity between 2/3/5/X year deals shows you what the banks think is going to happen,
              I just checked on compare the market and to my surprise my current lender would offer the same interest rate/monthly payment for 2,3 and 5 year fixed deals. Not what I was expecting.

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                #27
                Originally posted by SueEllen View Post

                People are individuals with individual circumstances. So Vetran's FIL could have been paying loads more than he needed to for years so when he haggled they knew they were taking the piss and he could complain further, so gave him a load back.
                "nearly had Sky paying him to watch"

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                  #28
                  Originally posted by PCTNN View Post

                  I just checked on compare the market and to my surprise my current lender would offer the same interest rate/monthly payment for 2,3 and 5 year fixed deals. Not what I was expecting.
                  I was also told by my mortgage advisor that having a 40% deposit wouldn't get me a rate much better than if I had 5%
                  If you don't have anything nice to say, say it sarcastically

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                    #29
                    Originally posted by KinooOrKinog View Post

                    I was also told by my mortgage advisor that having a 40% deposit wouldn't get me a rate much better than if I had 5%
                    that will change when the repossessions start
                    Always forgive your enemies; nothing annoys them so much.

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                      #30
                      Originally posted by vetran View Post

                      that will change when the repossessions start
                      and if house prices fall leading to a rise in negative equity.

                      I would have thought the housing market must be at risk of a significant downturn over the next year or so.

                      Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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