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The joys of getting a mortgage

 
 
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paul
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PostPosted: Thu Sep 03, 2009 3:29 pm    Post subject: The joys of getting a mortgage Reply with quote

Nice story this... a man withdraws $190,000 in $20 bills after being denied a mortgage.

Read more at http://www.stuff.co.nz/national/2667215/190-000-withdrawn-in-20-bills/

(However, judging by the post-article comments, there's perhaps another slant to the story...)
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Kay
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PostPosted: Thu Sep 03, 2009 5:27 pm    Post subject: Reply with quote

Yeah, there's more to this than meets the eye.

That said, banks don't seem to have the autonomy they used to. Many years ago, when we were buying a house, the BS stuffed up a bank transfer to the bank, and our bank (I'd been a customer for years) was faced with the decision of whether or not to honour a payment of about 10k, when we only had a few hundred in that account.

The bank manager tried, and failed, to get in touch with us but decided to honour it. Then he wrote to us telling us what he'd done and apologised to us that he'd have to charge us interest on the overdraft. Laughing Wow! We were relieved because if that payment hadn't have gone through there was an awful lot at stake.

Later, the same bank (Clydesdale) seemed to centralise their management and decisions and, due to a glitch, a direct debit to pay the credit card bill "bounced". The bank charged us for bouncing it, the credit card company charged us for that too and levied a penalty for late payment, etc, etc. All in all it cost us nearly 100 because we were 20 short or some other paltry sum. Evil or Very Mad

Ever heard of a book called "Why the poor pay more"? I read it years ago, but the message still rings true. If you don't have money society obliges you to pay more for everything.
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