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Residents urged to expect a very tough 12 months


offshoremanxman
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A UK press article has noted how many millions of UK households fall within the definition of being in fuel poverty. Apparently the measure is where 10% of household income is spent on energy costs.

Energy costs rising here to perhaps £3500 plus per year will mean that single person households that are earning the IOM living wage will be in fuel poverty!. 

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6 hours ago, 2112 said:

Whether the DESC get anywhere persuung outstanding student debt, especially from ex students now residing in the UK or EU remains to be seen. It may cost more chasing the debt. Maybe they could try for a debt judgment here, and should anyone with an outstanding debt return, it could be enforced. 
 

From my perspective I have studied at University, came back and tried unsuccessfully on the IOM to get decent employment, so had to go back across, gain experience. I only came back for family reasons. I would say that working and living in the UK has given me more independence and a better grounding of social issues. Living on a island you only see one viewpoint - promoted by IOMG mouthpiece. 


Dept of Education charges graduates interest at 2% over base on their outstanding loans - could be up to 15% later this year - in order to recover some money that others are not paying back

It's a tax on learning

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The BBC have produced a graph showing interest rates from 1992 to August 2022, as you are probably aware there have been several rises since December last year 6 l think.

I remember quite clearly what happened in January 1992 interest rates soared to just over 10%  devastating effect on mostly family's with mortgages and businesses.

Do you think such rises are a possibility? 

Apologies not being able to post graph l did get as far as saving it in my downloads but couldn't work out how to copy it so you could view it on here. 

 

 

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2 hours ago, Lilly said:

I remember quite clearly what happened in January 1992 interest rates soared to just over 10%  devastating effect on mostly family's with mortgages and businesses.

The then Chancellor Norman Lamont had instigated a rise in the interest rate to @ 15% in an attempt to stabilise the £ within the Exchange Rate Mechanism, IIRC?

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3 hours ago, quilp said:

Was it this one...

 

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Yes that's it, thank you.  l still remember how worried l was at the time having a mortgage and two very young children, l remember thinking how much more could the monthly mortgage payments go up and lm afraid in those there wasn't much support in fact zero especially as we were living on only one income that was usual for that time. What l can't remember it what type of mortgage it was l know it was attached to an endowment policy so not fixed rate,  if l still had a mortgage l certainly would consider to favour at this time.

 

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50 minutes ago, Lilly said:

Yes that's it, thank you.  l still remember how worried l was at the time having a mortgage and two very young children, l remember thinking how much more could the monthly mortgage payments go up and lm afraid in those there wasn't much support in fact zero especially as we were living on only one income that was usual for that time. What l can't remember it what type of mortgage it was l know it was attached to an endowment policy so not fixed rate,  if l still had a mortgage l certainly would consider to favour at this time.

 

Yes, an endowment mortgage was interest only payments, the endowment paid off the capital at the end.  So when interest rates rose, the mortgage payments rose immensely as there was no capital element in the payment.  Ditched mine as soon as we moved to a new house in the mid-90s. 

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20 minutes ago, Gladys said:

Yes, an endowment mortgage was interest only payments, the endowment paid off the capital at the end.  So when interest rates rose, the mortgage payments rose immensely as there was no capital element in the payment.  Ditched mine as soon as we moved to a new house in the mid-90s. 

Yes me too, there would have been a shortfall if l remember correctly. 

I just hope the interest rates won't rise to much as it will effect families whom already have the added pressure of raising utility bills just like us all really.

My boiler is off at the moment it's a fairly new oil boiler a Worcester, l just switched it on for a quick shower. My son has shown me how to sort the pressure out on the boiler if it falls.  l have also started collecting dried sticks off the beach with my daily walk with my labrador a welcome suggestion from MF to put in my small log burner, also have switched off sky and cancelled and purchased a new Freesat box which will pay for its self in 4 months, it's brilliant my son set it up,it also records my programs.

I'm buying  charity shop clothes they are really good just a 30 minute eco wash, reading books although to be fair l have a massive collection of books.

Sorry l think l'm posting on the wrong title page.

 

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3 hours ago, Lilly said:

Yes me too, there would have been a shortfall if l remember correctly. 

I just hope the interest rates won't rise to much as it will effect families whom already have the added pressure of raising utility bills just like us all really.

My boiler is off at the moment it's a fairly new oil boiler a Worcester, l just switched it on for a quick shower. My son has shown me how to sort the pressure out on the boiler if it falls.  l have also started collecting dried sticks off the beach with my daily walk with my labrador a welcome suggestion from MF to put in my small log burner, also have switched off sky and cancelled and purchased a new Freesat box which will pay for its self in 4 months, it's brilliant my son set it up,it also records my programs.

I'm buying  charity shop clothes they are really good just a 30 minute eco wash, reading books although to be fair l have a massive collection of books.

Sorry l think l'm posting on the wrong title page.

 

Don't worry too much if you have an oil boiler. The price of crude oil has come back down a lot. It is still about double what it was before the crisis began, but gas is 4-5 times what it was. Petrol too should be back around 1.40 in a few weeks time, if Manx Petroleum and EVF pass it on. 

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On 8/20/2022 at 3:50 PM, Cambon said:

Don't worry too much if you have an oil boiler. The price of crude oil has come back down a lot. It is still about double what it was before the crisis began, but gas is 4-5 times what it was. Petrol too should be back around 1.40 in a few weeks time, if Manx Petroleum and EVF pass it on. 

Wholesale gas has increased in the last week.. The UK energy price cap is predicted to be iro £5,500 by April next year. How much would it be on an island with monopolies of electricity and gas, and total lack of political pressure over pricing. 

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I see they’re now pumping out the Facebook ads to parents who are going to be conned into paying for expensive school uniforms in the next few weeks about you don’t have to buy the overpriced ones your kids school has been ripping you off for, for years! 

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30 minutes ago, BriT said:

I see they’re now pumping out the Facebook ads to parents who are going to be conned into paying for expensive school uniforms in the next few weeks about you don’t have to buy the overpriced ones your kids school has been ripping you off for, for years! 

Hand me downs never harmed anyone. This little fella has worn the same school uniform since 1975 and he’s still getting good use out of it. 

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