BEWARE! THE BANKS ARE OUT TO GET YOU!

[Stanley]

Some sectors of the economy are doing nicely thank you. See THIS BBC report of a profit at HSBC and a clue as to where they see growth. The Chinese credit card boom. Some things never change......

[Tizer]

Another predictable cock up (or should it be scam) from the world of finance!
`Home equity release may cost pension firms billions' LINK

[Stanley]

I listened to that programme Tiz and the key thing that struck me was when, I think it was Professor Dowd, pointed out that there was a possibility that the scale of the losses could overwhelm the resources of the government guarantee scheme. In that case the equity owners would loose some or all of their protection.
My reading of the situation is that this applies equally well to the Pension Transfer wheeze, these new arrangements would be under the same pressures from a declining economy and the rise in base interest rates. Carny has more or less promised that there will be no further change for 12 months but I think that is more a pious hope to firm the market than a firm promise.
Looking further afield, the chance of Events Dear Boy increases daily and this is not reassuring for anyone.

[Stanley]

See THIS for a good example of capitalism red in tooth and claw. Elon Musk is talking about taking his electric car maker private because progress is being hampered by the activities of short-sellers simply out for a fast buck. He suspects that some of this activity is backed by oil companies who have so much to lose if he succeeds. This looks like a corporate fight to the death......
The worst thing in my opinion is that the market values profit by any means more than aiding the emergence of a necessary innovation. Is this happening anywhere else? Ask yourself who supports and finances the Climate Change deniers?

[Pluggy]

I haven't seen it mentioned on here, but Lloyds in Barlick are closing their doors in January next year. The cynic in me suggests they don't want the emotional baggage of being the last bank in a town to close. There'll only be Barclays left. Doesn'[t seem long since we had 4 banks. HSBC is now a bookies and the Yorkshire stands empty as a monument to local Banking.

I specifically asked in the Skipton BS if they had any plans to close their branch when I was in yesterday. They said not. Far from a bank but opening an online account with them allows you to put cheques and cash into something you can transfer to a remote current account. The PO does banking stuiff now but you hit that at the wrong time and it can take half a morning to get served. It tends to be online entrepreneurs shipping Ebay tat these days rather than pensioners queuing for their dosh.....

Regarding Oil Companies and Elon Musk, they could be edging their bets because the writing is on the wall. Saudi Arabia is getting into a lot of non Oil related stuff because oil has a limited future. Or I could just be a naive dreamer.........

[PanBiker]

It tends to be online entrepreneurs shipping Ebay tat these days rather than pensioners queuing for their dosh.....

Count my good lady in that but don't knock it till you have tried it. Sally is a power seller on Ebay based on volume sales, she redirects some of the donated items that come into the Bosom Friends charity shop if the items will make more on line than can be expected to be realised in the shop. She recently turned a bag of 30 year old screwed up T shirts which were destined for recycling into over £700 for group funds, one example alone sold for £314.00. Tat if you like but in some cases very valuable tat.

[Pluggy]

I wasn't knocking it, good luck to Ebay sellers, just a casual passing observation about the PO. I have sold a bit on Ebay myself. (Nothing serious, odd articles I've 'moved on'). I buy quite a lot on Ebay, its the easiest option to get some of the 'obscure' electronic stuff I play with (and blow up on an all too frequent basis)

[PanBiker]

It makes a lot of sense for the group. Sally goes in each day to tidy the shop so its no great shakes really to keep on top of potential better earners.I think she's running at over £4000.00 of sales for the group now after charges. The T shirts were exceptional and mainly obtained at 30 year old rock festivals or band gigs. I think the one that went for over £300 was for Iron Maiden and there was another that went for just over £100 lots more for £20 or £30 each.

[Stanley]

Does this mean my Dark Side of the Moon tee is now worth money?

[PanBiker]

Depends as always if anyone else wants it. Try a search on Ebay.

The £300 job had three people bidding which helped. It was well worn and had one or two small holes in it as befitted a 34 year old T but all described and accepted by the buyer who was over the moon when he received it, gave very positive feedback. He probably needed it to complete a set or maybe it was the only gig he missed.

[Tizer]

You never can tell in advance what someone might offer on Ebay. My postcard magazine has a section reporting on the highest prices paid on Ebay for postcards and every month the list includes cards fetching 100s of pounds when you could buy the same card from a conventional dealer or at a PC exhibition for a tenner. The editor is always amazed by what people will pay.

[Stanley]

Tiz, we have both seen the same thing happen with books. Mine are available new on LULU for I think £15 each, I have seen them on Bookfinder for over £100!

[Stanley]

Have you noticed that new 'easy access' credit cards are popping up. They seem to have an APR of around 40%. Could it be that they are fishing for clients who have maxed their existing cards out and need a fresh source of credit? Or am I just being an old Cynic........

[Stanley]

See THIS Guardian report about the ongoing scandal of pension scams. The figure quoted for last year is £23million but this is certainly an underestimate as all the scams aren't reported. Possibly because so many are ashamed that they were taken in so easily. Another of Cameron and Osborne's policies to excite economic activity that has backfired completely as some of us forecast at the time.

[Tizer]

Talking about pensions...my sister-in-law retired from her health visitor job last year. This month she turned 60 and was in the middle of celebrating when her NHS monthly pension failed to appear in her account. She phoned them and was told that they've been paying her too much so she won't get her pension for this month! She was shocked, especially when she'd just spent on a big birthday party and was expecting to go on holiday. You can imagine how shocked she was. How can the NHS pension people be allowed to do that? Fortunately she won't starve because her husband is still working but there must be others who would be in dire straits if they were suddenly denied a month's pension. She's been chasing them about it but with no solution so far. The only extra bit of information makes it even worse - they've told her she was over-paid by -- wait for it --two pounds!! This just serves to confirm the belief that our companies and institutions have become incompetent and don't care about the public.

[chinatyke]

Talking about pensions...my sister-in-law retired from her health visitor job last year. This month she turned 60 and was in the middle of celebrating when her NHS monthly pension failed to appear in her account. She phoned them and was told that they've been paying her too much so she won't get her pension for this month! She was shocked, especially when she'd just spent on a big birthday party and was expecting to go on holiday. You can imagine how shocked she was. How can the NHS pension people be allowed to do that? Fortunately she won't starve because her husband is still working but there must be others who would be in dire straits if they were suddenly denied a month's pension. She's been chasing them about it but with no solution so far. The only extra bit of information makes it even worse - they've told her she was over-paid by -- wait for it --two pounds!! This just serves to confirm the belief that our companies and institutions have become incompetent and don't care about the public.

I didn't get my state pension in July, which is paid quarterly. I contacted the powers-that-be and was told that my pension was stopped from 31/3/2018 because I hadn't replied to their request for Life Certificate sent on 11/2/2018. I hadn't received their request and in any case it can take 8 weeks for mail to be delivered if the address isn't written in Chinese characters. Now they have sent me a letter and I have until 24/9/2018 to reply. Two years ago I got a Guangxi airline captain (a westerner who lives in Nanning) to look at my passport & witness my signature as the Pension Service people obviously cannot read local Chinese professionals signatures and addresses. Maybe I'll get 6 months back-pension in October but until then I'll just have to read 'what did we have for tea' and imagine what food was like...

[Tizer]

It looks like people who operate pension funds are a shilling short of a pound!

[Tripps]

In the coverage of the A level results, I think I read that more students are doing Mandarin than German this year. Our local Village College has recruited a second Chinese teacher due to the demand. Be patient China - it won't be long before someone with the skills gets to work in the Department for Work and Pensions.

Perhaps however their skills will be needed for other purposes. China

[chinatyke]

It's a reasonable request that they make: for me to confirm I'm still alive every 2 years and have my declaration witnessed by someone of good standing. Chinese policemen won't get involved because they don't know what they are signing and aren't allowed to put their official stamp on the form. As I'm the only Westerner for miles around some things become very difficult to get done, but I'll be going to Nanning within the next couple of weeks and I know suitable people there.
I can't open your BBC link because of the Great Firewall of China.

[PanBiker]

Talking about pensions...my sister-in-law retired from her health visitor job last year. This month she turned 60 and was in the middle of celebrating when her NHS monthly pension failed to appear in her account. She phoned them and was told that they've been paying her too much so she won't get her pension for this month! She was shocked, especially when she'd just spent on a big birthday party and was expecting to go on holiday. You can imagine how shocked she was. How can the NHS pension people be allowed to do that? Fortunately she won't starve because her husband is still working but there must be others who would be in dire straits if they were suddenly denied a month's pension. She's been chasing them about it but with no solution so far. The only extra bit of information makes it even worse - they've told her she was over-paid by -- wait for it --two pounds!! This just serves to confirm the belief that our companies and institutions have become incompetent and don't care about the public.

Sorry that your sister in law has missed her pension start or others have been denied a months payment. Our illustrious government has robbed millions from the pension pots of women by raising the retirement age by six years without notification. My wife Sally has missed four years of pension so far with another two years to go before she receives what should have been due when she turned 60. The deficit will equate to somewhere in the region of £48,000 before she receives a single penny of what was promised when she started work at 15 years of age.

[Stanley]

I remember that promise as well...... We were secure in those days, sure of sick pay, holiday pay and a pension when we were worn out. Not so today. Welcome to the 19th century!

[Stanley]

A small black cloud on the horizon. Have a look at THIS Reuter's report on what looks like the start of a tendency for more government intervention in the policies of the Federal Reserve Bank. The markets don't like this and it is affecting the US Dollar rate already. Events Dear boy.....

[Stanley]

See THIS for a somewhat half-hearted attempt to address a long standing suspicion that banks have a default position of regarding scammed customers as the authors of their own downfall. I fear it will take much stronger action than this.

[Tripps]

Hip Hip Hooray. . . Wonga on the brink

[Stanley]

Couldn't happen to a nicer bunch...... I share your joy David but there are plenty more in the market charging up to 1400% interest. Disgraceful.