Hard times

[Conal]

I have been after a used Fiamma Ultra 500 box for a while and happily picked one up today. Chatting to the seller he explained that he recently sold his motorhome due to the economic situation.
We have been fortunate not to experience family or friends having health issues but have some with real money troubles. The economic damage caused by COVID 19 is frightening.

 

[Rachelc]

I have been after a used Fiamma Ultra 500 box for a while and happily picked one up today. Chatting to the seller he explained that he recently sold his motorhome due to the economic situation.
We have been fortunate not to experience family or friends having health issues but have some with real money troubles. The economic damage caused by COVID 19 is frightening.

Totally agree. So many are struggling. The economic fall out is huge.

 

[Googlebot]

It is awful, I work in the NHS so have been inundated with the health issues.

I am thankful however for the security of my work, even with it being as difficult as it has been.

 

[TheBig1]

Not exactly been out and about much recently but I hear on the grapevine a few people I know of have hit some serious hard times in the last few months, and I expect a few more to hit the wall soon or before this bastard virus is controlled

 

[Otter Spotter]

I do feel very lucky that I decided to retire a year before state retirement age, I had been planning for this for 4 years maximising pension contributions into my personal pension. I was getting really tired of both the changing job and certain staff playing games with others careers to the point where we had 110% turnover in support staff in 2018/19 so couldn’t do my job properly for my clients.
finance wise I take withdrawals from Personal pension and I have a 10 year settlement being paid to me by my old firm. As long as they carry on paying me for the full 10 yrs. We will be better off income wise next year when we both start to receive state pension.
my point is that to a great degree we are cushioned against this financial turmoil that many are suffering, and In a sense I am happy to have moved on to give another a job which should be secure for him.
we are supporting certain charities but we want to enjoy life whilst we are fit enough physically if at present mentally both of us not so good.
I just hope that this pandemic easies soon to enable all that want to work can do.

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[Derbyshire wanderer]

No matter how much planning or being careful people do it still relies on some luck to get through life without having to start from scratch part way through.
I have been made redundant 3 times but luckily I have very transferable skills that enabled me to move into another job each time without loss of earnings.
It has made me very cautious to ensure I have a decent rainy day fund but still know that it will not be enough to retire before I can draw my state pension

 

[Figaro]

There was a programme on TV last night about the hardship otherwise hardworking people are experiencing at the moment, airline cabin crew, cruise ship dancer, hotel manager.
So many people seem to live month to month with little in reserve for rainy days let alone this monsoon we`re enduring atm.
Let`s hope this virus is controlled soon

 

[Clipgate]

On the other side of the coin manufacturers like Hermes are working flat out on quality goods. I sell a few and the market is strong. Funny old world

 

[Otter Spotter]

Clipgate. That’s because of the continuing broadening divide between the haves and the have nots.

 

[CazPaul]

It's strange isn't it, sold his motorhome due to financial problem but just look at the motorhome market, why is it then if it's so bad that some dealers have hardly any stock left then and most will report record breaking years?

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[TheAleMan]

It's strange isn't it, sold his motorhome due to financial problem but just look at the motorhome market, why is it then if it's so bad that some dealers have hardly any stock left then and most will report record breaking years?

Very good point Paul.

 

[TheMachMan]

Winners and losers in these times.
Stocked up with wine from our local merchant and on balance he’s doing slightly better. Lost all his restaurant trade, but as people are staying in, his retail sales are up.

 

[Figaro]

Similar with housing market .... there seem to be parallel universes at work here

 

[Lenny HB]

A lot off us on here are pensioners apart from our age putting us in a higher risk group we are better off. We still have the same income but spending less.

Daughter is OK her hubby is an Openreach eng so working full time, she is on maternity leave & they have increased their savings.

Houses around are selling very quickly, 3 down our road sold in the 4 weeks we were away 2 weren't even on the market when we went.

Appears to be a lot of winner & losers, one of our neighbours works for immigration she is working 2 days a month on full pay.

 

[Chris]

A lot off us on here are pensioners apart from our age putting us in a higher risk group we are better off. We still have the same income but spending less.

Daughter is OK her hubby is an Openreach eng so working full time, she is on maternity leave & they have increased their savings.

Houses around are selling very quickly, 3 down our road sold in the 4 weeks we were away 2 weren't even on the market when we went.

Appears to be a lot of winner & losers, one of our neighbours works for immigration she is working 2 days a month on full pay.

I agree with the above but I suspect in about 6 months time there will be more losers than winners.

People are flocking into buying bigger houses on the back of the stamp duty freeze but I fear the drop in the market next March will slap them straight in the face.

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[Hirsch]

Otter Spotter got it spot on. The broadening divide between the 'haves' and the 'have nots'.

 

[Podney]

I can’t help thinking “rainy day money”. It used to be accepted wisdom,before credit cards,interest free loans and all the other debt euphemisms.

If only more people had rainy day funds at the start of this disaster.....

Yes,I know there are folk who’ve never earned enough to create such a fund,but there are an awful lot who’ve just been on a spend spend spend!

Good luck to all.

 

[Otter Spotter]

No matter how much planning or being careful people do it still relies on some luck to get through life without having to start from scratch part way through.
I have been made redundant 3 times but luckily I have very transferable skills that enabled me to move into another job each time without loss of earnings.
It has made me very cautious to ensure I have a decent rainy day fund but still know that it will not be enough to retire before I can draw my state pension

Agreed, having to start again from scratch is a hard lesson.

 

[Otter Spotter]

I can’t help thinking “rainy day money”. It used to be accepted wisdom,before credit cards,interest free loans and all the other debt euphemisms.

If only more people had rainy day funds at the start of this disaster.....

Yes,I know there are folk who’ve never earned enough to create such a fund,but there are an awful lot who’ve just been on a spend spend spend!

Good luck to all.

I spent most of my time as a Financial Planner trying to convince clients to plan and not to spend stupidly as the state is not guaranteed to provide. I dread to think what HMG are going to do to state pensions for the millennials and those after, they do not save enough and many will be blamed for making the pandemic worse than it needed to be.

 

[joe and sue]

It's strange isn't it, sold his motorhome due to financial problem but just look at the motorhome market, why is it then if it's so bad that some dealers have hardly any stock left then and most will report record breaking years?

Possibly because so many who would normally have flown abroad have brought motorhomes and caravans to stay in the UK this year and maybe next. The market will be flooded soon and prices will go thro the floor.

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[Langtoftlad]

hardship otherwise hardworking people are experiencing at the moment, airline cabin crew

Unfortunately, management are taking advantage of current circumstances to screw their working conditions into the ground.
It was once a good job, reasonably paid to take into account the antisocial hours & time away from home & family.
These days, pre covid, it was minimum wage...
Now I shudder to think.

And remember these 'kids' not only serve you your g&t, and food... but could save your life in an emergency.

 

[glenn2926]

I can’t help thinking “rainy day money”. It used to be accepted wisdom,before credit cards,interest free loans and all the other debt euphemisms.

If only more people had rainy day funds at the start of this disaster.....

Yes,I know there are folk who’ve never earned enough to create such a fund,but there are an awful lot who’ve just been on a spend spend spend!

Good luck to all.

It’s great having Rainey day money. We’ve got a Rainey year. Many, many people and businesses have not and can not have funds to last this long. I think they are not deemed a priority by this government. In my opinion this will come back and bite them in future.

 

[Coastal Cruiser.]

Spoken to some of the lads that use to work for me when I had my construction firm and they are flat out no reduction in wages if anything there is better money around as a skills shortage is still a major problem in construction.

At the other end, went to get my hair cut yesterday and my barber is on his knees, he has lost over 30% of clients that never came back after the first lockdown and now another 4 weeks rent to pay with no income

Trouble is a lot of these firms just happily plod on making a reasonable living but with no way of making up lost income, I feel next year is going to be really bad for a lot of people.

 

[Gaston aires]

Where will HMG get the money to pay back this huge debt from ?
I suspect it will be from middle class home owners like many of us, equity tied up in houses will be a prime target. This is one time I hope I’m wrong for our kids sake.
Phil

 

[Podney]

Where will HMG get the money to pay back this huge debt from ?
I suspect it will be from middle class home owners like many of us, equity tied up in houses will be a prime target. This is one time I hope I’m wrong for our kids sake.
Phil

As you know,there’s only one place they can get the money from,that’s us the taxpayer,and a lot of us are on our knees. It’s always middle England that they go to for the money,always an easy target.

However we now live in a world where debt is everywhere,not just here. In international terms our debt may end up to be no worse than a lot of other countries,so our currency and credit rating may not suffer.

I fear that future governments may let inflation go up,although at the moment that is surely not on the cards. By inflating away the debt,governments can make the situation look “less bad”.

One things for sure,it won’t be repaid in my lifetime,I think we only finished paying off our WW2 debt to the US a few years ago.

Strange times indeed.

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[Ivory55]

Yes there is some on hard times, but there is also people who live beyond their means and when there is a bump in the road they can’t cope. We are not perfect but never buy on tick etc. The 2 firms that I get work from run old stuff but own it out right, not leased so can Park them up with out to much cost.

 

[SpeedyDux]

Where will HMG get the money to pay back this huge debt from ?
I suspect it will be from middle class home owners like many of us, equity tied up in houses will be a prime target. This is one time I hope I’m wrong for our kids sake.
Phil

One scenario would be HMG deciding to let inflation rip, while at the same time the BoE sets negative interest rates instead of raising rates to curb inflationary pressures. That's a disaster for those oldies on fixed incomes. State Pensions will fall behind again like they did in the 1980s.

Equity in houses might be targetted via removing the main residence relief from Capital Gains Tax.

As for those suffering economic hardship in this pandemic, you can always bounce back from bankruptcy, which is always better than losing your health.

 

[Odd-no-more]

Many businesses may go out of business and loose their life savings as well. Others may loose their homes, some are not able to put food on the table. The financial hardship facing some is awful. My daughter was out of work from March until she got a job a couple of weeks ago, she is lucky, well not just lucky, and she coped ok, but the only state help she had was £100 a week. Who can live on that?

 

[bellabee]

One scenario would be HMG deciding to let inflation rip, while at the same time the BoE sets negative interest rates instead of raising rates to curb inflationary pressures. That's a disaster for those oldies on fixed incomes. State Pensions will fall behind again like they did in the 1980s.

Equity in houses might be targetted via removing the main residence relief from Capital Gains Tax.

As for those suffering economic hardship in this pandemic, you can always bounce back from bankruptcy, which is always better than losing your health.

Agree with you on all those points. I think it's almost inevitable that they'll 'let inflation rip.' Very few will escape unaffected. It's just that for some it will happen sooner than for others.

 

[Odd-no-more]

Agree with you on all those points. I think it's almost inevitable that they'll 'let inflation rip.' Very few will escape unaffected. It's just that for some it will happen sooner than for others.

My pension is in bonds so inflation will take a big slice of it gets too high, that is a bigger worry than the virus for me.

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