They had a story on today tonight where a poor low income family did a WRAP deal and the husband lost his part time job and so the WRAP went sour. The wrapper was apparently charging 15% interest, variable.
The family is now behind in repayments and could loose their house and money invested thus far. Is this reality, representative of WRAPPING for low income families, or does this cast a poor reflection on good wrap deals out there ? I have been thinking of getting into WRAPS but not at the misery of those less fortunate than me.
I thought the idea was to charge 1.5% above the standard varaible rate and use the FHOG as a deposit and security.
The family is now behind in repayments and could loose their house and money invested thus far. Is this reality, representative of WRAPPING for low income families, or does this cast a poor reflection on good wrap deals out there ? I have been thinking of getting into WRAPS but not at the misery of those less fortunate than me.
I thought the idea was to charge 1.5% above the standard varaible rate and use the FHOG as a deposit and security.