Follow the rates revolt at your own risk!

IF (and again a very big IF) they are correct and that it is still $66 rates cost, then the rates revolt suggested by the StS is going to cost you big time, quite possibly a lot more than $66 a year.

First there is the cost from banks to halt or alter automatic payments, my bank is $10.

You will get stung with a late fee – 10% of rates – well on the way to that $66 total.

If you continue to follow dear leaders path and steps more drastic than this, you are in very real danger of accruing a bad debt rating. Which if you live in a modern world is not a good thing, from simple HP’s (for your new TV) through to car loans or house finance, will all be affected. The banks or Harvey Norman will not care one little bit if when you are sitting down to get that new tv on HP that you were ‘protesting’, all they will know is that you have bad debt record. Likewise if you are looking at getting a car or doing work on the house (they are the best interest rates we will see for a generation), you will have a bad debt and that’s all they care about.

So by all means, follow dear leader, she’s flipping you the finger.

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4 Comments

Filed under Economics, Hot air, Politics

4 responses to “Follow the rates revolt at your own risk!

  1. Elizabeth

    Before you decide to follow any rates revolt initiated by StS, we suggest you seek legal advice.

  2. and sit down with your local bank manager, seriously – bad credit is not a good thing.

  3. Richard

    And – as I have said – elsewhere, may put you in default of your mortgage … if you have one. Council staff are usually very, very lenient on defaults. They are unlikely to be so accommodating if put under unnecessary pressure!

  4. Richard

    Here is basically what Section 62 of the Local Government Act enables a council to do in regard to unpaid rates as set out in this morning’s ODT:

    Apply a 10% penalty to any portion of a rates demand which remains unpaid at due date.

    Notify the commencement of legal proceedings to recover any amount unpaid at the end of the financial year – June 30.

    Demand payment from the property mortgagee (usually a bank), refer the debt to a debt collector or to take legal action.

    http://www.odt.co.nz/news/dunedin/44472/ratepayers-join-revolt

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