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Acrylic-bob · 11-09-2005, 17:22

What is the difference between a grant and a loan?

Residents in the phase II area of the Project Phoenix redevelopment are wondering.

Councillor Tony Dobson, speaking for the council said that, "People in phase one are not getting a better deal than those in phase two."

At issue is the fact that residents in Phase I were given a grant of up to £30,000 to help them buy another home which they will not have to pay back - ever. It now turns out that residents in Phase II will be allowed an Equity Loan of up to £30,000 for the same purpose but, they will have to pay back this loan when they either sell their home or when they die, whichever happens first.

Contrary to councillor Dobson's assertion I would say that on balance the residents of Phase I were actually getting a damn sight better deal than those in Phase II.

What do you think?

11-09-2005, 17:22	#1
Acrylic-bob God Member Join Date: May 2004 Location: Tragic Conn Posts: 4,007 Blog Entries: 15 Liked: 3 times Rep Power: 2473	Project Lame Duck What is the difference between a grant and a loan? Residents in the phase II area of the Project Phoenix redevelopment are wondering. Councillor Tony Dobson, speaking for the council said that, "People in phase one are not getting a better deal than those in phase two." At issue is the fact that residents in Phase I were given a grant of up to £30,000 to help them buy another home which they will not have to pay back - ever. It now turns out that residents in Phase II will be allowed an Equity Loan of up to £30,000 for the same purpose but, they will have to pay back this loan when they either sell their home or when they die, whichever happens first. Contrary to councillor Dobson's assertion I would say that on balance the residents of Phase I were actually getting a damn sight better deal than those in Phase II. What do you think? __________________ Enough is ENOUGH Get Britain out of Europe