End Legalised Loan Sharks.

[Tawnyowl]

I allways like to look on a Saturday morning to America,Australia and other places to find some good or bad news about credit unions paydayloans

to see whats going on.The first article i found lifted the spirits.Its in California.

Bit of a taster.

Ford Foundation $30 Million Investment Kick-starts Effort to Expand Low-Income Families' Access to Financial Services in California

 

 

Sixty percent of low-income neighborhoods in California do not have a bank or credit union, but the state has two times the concentration of check cashers and payday lenders than the rest of the country. Predatory financial services, whose unfair terms for those least able to pay -- including loan interest rates of 400 percent and more, and check-cashing fees costing a family up to $2,000 a year -- cost low-income families in California more than $8 billion a year, further depleting their already limited assets.

http://ht.ly/8PAcK

 

Australia.When i read this i could not believe it,still having trouble now.

Payday Loan “ATMs” – A New Low in Irresponsible Lending

http://consumersfederation.org.au/20...sible-lending/

Brisbane.

Queensland imposed a cost of credit cap in 2009 but that this cap is due to lapse once new Federal laws are passed. It is unclear if the new kiosks are being installed in anticipation of the Queensland laws lapsing.

 

Credit unions warn of increasing payday loan dependence

http://www.bbc.co.uk/news/uk-northern-ireland-16786387

 

Report reveals fears over Northern Ireland household bills

The first research of its kind by the Irish League of Credit Unions

Read more: http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/report-reveals-fears-over-northern-ireland-household-bills-16110593.html#ixzz1lOvScjku

 

As one person in Scotland said somethings got to give.

http://news.stv.tv/scotland/292216-more-people-using-payday-loans-to-pay-household-bills/

SNP MEP Alyn Smith has joined SNP MSP Margaret Burgess in demanding action be taken against companies some of whom charge extortionate rates of interest, at times eclipsing 4000% APR.

“It is clear that some legal restrictions must be put in place in order to curb the ludicrous rates of interest. This has already happened in many other European nations as well as 35 US States, where there is a limit on the maximum interest these companies can charge, so it is possible.

“The UK Government have consistently failed in regulating the financial markets and have done absolutely nothing to reform the system despite an almost global agreement that change must happen.

Highlighting the lack of powers available to the Scottish Parliament to deal with the issue Mr Smith said:

“Cameron and cronies must get their act together and regulate these companies out of existence before more people face financial ruin as a result.”

Edited February 4, 2012 by tawnyowl

[sillygirl1]

The idea of the high interst is because they know people WILL default, therefore their loaded charges need to be curbed, if they can't legislate against one they can legislate against the other.

 

The other idea that this is 'easy' money must be proved otherwise - which seems to be part of the press campaign.

 

On the ITV3 programme they didn't really address the real issue, why these companies start up in the first place and then go under lots of different trading names, one company one trading name one licence.... one compan,y many tradning names then many licences. I believe the OFT are looking at scrapping the group licence.

 

The way these companies collect their debts has to be part of the package, there are many horror stories over on the payday loan forum and the bulk of them for one company are the two companies who collect their debt.... a company claiming to use bailiff powers and going to visit all over the country who actually specialise in sending threat texts and emails.... that is just one example.

 

The whole of the market from the way it is set up to the repayments of the loans - I had to pay the loan, plus interest plus another £45 to one company because I found I could pay the loan in full the following day after a rollover, they insisted I had to pay another months interest which I argued against but I was so glad to get out of the trap and get rid of the parasites I complied. That was before I knew about CAG...it is the repayments that need to be looked at too ... some people are repaying £350 a month against a £750 - £1000 loan and have done for about a year.

[sillygirl1]

Good morning to the 5 guests at 8.49 on a Saturday morning.

[Tawnyowl]

Good morning sillygirl1 on this chilly winter morning when snow is forecast for some..Nice to hear from you.We would sort the lot of the payday loan companies,high interest outfits out if someone would give us the chance for a week or two.Now i am sure that would be a enjoyable task..Gizzas the job.They would be on the next boat out.As the meercat says "simples"

A amnesty would be given to all suffering at the hands of these predators.Or compensated for wrongs done by them or their associates,dcas baliffs etc.Also mucho money would be confiscated of them and put back into the communities and people they have had over.

I am severely shocked after reading about a payday loan ATM OPENING in Australia.I am am now withdrawing from battle for a while to recover from this severe shock.Please anyone who wants to comment on the payday loan,credit union, high interest market have your say.Allways enjoy reading your battles or views on the subject.

Whether in Scotland, Ireland, Wales, America, Australia wherever let the pressure out.

Edited February 4, 2012 by tawnyowl

[sillygirl1]

Hi Tawnyowl, I saw the mention of the payday loan company having their own ATM, at the bottom end of our local high street there are a proliferation of the Cashconverters, Entertainment Exchange, and moneyshop type companies, we don't have a Brighthouse (yet) but I think one may be on its way... that is along with the betting shops. It really is a bit of a 'dive' area with these shops touting their loans to be spent - which, as we know, costs the community.

 

These loans are usually taken out to cover other loans and mortgages, and if the mortgage interest rate goes up more and more people will fall into the trap.

 

As you say, if any of the MPs who are dealing with Payday loans want paid help - give you and me jobs in a field we have extensive knowledge of.

[Tawnyowl]

A small article about the credit unions in London.Featuring the Community Credit Union branch in Hackney.

 

http://www.bbc.co.uk/news/business-16873350

Want to find your local credit union-link here .Anyone wanting to join one in London or anywhere in the country just put your postcode in the following link.Goodluck

http://www.findyourcreditunion.co.uk/home

And have a look at what roughly a credit union loan could cost after joining and being with them a short while.

http://www.findyourcreditunion.co.uk/about

Want to tell the others, the legal loan sharks where to go.After reading what rates credit unions charge for loans after being with them a short while you may want to.Perhaps sign the epetition and tell them to start planning to get out of our communities.No place here for the sharks.Profiting from poverty.

End legal loan sharking-http://epetitions.direct.gov.uk/petition/20219

In America last year membership of credit unions gained one million new members taking the total to roughly 100 million members.What happens there sometimes happens here,good or bad.Maybe this will be a good thing to happen.Credit unions take on the legal loan sharks,a good headline.

Edited February 6, 2012 by tawnyowl

[Tawnyowl]

Newsflash: Ken Livingstone Joins the End Legal Loan Sharking Campaign - Photocall Thursday 9 February 2012 Walthamstow Hoe Street

 

Hello!

I'm writing to ask if you can join me and Ken Livingstone this coming Thursday 9 February at 10.45am outside the Moneyshop on 187 Hoe Street in Walthamstow to highlight his pledge to join our campaign on tackling legal loan sharking in Britain.

 

Last year

Boris Johnson controversially chose the online payday lender Wonga to sponsor travel on New Year’s Eve and continues to allow such companies to place highly prominent advertising across the London transport network. In contrast Ken Livingstone has pledged to reject high-cost lending advertisements from Londons travel network until there are caps on the cost of credit.

Ken has also stated he would reverse City Hall’s ‘hands off approach’ to rising levels of debt. It’s time for London to have a Mayor who will stand up to these firms, and help support those organisations committed to supporting those in our communities struggling with debt such as credit unions and debt advice charities. The latest figures show Londoners suffer from higher than average personal debt levels and are much more likely to have taken out high-interest loans.

If you can join us for this photocall on Thursday please get in touch - we aim for this event to take no more than twenty minutes of your time and would welcome anyone wishing to show their support for this campaign.

If you would like more information about this pledge and the impact of high cost credit on London please do let me know- together we can and we will tackle legal loan sharking!

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

P.s. If you can't attend this event please don't forget to circulate our petition to tackle legal loan sharking and encourage anyone in the UK to sign it - you can find this here: http://epetitions.direct.gov.uk/petitions/20219

Edited February 7, 2012 by tawnyowl

[sillygirl1]

This is a cut and paste from a complaint I made to the Mayor of London about PDL advertising - standard cop out reply if you want my opinion.... I also asked if there was a 'limit' to the no of those PDL type stores in a single area, at the bottom of my town there is a group of them and it is looking even seedier than it is!

 

Dear SG1

 

Thank you for your email to the Mayor which has been passed on to me for a response.

 

The Mayor has no powers in relation to what retail or commercial businesses are on the local high street as he has planning powers only in relation to strategic planning in London. The Mayor has however made his own view crystal clear that Londoners should beware of punitive interest rates if borrowing money, and not enter in to unreasonable debt agreements with these type of companies on thr high street. The Mayor also supports efforts aimed at protecting individuals who are financially vulnerable.

 

If you are concerned about the advertising of payday loan companies, these should be addressed to the Advertising Standards Agency I have enclosed contact details in this email.

 

Advertising Standards Authority Limited

Mid City Place

71 High Holborn

London

WC1V 6QT

 

Thank you for taking the time to contact the Mayor on this matter.

 

Yours sincerely

 

Lorraine Eyers

Public Liaison Officer

[Tawnyowl]

I agree with your opinion-standard cop out reply.

The londoners should beware statement came only after pressure began to build after the deal was done.

So we seem to know where Boris stands.

 

Now where does Ken Livingstone stand.

1-

Ken Livingstone this coming Thursday 9 February at 10.45am will be outside the Moneyshop on 187 Hoe Street in Walthamstow to highlight his pledge to join our campaign on tackling legal loan sharking in Britain.Along with Stella Creasy MP and others.Everyone is welcome to show their support .

2-

Last year Boris Johnson controversially chose the online payday lender Wonga to sponsor travel on New Year’s Eve and continues to allow such companies to place highly prominent advertising across the London transport network. In contrast Ken Livingstone has pledged to reject high-cost lending advertisements from Londons travel network until there are caps on the cost of credit.

3-

Ken has also stated he would reverse City Hall’s ‘hands off approach’ to rising levels of debt. It’s time for London to have a Mayor who will stand up to these firms, and help support those organisations committed to supporting those in our communities struggling with debt such as credit unions and debt advice charities.

4- Well Ken Livingstone sure seem to have some fire in his belly.

But Boris. is going to find not paying attention to detail will cost him when he has to hand his homework in in May

http://epetitions.direct.gov.uk/petitions/20219

 

 

 

Edited February 9, 2012 by tawnyowl

[Tawnyowl]

Ken Livingstone this morning highlighting his pledge to join the campaign on tackling legal loan sharking in Britain.With Stella Creasy MP on Hoe St Walthamstow protesting outside the money shop with supporters.

End legal loan sharking was the cry that went out.

Photo here.http://lockerz.com/s/182073691

Bit more press coverage here- http://www.guardian-series.co.uk/news/9523318.WALTHAMSTOW__Ken_Livingstone_pickets_money_lender/

I suppose many of the customers of the legal loan sharks were hopefully pointed in the direction of the local credit union.Which i believe is called Waltham Forest Community credit union-link here. http://www.wfccu.org/

Credit unions knock the legal loan sharks into touch with their loan rates after you have been with them a while. And seem one of the only alternatives to possibly challenge the legal loan sharks powerful position in our country.Apart from hopefully the regulation that may come.Sooner rather than later i hope.

Nice to see Ken Livingstone supporting such a just campaign.http://epetitions.direct.gov.uk/petitions/20219

Edited February 9, 2012 by tawnyowl

[caro]

Depressing article here re Walthamstow High Street. http://www.dailymail.co.uk/news/article-2094115/Instant-money-loans-Payday-loan-firms-ruining-lives.html

[Tawnyowl]

Depressing article here re Walthamstow High Street. http://www.dailymail.co.uk/news/article-2094115/Instant-money-loans-Payday-loan-firms-ruining-lives.html

Yes the legalloansharks will target anyone.Young women with young families,no one is safe from their tentacles.

Targeting-Some such as The Money Shop, advertise loans through magazines handed out to customers, filled with pictures of pretty young women.

Oakam even supported a beauty competition, where the firm handed out information about its Bonus Loan, which has an APR rate of more than 300 per cent.

Other firms have set up glamorous websites that target young women

All targeted by predatory lenders who just carry on regardless because no one will stop them.Some try but

have not got the power.Thats why i suppose this epetition is so important

http://epetitions.direct.gov.uk/petitions/20219

Here is some more press coverage of yesterdays protest attended by Ken Livingstone and Stella Creasy and many supporters

 

Ken visits Walthamstow to challenge Boris on Legal Loan Sharks

 

 

Labour’s candidate for London Mayor Ken Livingstone visited Walthamstow today to show his support for action to tackle legal loan sharking in the city. If elected, Ken has pledged to ban payday lending adverts on the London travel network until a cap is introduced on the total cost of credit. He came today to meet local MP Stella Creasy who has been leading on this issue in parliament and residents who have been campaigning in the capital to promote alternative affordable credit.

The current Mayor of London Boris Johnson controversially chose the online payday lender Wonga to sponsor travel on New Year’s Eve 2010 and continues to allow several of these companies to place highly prominent advertising across the London transport network. Speaking outside the Moneyshop Store in Walthamstow which is their London regional headquarters Stella Creasy MP said,

“Because the cost of living in the capital is so high and unemployment is rising, our city now suffers from higher debt levels than the rest of the country. These companies are profiting from this and there are now ten of these companies in Walthamstow’s high street alone as well as hundreds of on line firms offering these products. Consequently the proliferation of payday lenders, pawnbrokers and home credit providers without effective regulation is leading to thousands of Londoners getting into severe debt problems.”

“I want to thank Ken for coming to Walthamstow today to see the problem for himself and for his leadership on this issue in pledging to support this campaign. By taking the stand he has he is sending a strong signal to both the companies and the Government that British consumers deserve the same protection other consumers across the world enjoy of a cap on the costs of borrowing from these firms. Boris Johnson has so far ignored my calls for a similar pledge – which tells you who really cares about the financial fortunes of hard pressed Londoners.”

“Rather than shrugging his shoulders or taking their money, the Mayor should be leading the charge to regulate the high-cost credit industry and in doing so providing much-needed support for financially vulnerable Londoners. I’m going to keep pushing in parliament for legislation to cap the charges of these companies- I hope other Londoners will call on our Mayor to do the right thing and help the battle to end legal loan sharking.”

Ken Livingstone said,

 

“The Mayor should use the influence and resources of City Hall to promote responsible lending and alternatives to high-cost loans such as credit unions.”

http://epetitions.direct.gov.uk/petitions/20219

 

 

 

 

 

[Tawnyowl]

And this is direct from Stella Creasy MP the legal loan sharks main adversary

End Legal Loan Sharking: Ken Visit and Financial Services Bill

As our tenth high cost credit company comes to Walthamstow's high street I continue to press for caps on their charges to protect our community from the debt these loans encourage. I was pleased to welcome Ken Livingstone to Walthamstow yesterday as he came to show his support for the campaign. Ken has pledged that if he becomes Mayor of London he will ban payday lending adverts from our travel network until there is a cap on the costs of credit.

 

You can read more about this pledge here and you can sign the petition to help tackle legal loan sharking here. This week Labour also announced plans for a third legislative attempt to tackle legal loan sharking in parliament through the forthcoming Financial Services Bill- you can read the speech I gave online here about these proposals.

 

Nice comment after the speech by the next speaker.

Matthew Hancock (West Suffolk) (Con): It is a pleasure to follow the hon. Member for Walthamstow (Stella Creasy). She speaks with passion and determination about consumer credit issues

Well Mr Matthew Hancock please could you have a word with the boss and point him in the right direction.This matter could be sorted out so quickly with a little cooperation.

Edited February 10, 2012 by tawnyowl

[caro]

Something of interest here from Govan Law Centre.

[Notyetavet]

http://fylde-bootnecks.blogspot.com/2012/02/money-machine-into-penury.html This was forwarded to Stella Creasy. There is one solution, do without. I know it is not popular, but the penny eventually drops on most people and doesn't evolve into massive debt. Unfortunately it is always those who think they have to have everything their neighbours have, albeit that they cannot afford it, irrespective of their incomes. That is the problem.

[Tawnyowl]

http://www.guardian-series.co.uk/news/wfnews/9527731.WALTHAMSTOW___Legal_loan_shark__teaches_school_pupils/

Seems to be some controversy at the moment with this story.Some are asking is it right for a legalloan shark to be going into schools.

Any opinions.A building story.What do you think.

Here is one opinion-If youngenterprise don't think moneyshop using opp to flog respectability of their product to possible future clients very shortsighted!

 

Another opinion-Next week, will KFC be going in to schools to advise on diet?

 

Another opinion-Who on earth from the school invited & agreed that a payday lender & pawnbroker are best placed to offer school children financial advice? If my child went to that school I would actually demand some answers.

 

Another opinion-Who on earth within the Holy Family Technology College of Walthamstow decided it would be useful to expose 13 and 14 year-olds to payday lenders speel?

 

Another opinion-It appears that a legal, fully regulated business is attempting to act responsibly and give something back. This is a vendetta for Stella Creasy who believes only her point of view is valid and like most politicians is unable to form a balanced opinion.

My view .A concerned MP asks a few questions and all hell breaks loose.

Edited February 15, 2012 by tawnyowl

[Tawnyowl]

http://fylde-bootnecks.blogspot.com/2012/02/money-machine-into-penury.html This was forwarded to Stella Creasy. There is one solution, do without. I know it is not popular, but the penny eventually drops on most people and doesn't evolve into massive debt. Unfortunately it is always those who think they have to have everything their neighbours have, albeit that they cannot afford it, irrespective of their incomes. That is the problem.

Hi Notyetavet.

Everyone is entitled to their opinion and i respect yours.Yes for some keeping up with neighbours at all cost happens.I have seen it. And for them yes,solution if cant,do without.

However when i read of people borrowing of the legalloansharks to pay the rent or mortgage and just to eat it saddens me as i am sure it does you.

The cost of living is just to much for some and the legalloansharks tempting offers for some is irresistable.They borrow to eat and heat their homes send their kids to school that kind of thing.And before they know it are trapped .The end of the month comes and the rollovers etc begin.

It's easy to say that those who use the legalloansharks should do a better job managing their finances. But when consumers' wages won't stretch to pay all the bills that are due, and the lights are about to be turned off, they need access to quick cash.

But that doesn't mean that the lenders should prey on these people with exorbitant fees.

The least that can be done surely is to regulate these firms.Send them a message you will not rip off the people of this country.My view anyway and cant see it changing anytime soon.

And also link up the post office network with the credit unions so millions more people will possibly join them.And possibly avoid the legalloansharks rip off rates.Nice to talk to you Notyetavet

Edited February 15, 2012 by tawnyowl

[caro]

In April many people in social housing will see their rents rise by 6% or even more. If they are lucky enough to be working I somehow doubt that they'll be getting cost of living increases of that size. I know I won't, as I haven't for the last 2 years. If people are to keep up with rents like that something else has to give. I don't think most people would be using PDLs to keep up with the neighbours. If they were they wouldn't succeed for long with the exhorbitant interest rates and underhand tactics.

[Tawnyowl]

http://www.guardian-series.co.uk/news/wfnews/9527731.WALTHAMSTOW___Legal_loan_shark__teaches_school_pupils/

Seems to be some controversy at the moment with this story.Some are asking is it right for a legalloan shark to be going into schools.

Any opinions.A building story.What do you think.

Here is one opinion-If youngenterprise don't think moneyshop using opp to flog respectability of their product to possible future clients very shortsighted!

 

Another opinion-Next week, will KFC be going in to schools to advise on diet?

 

Another opinion-Who on earth from the school invited & agreed that a payday lender & pawnbroker are best placed to offer school children financial advice? If my child went to that school I would actually demand some answers.

 

Another opinion-Who on earth within the Holy Family Technology College of Walthamstow decided it would be useful to expose 13 and 14 year-olds to payday lenders speel?

 

Another opinion-It appears that a legal, fully regulated business is attempting to act responsibly and give something back. This is a vendetta for Stella Creasy who believes only her point of view is valid and like most politicians is unable to form a balanced opinion.

My view .A concerned MP asks a few valid questions and all hell breaks loose.

Here is a young enterprises article on events leading up to where we are now.

http://young-enterprise.org.uk/news/tab:news/article:989

 

Stella Creasy writes a letter to the chief executive of Young Enterprise.

The Moneyshop will no longer gain positive publicity from being allowed into our schools

 

Youth education charity Young Enterprise has cancelled its plans to take Moneyshop staff into schools around the country, after huge public concern greeted the news they had been invited into classrooms at Holy Family Technology College in Walthamstow.

Yesterday I criticised the charity for allowing staff from a legal loan shark into a local school, after the Moneyshop put out a press release boasting about the good work they had done.

I said:

’I know many parents in Walthamstow who share my concerns about legal loan sharking will be shocked to find a charity such as Young Enterprise letting these companies into our schools and so helping them to promote themselves as socially responsible. Until this industry is regulated properly through caps on the costs of credit they have no place in our education system- and I hope Young Enterprise will think again before allowing their good work to be associated with such firms’.

Young Enterprise have now ended their relationship with the Moneyshop and promised that their staff will not be allowed into schools in the future. I welcome this, but am disappointed that that Young Enterprise do not seem to have realised why this relationship was problematic, and that they are continuing to accuse me of making false allegations. In response I have written the following letter to their Chief Executive, inviting them to come to Walthamstow to learn more about the misery that these companies cause.

Dear Ms Marchant

I am writing to you in response to persistent accusations made by your organisation about my concerns relating to your commercial relationship with the Moneyshop.

I have read your statement carefully, and reviewed my comments made on Twitter, Facebook, and in a statement to the Waltham Forest Guardian.

My ’allegations’ and ‘claims’ were very simple – that Moneyshop staff were being allowed into schools to help deliver your ’Learn to Earn’ sessions, allowing the Moneyshop to put out a press release boasting of their socially responsible actions. This in turn regularises their business, helping to make them appear a part of our local community and so encouraging children to to think positively of their services. This is entirely true.

The claim that the Moneyshop staff were giving ‘lessons in finance’ came from your own tweet (‘if you look @ content of activity you will see they teach students to budget and manage money. Is that bad?’), and a quote from your Manager in Waltham Forest (‘They want to continue their work to help students with the world of work, the pitfalls of finance and getting into debt. They’ve been very supportive’). Thus, it is simply wrong to state, as you and your staff have done repeatedly in several forums that I have made ‘false allegations’, ‘inaccurate and unfounded allegations’, ‘persistent, ill-informed claims’, ‘errors’ and that I have libelled you.

I welcome the fact you have cancelled your relationship with the Moneyshop, but am deeply disappointed that you and your employees continue to attack my reputation instead of acknowledging your mistake or engaging in a discussion about the relative merits of commercial partners for this kind of work. As someone with a background in the youth and voluntary sector I’m surprised you don’t appear to have an ethical partnership rubric or indeed acknowledge the importance of ensuring your charitable status is not used to promote companies or services which are not conducive to the public good. If you are still unclear as to why allowing staff from such firms into schools is inappropriate, I would be happy to introduce you to some of my constituents who have suffered as a result of these companies’ activities and the ‘legal loan shark’ industry. I would also be happy to introduce you to local credit unions who I would expect to be happy to help provide training for young people on financial matters.

I look forward to your response.

Yours sincerely

Stella Creasy

MP for Walthamstow

Edited February 15, 2012 by tawnyowl

[Notyetavet]

I support you aims 100% but allow me to base my comments on experience of handling hundreds of debt case a year for the past ten years, and I add not as a defunct CAB advisor but as a genuine caseworker with means to settle or distribute funds.

 

 

Classic case. Person in debt, examined statements discover paying over £100 pm in various phone charges. £12.50 BT landline, 2x mobile accounts at plus £30, broadband at £20 which included Skype, BT call charges at £16.50, Top of the Range peoples carrier though a single person - which averaged 12 miles per gallon (plus a disabled bus pass never used).

 

The person lived 18 miles away and I visited him, at no cost (three busses to get there) as I used MY disabled bus pass, organised my day to visit as many clients as possible in the area and before finishing a strenuous day I could afford to go into the Ex Services for a pint. When I asked one simple question, "why do you need so many communication systems?" the reply was, " In case of emergencies." To which I replied, "what can you do at the end of the phone that a 999 call can't do?"

 

 

Think me harsh but I have every sympathy for the family whose primary objective is to give their children a decent childhood. But my views are tainted by the number of bogus applicants who fraudulently applied for "Charity Money". The number of cases whereby the applicant had hidden assets, second homes and bank accounts elsewhere would astound you if you were ever in my position as to have to distribute to"the Needy and not the Greedy".

 

 

I wish you well in your efforts, but do not mistake well founded observations as a open criticism of not caring, though I give you the benefit and openly accept your position.

Edited February 19, 2012 by citizenB
spacing for easier reading

[Michael Browne]

Money Shop “disappointed” after it’s dropped from education scheme 15 February 2012

 

 

Alternative lender Money Shop has been dropped from a scheme aimed at educating children about financial issues after an MP branded its involvement “shocking”.

 

MP for Walthamstow in east London, where the scheme by youth education charity Young Enterprise was operating, Stella Creasy also questioned why Money Shop had paid to take part in the project.

 

The company, which offers a range of financial services from payday loans to cash for gold, gave Young Enterprise £15,000 and let 30 members of its staff, none of who were sales people, work with approximately 600 children in Walthamstow as part of the Learn to Earn programme

 

http://www.credittoday.co.uk/article/13442/online-news/money-shop-disappointed-after-its-dropped-from-education-scheme

[Tawnyowl]

I understand Stella Creasy has found Young Enterprise a financial charity who will help run sessions in schools.Young Enterprise seem to have made a mistake,and maybe this is the answer to the problem.I hope so.

I dont know if they have accepted this offer of help.

There seems to be no reason after all for the children to miss out.

Updates as they hopefully happen.

[Tawnyowl]

I support you aims 100% but allow me to base my comments on experience of handling hundreds of debt case a year for the past ten years, and I add not as a defunct CAB advisor but as a genuine caseworker with means to settle or distribute funds.

Classic case. Person in debt, examined statements discover paying over £100 pm in various phone charges. £12.50 BT landline, 2x mobile accounts at plus £30, broadband at £20 which included Skype, BT call charges at £16.50, Top of the Range peoples carrier though a single person - which averaged 12 miles per gallon (plus a disabled bus pass never used). The person lived 18 miles away and I visited him, at no cost (three busses to get there) as I used MY disabled bus pass, organised my day to visit as many clients as possible in the area and before finishing a strenuous day I could afford to go into the Ex Services for a pint. When I asked one simple question, "why do you need so many communication systems?" the reply was, " In case of emergencies." To which I replied, "what can you do at the end of the phone that a 999 call can't do?"

Think me harsh but I have every sympathy for the family whose primary objective is to give their children a decent childhood. But my views are tainted by the number of bogus applicants who fraudulently applied for "Charity Money". The number of cases whereby the applicant had hidden assets, second homes and bank accounts elsewhere would astound you if you were ever in my position as to have to distribute to"the Needy and not the Greedy".

I wish you well in your efforts, but do not mistake well founded observations as a open criticism of not caring, though I give you the benefit and openly accept your position.

I bow to your obvious knowledge of debt as a caseworker.

The classic case you describe has shocked me as i really have no knowledge of the kind of person you dealt with.

Most people have cut things to the bone i feel that come on here for help advice or support in these difficult times.

Yes the number of possible cases that you have dealt with that have the hidden assets you describe has shocked me but surely cant be many.

As you say distribute to the needy.

The bogus applicants have to live with it and sooner or later it will surely come back to haunt them in some way.

Now maybe someone will want to tell a story of how the legal loan sharks are appearing in your neighbourhood,city or town and how they have affected you or any of your family members.Then we can set about trying to deal with them through talking,protesting and

of course signing the epetition to try to get something sorted.

http://epetitions.direct.gov.uk/petitions/20219 Time for action.

Edited February 15, 2012 by tawnyowl

[Tawnyowl]

I understand Stella Creasy has found Young Enterprise a financial charity who will help run sessions in schools.Young Enterprise seem to have made a mistake,and maybe this is the answer to the problem.I hope so.

I dont know if they have accepted this offer of help.

There seems to be no reason after all for the children to miss out.

Updates as they hopefully happen.

 

Update so far is despite Stella Creasy wanting to meet with Young Enterprise it seems Young Enterprise will not meet her.

They seem to be unwilling to do so and really dont seem to realise the mistake they made taking the money from the legalloansharks.

They surely cant go into schools trying to get a air of respectability and build their legalloanshark brand this way.

Stella Creasy found them a debt charity to help but so far nothing seems to be happening despite attempts.

Perhaps today the thaw may happen and things move on.I hope so.

Surely only good could come of them meeting up.

Its a mistake ,everyone makes them but so far they seem unwilling to admit this.

[Tawnyowl]

Netmums has more evidence we need 2 tackle legal loan sharking given impact on family debts. Listening yet mr cameron?

http://www.telegraph.co.uk/family/90...feed-kids.html

One in five mums is regularly missing meals so her kids can eat while one in four families are living on credit cards, claims a new study.

http://www.huffingtonpost.co.uk/2012/02/15/netmums-survey_n_1279850.html?ref=uk&ncid=edlinkusaolp00000008

 

One in 20 families are having to take regular payday loans and one in 100 have turned to loan sharks to stay afloat, reveals the survey of more than 2,000 mums by the UK's largest parenting site.

 

It has found 70 per cent of families are 'on the edge' of surviving. Dubbed 'the Ledgers', these families could face ruin if hit by further price hikes or falls in their income.

 

More than six out of 10 families (61 per cent) are short of money EVERY week. Two in five families need an extra £20 a week to get by, a third (33 per cent) need £50 and one in 10 families would need an extra £100 each week to make ends meet.

 

A further 15 per cent said they were 'desperate' with debts piling up. And one in 33 claimed to be 'suicidal' and 'unable to cope'.

 

Netmums founder Sally Russell said: "It's shocking that seven in 10 families in the UK today are living on the edge of existence - but it's a crisis that needs exposing.

 

"Mums shouldn't be missing meals to feed their children or turning to loan sharks in modern Britain.

 

 

 

 

http://epetitions.direct.gov.uk/petitions/20219

Edited February 16, 2012 by tawnyowl