Great “Improve Money Rules In 50 Words” Hunt. What easy changes for our politicians

That Banks who intend to recall or reduce overdrafts:

- do so in a manner which fully takes into account the financial circumstances of the individual borrower,

- and if necessary, allow for the repayment of any amounts over a period of time which does not cause financial hardship.

I rely, in part, on the two current MSE threads for evidence to suggest the very real need for that attitude change on the part of the Banks.


http://forums.moneysavingexpert.com/showthread.html?t=1639419

http://forums.moneysavingexpert.com/showthread.html?t=1655559

And, in part, on this extract from the Banking Code:

Extract from Banking Code:

Responsible lending is providing credit, based on background checks and professional judgement, to people who can accommodate regular repayments without getting into financial difficulty.

Introduction of fast track liquidation for financial institutions that protects depositors and the counterparty risk for derivative holders whilst penalising bond and share holders.

The government could take over the contracts/accounts and then seek priority in the subsequent liquidation.

Any credit card with an APR of 20% or above must also carry a positive balance interest rate, the net percentage rate of which shall be a minimum of 10% of the highest negative balance APR (so you can't get away with using a balance transfer rate).

(Example: want to to charge a 39.9% APR? That'll be a minimum 3.99% positive balance interest rate, then!)

I'll do ten.

1. Personal debt to be limited to twice the average National wage by default. Additional debt to be subject to appropriate NVQ Financial qualifications.

2. Credit cards to be renamed DEBT Cards.

3. Prisoners to pay for the cost of their care (similar to student loans and care home fees for elderly homeowners).

4. Convicted criminals to pay a higher rate of income tax for ten years.

5. MPs pay to be Performance-Related.

6. No tax for those earning less than £10K.

7. Married couples tax allowances to be transferable between spouses (i.e., stay at home wife's allowance added to working husband's allowance.

8. 1p tax on SMS messages/emails

9. Road tax paid through fuel. Insurance certificate to replace Road Fund Licence.

10. Move the tax burden away from indirect taxes and to income tax.

GG

Mar.cresham wrote: »

Stop letting so many supermarkets be but up in one area. So the land can be used for new housing for low income earner and anyone on benefits. Who needs 3 tescos in one town????

There's 4 in Inverness with a view to building another one!! Inverness City Council are so corrupt that they have stopped ASDA going in AND Sainsburys!!!